Opening Bell: 11.9.17

The sad, strange story of Deutsche Bank; banks are ditching the Fed; Cohn on taxes; millennials are (you guessed it!_ killing the very foundation of financial capitalism; sheep like Obama; and more.
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How Deutsche Bank’s high-stakes gamble went wrong (FT)
One top 10 investor has signalled that it plans to call for a confidence vote in Cryan at next May’s annual shareholder meeting. Even friends of the CEO doubt he can stay until 2020. “The big trouble is John doesn’t have a vision,” says one. “In 2015 he was the antidote to take the poison out of Deutsche Bank. And he was appointed in the nick of time. But he’ll go — there is pressure from the board, from shareholders, from staff. I’d be surprised if he was still there this time next year.”

Cryan.CalmDown

How Some Small Banks Are Firing the Fed (WSJ)
Bank of the Ozarks wanted to cut costs, so it ditched the Fed. The Little Rock, Ark., bank was regulated by the Federal Reserve, the Federal Deposit Insurance Corp., a state banking agency and others. It figured one way to reduce expenses would be to remove a layer of oversight. So, the bank in June shed its holding-company structure, an umbrella corporation regulated by the Fed. With that gone, the Fed was out of the picture. “We didn’t really need to be regulated by both,” said CEO George Gleason

Russia Says It Will Ease Debt Burden on Venezuela (NYT)
The Russian finance minister, Anton Siluanov, announced on Wednesday that the two countries had agreed to the restructuring of roughly $3 billion in Kremlin loans. The amount is tiny compared with Venezuela’s crushing $120 billion debt, but it may help President Nicolás Maduro’s government make hundreds of millions of dollars in payments over the next few weeks to other creditors and help reassure bondholders that a default is not imminent.

Leaked Documents Reveal Stunning Plan To Wage Financial War On Qatar—And Steal The World Cup (The Intercept)
The economic warfare involved an attack on Qatar’s currency using bond and derivatives manipulation. The plan, laid out in a slide deck provided to The Intercept through the group Global Leaks, was aimed at tanking Qatar’s economy, according to documents drawn up by a bank outlining the strategy. The Qatar debt project would be grandiose in its ambitions. “Control the yield curve, decide the future,” reads the planning document.

Nearly a Third of Millennials Say They'd Rather Own Bitcoin Than Stocks (BBG)
A survey by venture capital firm Blockchain Capital found that about 30 percent of those in the 18-to-34 age range would rather own $1,000 worth of Bitcoin than $1,000 of government bonds or stocks. The study of more than 2,000 people found that 42 percent of millennials are at least somewhat familiar with bitcoin, compared with 15 percent among those ages 65 and up.

Gary Cohn: Trickle-down is good for the economy (CNBC)
Harwood: Look at the components of the plan: big corporate reductions, big pass-through reductions for business, much more tax cuts for businesses than for individuals. You've got the elimination of the estate tax, you've got the preservation of the step-up basis, you've got the elimination of the alternative minimum tax. What you have is a bunch of people, including you, including the president, who think 'What I do is good for the economy, therefore, taxing the things that I do less will be good for the economy and good for other people' instead of giving direct benefits to those people. Because middle class people in this tax cut do not get very much in direct benefit.
Cohn: I just completely disagree with you.

2 ways of reading Trump’s objections to the AT&T/Time Warner merger (Vox)
On the one hand, there’s a story about a dangerously authoritarian administration finally using its powers of office to retaliate against a news outlet it doesn’t like. On the other hand, there’s a story about an administration that promised “populist” governance finally stepping up to the plate on antitrust enforcement. A former high-ranking federal antitrust official I spoke to said he found it surprising that a Republican administration would raise these objections but also that the objections themselves were not necessarily unreasonable. The larger backdrop to the confusion, of course, is that Trump’s pattern of conduct makes a conspiratorial read of its actions feel plausible.

European leaders seem to determined to remake the “global savings glut” on a massive scale (FT Alphaville)
In the absence of any sufficiently powerful countervailing force, the euro area’s self-imposed safe asset shortage is going to force the rest of the world to dis-save on an unprecedented scale. Europe will have solved its problems at the expense of everyone else. The rest of us should be careful.

At Least Eight Sheep in the World Can Recognize Barack Obama (Motherboard)
Sheep have a reputation for being clueless, but they're actually pretty savvy animals. Their long life spans (compared to other research animals like mice) and relatively large brains, which are closer in size and complexity to humans, make them good subjects for researching brain disorders. Previous studies have shown that sheep recognize their trainers' faces and the faces of other individual sheep in their herd. This new study confirms that sheep are right up there with primates when it comes to recognizing individuals by face.

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Cryan.CalmDown

Opening Bell: 9.30.16

Deutsche Bank says relax; Wall Street spiritual guru says be a long-call option; Secret Alpine vault are the new Swiss bank accounts; Man promises to wear all of the trash he produces for 30 days; and more.

Getty Images)

Opening Bell: 8.29.17

Gary Cohn pulls a Leona Helmsley; hedge funds are gorging on bespoke data; Yale owns a forest; millennials are taking their toll on doorbells; and more.

Opening Bell: 5.31.16

Banks retreat from global ambitions; Treasury eyes Deutsche Bank in auction rigging probe; Teenage Mutant Ninja Turtles' lair listed on AirBNB; and more.

Opening Bell: 03.20.12

Bernanke Returns to Academic Roots to Justify Fed’s Existence (Bloomberg) Bernanke will lecture to about 30 undergraduate students at George Washington University in the first of four hour-long talks on the history of the Fed as part of what public relations specialist Richard Dukas called a “P.R. offensive” to buff the central bank’s tarnished image. The Fed is being attacked from both the left and the right, with liberals criticizing it for not doing enough to bring down unemployment, and conservatives blaming it for doing too much and risking faster inflation...The lecture series -- the brainchild of the Fed and the first by a sitting chairman -- will be streamed live on the central-bank’s website and on ustream.tv. Afterwards, it will be posted on the Fed’s YouTube page. The central bank said transcripts also will be available. “I understand he’s excited about coming back and being in the classroom,” said Tim Fort, the professor in charge of the half-semester class. Mets owners could actually make money in Madoff settlement (NYP) Under the deal, Mets owners have agreed to pay back $162 million in phantom profits that they withdrew from their Madoff accounts between 2002 and 2008 — the year the Ponzi pyramid collapsed. Picard also dropped his claim that the owners were “willfully blind” to the scheme — allowing them to claim up to $178 million as victims of the fraud. Goldman Sachs Cuts Staff in Annual Review Process (Reuters) Goldman Sachs has begun a new round of staff cuts in its trading and investment banking divisions, three sources familiar with the matter said, a sign of continued cutbacks on Wall Street...The latest round of cuts is part of Goldman's annual employee review process. It's unclear how many people will be affected by the job eliminations, which began two weeks ago, because different divisions have received different targets, sources said. While management has formulated an overall plan for cost-cutting, all of the job cuts may not be completed for months, said a source familiar with the matter. Deutsche Bank Cuts Board’s Pay 19% as Profit Goal Missed (Bloomberg) Jain earned 5.81 million euros ($7.67 million) in salary and bonuses for last year, down from 7.55 million euros, Deutsche Bank said today in its financial report. Jain and the board’s other six members received 26.4 million euros compared with 32.4 million euros in 2010, when there were eight members. Jefferies Net Down 12%; Revenue Tops Forecasts (WSJ) Fixed-income trading revenue came in at $339.1 million in the quarter ended Feb. 29, up 6.6% from a year earlier and more than double what the firm booked in the prior quarter. Investment-banking revenue rose to $285.8 million, up 20% from a year earlier and 9.4% from the previous quarter. Overall, Jefferies reported a profit of $77.1 million, or 33 cents a share, compared with a year-earlier profit of $87.3 million, or 42 cents a share. Revenue increased 2.2% to $758.1 million. Analysts expected a per-share profit of 29 cents on $699 million in revenue, according to a poll conducted by Thomson Reuters. The Banker And The Cabbie: When Two Worlds Collide (Reuters) The day, December 21, 2011, had started out normally as Jennings left the kind of home - sweeping curved staircase, perfectly plumped chintz pillows, backyard swimming pool and a Ferrari in the garage - that makes many New Yorkers deeply jealous, and headed to the steel-and-glass tower in midtown Manhattan where he directed the firm's bond business...Morgan Stanley has already placed him on leave. The firm's spokesman declined to comment, other than to say no decision has been made regarding Jennings' longer-term status at the firm. One top-ranking Morgan Stanley executive, though, said he "does not stand a chance of getting his job back." Deutsche Bank Sued In US Over Libor (CNBC) Deutsche Bank said it received subpoenas and requests for information from U.S. and European Union agencies as part of a global probe into interbank offered rates and that it was also being sued over alleged dollar interbank rate manipulation...The inquiries relate to periods between 2005 and 2011, the bank said, adding it was cooperating with the investigations. Geithner Warns Europe Against Draconian Austerity (Reuters) "Economic growth is likely to be weak for some time. The path of fiscal consolidation should be gradual with a multiyear phase-in of reforms," Geithner said in remarks prepared for delivery to the House Financial Services Committee on Tuesday. "If every time economic growth disappoints, governments are forced to cut spending or raise taxes immediately to make up for the impact of weaker growth on deficits, this would risk a self-reinforcing negative spiral of growth-killing austerity," he said. Wall Street Can Learn From The Goldman Flap (WSJ) Rather than extolling Goldman's "client-driven" culture, as they did in their response to Mr Smith last week, Mr Blankfein and his No. 2 Gary Cohn should have seized the opportunity to explain how the business of finance really works. Jobseekers Get Asked For Facebook Passwords (AP) Bassett, a New York City statistician, had just finished answering a few character questions when the interviewer turned to her computer to search for his Facebook page. But she couldn't see his private profile. She turned back and asked him to hand over his login information. Bassett refused and withdrew his application, saying he didn't want to work for a company that would seek such personal information. Jon Hamm sticks to his guns in calling Kim Kardashian an 'idiot (NYDN) NBC “Today” show host Matt Lauer asked the AMC retro-series actor to clarify the earlier comments he made to Elle UK about Kardashian being a famous-for-being-famous “idiot,” which the reality starlet called “careless.” “I don’t think it was careless. I think it was accurate,” he told Lauer.

Opening Bell: 12.06.12

Diamondback to Close Down as Investors Pull $520 Million (WSJ) Diamondback Capital Management LLC, among the hedge funds that was raided by the FBI about two years ago as part of the U.S. investigation of insider trading on Wall Street, is liquidating after clients pulled money. The Stamford, Connecticut-based fund received requests from investors to withdraw about $520 million, or 26 percent of its assets, co-founders Richard Schimel and Lawrence Sapanski, said today in a client letter. They said they plan to return the majority of the money next month. “We especially appreciate your patience and support during the last two difficult years during which we reached closure of the government’s investigation,” they said in the letter. SEC Probes Deutsche Bank (Bloomberg) U.S. securities regulators are investigating allegations that Deutsche Bank hid billions of dollars of paper losses during the financial crisis, according to people close to the investigation. The German bank said Wednesday that the allegations, by three former U.S.-based employees, were "wholly unfounded" and had been the subject of a "careful and thorough" review it had commissioned. The former employees have told the Securities and Exchange Commission that traders at Deutsche Bank overvalued a portfolio of derivatives to hide rapidly mounting losses when financial markets were collapsing in 2008, the people close to the investigation said. The details of the allegations were reported by the Financial Times on Wednesday. Wall Street Job Reductions Seen Persisting After Citigroup Cuts (WSJ) Wall Street’s cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over. Citigroup's announcement yesterday of plans to eliminate 11,000 positions in units spanning equities trading to consumer banking is the latest sign of strain from a market slowdown, stiffer capital rules and weak economic growth. Lenders around the globe are likely to trim more jobs if revenue doesn’t rebound sharply next year, analysts and recruiters said. “The knives are sharpened and ready,” said Jason Kennedy, chief executive officer of London-based search firm Kennedy Group. “These institutions are too big for the business they are generating but they are still quite bullish that the market will return by mid-2013. Unless the markets picks up, there will be more cuts in the first half.” Broadening Tax Base and Raising Rates Key to 'Cliff' Deal: Summers (CNBC) The wiggle-room in the "fiscal cliff" negotiations comes down to a balanced approach on raising tax rates for wealthier Americans and broadening the tax base by closing loopholes and deductions, former Clinton Treasury Secretary Lawrence Summers told CNBC. "The president is not signing legislation — no way — that does not raise tax rates. The president has been clear as day," Summers said Thursday on "Squawk Box." Summers also pointed out that President Barack Obama isn't married to repealing the Bush tax cuts for the top 2 percent of wage earners all the way back to the Clinton-era tax rates of 39.6 percent. So rates might not go that high if there's sufficient revenue coming from the base-broadening side of the equation. Geithner: Ready to Go Over 'Cliff' If Taxes Don't Rise (CNBC) Treasury Secretary Timothy Geither told CNBC Wednesday that Republicans are "making a little bit of progress" in "fiscal cliff" talks but said the Obama administration was "absolutely" ready to go over the cliff if the GOP doesn't agree to raise tax rates on the wealthy. "I think they're making a little bit of progress," Geithner said. "They're clearly moving and figuring out how to try to move further." But Geithner said the White House would "absolutely" go over the fiscal cliff — triggering over $600 billion in automatic spending cuts and tax increases — unless tax rates increase on the top 2 percent of wage earners. Steinberg Is Eyed In SAC Trial (NYP) Prosecutors yesterday confirmed the worst-kept secret in the insider-trading trial unfolding in Manhattan federal court: They view former SAC Capital money manager Michael Steinberg as a co-conspirator in the case. Prosecutor Antonia Apps argued yesterday that Steinberg, a portfolio manager with SAC’s Sigma Alpha unit, should be officially labeled a co-conspirator in the case because he knew his former analyst, John Horvath, was receiving illegal tips on computer-maker Dell. The government has already alluded to Steinberg’s alleged role in earlier court documents, when it referred to four unnamed co-conspirators, including “the portfolio manager to whom Jon Horvath reported at his hedge fund.” That person is Steinberg. New Zealand Dogs Learn How to Drive (ABC) Who says you can’t teach an old dog new tricks? Not the New Zealand chapter of the Society for the Prevention of Cruelty to Animals (SPCA), which has launched a marketing campaign featuring dogs — real dogs — learning how to drive. Really. SPCA Auckland chose three abandoned dogs — Monty, Ginny and Porter — and put them behind the wheel of a car to show that rescue dogs are a first-rate choice for adoptions. “I think sometimes people think because they’re getting an animal that’s been abandoned that somehow it’s a second-class animal,” SPCA Auckland’s CEO, Christine Kalin, told the New Zealand Herald. “Driving a car actively demonstrates to potential rescue dog adopters that you can teach an old dog new tricks.” The trio of highway-ready rescue dogs was chosen by SPCA two months ago and then relocated to Animals on Q, a “premiere New Zealand animal talent agency,” according to its website, to begin their “doggy driver training process,” the Herald reported. The dogs have trained for the past eight weeks under the supervision of Animals on Q owner Mark Vette. Next week one of the dog’s skills will be put to the test in front of a live national TV audience. Porter, a 10-month-old Beardie Cross and the star among the three pups, will drive a Mini Countryman on the “Campbell Live” program on New Zealand’s 3 News, the station reported in a sneak peek that aired last night. The TV appearance will mark the first time that Porter, or any of the other pups, drives without human assistance. While training, Porter — along with Monty, an 18-month Giant Schnauzer, and, Ginny, a 1-year-old whippets cross — used a canine-modified Mini, but had human help in the form of steering wheel adjustments and verbal commands. Nasdaq drops ball on IPO — again (NYP) The electronic exchange run by CEO Robert Greifeld was forced yesterday to cancel orders on a planned $100 million initial public offering of WhiteHorse Finance due to “human error,” a Nasdaq spokesman said. A staffer in the exchange’s market-watch department “inadvertently” pressed a button to cancel trading rather than to delay the launch of the company. Standard Chartered to Pay Additional $330 Million in Iran Settlement (WSJ) Standard Chartered said Thursday it expects to pay an additional $330 million to settle with U.S. authorities over past transactions with Iranian clients that may have violated U.S. sanctions, putting its total bill at around $670 million. Madam Set To Name NFL Big (NYP) Notorious Upper East Side madam Anna Gristina is about to start naming names of high-power clients from her little black book — and an unlucky NFL executive will be the first bombshell name she lets fly, we’re told. “There is going to be a giant name dropped — actually, a couple of them,” Gristina told The Post’s Laura Italiano, speaking of her plans for an upcoming interview with TV host psychologist Dr. Phil. Asked if those names would be “giant” with a capital “G,” the Hockey Mom Madam gave a distinctly mischievous laugh that portends bad news for the bigwig client...“Everyone’s going to have to watch Dr. Phil,” she said. “I will tell you that one of the names is high-level [NFL] management. Then there’s an older [football] player who’s still very well known. Tune in to Dr. Phil!” Jobless Claims Fall (Reuters) Initial claims for state unemployment benefits dropped 25,000 to a seasonally adjusted 370,000, the Labor Department said on Thursday. The prior week's figure was revised to show 2,000 more applications than previously reported. EU Pushes Crackdown On Tax Havens (WSJ) The European Union's executive Thursday moved to step up efforts against tax havens, encouraging members to name and shame ultra-low-tax jurisdictions and crack down on cross-border tax avoidance within the 27-nation bloc. Guatemalan Police Arrest Software Guru McAfee (AP) Software company founder John McAfee was arrested by police in Guatemala on Wednesday for entering the country illegally, hours after he said he would seek asylum in the Central American country. The anti-virus guru was detained at a hotel in an upscale Guatemala City neighborhood with the help of Interpol agents and taken to an old, three-story building used to house migrants who enter the country illegally, said Interior Minister Mauricio Lopez Bonilla. It was the latest twist in a bizarre tale that has seen McAfee refuse to turn himself in to authorities in Belize, where he is a person of interest in the killing of a neighbor, then go on the lam, updating his progress on a blog and claiming to be hiding in plain sight, before secretly crossing the border into Guatemala. "He will be in danger if he is returned to Belize, where he has denounced authorities," said his lawyer in Guatemala, Telesforo Guerra. "His life is in danger." Guerra said he would ask that a judge look at McAfee's case as soon as possible. "From them moment he asked for asylum he has to have the protection of the Guatemalan government." Earlier Wednesday, McAfee said he had formally requested asylum in Guatemala after entering the country from Belize, where he says he fears for his safety because he has sensitive information about official corruption and refused to donate to local politicians. "Yes, we are presenting this, and I want it to be clear, because of the persecution, not because of the murder," he told the AP about his asylum bid.

Opening Bell: 01.25.13

Ex-Barclays CEO Diamond Is Named on Latest Libor-Lawsuit List (Bloomberg) Ex-Barclays Chief Executive Officer Robert Diamond and Former Chief Operating Officer Jerry Del Missier were among 25 bank employees anonymously referred to by regulators when the lender was fined for attempted interest rate rigging. Diamond and Del Missier were included on a second list released in a London court case linking Barclays staff to the London interbank offered rate. Judge Julian Flaux refused a request by some employees to prevent their names being published in connection to the case. Deutsche Bank Trader Fired Over Rate-Rigging Loses $53 Million (Bloomberg) Deutsche Bank's Christian Bittar, one of the firm’s best-paid traders, lost about 40 million euros ($53 million) in bonuses after he was fired for trying to rig interest rates, three people with knowledge of the move said. The lender dismissed Bittar in December 2011, claiming he colluded with a Barclays Plc (BARC) trader to manipulate rates and boost the value of his trades in 2006 and 2007, said the people, who requested anonymity because they weren’t authorized to speak publicly. His attempts to rig the euro interbank offered rate and similar efforts by derivatives trader Guillaume Adolph over yen Libor are the focus of the bank’s probe, the people said. Both traders declined to comment for this story. “Upon discovering that a limited number of employees acted inappropriately, we sanctioned or dismissed those involved and clawed back all of their unvested compensation,” Deutsche Bank spokesman Michael Golden said in a statement. “To date we have found no link between the inappropriate conduct of a limited number of employees and the profits generated by these trades.” Aleksey Vayner may have died of drug overdose (DM) The Yale student who catapulted to Internet infamy with a disastrous video resume he sent to a prospective employer died at his home in Queens, New York. Vayner passed away at the age of 29, according to the New York City Medical Examiner - and reports from relatives suggest that he may have experienced a drug overdose...In the video, titled 'Impossible is Nothing,' a gravely serious Vayner attempts to prove his mental and physical fitness by talking about the meaning of success while lifting 495-pound weights, smacking tennis balls faster than 140 miles per hour, ball-dancing with a scantily-clad woman and breaking seven bricks with his hand. 'Ignore the losers, bring your A-game, your determination and your drive to the field, and the success will follow you,' he says in the video. JPMorgan to Block Shareholder Vote on Bank Break-Up (Reuters) A federation of U.S. labor unions is looking to force JPMorgan Chase's board to consider breaking up the company after the disastrous "London Whale" affair, but the bank is trying to ensure that its shareholders do not get to vote on the union's proposal. The largest U.S. bank is seeking permission from the U.S. Securities and Exchange Commission to omit the proposal from the measures that shareholders vote on this spring,according to a letter sent to the agency on January 14. The proposal, from the AFL-CIO's Reserve Fund, a union fund that owns JPMorgan shares, calls on bank directors to form a committee that would explore "extraordinary transactions that could enhance stockholder value," including breaking off one or more of the company's businesses. As Cohen parties in Davos, legal eagles circle at home (NYP) Hedge-fund titan Steve Cohen took a break from battlinginvestor redemptions to hob-knob with other heavyweights at the World Economic Forum in Davos Switzerland. But Cohen, who runs $14 billion Stamford, Conn., hedge-fund giant SAC Capital, could be facing more trouble when he gets home. At least one class-action law firm is trying to rustle up investors to sue SAC for its ties to an alleged insider-trading scheme that led to the arrest of a former portfolio manager. Wilmington, Del.-based Chimicles & Tikellis posted a notice on its website saying it is seeking SAC investors and limited partners and is “actively investigating a proposed investor lawsuit against SAC Capital.” Any resulting lawsuit would be pegged to SAC’s “mismanagement of the limited partnership and certain hedge funds.” Wisconsin Man Wearing "Breathalyzer" T-Shirt Arrested For Sixth Time For Drunk Driving (TSG) The 30-year-old was arrested early Saturday morning for drunk driving after he was found passed out at the wheel of a Chevrolet Cavalier that was parked with its engine running in the middle of a Wisconsin road. Wendler, who reeked of intoxicants, failed a series of field sobriety tests and appeared “dazed and confused,” according to a Marathon County Sheriff’s Department report, which noted that a deputy spotted an unopened six-pack of beer on the vehicle’s passenger seat. A breath sample recorded Wendler’s blood alcohol content as .19, more than twice the legal limit. As a result, he was charged with operating a motor vehicle while intoxicated--the sixth time he has been busted for drunk driving. Wendler’s extensive DWI history, of course, makes his t-shirt choice a strange one. As seen in his mug shot, Wandler was nabbed while wearing a shirt referencing drinking and a “free Breathalyzer test.” The shirt also includes an arrow (beneath the words “blow here”) pointing downward toward Wendler’s crotch. Financial Job Losses Near Four-Year High as Europe Leads (Bloomberg) Financial-services firms are on track to cut the most jobs in January since the start of 2009 as Europe struggles to emerge from the debt crisis and regulators impose tougher capital rules. The 16,040 announced and expected reductions in the past three weeks are just short of the 16,389 cuts made in the industry during January 2009 after Lehman Brothers Holdings Inc. collapsed, according to data compiled by Bloomberg. Bankers and consultants expect the cuts to accelerate in coming months even as financial stocks gained 26 percent last year. Credit Bubble Seen in Davos as Cohn Warns of Repricing (Bloomberg) Goldman Sachs President Gary Cohn warned of a potential drop in fixed-income prices as bankers and policy makers in Davos celebrated surging demand for financial assets. Debt markets that have seen junk-bond yields drop to record lows may face a “substantial repricing” if interest rates spike or investors begin pulling money out of fixed income, Cohn, 52, said in an interview yesterday with Bloomberg Television’s Erik Schatzker at the World Economic Forum in Davos, Switzerland. Morgan Stanley CEO To Take Pay Cut (WSJ) Morgan Stanley disclosed Thursday that Mr. Gorman would receive about $2.6 million in stock options for 2012. All told, he will receive $6 million in salary, cash and stock for the year, said a person familiar with the company's compensation plans, plus participation in an incentive plan whose value wasn't disclosed. His full pay package won't be disclosed until this spring's proxy statement. Thousands of crocodiles on loose after floods hit South African farm (The Guardian) Around 15,000 crocodiles made the great escape from the Rakwena crocodile farm near the border with Botswana on Sunday, according to the newspaper Beeld. Although "a few thousand" have since been recaptured, including one at a school rugby ground 75 miles away, more than half of the reptiles are still at large.

Opening Bell: 12.15.15

Big bankers ditch Wall Street for fintech; Bond investors are freaking out; Bill Gross says chill; New startup wants you to bet $10k on your marriage lasting; and more.