Goldman Sachs CEO rips Trump's Paris decision in his first tweet (The Hill)
Blankfein called Trump’s move “a setback for the environment and for the U.S.'s leadership position in the world.” It was the first tweet sent from his verified account, first reserved in June 2011.
Blue Apron, a Meal Delivery Service, Files for Public Offering (Dealbook)
The filing highlighted the enormous growth that Blue Apron has enjoyed since starting. Its sales have risen 10-fold from 2014 to 2016, reaching $795.4 million last year. But its net loss grew 16 percent last year from 2015, to $54.8 million, according to the filing. Using the company’s preferred measure of Ebitda, which excludes expenses like stock-based pay and taxes, it lost $43.6 million in 2016, up 32.5 percent from the year before, the filing shows.
Court agrees to limit SEC case against FBI informant [Guy Gentile] (NYP)
Gentile claimed the government promised him it would drop the charges if his work as an informant was successful. “This is retribution for me refusing to work with them anymore, for not taking their deal,” Gentile told The Post. “Now they’re trying to renege on their deal.”
The Incredible Shrinking Junk-Bond Market (Gadfly)
Junk-debt investors can’t find enough new bonds to buy with the steady stream of cash that they’re receiving from their investments. Instead, they must decide whether to allocate their money toward some other asset class or simply pay higher prices for existing notes. So junk-debt yields continue to fall, even relative to a comparable measure for the S&P 500 stock index.
A hedge fund veteran is trying to bring quant trading to a new market — sports betting (BI)
"2013 was me in my living room with my wife being like what are you doing with your life?" he recalls. "You used to work in finance, we used to fly first class, and now you’re sitting here in a t-shirt in our living room with two guys, you guys are barely speaking — this is crazy. I said, no, no, there’s something here."
Quants Run Wall St Now? (RCM Alternatives)
Ultimately, it’s a little disingenuous to pretend this is new at all. It’s at least as old as pre-financial crisis; but more than that – futures focused hedge funds have been doing quant stuff for decades. Some might even say they invented it. We’re talking quants who’ve have been trading currencies, grains, foreign bonds, WTI, going both long short these strategies making returns since the 1980’s. Don’t believe us, go read this book detailing the exploits of legends like Boston Red Sox owner John W. Henry, who was doing systematic (investing based on an algorithm) trading in futures markets way before Theo Epstein was a twinkle in his eye.
Are You Hiding Money From the IRS Overseas? Be Very Afraid (WSJ)
Courts this year have handed down prison sentences to at least seven people who hid money in offshore accounts, including a retired professor, a plastic surgeon involved in a divorce and five others. These sentences reverse a past trend in which courts imposed stiff financial penalties in offshore cases but little or no time in prison, says Caroline Ciraolo, a former top Justice Department official. One reason is that it’s hard for defendants to claim ignorance of the law, given publicity around the crackdown.
Chart of the Day – The USA is not a Corporation (Prag Cap)
Okay, let’s cut to the chase. Governments are not corporations. Corporations exist to increase shareholder value by earning more income. Governments exist to serve a public purpose that the private sector generally cannot or will not earn an income achieving on their own. For instance, national defense is a pretty bad way to make money because you blow up most of your physical assets and deplete your workforce in the process of destroying other people’s stuff. War is a really really bad way to increase aggregate incomes. But national defense is obviously a public good. Without our national defense we probably wouldn’t have most of the great profit generating corporations that we have in the USA because well, we might not even exist.
IEX chief sticks to principles in battle for presence (FT)
Does Mr Katsuyama feel pressure to change IEX’s philosophy, and fight for market share with the same weapons its larger rivals use? “Not at all,” Mr Katsuyama tells the Financial Times. He adds that “we are in this to change the markets, not to hit a market share target. I could probably triple the market share with three decisions right now,” pointing to eliminating the speed bump, paying rebates and selling colocation, or ways for market participants to get faster access to its trade data. “But those are things we are just unwilling to do.”
Utah: Marriage to laptop is not constitutionally protected (UPI)
"Furthermore, even if that were not the case, unless Sevier's computer has attained the age of fifteen it is too young to marry under Utah law," Wolf wrote.