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Opening Bell: 12.16.16

Bank CEOs make money; 26-year-old Goldmanites make VP, maybe; Davos may make staff sleep in containers; and more.
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Wall St. CEOs Have Made An Insane Amount Of Money Since Trump’s Win (NYP)

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The head honchos at the six biggest US banks have seen their collective wealth grow by about $274.57 million since Nov. 8 — as investors bet that the incoming Trump administration will gut major parts of Obama-era financial regulation and the Federal Reserve continue to raise interest rates.

The Trump Trade: Stocks’ Biggest Postelection Rally Ever (WSJ)

The Dow’s 8% gain in the five weeks after Donald Trump’s victory is the biggest surge following any U.S. presidential election in history. The rally, which has the blue-chip average on pace for its fastest 1,000-point rise ever, has been accompanied by a sharp jump in bullish sentiment.

How a Monte dei Paschi Rescue Is Unlikely to Solve Italy’s Banking Problems (WSJ)

A nationalization of troubled Banca Monte dei Paschi di Siena SpA appears increasingly likely. But a rescue of the Tuscan lender—expected as soon as next week—will do little to resolve broader woes of Italian banks. Some are urging Rome to seize the moment to initiate a broader cleanup of a banking system that has €360 billion in bad loans and is among Europe’s least-profitable.

Japanese Banks Warn Of Leaving London Without Brexit Clarity (FT)

Executives from Japanese groups including investment banks Nomura and Daiwa Capital Markets laid out their position at a “frank” meeting on December 1 with the UK City minister Simon Kirby and Mark Garnier, international trade minister with responsibility for financial services, according to two people with knowledge of the meeting.

Dimon: I Don’t Think I’m Suited to Be Treasury Secretary (BBG TV)

“I was dead wrong that you're not going to see a Wall Street person in Washington anytime soon.”

Goldman Sachs Gave Its Exceptional 26 Year-Olds A Big Pay Rise (EFC)

It looks like Goldman has truncated its associate program for top people as well as its analyst program: the best associates are being promoted to VP after two and a half years instead of three and a half. Those associates are likely to be aged around 26 years old. In the future, if Goldman hurries people through its analyst program in two years and then through its associate program in two and a half years, it might even be possible to make VP by the age of 25.

Trump's Victory Already Making Hedge Funds Great Again (NYP)

Hedge funds focused on US investments gained 2.9 percent in November, according to data provided by Preqin. Their overseas peers were mostly flat, if not negative, for the month. [S&P 500 up 3.4 percent in November.]

Number Of Hedge Funds Continues To Shrink As Launches Fall To Financial Crisis Levels (CNBC)

Despite the overall number of hedge funds tumbling to 9,925 by the end of September – the first time it has fallen below 10,000 since 2014 – the total amount of funds under management has jumped to a record high of $2.979 trillion dollars as positive performance has more than compensated for net investor outflows in recent months.

JPMorgan Published A List Of Books You Should Read, Albums You Should Listen To And Places You Should Visit In 2017 (BI)

The list is "your lens on the undiscovered and the intriguing—informative reads, new experiences and inspiring music selections," according to the bank.

WEF May Tackle Davos Hotel Crunch by Putting Staff in Containers (BBG)

The World Economic Forum is exploring the option of housing staff in temporary containers during its annual meeting in Davos to reduce the perennial lodging crunch. “We are facing more and more people every year,” WEF spokesman Yann Zopf said.

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(Getty Images)

Opening Bell: 11.18.16

"Princeling" hiring practices exposed; Henry Kravis got Trump cabinet call; nuns win battle against strip club; and more.

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Opening Bell: 12.22.16

Deutsche Bank's Trump conflicts; Goldman's 1MDB imbroglio; humanity's impending sex-robot doom; and more.

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Opening Bell: 12.12.16

Wall Street enjoys the Trump Effect; Bezos might crash Trump tech meetup; Uber begs riders not to have sex; and more.

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Opening Bell: 11.21.16

More Wall Streeters considered for Treasury; Citi joins big boy bucket; dorm room hedge fund expands; and more.

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

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?

Opening Bell: 01.25.13

Ex-Barclays CEO Diamond Is Named on Latest Libor-Lawsuit List (Bloomberg) Ex-Barclays Chief Executive Officer Robert Diamond and Former Chief Operating Officer Jerry Del Missier were among 25 bank employees anonymously referred to by regulators when the lender was fined for attempted interest rate rigging. Diamond and Del Missier were included on a second list released in a London court case linking Barclays staff to the London interbank offered rate. Judge Julian Flaux refused a request by some employees to prevent their names being published in connection to the case. Deutsche Bank Trader Fired Over Rate-Rigging Loses $53 Million (Bloomberg) Deutsche Bank's Christian Bittar, one of the firm’s best-paid traders, lost about 40 million euros ($53 million) in bonuses after he was fired for trying to rig interest rates, three people with knowledge of the move said. The lender dismissed Bittar in December 2011, claiming he colluded with a Barclays Plc (BARC) trader to manipulate rates and boost the value of his trades in 2006 and 2007, said the people, who requested anonymity because they weren’t authorized to speak publicly. His attempts to rig the euro interbank offered rate and similar efforts by derivatives trader Guillaume Adolph over yen Libor are the focus of the bank’s probe, the people said. Both traders declined to comment for this story. “Upon discovering that a limited number of employees acted inappropriately, we sanctioned or dismissed those involved and clawed back all of their unvested compensation,” Deutsche Bank spokesman Michael Golden said in a statement. “To date we have found no link between the inappropriate conduct of a limited number of employees and the profits generated by these trades.” Aleksey Vayner may have died of drug overdose (DM) The Yale student who catapulted to Internet infamy with a disastrous video resume he sent to a prospective employer died at his home in Queens, New York. Vayner passed away at the age of 29, according to the New York City Medical Examiner - and reports from relatives suggest that he may have experienced a drug overdose...In the video, titled 'Impossible is Nothing,' a gravely serious Vayner attempts to prove his mental and physical fitness by talking about the meaning of success while lifting 495-pound weights, smacking tennis balls faster than 140 miles per hour, ball-dancing with a scantily-clad woman and breaking seven bricks with his hand. 'Ignore the losers, bring your A-game, your determination and your drive to the field, and the success will follow you,' he says in the video. JPMorgan to Block Shareholder Vote on Bank Break-Up (Reuters) A federation of U.S. labor unions is looking to force JPMorgan Chase's board to consider breaking up the company after the disastrous "London Whale" affair, but the bank is trying to ensure that its shareholders do not get to vote on the union's proposal. The largest U.S. bank is seeking permission from the U.S. Securities and Exchange Commission to omit the proposal from the measures that shareholders vote on this spring,according to a letter sent to the agency on January 14. The proposal, from the AFL-CIO's Reserve Fund, a union fund that owns JPMorgan shares, calls on bank directors to form a committee that would explore "extraordinary transactions that could enhance stockholder value," including breaking off one or more of the company's businesses. As Cohen parties in Davos, legal eagles circle at home (NYP) Hedge-fund titan Steve Cohen took a break from battlinginvestor redemptions to hob-knob with other heavyweights at the World Economic Forum in Davos Switzerland. But Cohen, who runs $14 billion Stamford, Conn., hedge-fund giant SAC Capital, could be facing more trouble when he gets home. At least one class-action law firm is trying to rustle up investors to sue SAC for its ties to an alleged insider-trading scheme that led to the arrest of a former portfolio manager. Wilmington, Del.-based Chimicles & Tikellis posted a notice on its website saying it is seeking SAC investors and limited partners and is “actively investigating a proposed investor lawsuit against SAC Capital.” Any resulting lawsuit would be pegged to SAC’s “mismanagement of the limited partnership and certain hedge funds.” Wisconsin Man Wearing "Breathalyzer" T-Shirt Arrested For Sixth Time For Drunk Driving (TSG) The 30-year-old was arrested early Saturday morning for drunk driving after he was found passed out at the wheel of a Chevrolet Cavalier that was parked with its engine running in the middle of a Wisconsin road. Wendler, who reeked of intoxicants, failed a series of field sobriety tests and appeared “dazed and confused,” according to a Marathon County Sheriff’s Department report, which noted that a deputy spotted an unopened six-pack of beer on the vehicle’s passenger seat. A breath sample recorded Wendler’s blood alcohol content as .19, more than twice the legal limit. As a result, he was charged with operating a motor vehicle while intoxicated--the sixth time he has been busted for drunk driving. Wendler’s extensive DWI history, of course, makes his t-shirt choice a strange one. As seen in his mug shot, Wandler was nabbed while wearing a shirt referencing drinking and a “free Breathalyzer test.” The shirt also includes an arrow (beneath the words “blow here”) pointing downward toward Wendler’s crotch. Financial Job Losses Near Four-Year High as Europe Leads (Bloomberg) Financial-services firms are on track to cut the most jobs in January since the start of 2009 as Europe struggles to emerge from the debt crisis and regulators impose tougher capital rules. The 16,040 announced and expected reductions in the past three weeks are just short of the 16,389 cuts made in the industry during January 2009 after Lehman Brothers Holdings Inc. collapsed, according to data compiled by Bloomberg. Bankers and consultants expect the cuts to accelerate in coming months even as financial stocks gained 26 percent last year. Credit Bubble Seen in Davos as Cohn Warns of Repricing (Bloomberg) Goldman Sachs President Gary Cohn warned of a potential drop in fixed-income prices as bankers and policy makers in Davos celebrated surging demand for financial assets. Debt markets that have seen junk-bond yields drop to record lows may face a “substantial repricing” if interest rates spike or investors begin pulling money out of fixed income, Cohn, 52, said in an interview yesterday with Bloomberg Television’s Erik Schatzker at the World Economic Forum in Davos, Switzerland. Morgan Stanley CEO To Take Pay Cut (WSJ) Morgan Stanley disclosed Thursday that Mr. Gorman would receive about $2.6 million in stock options for 2012. All told, he will receive $6 million in salary, cash and stock for the year, said a person familiar with the company's compensation plans, plus participation in an incentive plan whose value wasn't disclosed. His full pay package won't be disclosed until this spring's proxy statement. Thousands of crocodiles on loose after floods hit South African farm (The Guardian) Around 15,000 crocodiles made the great escape from the Rakwena crocodile farm near the border with Botswana on Sunday, according to the newspaper Beeld. Although "a few thousand" have since been recaptured, including one at a school rugby ground 75 miles away, more than half of the reptiles are still at large.