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Opening Bell: 5.4.17

Goldman probed for being good at Treasury auctions; Morgan Stanley ditches Vanguard funds; Elon Musk is a child; and more.
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Goldman Sachs win streak is focus of Treasury-rigging probe (NYP)
“They didn’t lose many bids,” one person who has seen the bid data told The Post. The prices Goldman offered for Treasury bonds “would be very close” but just above offers from other banks, and typically arrived “at the end of the auction.”

‘Government Sachs’ Thrives at Milken as Billionaires Talk Trump (BBG)
Billionaire hedge-fund manager Ken Griffin, who arrived at Mnuchin’s session about 15 minutes late, was denied entry because the room was at capacity. “Did he say anything yet?” Griffin asked the security guard at the door.

As Inventor of Subprime Car Loans Exits, Critics Smell a Lemon (BBG)
When Don Foss was inducted into his industry’s hall of fame in 2015, he was adamant he wasn’t retiring. Addressing a Las Vegas audience of easy-credit used-car dealers, he said, “I’m just getting started.” Last summer, however, the 72-year-old billionaire sold Carite Corp., a chain of used-car dealerships that he founded in 2011. In January he stepped down as chairman of Credit Acceptance Corp., the company he started in 1972 that pioneered extending auto loans to customers with rock-bottom credit scores or none at all. A month after he left, he sold a big chunk of his Credit Acceptance shares for $128 million.

Morgan Stanley Purges Vanguard Mutual Funds (AdvisorHub)
Brokers and consultants said that Morgan Stanley is almost certainly retaliating against Vanguard because of the firm’s longstanding refusal to pay for brokerage firm “shelf space” as part of its crusade to keep expenses for investors low. Morgan Stanley continues to offer customers more than 2,300 fund products. Most of Vanguard’s competitors pay Morgan Stanley $250,000 to $850,000 annually in order to give their salespeople access to brokers at their offices, sales conferences and other company-sponsored venues.

Can you be a Fiduciary Without the Best Low Cost Options? (PragCap)
Wow. A brokerage firm purges the largest low cost fund manager on Earth from their platform. That’s amazing. This is like the food court in your local mall purging pizza. Which is a pretty good analogy for what a brokerage firm is these days.

Bringing professionalism to the Bank of Mum and Dad (FT)
So, if you could begin by filling out this form with all the details of your income, your outgoings, any outstanding debts and where the hell you were last night when we were trying to call you. Oh, and we may insist on regular drug and alcohol tests, just to protect our investment. Have a quick look. I’ll be back in a few minutes, when I’ve put the dishwasher on. Would you like some tea? Excellent, well, you know where the kettle is.

Fyre Festival organizers blew all their money early on models, planes, and yachts (VICE)
Only one model — “Gone Girl” actress Emily Ratajkowski — labeled her promotion as an ad, as required by the Federal Trade Commission. The other models’ omissions are now the subject of a class-action lawsuit.

Costs Of Overconfidence (Stumbling and Mumbling)
Overconfidence is likely to be more pronounced in settings where its strategic value is highest ie where measures of true ability are noisy, job competition is high and persuasion is an important part of success. Accordingly, we would expect overconfidence to be rife amongst high level professionals in business, finance, politics and law.

Elon Musk’s Desire for S-E-X Leads to Confusion With Model 3 (WSJ)
The chief executive of the Silicon Valley auto maker thought it would be funny for the names of his vehicle models to spell out something cool. He had the Model S sedan and Model X sport-utility vehicle. But when it came to naming a new, cheaper car, the Model E, Ford Motor Co. blocked Tesla over trademark issues. So he instead went with Model 3, which is essentially a backwards “E.”


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Opening Bell: 4.21.17

Goldman doing a little Brexit of its own; Deutsche Bank comes first in something; Elon Musk is OK with being a robot's house cat; and more.

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Opening Bell: 11.17.17

Morgan Stanley is walloping Goldman in commodities; Elon Musk rolls out a(n allegedly) very fast car; robot backflips; and more.


Opening Bell: 5.17.17

Markets are and are not reacting to Trump-Comey news; Elon Musk's Boring Company revealed; porn is a scourge on our nation's capital; and more.

Opening Bell: 3.22.16

Morgan Stanley targets millionaires; Goldman-1MDB probe focuses on bond deals; Warren unleashes on Trump; Man With 'Bionic' Penis Loses Virginity At Age 44; and more.


Tesla Is Giving Analysts A Taste Of The Ineffable Mysteries Of Existence

Let the carbon-neutral light of Elon Musk shine through you.


Blue Skies In Shortville

Elon Musk is finally making it rain for Tesla bears.

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Opening Bell: 4.19.17

Morgan Stanley does victory lap around Goldman; Treasury Department wants your opinion on century bonds; which emoji makes the best sex toy?; and more.