Opening Bell: 5.10.17

Greenberg won't see any more green; Hertz bet bites Icahn; Jimmy John denies humping shark in the nude; and more.
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Former AIG CEO Hank Greenberg (Getty Images)

Former AIG CEO Hank Greenberg (Getty Images)

Maurice Greenberg Loses Bid for Damages From A.I.G. Bailout (NYT)
In its opinion on Tuesday, the appeals court said, “Outside third parties with leverage over a transaction, even in a take-it-or-leave-it scenario, do not necessarily have a responsibility to protect the interests of a counterparty, less so the interests of a counterparty’s constituents.” Mr. Boies said he would ask the Supreme Court to review the decision.

Billionaire Carl Icahn Loses $179 Million on Hertz Double Down (BBG)
“He could buy more stock but at some point there has to be a sign of stabilization and a clear path to a turnaround,” Joel Levington, an analyst with Bloomberg Intelligence, said in a phone interview. “The market was hoping for a credible plan and management didn’t reveal one. Investors don’t like a black box.”

Comey's Firing Is a Crisis of American Rule of Law (BBG View)
Comey may arguably have acted unethically by announcing the reopening of the Clinton email investigation shortly before November’s election -- but Trump didn’t say so, and surely he’s the last person in the world who would make that claim. The firing of Comey is blatantly political. The bottom line is presumably that the Trump administration knows it can’t control Comey, and so it doesn’t trust him.

Former SAC Manager Martoma Makes Another Case For His Release (WSJ)
The judges asked whether a meaningful relationship means one that is ongoing, or whether a relationship can be considered close if only one party is pushing for the relationship to continue. Paul Clement of Kirkland & Ellis, representing Mr. Martoma, said the relationship needed to be one in which gifts are exchanged. Mr. Clement wrote in court papers that the friendship between Mr. Martoma and one of the doctors “consisted of some pleasantries over e-mail and a single cup of coffee.”

Market Anomalies Fail to Replicate (Marginal Revolution)
The anomalies literature is infested with widespread p-hacking. We replicate the entire anomalies literature in finance and accounting by compiling a largest-to-date data library that contains 447 anomaly variables. With microcaps alleviated via New York Stock Exchange breakpoints and value-weighted returns, 286 anomalies (64%) including 95 out of 102 liquidity variables (93%) are insignificant at the conventional 5% level.

Sorry Harvard and Yale, the Trading Whiz Kids Are at Baruch College (WSJ)
“In theory, you think Baruch College students have some kind of inferiority complex regarding Harvard. We don’t. Here, you don’t have to convince the students that [the trading club] is something they want to do,” said Dan Stefanica, a Baruch College professor who helped coach the Traders Club.

Detroit revival spurs JPMorgan to make fresh $50 million pledge (Reuters)
The $150 million commitment is tiny compared with the bank's $2.5 trillion balance sheet, but JPMorgan is the biggest bank in Detroit, aligning its interests with the city's. Chief Executive Jamie Dimon has made it a personal mission to improve Detroit, visiting at least six times to check on the initiative. Dimon has met with contractors who needed working capital to repair homes and with food entrepreneurs who needed shared commercial kitchens for bread baking and sausage-making.

How to achieve an immediate pay rise at Deutsche Bank (EFC)
Headhunters say Deutsche does have money to spend on its existing staff (alongside alleged guarantees for new hires), it’s just being very careful about how it spends it. If someone strategically important resigns for a role elsewhere, Deutsche has been known to better the new offer and maybe make a promotion along with it. In this way we understand that exits have been thwarted.

Barclays CEO: ‘No need’ for Brexit job moves (FNLondon)
“We do not currently see a need in our options to shift British jobs or significant operations elsewhere,” Staley said. “If we require a build-up of capability in another European Union jurisdiction as part of our plans then we can do so, and we will.”

Step Aside, Ellen DeGeneres: The New Retweet Champion Is a Nugget-Hungry Teenager (NYT)
Asking why a tweet goes viral is like asking why your life has brought you to this very moment. Perhaps it’s random, perhaps it’s divine, perhaps it’s unknowable. No mere human, no Kardashian nor YouTube star, can decide. When some 140 characters run aground while seemingly equal tweets are hoisted to the heavens, anyone searching for meaning should expect a long, long voyage. Anyway, the Nugget Kid will be getting his free chicken nuggets.

Jimmy John's Says That's Not Jimmy John Nude And Humping A Shark (Deadspin)
“I choose to hunt and I choose to fish,” he said. “Everything I’ve done has been totally legal. And the meat has been eaten, if not by me than by someone I’m with. I don’t hunt big African game anymore.” Liautaud’s love of hunting and toothy smile made him a possibility for the identity of the butt-naked man hugging the shark.

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