Opening Bell: 7.27.17

As of 7:55 a.m., Anthony Scaramucci is having a pretty rough day; Deutsche Bank whiffs; Libor going bye-bye; Ray Dalio poetry; and more.

Scaramucci still stands to profit from SkyBridge from the White House (Politico)
The incoming White House communications director earned $4.9 million from his ownership stake in SkyBridge in addition to more than $5 million in salary between Jan. 1, 2016, and the end of June, when he joined the Export-Import Bank, according to a financial disclosure filed with the Office of Government Ethics. The SkyBridge website continues to advertise Scaramucci as the firm's managing director, despite the fact that he has been a government employee for more than a month. AND THEN: Anthony Scaramucci threatens to contact FBI over disclosure of his financial info (CBS) ... ALSO: ‘Relax, Scaramucci isn’t touching your money’ (FT) ... ALSO: Whatever this is


Deutsche Bank Q2 revenues disappoint after drop in prime brokerage (FT)
Deutsche Bank chief executive John Cryan said the bank’s revenues were “not as universally strong as we would have liked, in large measure because of muted client activity in many of the capital markets”. Deutsche said the fall in equities revenues was “predominantly driven by a decline in prime finance revenues” while the fixed income fall was attributed to lower market activity.

Libor, Scandal-Plagued Interest Rate, Could Disappear by 2021 (NYT)
The FCA would like the industry to shift to reference rates more closely tied to actual loan transactions within four to five years, rather than the current system of using the best guess of the participating submitting banks. In his speech, Mr. Bailey cited what he called a “extreme example” in which about a dozen banks submitted a rate every day for a particular currency and maturity rate in which only 15 transactions of potentially qualifying size for that currency and maturity had been executed in 2016.

State Street Pushed 400 Companies to Put Women on Boards. Most Shrugged (WSJ)
Index-fund giant State Street Global Advisors, which oversees more than $2.5 trillion in assets, had pledged in March to throw its weight behind the issue this year. The company found 468 companies it owns shares of in the U.S. lacked a single female board member. Of that group, the Boston-based firm said about 400 companies failed to address gender diversity in any meaningful way.

There They Go Again...Again (Howard Marks)
Since I’m convinced “they” are at it again – engaging in willing risk-taking, funding risky deals and creating risky market conditions – it’s time for yet another cautionary memo. Too soon? I hope so; we’d rather make money for our clients in the next year or two than see the kind of bust that gives rise to bargains. (We all want there to be bargains, but no one’s eager to endure the price declines that create them.) Since we never know when risky behavior will bring on a market correction, I’m going to issue a warning today rather than wait until one is upon us.

SEC Chairman Puts in a Good Word for Active Investing (WSJ)
“Index investing has been great for me, but my best returning investments were actively managed funds,” he told an audience at the U.S. Chamber of Commerce. “So from personal experience, I certainly would not want to get rid of those.”

How to Make a Fortune Drinking, Gambling and Napping (BBG)
“It was effectively a ‘pub lock-in,’” Blue said. “Mr. Ashley challenged a young Polish analyst in my team, Pawel Pawlowski, to a drinking competition: Mr. Ashley and Pawel would drink pints of lager, with vodka “chasers” between each pint, and the first to leave the bar area for whatever reason was declared the loser. After approximately twelve pints and chasers, Pawel apologised profusely and had to excuse himself. Mr. Ashley then vomited into the fireplace located in the center of the bar, to huge applause from his senior management team.”

Bitcoin Exchange Was a Nexus of Crime, Indictment Says (NYT)
The indictment may offer an explanation for a shock to the digital coin market in 2014. Mr. Vinnik and his partners are accused of stealing funds from the Tokyo-based Bitcoin exchange Mt. Gox, which declared bankruptcy in 2014 after disclosing a hacker intrusion. The indictment unsealed on Wednesday said that hundreds of thousands of Bitcoins moved from Mt. Gox into accounts at BTC-E that were directly controlled by Mr. Vinnik.

Principles as poetry, kind of (Alexandra Scaggs)
So, I used a random number generator to choose five pages from Ray Dalio’s book version of “Principles” (due out in September). Then I picked out passages from each page, and turned them into poems. Emphasis and formatting are the only things changed. It is not entirely clear why I thought this was a good idea.

Adrian Beltre Told To Move To On-Deck Circle, Moves On-Deck Circle To Him, Gets Ejected (Deadspin)
Adrian Beltre is unarguably among baseball’s purest sources of joy and delight. But umpire Gerry Davis was not too delighted by Beltre’s response tonight when he told the veteran to get in the on-deck circle while he was, uh, on deck. Beltre simply dragged the on-deck circle to where he was already standing—a few feet away—and Davis reacted by ejecting him.



Opening Bell: 5.19.17

Ray Dalio ponders impeachment; Leon Cooperman lives to trade again; murder trial hinges on Florida man's endowment; and more.


Opening Bell: 7.21.17

The Mooch is going places; Guggenheim is being torn apart by a love that dare not speak its name; Dali's mustache lives; and more.

Coming soon to a Bridgewater office near you.

Opening Bell 8.10.17

Markets don't know what to feel; Ray Dalio will live forever in our minds; Blue Apron "impresses" on first earnings report; The Mooch is doing Colbert; And More!


Opening Bell: 4.28.17

Trader has a rough start at Goldman; Dalio loves getting abuse from his employees; meet the world's best sex-bot; and more.


Opening Bell: 1.18.17

Ray Dalio frightened by populism; Goldman bored by ‘reflation’; politician emboldened by death of political correctness; and more.


Opening Bell: 9.5.17

Ray Dalio's Principles make triumphant return; initial coin offerings boosted by Paris Hilton, banned by China; Pope Francis saw a Jewish shrink to "clarify some things"; and more.

Opening Bell: 07.11.12

Claw Is Out For 'Whale' Officials (WSJ) The nation's biggest bank is expected to claw back compensation from individuals including Ina Drew, who ran the company's Chief Investment Office, according to people familiar with the bank's plans. Dimon Risk Reputation On Line As JPMorgan Faces Analysts (Bloomberg) In a departure from his customary earnings-day conference call, Dimon will meet analysts for two hours on July 13 at the bank’s New York headquarters to field questions about the loss and what he’s doing to contain the damage. Scandal Shakes Trading Firm (WSJ) The firm, Peregrine Financial Group Inc., filed Tuesday evening in Chicago to liquidate under Chapter 7 of the bankruptcy code. Earlier in the day, the Commodity Futures Trading Commission filed a lawsuit in federal court in Chicago accusing Peregrine Financial and its founder, Russell Wasendorf Sr., of fraud, customer-funds violations and making false statements. The CFTC said shortfalls may have been present since at least February 2010. A spokeswoman for the FBI said it has also begun an investigation into the company, also known as PFGBest. Brokerage and retail customers had their accounts frozen as regulators began looking into the company's books. Police in Cedar Falls, Iowa, said they found Mr. Wasendorf, 64, in his silver Chevrolet Cavalier Monday morning outside the company headquarters, with a hose running from the car's tailpipe. His son, company President Russell Wasendorf Jr., told the company's roughly 200 employees late Monday that his father had left behind a note alluding to "a crime that had been committed," according to one employee. Diamond Rebuts Claims By UK Lawmakers (WSJ) Former Barclays CEO Robert Diamond hit back at allegations he had misled U.K. lawmakers when giving evidence over an interest-rate scandal, calling them "unfair and unfounded." HSBC Is Sorry (WSJ) will apologize at a U.S. Senate hearing for its lax efforts to prevent money laundering, the London-based lender's chief executive said in an internal memo. "Between 2004 and 2010, our anti-money-laundering controls should have been stronger and more effective and we failed to spot and deal with unacceptable behaviour," Stuart Gulliver said in the memo, sent to employees Tuesday. Tigers Kill Man Who Scaled Fence At Danish Zoo (Reuters) A man was killed by tigers at a zoo on Wednesday after he scaled a fence and crossed a moat to get into their enclosure in the Danish capital Copenhagen, police said. The man, in his early 20s, was savaged by three tigers after he broke into Copenhagen Zoo in the early hours. He was dead when staff arrived for work. "We received an emergency call at about 7:30 a.m. that a person had been found lying in the tiger pen and that three tigers were surrounding that person," police Superintendent Lars Borg told Reuters. "The tigers attacked him and killed him. It is likely that a bite to the throat was the primary reason for his death," Borg said. Australia Is No Spain, Says Official (CNBC) Australia’s Deputy Prime Minister and Treasurer Wayne Swan has denied that Australia’s economy is at risk of a Spain-like economic crisis, calling the thesis put forth by the former chief Asia-Pacific economist for Morgan Stanley, Andy Xie “absurd”. “Let’s go through the fundamentals," Swan said. "Bringing our budget back to surplus in 2012-2013, low unemployment, strong job creation over time, a record investment pipeline in resources – half a trillion (dollars). What planet does he live on?” San Bernardino Becomes Third California City Seeking Bankruptcy (Reuters) The decision by the leaders of San Bernardino, a city of about 210,000 residents approximately 65 miles east of Los Angeles, followed a report by city staff that said the city faced an imminent financial crisis. The report said the city had exhausted its reserves and projected spending would exceed revenue by $45 million in the current fiscal year which started on July 1. Dalio Hits Midyear Off 2.7% (NYP) After leaving its rivals in the dust for the past two years with mouth-watering double-digit returns, Bridgewater is now trailing them. Its flagship fund, Pure Alpha, fell 2.7 percent in 2012’s first half. Wildebeest takes on 18ft killer crocodile (DM) As regular as the seasons themselves, herds of wildebeest make an annual migration across east Africa - following rainfall and the growth of new grass. Exploiting this predictability, each year predators lay in wait until the migrating beasts come into their killing zone. Day or night, death can come to the young, sick or simply unlucky members of the herd - swiftly from a single cheetah, or without mercy from a pride of lions or pack of hyenas. For one young male, the end came not on the plains but in one of Kenya's heaving rivers - delivered by one of nature's apex killing machines. Like all in his herd, the doomed wildebeest was taking his chances crossing the Mara River in the Masai Mara reserve in Kenya. Unfortunately for him, he walked straight into the path of an 18ft Nile crocodile - a species of predator so efficient that it has barely changed throughout evolution. The crocodile used its huge weight and strength to attack the beast as it was already caught off balance by the rushing water and uneven footing. Its enormous jaw span virtually took in the entire wildebeest's body as the victim attempted in vain to escape the attack.


Opening Bell: 3.9.17

Scaramucci might get an ambassadorship or whatever; Bill Gross wrote a thing; fried potatoes inspire sexism controversy; and more.