On Capitol Hill, Another Banking Battle Brews (WSJ)
The two most significant changes under consideration this year: easing supervision requirements for banks with about $50 billion in assets; and changing the process for subjecting BlackRock Inc. and other big financial firms to banklike regulation. In a Senate speech last Tuesday, Sen. Elizabeth Warren (D., Mass.), the bête noire of the financial industry, warned she wouldn’t let the proposals through “without a fight.”
Paris attacks seen causing short-term global markets drop (Reuters)
Global stocks are set for a short-term sell-off on Monday after Islamist militants launched coordinated attacks across Paris that killed 129 people, but few strategists expect a prolonged economic impact or change in prevailing market directions. If anything, any initial damage to economic confidence, tourism and trade within Europe will likely reinforce the European Central Bank's resolve to ease monetary policy further next month, they reckon. That will keep pressure on the euro exchange rate and support other European asset markets.
DoubleLine's Gundlach: Fed hike 'no-go more likely than most people think' (Reuters)
Gundlach said about a rate hike next month that many economists believe will occur: "Certainly No-Go more likely than most people think. These markets are falling apart."
CEO prepares for economic apocalypse by hoarding gold (NYP)
Saying there’s a “10 to 20 percent chance” of a financial collapse in the next few years, Overstock.com’s chief, Patrick Byrne, has stashed away $10 million worth of gold and silver, plus several thousand emergency preparation kits, complete with enough food rations to last his 2,000 employees and their families 30 to 60 days. “We have food and gold, but we don’t walk around with guns or something. We’re not preppers,” Byrne told The Post. “If there’s a financial-system meltdown, if the Internet shuts down and credit cards shut down, we can pay people.” Byrne said the survival stash is tucked away in some of Utah’s legendary storage bunkers like those built into Granite Mountain, which he claims are so secure they could withstand a nuclear attack.
‘I Just Got Sucked In,’ Says Man Who Gave $718,000 to Psychics (NYT)
He sat in a Denny’s restaurant, drinking coffee between cigarette breaks after a long and sleepless night, answering question after question. He knew none of it made sense: He was a successful and well-traveled professional, with close to seven figures in the bank, and plans for much more. And then he gave it all away, more than $718,000, in chunks at a time, to two Manhattan psychics. They vowed to reunite him with the woman he loved. Even after it was discovered that she was dead. There was the 80-mile bridge made of gold, the reincarnation portal. “I just got sucked in,” the man, Niall Rice, said in a telephone interview last week from Los Angeles. “That’s what people don’t understand. ‘How can you fall for it?’ ” There was even, between payments to one of the psychics for a time machine to cleanse the past, a brief romance. “It’s embarrassing now,” he said.
Bill Clinton Defends Hillary's Wall Street Ties (Bloomberg)
Former President Bill Clinton insisted Sunday that his wife doesn’t deserve to be attacked by her fellow Democratic candidates for her relationship with Wall Street as opponents on both sides of the aisle jump to attack her defense those ties. "It is a stretch. Those of us who were there know that,” he told reporters gathered on the rope line after Hillary Clinton spoke Sunday at the Central Iowa Democrats Fall Barbecue on the campus of Iowa State University in Ames.
ECB Finds $1.87 Billion Capital Gap in Stress Test of Nine Banks (Bloomberg)
“Shortfalls amount to 1.74 billion euros resulting from CET1 ratios falling below the threshold of 5.5 percent in the adverse stress-test scenario, after including impact of asset quality review,” the ECB said in a statement on its website on Saturday. “Banks will be required to address remaining shortfalls in a timely manner by issuing capital instruments or undertaking other eligible measures to restore their capital positions to the required levels.”
Men's Shirt Start-Up Rides Crowdfunding Boom (CNBC)
Weyhill & Wharf is updating a male clothing staple with its Preparatory Oxford shirt — the prevailing style of button-down collars found on men's shirts. In the process, the retail start-up is targeting the same market occupied by preppy menswear powerhouses like Brooks Brothers, Ralph Lauren and Vineyard Vines...It all started in June, when CEO Alexander Popowich initiated a Kickstarter campaign with a $10,000 goal. A month after launching the crowdfunding campaign, Weyhill & Wharf surpassed its initial benchmark, with more than $15,500 raised and 94 backers. Weyhill's take on the classic shirt combines silk necktie designs with cotton shirts, and sells for $140 per item. The price is steeper than those found at high-end Brooks Brothers, but that hasn't been a barrier for sales: Weyhill's entire shirt inventory is now sold out until new products land later this month.
Woman Arrested For Denny's Pancake Rage (TSG)
West was dining Friday at a Denny’s in Oak Lawn, a Chicago suburb, when a server explained that the unlimited pancake offer was good for a single diner. This did not sit well with West, who was apparently was under the impression that her $4 bought everyone at the table and unending pancake bounty. According to the Oak Lawn Police Department, West cursed at the waitress and threw several punches at the employee (though the blows did not land). West and her party then left Denny’s without paying their tab, but not before she repeatedly kicked a door on the way out.