Deutsche slips in global investment bank rankings; JPMorgan retains crown (FT)
Deutsche Bank loosened its grip on the European investment banking market last year and is now tied with Goldman Sachs in the race to be the Emea region’s second-biggest investment bank after JPMorgan Chase. Globally, JPMorgan retained its crown as the world’s biggest investment bank by revenue for 2016 after making particularly strong gains in equities, including derivatives, prime brokerage and futures and options.
In Stark Terms, Ex-Chairman of Dean Foods Describes Passing Along Tips (NYT) In an attempt to foil any surveillance, the men referred to Dean Foods, one of the country’s largest dairy processors, as “the Dallas Cowboys” and used a prepaid cellphone they called the Bat Phone. Mr. Walters would leave messages saying, “Let’s go get a cup of coffee,” when he wanted information, Mr. Davis testified. Sometimes, he added, Mr. Walters would use code to inquire about Dean Foods by asking, “How’s the milkman doing?”
Libor Mastermind Tom Hayes Deserves a Lot of Company in Prison (BBG)
In Enrich’s telling, Hayes is more of a pitiable figure than a master fiend. He certainly never looked the part of a smooth operator: Carelessly dressed and shabbily groomed, Hayes had difficulty interacting with people, preferring the cold logic of spreadsheets. He didn’t party or jet-set like a typical overpaid banker, opting for juice or hot chocolate on the occasions he was forced to socialize outside of work. More substantially, Hayes wasn’t a top executive, and when he acted to rig the interest rate in question—the London interbank offered rate, aka Libor—he often did so with the knowledge of his bosses. The reason Hayes is in jail and his superiors aren’t seems to have more to do with his personality, and maybe his mild case of autism, than the severity of his crimes.
Dole Case Illustrates Problems in Shareholder System (NYT)
The investors who shorted the stock did so expecting to make a few cents a share: the difference between where Dole had been trading above the buyout price and the price just before the deal closed. Now, they could be on the hook for millions of dollars — if they can be tracked down. And that is a big if.
A Long Course on Why You Should Be Short Financials (RealClearMarkets/Doug Kass)
Optimism seen in financial stocks over the last nine months in and of itself is not dangerous, but risks are being ignored and chances of disappointment have expanded as optimism in the sector has multiplied. Despite the vigorous market advance in the last few months, my financial shorts, in the aggregate, are now profitable.
The 5 most shocking allegations brought against former THINX CEO Miki Agrawal (CNBC)
According to New York Mag's story, Agrawal's transgressions include speaking openly at work about "the size and shape of her employees' breasts, an employee's nipple piercings, her own sexual exploits, her desire to experiment with polyamory, her interest in entering a sexual relationship with one of her employees, and the exact means by which she was brought to female ejaculation."
How life experiences affect the views of U.S. monetary policymakers (Washington Center For Equitable Growth)
Inflation over a policymaker’s life affects not only his or her voting behavior in committee meetings, but also the tone of his or her speeches. Most importantly, past inflation seems to influence a policymaker’s view of future inflation. People who experience higher inflation tend to project higher inflation than Federal Reserve staff projections, and those who experience less inflation have lower projections.
Fake Strongmen Fool Morning News Shows, Create Deeply Stupid TV (Deadspin)
Local morning news shows have a lot of air to fill each day. So when a pair claiming to be an inspirational strongman duo blasted out a press release—citing a nonexistent tour and an America’s Got Talent appearance, and offering no video or documentation—they were immediately booked by seven different shows across the country. Chop and Steele eventually appeared on three shows, in Eau Claire, Wisc., Bismarck, N.D., and Allentown, Penn., before canceling their other appearances due to being “stressed out.”