Opening Bell: 11/17/16

Theranos bleeds whistleblower dry, JPMorgan pays up over hiring princelings, Bill Gates takes a "giant whiff" of shit, and much more.
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Theranos Whistleblower Shook the Company—And His Family (WSJ)

ElizabethHolmes.Broke

After working at Theranos Inc. for eight months, Tyler Shultz decided he had seen enough. On April 11, 2014, he emailed company founder Elizabeth Holmes to complain that Theranos had doctored research and ignored failed quality-control checks. The reply was withering. Ms. Holmes forwarded the email to Theranos President Sunny Balwani, who belittled Mr. Shultz’s grasp of basic mathematics and his knowledge of laboratory science, and then took a swipe at his relationship with George Shultz, the former secretary of state and a Theranos director.

Goldman Sachs, Bank to the Elite, Makes Pitch to the Masses (NYT)

The ad campaign’s 15- and 30-second video ads, which will appear on Facebook, Hulu, Pandora and YouTube, depict debt as an unavoidable nuisance of modern life, not shameful overspending on unaffordable luxuries. A car gets a cracked windshield while parked at a Little League game. A couch gets chewed up by a new puppy. A child gets new braces. Or a water heater springs a leak. “Debt happens. It’s how you get out that counts,” the ads say.

JPMorgan To Pay $200m-plus Fine For Hiring ‘Princelings’ (FT)

Princelings are technically the children of high-ranking Communist party officials but the term is often applied to the sons and daughters of China’s elite more generally. JPMorgan had made several high-profile hires, including Gao Jue, son of a Chinese commerce minister, later employed by Goldman Sachs, and Tang Xiaoning, son of a former bank regulator who went on to chair Everbright Group.

RBS Rejected Goldman, Deloitte Warning Over 2008 Cash Call, Lawsuit Alleges (Reuters)

Just hours before Royal Bank of Scotland launched a massive cash call in 2008 to shore up its capital, the bank's senior advisers were still discussing whether its financial figures were potentially misleading for investors, court documents allege.

Yellen Will Talk Trump in Thursday's Testimony (BBG)

Federal Reserve Chair Janet Yellen will probably be quizzed about how President-elect Donald Trump’s fiscal policies might affect the economic outlook and path for rate increases when she gives congressional testimony Thursday. Don’t expect a clear answer.

Fed's Kashkari Says The Trump Market Rally Is Helping Policymakers On Rates

Minneapolis Federal Reserve President Neel Kashkari told CNBC on Thursday the reaction in financial markets to Donald Trump's victory — rallies in stocks and bond yields — is making the job of central bankers easier.

Snapchat Revenue Growth May Not Be A Snap (Reuters)

The bulls are likely to cite eMarketer's report from September, which predicts that Snapchat's revenue will rise 155 percent to $935.5 million in 2017 from $366.7 million. The downside to those numbers is that while Snapchat accounts for 32 percent of social network users in the United States, it's only getting 2.3 percent of social network ad dollars.

In China, Toilets Have Trump’s Name Without His Permission (NYT)

Zhong Jiye, the founder, said he had not heard of Donald J. Trump when he registered the English name of his company, Shenzhen Trump Industrial Company Limited, as a trademark in 2002. In Chinese, the company name means “innovate universally,” he said, highlighting how the toilet seats warm and wash the user’s backside. That Chinese name, he explained, also sounds a little like “trump.”

A Perfume that Smells Like Poop? By Bill Gates (GatesNotes.com)

I recently traveled to Switzerland to take a giant whiff of pit latrine odor. What I inhaled was a strong kick to the nostrils, a potent combination of sewage stink, barnyard sweat, and bitter ammonia topped off with vomit (or was it parmesan cheese?). The stench was foul and made me wince.

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