Ex-Wall St stars swap banking for fintech (FT)
Some of the world’s highest-profile bankers have poured millions of dollars into the booming fintech sector during the past year as they tap into new technology providing online financial services from payments and lending to digital currencies and cross-border transfers. Earlier this month, Blythe Masters, the former JPMorgan banker who pioneered the use of complex derivatives, was said to have turned down the job of running Barclays’ investment bank to focus on Digital Asset Holdings, a New York-based start-up trying to cut banks’ back-office costs by using technology associated with bitcoin. Other luminaries who have swapped banking for fintech with the aim of challenging traditional businesses include Vikram Pandit, the former chief executive of Citigroup, and John Mack, the ex-boss of Morgan Stanley.
Bond investor anxiety ahead of Fed move (FT)
After seven years of easy credit, bond investors are focused on escalating stress within the financial system. A variety of companies, most prominent in the energy sector, face rising indebtedness, depressed commodity prices and falling revenues.
Bill Gross: High-yield pain is the start of something (CNBC)
...when the long-awaited Fed hike comes — as most expect it to — later this week, it will likely be accompanied by a dovish statement that calms investors, he forecast. "That would, should, comfort the market in terms of liquidity, but there's no doubt going forward that it's a changed world in terms of liquidity and that a buyer and a seller must realize that what was a normal spread before is certainly extended now and into the future," Gross added.
Dow, DuPont eye big tax savings in rare merger of equals (Reuters)
The tax-free treatment of the spin-offs Dow Chemical Co DOW.N and DuPont DD.N plan to carry out after they merge their businesses is a prime driver of the deal, potentially saving tens of billions of dollars, industry experts said. The $120 billion merger, announced last week, comes less than a month after drug maker Pfizer Inc PFE.N said it would use its $160 billion acquisition of Allergan Plc AGN.N as a way to cut its taxes. It underscores the growing use of mergers and acquisitions as a way to slash corporate America's tax bill.
Would You Bet $10K on Your Marriage Lasting? New Startup Hopes So (Yahoo Style)
...the tweely named, Seattle-based ‘SwanLuv’ is a business that’s willing to dish out loans of up to $10K for newly married couples. If you stay married forever, the money is yours to keep. But if things end in divorce, you’ve got to pay it all back—plus some serious interest.
Why Very Low Interest Rates May Stick Around (The Upshot)
“We’re returning to normal, and it’s just taken time for people to realize that,” said Bryan Taylor, chief economist of Global Financial Data, which scours old records to calculate historical financial data, including the figures cited here. “I think interest rates are going to stay low for several decades.”
Craft Brewers Face Competition for Beer Cans (Dealbook)
While the craft beer boom has benefited small breweries around the country, it has also left some scrambling for cans. The 16-ounce size is in exceptionally high demand; it’s slightly larger and has become a popular way for niche brewers to distinguish themselves from behemoths like Budweiser and Coors, which use 12-ounce cans. “Certainly we’ve seen some of our brewery members struggle in recent months,” said Bart Watson, the chief economist at the Brewers Association, a national trade group for craft beer businesses. “This has proven to be a real challenge for members that have built their business model around getting these cans.”
Vandals attack Facebook’s offices in Germany (Reuters)
Vandals have damaged a building housing Facebook’s offices in Hamburg, smashing glass, throwing paint and spraying “Facebook dislike” on a wall, police in the northern German city said on Sunday.
Not A Crime For A 57-Year-Old Guy To Carry A Rifle While Only Wearing Light Blue Thong Underwear (TSG)
When a cop arrived at the home in Woodruff (pop. 4090), Ricky Rector was wearing only a "light blue pair of thong underwear," according to a police report. After ordering Rector off his porch, the officer retrieved the unloaded rifle and a cartridge from a nearby table. “Ricky was asked why he was in his underwear and sitting on the porch with a rifle. He stated he was looking for deer,” the cop reported. Since Rector was not the subject of any outstanding warrants (and had no felony convictions), he was uncuffed and given back his rifle and round. But before departing, the officer noted, “Ricky was advised to avoid this in the future.”