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Opening Bell: 6.10.16

Puerto Rico debt crisis bill passes house; Whistleblower aided SEC in Deutsche probe; Man reaches day 322 of eating Chipotle every day; and more.
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Puerto Rico Debt Crisis Bill Passes U.S. House (WSJ)
The House approved legislation Thursday to stem Puerto Rico’s escalating debt crisis, capping an unusually bipartisan course on a fraught and technically complex compromise measure. The bill, which must still pass the Senate, establishes a process to handle what is shaping up as the largest municipal-debt workout in U.S. history. Puerto Rico’s government has begun defaulting on $70 billion in debts, and has warned it could run out of cash this summer.

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How Far Can Oil Rally? Options Investors Bet on Surge Above $100 (Bloomberg)
The options deals, which brokers said bear the hallmarks of trades made by hedge funds, appear to be based on the belief that current low prices will generate a supply crunch as oil companies cut billions of dollars in spending on developing fields. The International Energy Agency forecasts that non-OPEC supply will suffer its biggest decline in more than two decades this year.

Banks Gain Ground in Push to Change Derivatives Capital Rule (Bloomberg)
The European Union’s financial-services chief, Jonathan Hill, and members of the bloc’s parliament recently joined the Bank of England in saying the global capital standard needs to be fixed. At issue is the Basel Committee on Banking Supervision’s restriction on bank leverage, which forces lenders to have capital against billions of dollars in collateralized trades done by clients and settled at clearinghouses.

How George Soros’s Latest Predictions Have Played Out (Bloomberg)
At a panel discussion on Sept. 24, 2011, Soros said the Greece-born European debt crunch was “more serious than the crisis of 2008.” Last year, he said the chances of Greece leaving the euro area were 50-50...There are signs that nervousness about the euro area economy is ebbing as investors increasingly focus on China. Greece and its creditors in the currency bloc may be nearing an agreement to disburse a new tranche of bailout aid that would allow it to meet debt payments this summer and also pave the way for restoring access to the European Central Bank’s regular refinancing operations. Since Soros’s 2011 comments, the Bloomberg European 500 Index has returned 82 percent. European sovereign debt has returned about 14 percent in dollar terms.

Police: Drunk Driver Wore Chastity Belt (TSG)
A tipsy Tennessee man arrested last month for drunk driving told cops that he needed to retrieve a key from his automobile so that he would be able to unlock a “chastity belt that was attached to his penis,” according to court records.

Whistle-Blower Said to Aid SEC in Deutsche Bank Bond Probe (Bloomberg)
The SEC received a whistle-blower complaint alleging that the bank inflated the value of mortgage bonds on its books and masked losses around 2013, said the people, who asked not to be identified because the matter is confidential. The SEC is probing how the bank valued government-backed mortgage bonds known as Agency pass-through securities that it amassed after the 2007 U.S. housing crisis.

U.K.’s EU Exit Could Have Domino Effect, Germany’s Schäuble Warns (WSJ)
German Finance Minister Wolfgang Schäuble on Friday called on Britain to think hard before opting to leave the European Union, warning that an exit could prompt other member states to leave the bloc too. “A Brexit would be hard on everyone especially on the U.K. itself,” he said at a conference of financial investors. “I hope they choose wisely.”

Thomas Perkins, Tech Financier Who Funded Google, Dies at 84 (Bloomberg)
The Harvard Business School graduate left his job at Hewlett-Packard Co. to establish Menlo Park, California-based Kleiner Perkins with Austrian-born engineer Eugene Kleiner in 1972. Opening with $8 million and later joined by Frank Caufield and Brook Byers as partners, the firm invested in tech companies over the next two decades, leading to the Silicon Valley boom that ushered in the Internet Age.

Overstuffed: Washington man on day 322 of burrito-fueled quest to eat Chipotle every day for one year (NYDN)
Despite an e. coli outbreak, nationwide shutdowns and days spent isolated far from the nearest salsa saloon, Devin Cunningham, 25, of Bellevue, Wash., has not let a single day go by without eating a meal from Chipotle, the fast food Mexican grill. He hasn't gotten sick of or from rice and beans yet. "I keep trying different combos to keep things fresh," Cunningham told The Daily News. "You can do different meats and salsas. You can do tacos. You can do bowls. You can do burritos."


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Opening Bell: 6.30.16

Google Capital makes first public company investment; Airbnb plans stock sales; Puerto Rico says it will default; Roomba beer pong; and more.

Opening Bell: 6.25.15

Greece and Puerto Rico are screwed; Uber water taxi; Testicle-eating fish caught in New Jersey; and more.

Opening Bell: 8.4.15

Puerto Rico; Pimco; Promontory Financial; 210 year-old bottle of cognac; "No plans to probe hitchhiking robot vandalism"; and more.

Opening Bell: 7.29.15

Puerto Rico sitch not great for US; Hedge funds like London; Disneyland Paris probe; Twitter; Yelp; Brazil; "Fugitive-turned-actor arrested after U.S. Marshals read film write-up"; and more.

Opening Bell: 8.5.15

Puerto Rico; Jeb; Soros 2.0; "Meth lab remnants found inside Iowa Taco Bell"; and more.

By M.Minderhoud (Own work) [GFDL or CC-BY-SA-3.0], via Wikimedia Commons

Opening Bell: 6.22.16

Puerto Rico vs bondholders; Brexit, Brexit, Brexit; Man creates smoothie made of McDonald's burgers; and more.

Opening Bell: 5.18.15

Greece is screwed; Puerto Rico is screwed; Hedge funds are screwed; "Parrot Won't Stop Cursing In Spanish"; and more.

Opening Bell: 6.29.15

Greece, Greece, Greece; Puerto Rico; "CNN mistakes sex toy sign for Islamic State flag" and more.