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Holiday Bell: 12.27.16

Did Carl Icahn screw over Jamie Dimon? Can non-white-men make it in hedge funds? Does Mark Cuban know how Twitter works?
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By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

World Economic Forum (Flickr: The Global Financial Context) via Wikimedia Commons

Why Jamie Dimon Didn’t Get Treasury — A Job He Wanted (NYP)

The revelation this week that Carl Icahn has been helping President-elect Trump choose Cabinet nominees might help explain why JPMorgan Chief Jamie Dimon is not going to Washington. Icahn liked Treasury pick Steven Mnuchin, and did not favor Dimon, who desired the job, a source close to the situation.

Unloved Stockpickers Hoping 2017 Will Be Their Year (FT)

While the election of Donald Trump has triggered a rally in more cyclically exposed stocks, helping the portfolios of value-focused fund managers, this rotation has also resulted in other shares being left behind. This, in the eyes of some stock pickers, will provide opportunities for patient investors to buy quality companies that are momentarily out of fashion.

Hindsight Capital: The Trades A Clairvoyant Would Have Made In 2016 (FT)

Brazil entered the year in the grips of economic and political crisis. With riots on the streets and a president facing impeachment, Hindsight saw that it was time to buy. Brazil’s Bovespa rose more than 70 per cent in dollar terms. Meanwhile, China — a far healthier economy — still had to deal with the fallout from its burst equity bubble in 2015. Shorting the Shanghai Composite and putting the proceeds into Brazil’s Bovespa yielded 92.6 per cent in dollar terms.

Why Barclays CEO Staley Opted for War When Dimon Chose Surrender (BBG)

When the U.S. was seeking a record-breaking payment from JPMorgan Chase & Co. for the sale of toxic mortgage-backed securities three years ago, Jamie Dimon went to Washington to sit down with Eric Holder, then the attorney general, seeking to make peace. Jes Staley, Dimon’s former deputy, is taking a more combative approach at Barclays Plc. The U.S. sued the London-based bank on Thursday after the Barclays CEO decided to hold the line in settlement negotiations.

The Markets Say Inflation Is Coming. The Data Show It Isn’t True (WSJ)

“The markets have the wrong narrative” on inflation, said David Rosenberg, chief investment strategist at Gluskin Sheff & Associates Inc. “Anyone who thinks one man can reverse on his own the structural forces that led to the multiyear disinflation trend—and I’m talking about excessive debt, globalization, aging demographics and technology—needs to go back to economics school right away.”

What It’s Like To Be Something Other Than White And Male In The Hedge Fund Business (BI)

"African American traders, except for the lowest positions of clerks, were underrepresented. It was a very racist and prejudiced place. But I experienced only a slightly higher level than I’d experience naturally. What I did observe, when you’re experiencing some form of discrimination, you are unaware of it, but what I was acutely aware of was the anti-woman perspective ... They would crumble up a girl's resume."

Trump’s Financial Deregulation Might Be Bad News for Banks After All (WSJ)

At least two candidates for the job of Federal Reserve vice chairman in charge of bank oversight, arguably the single most powerful bank regulatory position in the world, are supporters of tougher capital rules. So is House Financial Services Committee Chairman Jeb Hensarling (R., Texas), who will next year be at the center of reshaping the 2010 Dodd-Frank financial-overhaul law.

ECB Tells Monte dei Paschi It Needs To Raise $9.2 Billion (Reuters)

Last Friday the Italian government approved a decree to bail out Monte dei Paschi after Italy's No. 3 lender failed to win investor backing for a desperately needed capital increase. The bank said on Monday it had officially asked the ECB last Friday for go ahead for a "precautionary recapitalization" — a type of state intervention in a struggling bank that is still solvent. It means only a modest bail-in of investors though the government can buy shares or bonds only on market terms endorsed by EU state aid officials in Brussels.

Prat-Gay Fired as Argentine Finance Minister After One Year (BBG)

President Mauricio Macri requested Prat-Gay’s resignation following disagreements over economic policy, Pena said. The economy has sunk into recession this year, defying President Mauricio Macri’s forecast that it would return to growth in the second half, while the inflation rate has risen to about 40 percent. Prat-Gay had pushed to focus more powers in the Finance Ministry as he tried to revive growth.

Platinum Partners Arrests Are Scant Consolation For Alleged Victims (Reuters)

One such person is Houston-based energy entrepreneur John Hoffman. In the charges, prosecutors alleged what Hoffman had long believed - that Platinum had illegally profited from the failure of Hoffman's company, Black Elk Energy. Hoffman said in a telephone interview that he did not expect to recover anything and that his involvement with Platinum had cost him the company he founded and at least $500,000 in legal fees. He also described stress-related health problems and difficulty fundraising for a new energy venture.

Nobel Economist Angus Deaton On A Year Of Political Earthquakes (FT)

He is scathing about the Clintons, and Hillary Clinton in particular, for their links to a broken establishment. “One of the great benefits of the election to me is that I don’t have to pretend that I like her,” he tells me at one point, even as he confesses he reluctantly voted for her.

Tech Billionaire Mark Cuban Still Has No Idea How Tweets Work (Gizmodo)

“For as long as my Twitter feed is private,” tech billionaire Mark Cuban tweeted, “all original tweets are copyrighted and can’t be posted elsewhere without my permission.” But Cuban’s “notice” is the rich cousin of those bullshit Facebook copyright statuses you see your most gullible friends post every couple years.

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Opening Bell

Holiday Bell: 12.31.12

Cliff's Edge Draws Close (WSJ) What happens Monday could go some way to determining the short-term fate of the U.S. economy and the reputation of the government, both of which have been dinged by the spectacle of endless seemingly circular negotiations. Carrying the baton late into Sunday evening were Senate Minority Leader Mitch McConnell (R., Ky) and Vice President Joe Biden. A spokesman for Mr. McConnell said Monday morning that the two men "will continue to work toward a solution." In the past two weeks, at least three different sets of negotiation teams have sought a way out...Still, some remained hopeful elements of a deal were on the table and could be brought into alignment at the last minute. "We're very close," said Sen. Barbara Mikulski (D., Md.). "It is like a kaleidoscope," meaning there are many moving parts that can look beautiful or ugly depending how they're arrayed. Experts Forecast The Cost Of Failure To Compromise (NYT) In the event no compromise is found, however,the Congressional Budget Office and many private economists warn that the sudden pullback in spending and the rise in taxes would push the economy into recession in the first half of the year. Under this outcome, Mr. Gault said, the economy could shrink by 0.5 percent over all of 2013. With the clock ticking, some observers bolstered their criticism of Washington. "If we have a recession, it's unforgivable," said Bernard Baumohl, chief global economist at the Economic Outlook Group. "For the first time in modern history, we will have a self-inflicted recession in the U.S." New Year's Countdown To Higher US Taxes Starts (Bloomberg) The IRS has said it will issue guidance by today on paycheck withholding for 2013, which depends on the income-tax rates Congress is debating. Higher rates would mean less take- home pay for workers starting as early as the first paycheck in January. Both Democrats and Republicans support extending current rates for families making less than $250,000. They disagree on whether to raise levies for top earners. Rates are scheduled to increase for all income levels Jan. 1 if Congress doesn’t act. Parties Pivot To Blame (WSJ) If Congress and the White House fail to strike a deal to avert the so-called fiscal cliff, Republicans are under few illusions as to who will get much of the blame—even if past polls suggest there will be plenty to go around. "The poor Republicans will get the brunt of it, which may be unfair, but such is life," said Republican Indiana Gov. Mitch Daniels, a former White House budget chief under George W. Bush. "The Republicans are seen as the obstinate ones, where at the very least, the president and his side are equally so." Polls since the November election have found Americans more ready to blame the GOP than President Barack Obama and congressional Democrats if the two sides fail to reach a deal to avoid the wave of tax increases and spending cuts coming Jan. 1. A Wall Street Journal/NBC poll earlier this month showed 24% would blame Republicans while 19% would blame Democrats. Merkel Says Euro Zone Crisis Far From Over (Reuters) FYI. Mario Batali wins biz feud over UK chef Gordon Ramsay (NYP, related, related) Batali says the prickly Brit star has agreed to give up on using the name The Spotted Pig for a London eatery — amid outcry that he had swiped it from Batali and his partners. “It didn’t make him look great,” Batali said of Ramsay’s recent trademarking of the name in the UK. “I don’t think it was an intentional shot across the bow by Gordon,” Batali told the Eater Vegas blog. “His team is just [trying] to build businesses. There’s got to be a thousand other animals they could have chosen besides The Spotted Pig. A striped minx, for example.” Experts Back Deutsche Whistleblowers (FT) Accounting experts say Deutsche Bank appears to have improperly accounted for billions of dollars of credit derivatives trades by failing to value adequately the risk that its trading counterparties could walk away. Jersey woman charged at boyfriend with hammer after he refuses to pay for laundry, reports say (NJ) Jazmin Duran, 24, was arrested and charged with aggravated assault, terroristic threats, criminal mischief, domestic violence, possession of weapon, unlawful possession of a weapon, resisting arrest police reports said. Police were called to Garfield Avenue near Armstrong Avenue at 2:52 p.m. on a report that a man was locked in the bathroom and his girlfriend was hitting the door with a hammer, reports said. When police arrived, the 49-year-old boyfriend, was still locked in the bathroom, reports said. After a brief struggle, police were able to detain Duran, reports said. When he came out he told police that Duran was mad at him and attacked him with a hammer, reports said. The victim said that he was undressing to get in the shower while talking to his girlfriend about getting her eyebrows done, when she asked for him to pay for doing her laundry, reports said. He responded that he didn't have money to pay for her laundry, reports said. He said she became irate and began to scream, reports said. BofA Settlement Hits Snags (WSJ) A big legal settlement usually marks the end of the bulk of the work for the Justice Department. But a year after a $335 million deal with Bank of America Corp. to compensate minority borrowers for alleged discrimination, much remains to be done. The department's settlement administrator just began notifying affected borrowers in November, about five months later than originally planned. Then, weeks after letters went out to more than 233,000 presumed victims, about 10% of those letters have been returned as undeliverable, according to Justice Department officials. U.S. officials had warned that it might take two years for eligible borrowers to receive money from the settlement, but they also expressed hope that checks could be mailed out sooner. Those hopes have dimmed. Facebook Analysts Stick To Script (WSJ) Facebook Inc. FB +1.03% has gotten a thumbs-down from investors since its initial public offering. But securities analysts who work at the investment banks that did the deal have never wavered in their enthusiasm. Since the social-networking company went public in May, analysts at Morgan Stanley, J.P. Morgan Chase & Co. and Goldman Sachs—Facebook's three biggest underwriters—have issued 40 reports on the stock. Every report has urged investors to buy. Skin In The Game (NYP) West Village cosmetic doctor Yelena Yeretsky usually works to make the power women of Wall Street look flawless. But now men are asking for her services. Yeretsky says, “The men usually want chemical peels so they look glowy. I remove lesions and skin tags and non-cancerous growths from years of playing golf in the sun.” French Court Says 75% Tax Rate on Rich Is Unconstitutional (Bloomberg) President Francois Hollande’s 75 percent millionaire-tax is unconstitutional because it fails to guarantee taxpayer equality, France’s top court ruled today. The tax, one of Hollande’s campaign promises, had become a focal point of discontent among entrepreneurs and other wealth creators, some of whom have quit French shores as a result. The ruling comes as the president seeks to cut France’s public deficit to 3 percent of gross domestic product next year from a projected 4.5 percent this year. For Euro, All Eyes On ECB's Playbook (WSJ) "Global central banks are engaged in a race to the bottom. It's difficult to call which major currency will be the ugliest," said Munich-based Thomas Kressin, who heads currency strategy for Pacific Investment Management Co., one of the world's biggest bond-fund managers. Expert: Champagne cork can put an eye out (UPI) The pressure inside a champagne bottle can launch a cork at 50 miles per hour as it leaves the bottle, fast enough to shatter glass, U.S. eye experts say. Dr. Monica L. Monica, an ophthalmologist and spokeswoman for the American Academy of Ophthalmology, said the speed at which a cork can be unleashed is fast enough to permanently damage vision, including rupture of the eye wall, acute glaucoma, retinal detachment, ocular bleeding, dislocation of the lens and damage to the eye's bone structure. These injuries sometimes require urgent eye surgeries, Monica said. "When a champagne cork flies, you really have no time to react and protect your delicate eyes," Monica said in a statement. Programming Note: We're on an abbreviated, vacation-esque schedule. Opening wraps and brief updates should anything happen that people need to know about (fiscal cliff deal is struck, Raj Rajaratnam leads his fellow inmates in a NYE flashmob set to 'Thriller,' etc). Happy New Year and we'll see you in 2013!

Opening Bell

Holiday Bell: 11.23.12

FBI Tried To Flip Trader Against Cohen (WSJ) A year before the government charged Mathew Martoma with insider trading, it tried to get him to turn against his former boss, Steven A. Cohen. Federal agents, including Federal Bureau of Investigation case agent Matthew T. Callahan, turned up at the Boca Raton, Fla., home of Mr. Martoma, a former portfolio manager at an affiliate of SAC Capital Advisors L.P. Agents tried and failed to persuade him to be a cooperating witness in the government's effort to build a criminal case against Mr. Cohen, the founder of SAC and one of the biggest names in the hedge-fund world, said people close to the case...The government's attempt to engage Mr. Martoma as a cooperating witness shows the high level of focus placed on Mr. Cohen, whose $14 billion fund has posted some of the best returns on Wall Street. It also demonstrates how the government has been unable so far to implicate Mr. Cohen in Mr. Martoma's alleged wrongdoing...Each of the two securities fraud charges against Mr. Martoma carry a maximum of 20 years in prison; federal sentencing guidelines, based on the amount of the alleged illegal profits, recommend a sentence of 15 to 19 years. By contrast, most people who have pleaded guilty to insider trading and cooperated with the government have been sentenced to little or no jail time. Mr. Martoma is married with children. "Twenty years is a very long time in prison," said Thomas Gorman, a partner at Dorsey & Whitney LLP in Washington, referring to the sentence Mr. Martoma could serve if convicted. "There will be an enormous amount of pressure to earn a cooperation credit to try to mitigate that." Cohen’s ’Elan Guy’ Martoma Dropped Ethics for Hedge Fund (Bloomberg) Martoma got his undergraduate degree at Duke University in Durham, North Carolina, according to the university registrar. During his first year, he was inducted into Phi Eta Sigma, an honors society for freshmen who attain at least a 3.5 grade point average, according to the university registrar. He graduated in December 1995. Less than two years later, he went off to Harvard Law School in Cambridge, Massachusetts. He wrote two medical-ethics papers, one of which identifies him as a member of Harvard Law’s class of 2000 and as the former deputy director of the National Human Genome Research Institute’s Office of Genome Ethics. He left Harvard in December 1998 without attaining a degree, according to the school’s registrar, and attended Stanford Business School, where he joined three alumni groups including MBA Class of 2003, according to university records. In 2001, he changed his name from Ajai Mathew Mariamdani Thomas...Former colleagues, who asked not to be named because the fund is private, said the Martoma, who stood almost six feet tall, had a quiet demeanor and left little impression except for an outsized trade that earned him the name “the Elan guy.” Trading Case Casts a Deeper Shadow on a Hedge Fund Mogul (NYT) Thus far, any potential evidence against Mr. Cohen is entirely circumstantial. The government's complaint includes e-mails about secretly selling the Elan and Wyeth shares through esoteric methods like algorithms and dark pools. But that is common practice among large, sophisticated funds that do not want to alert competitors or move the stock too much. Moreover, while SAC dumped its large positions in the two stocks quickly - raising the question of what prompted it to do so - Mr. Cohen is known for a rapid-fire trading style. He frequently moves aggressively in and out of stocks while processing gobs of information fed to him by his underlings. It would be difficult for a jury to infer anything incriminating just from the way these trades were executed. The government in this case also lacks the powerful wiretap evidence that it has used to convict dozens others, including Raj Rajaratnam, the head of the Galleon Group. Greek Bond Buyback In Doubt (WSJ) The rally in outstanding Greek bonds has made any buyback plan more expensive, eroding the impact it would have on Greece's debt. It raises the challenge for euro-zone finance ministers to seal a deal at their next meeting on Monday that would both plug holes in Greece's €246 billion ($316.95 billion) bailouts and bring the country's debt load to a more manageable level. S&P Confirms France's AA-Plus Rating (WSJ) The decision removes the immediate threat of another downgrade of France, though S&P kept a negative outlook on the country's debt. That indicates a one-in-three chance of a cut in France's credit rating during 2013. Diamond, Dimon’s Early Risks Made Them Better: Adoboli (Bloomberg) Adoboli, who was jailed Nov. 20 for causing the largest unauthorized trading loss in British history, said in an e-mail exchange with Bloomberg News that Jamie Dimon, Bob Diamond and Yassine Bouhara, the former co-head of global equities at UBS, all lost large amounts of money at some point in their careers. The more senior you are the easier it is to avoid getting slammed to the wall,” Adoboli wrote in a Nov. 14 e-mail. “Funny thing is though, losing money seems to make you better at making money. Perhaps that’s why traders who lose money always get rehired, as long as they still have their risk appetite.” Canada Police Arrest Man Who Told Kids Santa Isn't Real (Star) As Christmas-themed floats slowly rolled down Princess St. during Kingston’s annual Santa Claus parade, an intoxicated man shouted blasphemous lies to shocked children: Santa doesn’t exist. The man, whose gelled hair “looked like a set of devil horns protruding from his head,” was reported to Kingston police, Const. Steve Koopman said. Police arrested a 24-year-old man around 6 p.m. “It was pretty despicable that someone, during this time of the year, would tell kids Santa isn’t real — which of course we would argue,” Koopman said. Higher Gas-Tax Idea Joins Fiscal-Cliff Talks (WSJ) Other industries also are moving to have initiatives attached to a budget deal—as part of either a short-term agreement this year or a longer-term plan reached next year to overhaul spending and taxes. Casinos are pushing a measure to legalize Internet poker games nationally. Small banks are pressing to extend a program that gives unlimited federal guarantees to certain bank deposits. Governors want additional aid to cover destruction wrought by Hurricane Sandy. The financial industry is pushing to loosen regulations on complex financial derivatives. "Basically, you've got a bunch of people waiting in the wings to stick the collection plate out and grab whatever they can grab," said Dan Kish, senior vice president for policy at the Institute for Energy Research, which advocates for free-market energy policies. Jain Gets Silent Treatment as Bankers Eat Humble Pie (Bloomberg) Deutsche Bank co-Chief Executive Anshu Jain says telling people he works in banking is a conversation-killer at parties, as the industry fails to convince the general public that it’s changing. “If you go to a party these days, you’re asked what you do and you say you’re a banker, people go all quiet,” Jain said before a conference on Europe’s finance industry began in Frankfurt. “We’re still the subject of anger.” Judge Rules For Singer (Reuters) A federal judge has ordered Argentina to pay holders of defaulted bonds, including Paul Singer’s Elliott Management, immediately, a blow to the country’s efforts to overcome a 2002 debt crisis that has raised fears of another default. In a ruling Wednesday, Judge Thomas Griesa lifted a previous order stalling payments to so-called holdout investors who refused to take part in two swaps of defaulted debt. Argentina’s president, Cristina Fernandez, has said her government will not pay “one dollar,” and Griesa’s ruling cited threats by Argentina’s leaders to defy his rulings in the decade-old dispute. Germany Halts Swiss Tax Deal (WSJ) The bilateral treaty was vetoed by the left-leaning Social Democrat and Green opposition parties in the Bundesrat, which represents Germany's 16 states. The treaty's opponents argue that it is too lenient on tax evaders. We want a treaty that is "more painful to Swiss banks and German tax evaders," Norbert Walter-Borjans, the Social Democrat finance minister of the German state North Rhine-Westphalia said in a debate in the upper house preceding the vote Friday. A ‘Whale’ of a Chase is on (NYP) JPMorgan Chase turned its chief investment office into a proprietary-trading unit that caused more than $6.2 billion in losses, pension funds said in a revised complaint in their suit against the bank. JPMorgan contended the unit’s primary role was managing risk when in fact it was engaging in trades to generate profit for the bank, the funds said in an amended complaint filed in Manhattan federal court. CEO Jamie Dimon “secretly transformed the CIO from a risk management unit into a proprietary-trading desk,” the plaintiffs said. The pension funds allege they incurred losses in their holdings because of trades by the chief investment office and Bruno Iksil, known as “the London Whale.” Porn star vows night of passion if Barcelona wins (NYDN) Colombian-born Janeira Ventura said she would give "any Barca fan who dares" the "night of their lives" if Lionel Messi, Andres Iniesta and co. fire them to the top of La Liga by the end of the season. The adult actress told Mundo Deportivo, "If we win the league this year, I pledge publicly to spend a night of passion with any Barcelona member or supporter who dares. "How can they prove they support the team? It's easy, by showing me the membership card or photos and tickets to a game. They just have to contact me on my website." The 27-year-old was born in Barranquilla, moved to Spain when she was a baby and now lives in Toronto. She added, "I've been a Barcelona fan since I was little, I love the team, the way they play, and above all I love the players. The most sexy ones? Messi, Xavi and Puyol." Her obsession extends to having two cats, who are called Leo and Messi, and plans to tattoo the Argentine striker's name "in a secret place" when she returns to Spain in 2013. She also wants to convince Barcelona bosses to let her be their "official club porn star."

Opening Bell

Holiday Bell: 4.3.15

First quarter was good to Loeb, Ackman, Rosenstein; The brokers "never visited the building during daylight, always staggered their arrival times and parked in the back"; The Cuban Money Crisis; "Deputy Ordered To Undergo Counseling After He Took Photo With Snoop Dogg"; and more.

Opening Bell

Holiday Bell: 12.27.12

Debt Ceiling Nears As Talks Stymied (WSJ) The Treasury Department said Wednesday the government would hit its legal borrowing limit by Monday, setting in motion emergency measures to keep the government operating for several more weeks and serving as a reminder that the nation's budget wrangling could continue well into 2013. The Treasury's financial maneuvering is designed to put off until February or March the prospect of a full-blown debt crisis. Treasury Secretary Timothy Geithner's two-paragraph letter to Congress didn't specify when the emergency measures might be exhausted, blaming the "significant uncertainty that now exists with regard to unresolved tax and spending policies for 2013." The White House and congressional leaders have shown no signs of progress toward crafting an agreement to avoid the year-end tax increases and spending cuts known as the fiscal cliff. Rajaratnam Pays $1.45 Million Over Gupta Insider Tips (WSJ) As part of a consent agreement signed by Mr. Rajaratnam earlier this month and approved by a federal judge on Monday, he agreed to disgorge more than $1.29 million, representing his profits or losses avoided as a result of his alleged trading on Mr. Gupta's tips, and to pay prejudgment interest of $147,738. SeaWorld Files For IPO (WSJ) Though the number of shares and the price range for offering haven't been determined, the filing pegged it at up to $100 million. IBM Insider Net Expands (Reuters) Federal prosecutors charged Trent Martin, a research analyst at a Connecticut brokerage firm, with trading and tipping others before computer giant IBM’s $1.2 billion acquisition of SPSS in 2009, expanding a related insider-trading case filed last month. Martin was also charged with passing the information to others, including two stockbrokers and his roommate. The group allegedly netted more than $1 million. Shark Tank Explodes In Shanghai Mall (NYDN) Security video inside a Shanghai shopping mall captured the terrifying moment an aquarium with live sharks burst open, injuring at least 15 people and leading to the death of dozens of animals. The chaotic scene on Dec. 18 inside the Shanghai Oriental Shopping Center left many of the victims with cuts from the broken glass, while one of them suffered a broken ankle, according to the China Daily. Many of those hurt were mall employees. In addition, three lemon sharks and dozens of smaller fish and turtles were killed when the 33-ton tank exploded, sending water and glass cascading through part of the shopping center, the BBC reported. At least four people were standing right in front of the display at the time. “It was horrible, like a bomb explosion,” one mall vendor told the China Daily. “Some pedestrians were pushed (6-1/2 feet) away by the force of the water.” Officials were investigating whether low temperatures in Shanghai combined with shoddy building materials to make the shark tank — built just two years ago — suddenly rupture. This isn't the first time the display has been damaged: A broken water pipe in June led to the death of three sharks, according to reports. Mall officials have apparently had enough and told local media they don't plan to rebuild. Jobless Claims Drop as U.S. States Tally Data After Break (Bloomberg) Applications for jobless benefits decreased 12,000 to 350,000 in the week ended Dec. 22, Labor Department figures showed today. Economists forecast 360,000, according to the median estimate in a Bloomberg survey. Claims in 19 states and territories were estimated because government office closures on Dec. 24 prevented a complete count, a Labor Department spokesman said as the figures were released. France, Italy See Economic Bright Spots (WSJ) So that's nice. Gross Doubles New York Bet as California Loses Lead (Bloomberg) The $285 billion Total Return Fund, which Gross runs at Pacific Investment Management Co., boosted its New York state allocation to about a $3 billion market value in the quarter ending Sept. 30, from $1.4 billion as of June 30, according to a semiannual filing the firm released this month. It was the largest increase by amount among U.S. states. Zuckerberg's Sister Can't Keep Privacy Rules Straight (NYP) Facebook chief Mark Zuckerberg’s older sister, Randi, complained yesterday when one of her Twitter followers publicly posted a photo of the family, including her famous brother, standing in the kitchen reacting to the company’s new Poke app. “Not sure where you got this photo,” Randi tweeted in response @cschweitz. “I posted it only to friends on FB. You reposting it on Twitter is way uncool.” It turns out that not even Randi — Facebook’s former marketing director — is up to speed on the site’s often-confusing privacy settings. Her gaffe provided fodder for critics of the site, which in the past has changed its policies with little warning and to the dismay of users. “We’ve all been dealing with loss of privacy in Facebook, now she feels what we all do everyday,” one Twitter user responded. Apple CEO Cook Gets $4.17 Million Compensation, No Stock (Bloomberg) The total includes $1.36 million salary and $2.8 million in incentive plan compensation, Cupertino, California-based Apple said today in a regulatory filing. Cook’s 2011 compensation of $378 million, one of the biggest pay packages on record, was boosted by $376.2 million in stock awards that he’ll get over a decade. McDonald’s trips cost high school secretary $9,000 in fines (NYDN) Kappry Vera of the Urban Assembly School for Construction and Design in Hell’s Kitchen made more than $3,000 in personal purchases on the school credit card from August 2009 through May 2011, investigators charge. The administrator, who lives in Williamsburg, spent most of the money on fast food — including $765 on dozens of visits to McDonald’s between October 2009 and May 2011, charging the city for purchases there up to four times each day. Vera, 33, also dropped $342 at Subway and spent another $190 on Burger King in illegal uses of her city-funded credit card that was only meant for official school purchases, investigators said. Vera only halted her runaway junk-food spending after her principal noticed “questionable purchases” in the school budget and confronted her about it, investigators said. Under questioning, Vera admitted that she bought food for herself on the school card on five occasions, but she wouldn’t give investigators receipts to explain the bulk of her purchases. Programming Note: We’re on an abbreviated, vacation-esque schedule this week (opening news roundups and limited updates whenever the urge to reach out and touch you moves us). We still want to hear from you, though, so if anything happens that you think might tickle our fancy, do not hesitate to let us know.

By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons
Opening Bell

Holiday Bell: 12.28.20

Stimulus signed; Boris’ non-existent blueprint; more bad news for Marianne Lake; bitcoin bull begs Biden’s indulgence; judge tries restraining Bill Gross; and more!

(Getty Images)
Opening Bell

Holiday Bell: 12.23.16

Deutsche and Credit Suisse settle; Italy rolls out the bailout; Tiger Woods is "Mac Daddy Santa"; and more.

TrumpBunny
Opening Bell

Holiday Bell: 4.14.17

Tidjane Thiam gives away his bonus before Credit Suisse can take it; Uber now dealing with drunk driving scandal; Wells Fargo's pain will last forever; Gypsy Snake Masseuse; and more.

By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons
Opening Bell

Opening Bell: 8.11.20

Jamie Dimon doesn’t feel your pain, but he knows it’s there and is doing something about it; SoftBank and soft commodities aren’t looking so soft; and more!