U.S. strikes back at judge's decision that MetLife not 'too big to fail' (Reuters)
MetLife sued the U.S. government last year, saying the Financial Stability Oversight Council (FSOC), made up of the chiefs of U.S. financial regulatory agencies, used a flawed process in determining it could hurt the U.S. financial system if it faced financial distress. On March 30, U.S. District Judge Rosemary Collyer rescinded the designation and the federal government appealed in the U.S. District Court of Washington, D.C. "The district court’s ruling in this case overturned the collective judgment of the heads of every U.S. financial regulatory agency and left one of the largest financial companies in the world subject to even less oversight than before the financial crisis," a Treasury spokesman said in a statement on Thursday, adding the government plans to "vigorously defend" the FSOC's work.
European hedge funds say a Brexit is not happening (CNBC)
Europe-based hedge funders overwhelmingly indicated in a recent survey that they believe a Brexit won't happen. Fully 79 percent say Britons will vote to stay in the June 23 referendum, according to a poll released Thursday by industry tracker Preqin.
A Who’s Who of Financiers Is Expected at Trump’s New York Fund-Raiser (Dealbook)
Donald J. Trump is holding a fund-raiser in New York City next week to be hosted by a who’s who of the financial world, including John A. Paulson, whose hedge fund made billions betting on the collapse of the housing market. Joining him are Stephen A. Feinberg, the secretive financier and founder of Cerberus Capital Management, and Peter Kalikow, the politically connected real estate magnate. Neither man had publicly announced his support for the Republican presidential candidate and presumptive party nominee, until now.
The First Big Company to Say It’s Serving the Legal Marijuana Trade? Microsoft (Dealbook)
As state after state has legalized marijuana in one way or another, big names in corporate America have stayed away entirely. Marijuana, after all, is still illegal, according to the federal government. But Microsoft is breaking the corporate taboo on pot this week by announcing a partnership to begin offering software that tracks marijuana plants from “seed to sale,” as the pot industry puts it. The software — a new product in Microsoft’s cloud computing business — is meant to help states that have legalized the medical or recreational use of marijuana keep tabs on sales and commerce, ensuring that they remain in the daylight of legality.
Dad uses helicopter to extract son's loose tooth (UPI)
Rick Rahim posted a video to Facebook showing his son standing outside with a string attached to his loose tooth.
"Problem: Loose tooth," text in the video reads, "Solution: Helicopter." The other end of the string is revealed to be attached to a helicopter, which takes off and creates tension on the string and removes the unwanted tooth. "Does this make me a 'helicopter parent?'" Rahim wrote. "Do fun, creative stuff with your kids. Make memories together."
HSBC to Pay $1.58 Billion to Settle Shareholder Suit (WSJ)
A unit of British bank HSBC Holdings PLC has reached a preliminary agreement to pay $1.58 billion to settle a shareholder class-action complaint over securities fraud tied to the bank’s U.S. subprime lending. The proposed settlement—which would cover those who owned Household International stock anytime between March 23, 2001, and Oct. 11, 2002 —is subject to court approval. HSBC estimated it would book a $585 million charge, before taxes, in the second quarter.
Hedge funds culled as performance sags (FT)
The hedge fund industry continued to shrink in the first quarter of the year, as uneven performance failed to reassure clients frustrated by high fees. While 291 hedge funds shut their doors in the first three months of 2016, just 206 new funds started up, according to data from Hedge Fund Research. Europe was the busiest region for both new funds and closures.
DoubleLine's Gundlach: 'Rate-hike cycle has left the building' (Reuters)
Jeffrey Gundlach, chief executive officer at DoubleLine Capital, said on Wednesday that Federal Reserve officials are no longer trying to prepare the markets for rate hikes because they are no longer certain they are going to raise them. "The 'rate hike cycle' has left the building," Gundlach said in a telephone interview after Wednesday's decision by Fed policymakers to leave rates unchanged. "They are not preparing the markets for a rate hike at all," he said.
X-Ray Technician Finds Family Jewels In Suspect’s Rear End (HP)
A suspected jewel thief in Konya, Turkey, has been arrested after stolen rings and necklaces were found in his rectum during an X-ray exam, police said. The suspect, who is identified as “Ö.A.,” was arrested after police investigating a break-in noticed his “peculiar” walk, according to DailySabah.com. The 24-year-old was taken to a local hospital to be examined by an X-ray technician, according to the Anadolu Agency. The technician found several objects in the suspect’s rear end, including two gold rings, four gold earrings and two gold necklaces.