Opening Bell: 10.13.15
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.
