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Opening Bell: 10.13.15

Barclays to appoint Jes Staley CEO; Fortress will shutter macro hedge fund; Ex-chief of Anglo Irish Bank arrested; "Porn Shoot Accidentally Allowed At LA High School"; and more.
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Barclays Plans to Appoint Jes Staley as Bank's Next CEO (Bloomberg)
The bank has told regulators that Staley, a 34-year veteran of JPMorgan Chase & Co. who later joined hedge-fund firm BlueMountain Capital Management, is the frontrunner for the top job, a person with direct knowledge of the matter said, asking not to be identified because the decision isn’t final. If approved, the appointment could be announced within two weeks, the person said.

Investment firm Fortress to shutter its macro hedge fund (Reuters)
Fortress Investment Group is planning to close its global macro hedge fund after suffering heavy losses and Michael Novogratz, the fund's portfolio manager, is expected to leave the hedge fund and private equity company, two people familiar with the matter said on Monday. The news comes just three months after Fortress reshuffled the senior ranks at its macro fund, making Novogratz, 50, the sole chief investment officer.

Cracks Emerge in Bond Market (WSJ)
The market for riskier debt has become snarled, raising fears that companies could have trouble repaying their obligations following several years of record debt issuance, low corporate defaults and persistently low interest rates. Reflecting those concerns, investors are now demanding more yield to own corporate bonds relative to benchmark U.S. Treasury securities.

Fourteen Wall Street Veterans Share the Best Advice They've Ever Received (Bloomberg)
Bob Douglass, chief operating officer of U.S. credit trading at Barclays: In my first annual review after I started trading, I was told: “You’re doing a great job and your trading is great, but my biggest concern for you is that you’re far too nice for this job.” It’s a funny piece of advice, but in things like transactional finance and business in general, you have to make tough decisions and in those scenarios, you can’t be everything to everyone. So, if you’re a natural nice guy, this is not somewhere where being nice all the time works perfectly.

Porn Shoot Accidentally Allowed At LA High School (HP)
Scenes from the 2012 adult film "Revenge of the Petites" were filmed at Alexander Hamilton High School in Los Angeles, according to an NBC4 investigation into Hollywood filming in area public schools. The outlet reported that the film's producers paid cash in order to film at Alexander Hamilton on two Saturdays in October 2011. The footage included a nude carwash scene in the front parking lot of the school. The Los Angeles Unified School District superintendent temporarily banned commercial filming at all district schools on Thursday in light of NBC4's six-month investigation into the "hidden costs" of filming in the city's schools. "It is important that we ensure teaching and learning are not disrupted, and that all filming activity is appropriate for our schools," Superintendent Ramon C. Cortines said in a statement. According to NBC4, officials at Alexander Hamilton said they were misled about the film's illicit nature and would not have granted permission for the filming if they had known the shoot was pornographic. The district is demanding that all images of the school and any possible students who may appear in background shots be removed from the film.

J.P. Morgan to Some Employees: Pay for Your Own Phone (WSJ)
The nation’s largest bank by assets is hoping to save tens of millions of dollars by eliminating support for the BlackBerry wireless devices next year and mandating that some employees pay for their own devices, BlackBerry or otherwise, according to people close to the bank.

Home Flipping Frenzy in Sydney Sparks Warnings on Housing Risks (Bloomberg)
Sydney home prices soared 44 percent in the three years ended September, enticing speculators who’ve been partly inspired by home renovation shows on how to spruce up and sell homes for quick profits. The frenzy surrounding Sydney’s property boom, reminiscent of the exuberance in U.S. real estate before the 2008 subprime crisis, has prompted regulators and Goldman Sachs Group Inc. to warn the market is overheated, while Bank of America Merrill Lynch on Monday said it expects prices to fall.

David Drumm, Ex-Chief of Anglo Irish Bank, Is Arrested (AP)
The former chief executive of a major Irish bank that was at the center of a banking scandal has been arrested in Massachusetts. The United States Marshals Service and the United States attorney’s office said federal agents arrested the former executive, David Drumm, who once headed Anglo Irish Bank, on Saturday on an extradition warrant. They did not specify where Mr. Drumm was arrested or what charges he faces.

What the Color of Your Luxury Car Says About You and Your Taste (Bloomberg)
The rules of tone as it relates to personality are common sense: Big, bold colors such as red and yellow are associated most often with sporty, young people and aggressive drivers, Crossley says. Dramatic colors, such as green and teal, connote a “performance aesthetic.” Neutral and faint colors are considered calm and luxurious. “People equate light colors with soft things,” Crossley says. “If you’re an adrenalin fiend, you’re going to choose red.”

Florida woman arrested, jailed after web streaming her DUI, police say (UPI)
A Florida woman was arrested and thrown in jail over the weekend, allegedly for driving home from a party drunk -- which she opted to broadcast live over the Internet. Whitney Beall, 23, left the party Friday night and got into her vehicle. According to police, she was intoxicated and should not have been driving. Apparently, she then used her phone to live stream her drive home via the broadcasting service Periscope. "I'm (expletive) drunk," she said on the broadcast, audibly slurring some of her words. "I think uh, a flat tire. This is horrible," she added. In a Facebook post, Authorities said Beall stated multiple times during the broadcast that she had a flat tire, that she didn't know where she was and that she was drunk. Police said Beall failed a sobriety test and was arrested and booked on a drunk driving charge.


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Opening Bell: 5.2.17

Jes Staley is in the hot seat again; Goldman is finally becoming a real bank; the only good outfit at the Met Gala; and more.

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Opening Bell: 4.10.17

Bank of England futzed with Libor; Jes Staley goes vigilante; Disney's humanoid robots to feature "fluid-filled voids"; and more.

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Opening Bell: 4.11.17

The Justice Department wants a word with Jes Staley; is Harvard Business School…bad?; sometimes the deer runs over you; and more.

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Opening Bell: 11.20.17

Jes Staley is swimming upstream; blockchain gets high marks on Wall Street; Venezuela's debt talks will be a nightmare; a literal interpretation of "the jig is up"; and more.

Opening Bell: 2.2.15

Ex-intern gets six-figures for ‘Screwing Wall Street’ porn; Former Maryland Banker Reveals He Used to Work for the CIA; Justice Department Investigating Moody’s Investors Service; Washington man recieves $18,000 bridge toll bill...More

Opening Bell: 07.24.12

Libor Probe Expands To Bank Traders (WSJ) One of the sprawling probe's biggest targets: a group of traders whose efforts allegedly were coordinated by Thomas Hayes, who worked for UBS from 2006 to 2009 and then moved to Citigroup, according to a person with knowledge of the investigation. Mr. Hayes was fired by Citigroup in 2010, according to people familiar with the matter. He couldn't be reached for comment. Mr. Hayes allegedly worked with the other traders to push submissions up or down for a benchmark interest rate called yen Libor, according to court filings by Canada's competition regulator, which identified him only as "Trader A." The agency said it was told by UBS that Trader A told another trader at Royal Bank of Scotland Group PLC "who his collusive contacts were and how he had and was going to manipulate yen Libor." Trading Surges Boosted Whale Positions Before Audits (Bloomberg) Trading surges that temporarily boosted the value of credit derivatives held by JPMorgan may provide clues about whether traders at the bank masked losses that have spiraled to $5.8 billion. Spikes in late January and again at the end of February, which more than doubled the volume of trades in an index tied to the creditworthiness of companies, lowered the cost of the index, raising the value of the bank’s holdings. The surges came just before end-of-the-month bank audits to verify prices. Ex-Anglo Irish Bank Chief Charged With Fraud (AP) Sean FitzPatrick was arrested Tuesday at Dublin Airport as he returned from holiday. Two other senior former Anglo executives were arrested in Dublin and charged with 16 fraud-related counts Monday. The 64-year-old Mr. Fitzpatrick presided over Ireland's runaway property boom, which was swiftly followed by the banking collapse at the heart of the country's 2010 international bailout. Anglo's losses on bad loans to property speculators are nearing €30 billion ($36 billion), or more than €6,500 for every person in Ireland. Fed Official Wants Tougher Volcker Rule (WSJ) Fed Governor Sarah Bloom Raskin said that the market-making and hedging exemptions should be extremely narrow "because of the potentially severe dangers of, and costs associated with, proprietary trading by institutions that have access to the federal safety net." She raised the possibility that the financial system would be better off if banks ceased market making and hedging as well, saying it is possible that the combined regulatory, compliance and other costs could "outweigh the benefits we as a society supposedly receive." LI teen crashes car into neighbor's house, cops say don't worry about it (NYP) A 15-year-old Long Island teen lost control of his dad’s car while taking it for a joy ride on Saturday — driving it across two lawns and then into a house — and cops refused to arrest him or even give him a ticket. The resident of the Massapequa home returned from dinner at 6 pm to find a Nissan Altima — driven by Robert Carracher — had wrecked the fence attached to the side of his house along with an air conditioner and sprinkler system. He also learned that Nassau cops were unwilling to charge the teen in the accident. “I’m outraged. A car hits your home and nobody gets arrested?” said Vincent Grande, a criminal attorney. He estimated the damage at more than $5,000. “When I used my phone to take pictures, the kid turned away and his dad gave me the finger.” Police explained that Carracher wasn’t charged because it was accidental and the youth was too young to have a license. Moody’s Ratings Cut Fuels German Resentment (Reuters) The prospect of Europe's biggest economy losing its cherished AAA credit status has unsettled Germans, already angry about footing the bill for bailouts, and triggered calls for an even tougher stance on Greece and other euro zone laggards. While politicians and economists were at pains to argue that Moody's downward revision to Germany's credit rating outlook would have little immediate impact on borrowing costs, ordinary Germans said they were worried. "If things pan out the way Moody's have predicted then we will have problems here with unemployment, if we lose confidence that things will get better, it'll mean big problems for the economy," said Memet Dogan, a 45-year-old transport worker near Berlin's Brandenburg Gate. Citi's New Chairman Takes Hands-On Approach (WSJ) The new chairman's attention to the operational side contrasts with Mr. Parsons, who focused more on the job's diplomatic aspects. Mr. Parsons stepped down in April after three years as chairman and more than 16 years on Citigroup's board. The 65-year-old Mr. O'Neill, who a decade ago turned around Bank of Hawaii Corp. and briefly ran Barclays PLC, is a "nitty-gritty operations guy" who "understands what he doesn't understand," say people close to the company. Worker charged with arsons in Maine sub fire (AP) A civilian employee set a fire that caused $400 million in damage to a Navy submarine because he was suffering from anxiety and wanted to get out of work early, Navy investigators said in a complaint filed Monday. Casey James Fury, 24, of Portsmouth, N.H., faces up to life in prison if convicted on two counts of arson for allegedly setting fire to the USS Miami nuclear-powered attack submarine while it was in dry dock on May 23, and setting a second fire outside the sub on June 16. Fury, who was working on the sub as a painter and sandblaster, initially denied starting the fires, but eventually acknowledged his involvement, the affidavit reads.

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Opening Bell: 6.16.17

Neel Kashkari isn't here to make friends; Jes Staley is in trouble again, again; coming soon to a major metropolitan area near you: Teen PD; and more.

Opening Bell: 8.24.15

Investors lose their minds; Ashley Madison extortion; "Porn Star Kayla Kupcakes Flashes Judge In Florida Courtroom" and more.