Icahn Wants to Upend Washington With $150 Million Super-PAC (Bloomberg)
Carl Icahn, the billionaire investor known for picking fights with corporate executives, is now aiming his financial might at members of Congress who he says aren’t willing to cut deals on pressing issues such as tax policy. Icahn said he plans to put $150 million into a new super-PAC that would push for changes to the way U.S. corporations are taxed on their earnings abroad. But in a letter to Congressional leaders, he also suggested the group may take on other fights, raising the prospect of a potent new factor in the struggle between the moderate and conservative wings of the Republican party.
Ex-Rabobank Trader Complained to Regulators About Libor in 2006 (Bloomberg)
A former Rabobank Groep trader complained to no avail to British regulators in 2006 that banks were rigging interest rates, according to e-mails shown a New York jury at the first U.S. prosecution of alleged manipulation of the London interbank offered rate. Officials at the British Bankers’ Association didn’t understand his concerns, Paul Robson, the former trader, wrote to a Rabobank colleague in Tokyo. The rigging was making Libor “a joke again,” he said. The e-mails were shown Wednesday to a jury in the trial of Anthony Allen and Anthony Conti, former Rabobank traders who are accused of taking part in a four-year scheme to manipulate Libor, which is the benchmark tied to more than $350 trillion of loans and securities.
JPMorgan to Offer a Taste of I.P.O.s to the Masses (Dealbook)
A perk that is usually reserved for a bank’s most important (and rich) private clients is coming to the masses. JPMorgan Chase will distribute a small portion of the initial public offerings it leads through the online firm Motif Investing. There are a number of caveats here. JPMorgan will offer only deals it worked on as the lead underwriter. The shares available will depend on the deal, but are expected to range about 5 percent or less of the total offering, at least at first. In addition, the company issuing the I.P.O. must agree to participate.
A Russian Billionaire’s Hunt for Aliens (WSJ)
The former physicist turned venture capitalist is best known for his early bets on Facebook Inc. and Twitter Inc., something he attributed on stage to knowing “a little more about social networks than other people at the time.” But as of late, he has become more closely associated with the search for aliens. This summer, he cut a $100 million check to a team of researchers at the University of California, Berkeley, who are searching for signs of life on other planets.
Man Gets DUI Charge On Motorized Wheelchair (AP)
A Conyers man has been accused of DUI and public drunkenness while operating a motorized wheelchair inside a grocery store. Multiple media outlets are reporting that 48-year-old Danny W. Mitchell was cited Friday at a Kroger supermarket. According to an incident report, Conyers police who were called to the scene found a disheveled Mitchell backing into the building and driving over plants. Mitchell was cited after he submitted to a breath test. The results of the test were redacted from the incident report. Police say Mitchell told officers that he had taken the anti-anxiety medication Valium, the anti-depressant trazadone and had drunk a pint of alcohol.
US signals bid to curb high-speed trading (FT)
The plans detailed by Timothy Massad, chairman of the Commodity Futures Trading Commission, come with concern growing among regulators over the sudden large price movements that have plagued a number of markets in recent years. Such so-called “flash events” have become linked with the growing popularity of high-speed, computerised trading, which has been criticised by institutional investors for fuelling volatility.
BlackRock bond chief: Bring on the rate hikes (CNBC)
BlackRock's Rick Rieder says the Fed is behind the curve, and it should hike rates a full percentage point in the next six months to a year. Hiking rates could help the markets by adding more certainty. But he also said the Fed could find it may want to provide more accommodation later on to provide more liquidity and stop long-term rates from rising and hurting growth.
Climate Change Slams Global Economy in a New Study From Stanford and Berkeley (Bloomberg)
Climate change could cause 10 times as much damage to the global economy as previously estimated, slashing output as much as 23 percent by the end of the century, a new research paper from Stanford and Berkeley finds.
Police: Burglary suspect found covered in cake, frosting [UPI]
Police in Michigan said it wasn't hard to recognize a drunken burglary suspect a few blocks away from the crime as she was covered in cake and frosting. Alpena Police said officers responded Sunday to a home where a resident reported finding an unknown woman making a commotion in their kitchen. The homeowner said the woman had knocked over or broken several items, including a tray of cupcakes. Alpena officers and Michigan State Police searched the area and discovered the suspect a few blocks away from the home covered in cake and frosting. The police report said the woman was "highly intoxicated and had cupcake frosting and cake all over her torso and legs."