Opening Bell 11.10.16

Scaramucci compares Trump job offer to leaving his favorite bodega; Flash Crash guy pleads guilty; Trump presidency presages bonfire of financial regulations; and more.
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The Best Advice From Goldman, Others On Trading Trump Win (CNBC)

MadMnuchin

HSBC said in a note to clients that Trump's policies and lack thereof would hurt the economy, earnings and possibly spark stagflation. Morgan Stanley told clients to stay on the sidelines during the sell-off driven by Donald Trump's upset win in the U.S. presidential election. Fundstrat's bullish strategist Tom Lee told investors the market will go higher as it prices in the positive policy implications of the Republican sweep.

Donald Trump’s Financial Advisory Team Stocked With Wall Streeters (WSJ)

Donald Trump’s successful insurgent bid for the White House promised to upend a global power structure that benefited large corporations. Now, several Wall Street financiers and other successful business leaders could be in line to run top posts in his presidential administration. People close to Mr. Trump have said he is considering Steven Mnuchin, a former Goldman Sachs Group Inc. banker who became his national campaign finance chairman in May, as his pick for Treasury secretary. If tapped for the job, Mr. Mnuchin would become the third Goldman alumnus in the last 20 years to head the Treasury, following Robert Rubin and Hank Paulson, who both served as the bank’s chief executive.

‘Flash-crash’ Trader Navinder Sarao Pleads Guilty To Spoofing (FT)

Navinder Singh Sarao, the UK day trader extradited to the US to face charges over the 2010 “flash crash”, pleaded guilty to one count of wire fraud and one count of “spoofing” in a Chicago court on Wednesday. The trader stood almost completely motionless with his head slightly bowed during a 90-minute hearing before a judge in a Chicago court, having lost his fight against extradition. He was dressed in a US prison-issue orange jumpsuit and had a chain around his legs. The judge accepted his guilty plea and he will be sentenced next year.

Billionaire Druckenmiller Says He's As Hopeful As He's Been In A 'Long Time' About Economy (CNBC)

Billionaire investor Stanley Druckenmiller, founder and former chairman of Duquesne Capital, told CNBC on Thursday that he's "quite, quite optimistic" on the U.S. economy. Druckenmiller, in the past, has been negative on the country's growth prospects, but he said in a "Squawk Box" interview: "It's as hopeful as I've been in a long time."

Hedgie Scaramucci Says He Wouldn’t Say No To Role With Trump Administration (NYPost)

“I would like to be involved [in a Trump administration] somehow tangentially, but I have my own business,” Scaramucci told The Post in an interview, adding that it would be tough to leave his $12 billion asset management firm. He then went on to say that a such a request would be “like be asking me to leave my local bodega.”

SEC Widely Expected to Ease Postcrisis Rules During Donald Trump’s Administration (WSJ)

The top U.S. markets regulator is about to take a rightward turn. President-elect Donald Trump, who has promised either to eliminate or sharply cut back the 2010 Dodd-Frank financial law, is expected to install critics of the Obama administration’s signature response to the financial crisis in positions at the Securities and Exchange Commission, according to people familiar with the matter.

Four Decades Of Discontent Trumps A Strong 2015 For U.S. Jobs And Pay In The Race To The White House (Resolution Foundation)

Many liberals have been taking comfort from the fact that a majority of poorer voters turned out for Clinton, with people being 10 per cent more likely to vote for Trump if their income is above $50,000. We might have lost, but at least this wasn’t a revolt of our core vote goes the argument. This is a bad argument. Yes the rich are always more likely to vote Republican (they teach this in US politics 101 I believe) but what matters is that the move towards Trump and away from the Democrats was entirely amongst middle and low income voters, with a huge 16 percentage point net move for instance amongst those with incomes under $30,000. This change is a key reason why a Republican, rather than the first woman President, will be in the White House in two months’ time.

Second Squirrel Attack Shocks Nursing Home (NBC)

[Video] A squirrel attack leaves an elderly woman injured at a Florida nursing home, the second incident in less than a week.

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