Opening Bell: 12.18.17

Visa's C-suite is apparently a cauldron of sexual adventure and impropriety; something smells fishy in Russian banking; how to run a massive Ponzi and succeed (hint: be in Europe); and more.
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Anonymous Email to Visa CEO Led to Top Executive’s Firing (WSJ)
This fall, Visa Inc. Chief Executive Alfred Kelly received a troubling, anonymous email: Jim McCarthy, one of his most senior and high-profile executives, had been involved in romantic relationships with women at the card giant, according to people familiar with the email’s content.

Centerview Partners has crushed 2017 — and its investment bankers will make a fortune in 2018 as well (BI)
Centerview is projected to earn $400 million to $500 million this year from advising on M&A deals. That works out to as much as $13.5 million in revenue per partner. The firm has just 37 partners yet routinely battles for high-profile assignments with Wall Street's bulge-bracket banks. By comparison, Citigroup promoted more than 30 new managing directors in its corporate and investment bank this week alone, and in November Goldman Sachs promoted 101 new investment-banking MDs.

Bitcoin ETF providers see new hope for approval (FT)
The launch of bitcoin derivatives by two big exchanges has encouraged potential ETF providers to push for approval of funds that would track bitcoin futures instead of the underlying cryptocurrency. Regulatory filings show that VanEck and Rex ETFs, which withdrew earlier applications after the SEC’s ruling on the Winklevoss Bitcoin Trust, refiled to launch bitcoin futures-based ETFs this month. Direxion Investments registered a bitcoin ETF on Friday.

Bitcoin will be niche asset for tech nerds in long term says ING bank analyst Teunis Brosens (CityAM)
"Nobody can forecast the future, but our current thinking is this: one day, beyond the hype, bitcoin will return to being the thriving niche product that it was in its initial years. Users will include tech nerds, people obsessed about their privacy, people afraid for (hyper)inflation in traditional currencies, and people wanting to circumvent central banks for ideological or criminal reasons," he said.

He Stole $100 Million From His Clients. Now He’s Living in Luxury on the Côte d’Azur (BBG)
There's no way Gaglio could have foreseen how events would have played out after he walked into that Paris police station in 2013. But by choosing where and when to confess, by revealing some activities and not others, by painting himself as a failed investor rather than a thief who was still moving money around the globe, he has been able to shape the narrative of his life long after he appeared to have run out of options.

Russian Banking Crisis: 3rd Major Bank Topples in 4 months (Wolf Street)
It’s Friday, and another Russian bank gets taken over and most of its creditors get bailed out by the Central Bank, this time the 10th largest bank in Russia, Promsvyazbank – with the top six being state-owned banks; with number seven, Bank Otkritie, having toppled in August; with number 12, B&N Bank, having toppled in September; and with Jugra Bank having gotten its banking licence revoked in July for having falsified its accounts.

Is The Fed Finishing 2017 On A Dovish Note? (Tim Duy)
Relative to the 2018 economic forecast changes, the projected path of policy is dovish. This can be explained by the surprising inflation weakness over the past year. Policymakers now believe a return to full employment requires an extended period of activity in excess of that consistent with full employment.

Mistress sues married hedge-funder over STD and lies (NYP)
A married hedge-funder wooed his beauty-pageant mistress with the promise of an ostrich farm in Uganda — only to gift her with an STD, a Manhattan Supreme Court lawsuit says. Former Miss Germany International Aline Marie Massel, 31, revealed the alleged seamy details of her two-year illicit relationship with Autonomy Capital CEO Robert Charles Gibbins in new court documents.

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Opening Bell

Opening Bell: 10.13.17

The SEC wants to know what's going on between Bob Diamond and Guggenheim; Marc Cohodes makes amends with Overstock; the Russians have even infiltrated Pokemon Go; and more.

Opening Bell

Opening Bell: 07.25.12

Sandy Weill: Break Up The Big Banks (CNBC) “What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail,” Weill told CNBC’s “Squawk Box.” He added: “If they want to hedge what they’re doing with their investments, let them do it in a way that’s going to be market-to-market so they’re never going to be hit.” Bank Of England Spotted Risks At JPMorgan (WSJ) More than a year before JPMorgan racked up billions of dollars in losses from bad trades in its London investment office, Bank of England officials raised concerns internally about potential risks arising from some of the office's activities, but didn't formally alert other regulators, according to people involved in the central bank's talks. In late 2010, employees at the central bank worried that the London arm of J.P. Morgan's Chief Investment Office had come to dominate some important corners of the city's financial markets—including residential mortgage-backed securities—and they were concerned about the potential impact that could have on the stability of U.K. markets, these people said. The concerns were relayed to a top central-bank oficial. But the Bank of England doesn't appear to have acted on the concerns or flagged them to regulators responsible for supervising J.P. Morgan. Private-equity bigs: no proof of bid-rigging (NYP) A handful of the country’s wealthiest and most powerful private-equity firms have asked a federal judge to toss an explosive investor lawsuit that claims the group conspired to rig the bids on $270 billion in deals over four years. The firms — including KKR, Bain Capital, Blackstone Group and Apollo Global Management — agreed not to bid on specific deals headed by a rival, thus fraudulently depressing the value of the deal. As a result, investors in those publicly-traded companies were short-changed. The group of 11 financial giants named in the suit, including Goldman Sachs and JPMorgan Chase, claim there is no evidence of a vast bid-rigging conspiracy. New York Fed Faces Questions Over Policing Wall Street (Dealbook) In recent years, the New York Fed has beefed up oversight. Under the president, William C. Dudley, the regulator has increased the expertise of its examiners and hired new senior officials. Even so, the JPMorgan debacle and the interest-rate investigation have raised questions about the New York Fed. They highlight how the regulator is hampered by its lack of enforcement authority and dogged by concerns that it is overly cozy with the banks. Fed Moves Closer To Action (WSJ) Amid the recent wave of disappointing economic news, conversation inside the Fed has turned more intensely toward the questions of how and when to move. Central bank officials could take new steps at their meeting next week, July 31 and Aug. 1, though they might wait until their September meeting to accumulate more information on the pace of growth and job gains before deciding whether to act. Sidekick of Soccer Mom Madam to court: It's not prostitution if you just pay to watch (NYDN) Jaynie Mae Baker, the woman busted with accused Manhattan brothel operator Anna Gristina, revealed in court papers filed Tuesday that the undercover cop who arrested her watched two women have sex but didn’t participate in any. Baker’s lawyer, Robert Gottlieb, says the only recorded conversation in evidence that includes Baker took place July 19, 2011, at a Manhattan restaurant where his client, Gristina and the cop had lunch. The cop tells Baker and Gristina he is “looking for a little adventure" and to “please corrupt me," but there's no talk of arranging payment, Gottlieb says in the filing. Six days later in the sting operation, the cop is secretly videotaped in a room with two other women at Gristina's alleged brothel on E. 78th St., but he does not participate in the sex. “The undercover officer apparently remains fully clothed and merely observed the two women perform for him,” Gottlieb writes...Gottlieb says there “was not a scintilla of evidence that was produced ... establishing Ms. Baker’s involvement in arranging payment in exchange for any kind of sexual activity.” What occurred not prostitution because the undercover cop was not a participant, Gottlieb says. If watching is prostitution, then every strip club and porno director is guilty, too, he said. Germans React Coolly To Moody's Warning (WSJ) Wolf Klinz, a German member of the European Parliament from the pro-business Free Democrats, Ms. Merkel's junior coalition partner, said he doesn't dispute Moody's conclusions about Germany's risks, but rather the timing of the announcement. "There are no hard facts yet" about Germany's ultimate price tag, Mr. Klinz said. "Why come out with this right now? It may have political implications" even if that wasn't the intention, he said. Preet hit with suit by law student (NYP) Second-year law student Benula Bensam sued Bharara, along with the US Marshals Service and the Justice Department, in Manhattan federal court for “unreasonable search and seizure” after the marshals took her cell phone away during the trial of ex-Goldman Sachs director Rajat Gupta. The 25-year-old Bensam, who is representing herself, said the marshals kept her phone overnight after she refused to answer their questions about letters she wrote to Judge Jed Rakoff during Gupta’s insider-trading trial. Bensam, who attends law school at Yeshiva University and lives in the Woodside section of Queens, stopped writing Rakoff about the case after he reprimanded her. In the complaint, Bensam said Bharara “may have instigated” her dispute with the marshals. Euro Zone as We Know It Has 2 Years Left: Jim O’Neill (CNBC) “Two years maximum is my perception of the time the euro zone has left to survive in its current form, though the reality is probably far less than that. Markets being markets we’ve unveiled a degree of speed with the Spanish and Italian bond yields and I can’t see us getting through the summer without some serious consequences,” said Jim O’Neill, Chairman at Goldman Sachs Asset Management. Child Treated After Being Bit By Rabid Bat Woman Gave Go-Ahead To Touch (CBS) Even as the summer fun rolls on for JoJo Keefe, a freshly healed cut on the 10-year-old’s finger reminds her of a scary detour. “I was like oh my God it bit me!” She’s talking about a rabid bat that sunk its tiny teeth into her finger last Tuesday during a visit to the Spencer Town Beach on Lake Whittemore. The small bat was attracting quite a bit of attention on the shoreline just beyond the picnic area. The trouble really began when a woman picked it up and began asking the children gathered around her if they wanted to hold it. “Another little girl said ‘oh I want to hold it will it bite me?’ And the lady was like no it’s the friendliest thing ever,” she says...Her mother retrieved the sick animal which then tested positive for rabies. Soon after, JoJo was getting the first in a series of life saving antibiotic shots (you can’t wait with rabies).

Opening Bell

Opening Bell: 04.24.13

Credit Suisse Profit Rises (WSJ) Zurich-based Credit Suisse said its bottom line was flattered by a favorable comparison with last year's result, when an accounting charge weighed on performance. Revenue at the bank rose 19% following several quarters of reported declines. The report from Switzerland's second-largest bank comes amid a cost-cutting program started in 2011 that has it eliminating thousands of jobs. The program has resulted in 2.5 billion Swiss francs ($2.6 billion) in savings, and is on track to cut costs by 4.4 billion francs by the end of 2015, the bank said. Credit Suisse said its number of full-time employees fell to 46,900 in the first quarter, from 48,700 in the same period last year. Barclays Profit Buoyed By Investment Banking Unit (WSJ) Investment banking, headed by departing executive Rich Ricci, accounted for 74% of Barclays' pretax profit, or £1.32 billion of the £1.79 billion total. The high proportion of profits in part reflected weakness in other areas, such as retail banking in Europe and Africa, but was underpinned by a strong quarter for underwriting stock offerings and servicing hedge fund clients...The bank as a whole posted a £839 million net profit, compared with a £598 million net loss in the first quarter of 2012. Both figures are distorted by accounting charges that reflect the market cost of Barclays' own debt. The £1.79 billion pretax profit was down 25% from £2.4 billion in first-quarter 2012 and slightly lower than analysts had expected. Citigroup Says Debt Beats Peers in Advance of ‘Bail-In’ Rule (Bloomberg) Citigroup, the bank that took the most U.S. aid during the credit crisis, said it’s better- prepared than some rivals to withstand the impact of new anti- bailout rules that could force lenders to sell more debt. Citigroup’s so-called bail-in plan -- a rescue that makes debt investors and stockholders absorb losses instead of taxpayers -- shows the bank already has issued more long-term debt than some of its largest rivals, Treasurer Eric Aboaf said during an April 22 investor presentation. That leaves the New York-based bank in a better position as regulators decide how much more debt lenders should add to their buffers, Aboaf said. Wall Street Jobs Plunge As Profit Soars (Bloomberg) “The desire is to drive the cost of executing a trade to its lowest point -- this means automating the system and getting rid of the traders,” Richard Bove, a bank analyst with Rafferty Capital Markets LLC, said in a telephone interview. “All they do today is hit buttons on computer screens. Twenty-five years ago they would be calling their buddies at different firms. It was a highly labor intensive effort.” New York’s “inhospitable” climate for commercial banks, along with falling demand for financial services and increasing automation is driving the decline in jobs, Bove said. Woman could face death penalty for killing man by crushing testicles (NYDN) A 42-year-old woman is on trial for allegedly grabbing a man's genitals after he told her not to park her electric bike in front of his store. He later died from shock, according to reports. "I'll squeeze it to death, you'll never have children again," witnesses reported her as saying as she called on her brother and husband for back-up. The woman, who could face the death penalty if convicted, got into the row - in the Meilan District of Haikou City, Hainan - more than a year ago on April 19, 2012. IBTimes reports that her 41-year-old victim went into a state of shock and died before paramedics could treat him. The final outcome of the trial, it adds, depends largely on the interpretation of the woman's statement of "squeeze it to death." Dr Irwin Goldstein, urologist and director of San Diego Sexual Medicine, has previously told Gizmodo it is "quite plausible" the squeeze had killed the man. "Yes, the testicles are exquisitely sensitive to touch and there is a huge release of adrenalin when there is excessive force applied to these organs," he told the site. He added that it could have brought on a heart attack. Hazy Future for S.E.C.’s Blossoming Whistle-Blower Effort (NYT) Already, a whistle-blower program has bolstered an investigation into a trading blowup that nearly toppled Knight Capital, the largest stock trading firm on Wall Street, according to lawyers briefed on the case. With help from another whistle-blower, the lawyers said, the government discovered that Oppenheimer & Company had overstated the performance of a private equity fund. And after pursuing a Texas Ponzi scheme for more than a year, a cold trail heated up in 2010 when a tipster emerged. The breakthroughs—previously undisclosed—show the promise of the agency's 20-month-old whistle-blower program. Yet, the program faces challenges on many fronts. Some Wall Street firms are urging employees to report wrongdoing internally before running to the government, and one hedge fund, Paradigm Capital Management, was accused in a lawsuit of punishing an employee who had cooperated with the S.E.C., according to court and internal documents. Another financial firm, the documents show, pressured an employee to forfeit potential "bounties or awards"—a possible violation of S.E.C. rules. Apple’s $145 Billion in Cash Fails to Win AAA Debt Rating (Bloomberg) Apple, which has $145 billion of cash, said yesterday it plans to use debt to help finance a $100 billion capital reward for shareholders after a 42 percent stock plunge. Moody’s Investors Service and Standard & Poor’s responded by ranking the company a level below their top grades, with Gerald Granovsky of Moody’s citing “shifting consumer preferences” in a statement as a risk to Cupertino, California-based Apple’s business. ECB Rate Cut Could Bring Big Disappointment (CNBC) Expectations are rising that the European Central Bank will announce a rate cut when it meets next week. But according to analysts the move is likely to have a limited impact and could in fact end up being a disappointment.

Opening Bell

Opening Bell: 11.14.12

Austerity Strikes Sweep Across Europe (WSJ) Unions in Spain, Portugal and Greece went on strike Wednesday to protest government austerity plans amid a wide economic contraction across Europe's periphery, but questions remained about the unions' ability to influence economic policy. The general strike led to minor violent incidents in Spain, even though morning business activity seemed to remain relatively normal. Spain's government said 32 people had been arrested since midnight, and national TV showed small clashes with police, as well as rallies held by union members in transportation hubs like train and subway stations. The Spanish unions are protesting austerity cuts and an unemployment rate at 25% of the workforce. Geithner Warns Against Delaying Solution to US Fiscal Crisis (Reuters) With lawmakers and the White House bickering over how to put the country on a sustainable fiscal path, a number of lawmakers and think tanks have argued for more time. "That will leave all the uncertainty you don't like on the table," Geithner said at an event sponsored by the Wall Street Journal in his first public comments on the looming fiscal crisis since President Barack Obama won re-election last week. Facebook Investors Brace For Big Round Of Unlocked Shares (Bloomberg) Restrictions lift today on 804 million shares held by former employees and those who sold at the initial public offering, almost doubling the total available for trading, according to a regulatory filing. Geithner’s Money Fund Overhaul Push Sparks New Opposition (Bloomberg) Geithner, heading a Washington meeting of the Financial Stability Oversight Council, a group formed by the Dodd-Frank Act to address systemic financial risks, won unanimous approval for a draft recommendation to the SEC spelling out three ways to overhaul the $2.6 trillion industry. A new option would require capital buffers of as much as 3 percent of assets, while two other solutions he offered were opposed earlier by the fund industry and rejected in August by an SEC majority. Representatives for the fund industry, who last month put forth their own plan, immediately denounced the proposals as stale and unhelpful. While Geithner has said the SEC is best positioned to address money funds, he has also said that the regulators’ panel, often referred to as FSOC, might intervene and subject funds to oversight by the Federal Reserve if the SEC fails to act. SEC Expands Knight Probe (WSJ) The Securities and Exchange Commission has deepened its probe into whetherKnight Capital Group Inc. did enough to police its trading systems before computer errors nearly destroyed the brokerage. The inquiry, which began after Knight's errant Aug. 1 trades saddled it with more than $450 million in losses, initially focused more narrowly on what caused the errors. The probe has broadened to look further at the company's risk-control procedures and Knight's compliance with a rule implemented last year—called the market-access rule—that requires brokerages to guard against these sorts of problems, say people familiar with the investigation. Blankfein Warns Over Cuts (FT) The financial industry should not go “overboard” in cutting costs in reaction to current market conditions, the chief executive of Goldman Sachs said yesterday. “Our industry has a long history of letting too many people go at the bottom of the cycle and hiring too many at the top,” Mr. Blankfein told an industry conference in New York. Pepsi's New Fat Blocking Soda Unleashed On Japanese Consumers (Forbes) Up until recently, soda manufacturers have at least tacitly acknowledged that their carbonated swills aren’t healthy options. Up until recently. [Then] yesterday, Pepsi-Cola in Japan launched a fiber-infused iteration of its cola drink. According to Suntory, the sole distributor of Pepsi in Japan, the beverage contains “indigestible dextrin,” more commonly known as dietary fiber. This magic ingredient, Suntory’s website claims, helps reduce the amount of fat that’s absorbed into the body, hence the tagline of the new drink as a “fat-blocking soda.” Suntory also proffers that the drink quells the rise in triglycerides in the blood that normally follows a meal. Rochdale May Be At The End Of Its Rope (NYP) Stamford, Conn.-based Rochdale Securities is struggling to secure a deep-pocketed buyer three weeks after a former trader, identified as David Miller, saddled the firm with $1 billion in “unauthorized” Apple trades that it wasn’t able to cover. CEO Dan Crowley has been working around the clock to identify a “white knight” willing to save the 55-person broker dealer, according to sources. But staffers of the 37-year old firm worry ongoing investigations will turn off suitors and impede the firm’s ability to operate as a broker dealer. BNY Mellon Unit Settles Madoff Suits (WSJ) The Ivy Asset Management unit will pay $210 million to resolve a series of lawsuits claiming that it concealed doubts about the business operated by convicted Ponzi schemer Bernard L. Madoff. Shareholders To Citi: Break This Company Up (AP) Trillium Asset Management, a shareholder advisory firm with more than $1 billion in assets under management, effectively renewed call made recently by Sandy Weill, Citigroup’s former CEO and one of the founding fathers of the “financial supermarket” concept that helped turn Citi into a global banking behemoth. Siewert In Line For Goldman Partnership (NYP) Hired only last March, Richard “Jake” Siewert, the head of corporate communications, could be among the 70 or so new partners the 144-year-old bank is set to announce this morning...Siewert’s predecessor, Lucas Van Praag, made partner in 2006 — five years after joining the firm. Paula Broadwell Warned Gen. Allen Against "Seductress" Jill Kelley (CBS) A senior official has told CBS News correspondent David Martin the vast majority of the emails between Allen and Tampa socialite Jill Kelley were "completely innocuous," and the general believes many of the 20-30,000 pages under scrutiny are duplicates. The official said that in some of the emails, Kelley would say things like, "saw you on television and you were terrific," and Allen would write back with "thanks, sweetheart." The official said the two never discussed sex and that Allen had never been alone with Kelley. Nonetheless, CBS News correspondent Bob Orr says Pentagon and FBI sources describe the communications as "potentially inappropriate" and "flirtatious," and another source says they were likely more than just innocent exchanges -- noting that the Pentagon's Inspector General is involved for a reason. Among the hundreds of emails exchanged between Allen and Kelly - Orr reports that investigators are focusing on one from several months ago. In it, Allen told Kelley he'd just received an anonymous email warning him to stay away from her. Sources say that the anonymous email came from Broadwell, Petraeus' mistress, who allegedly warned Gen. Allen that Kelley was "a seductress." Broadwell allegedly sent similar warnings to other military officers at the U.S. Central Command, located near Kelley's Tampa home. Broadwell, who had been out of sight since the scandal emerged on Friday, was spotted Tuesday night preparing dinner and drinking a glass of wine inside her brother's Washington home.

(Getty Images)
Opening Bell

Opening Bell: 5.24.17

Moody's downgrades China; Ford's ex-CEO got booted over Trump tantrum; Uber, bitcoin called ponzi schemes; there is a blind baseball announcer; and more.

Opening Bell

Opening Bell: 08.27.12

RBS May Be Bigger Libor Culprit Than Barclays, Says MP (Guardian) John Mann, a Labour MP on the Treasury select committee, said "City insiders" had suggested RBS's involvement may be "noticeably worse" than Barclays.' [...] Mann's comments came as a former RBS trader claimed that the bank's internal checks were so lax that anyone could change Libor rates. Court documents filed in Singapore show that Tan Chi Min, who is suing RBS for wrongful dismissal, claimed that in 2008 a trader for the bank, Will Hall, changed the Libor submission even though he was part of the Japanese yen swap desk in London. The papers show that Tan, who worked for RBS in Singapore, raised the issue at his disciplinary meeting last September, saying the bank's internal procedure in London seemed to be that "anyone can change Libor". Spain Expects to Tap About $75 Billion in Rescue Financing for Its Banks (NYT) Spain expects to use about 60 billion euros, or $75 billion, of the 100 billion euros of bank rescue financing offered by European finance ministers in June, according to the Spanish economy minister, Luis de Guindos. UK Investment Bankers Prefer Singapore (FT) The southeast-Asian city state has become the most favored location for investment bankers who are based in London, research by financial services recruitment firm Astbury Marsden shows. Of the 462 investment bankers that were asked, 31 percent said they would most like to work in Singapore. By comparison, only a fifth preferred New York and only 19 percent opted in favor of London. In the year before, 22 percent named London as their preferred location, underlining how the British capital has lost some appeal among investment bankers amid tighter regulation and a clampdown on bonuses. “A fast growing, low tax and bank friendly environment like Singapore stands as a perfect antidote to the comparatively high tax and anti-banker sentiment of London and New York,” said Mark Cameron, chief operating officer at Astbury Marsden. “Far more London-based bankers are now more willing and able to relocate the 6,700 miles to Singapore.” Another Madoff Name Nix (NYP) The second of Ponzi-schemer Bernie Madoff’s daughters-in-law is asking a court for permission to shed her now notorious married name. Deborah West Madoff, who started divorce proceedings against Bernie’s son Andrew back in 2008, has sought permission in Manhattan Supreme Court to revert to her maiden name. The couple have two children. She’s not the first in the family to do so: in 2010, her sister-in-law made a similar court application. Suits Mount In Rate Scandal (WSJ) It won't be easy for the plaintiffs to win in court even though financial institutions are likely to reach settlements with regulators in coming months totaling billions of dollars, according to people close to the Libor investigation. The plaintiffs must prove that banks successfully manipulated interest-rate benchmarks such as the London interbank offered rate, or Libor, and caused the plaintiffs to suffer a loss. Still, some investors and analysts are forecasting huge damages despite the legal hurdles. In a July report, Macquarie Research estimated that banks face potential legal liability of about $176 billion, based on the assumption that Libor was "understated" by 0.4 percentage points in 2008 and 2009. Carlyle Group marketed $25 million deal without license: Kuwaiti firm (AP) A Kuwaiti company suing the Carlyle Group over a $25 million investment that went bad is now accusing the private equity firm of marketing the deal without a license as it seeks to have its case heard in Kuwaiti courts. The latest claim by Kuwait's National Industries Group adds a new twist to its more than two-and-a-half year legal challenge to Carlyle, and could complicate the American company's relationships with other wealthy Mideast investors. NIG's lawsuit focuses on a Carlyle investment fund that was one of the earliest casualties of the financial crisis when it collapsed in 2008. The fund has been the subject of multiple lawsuits against Washington-based Carlyle. Couple in court for disturbing the peace for 'screaming, moaning and swearing during seven-hour sex romps five nights a week' (DM) Jessica Angel and Colin MacKenzie had been issued with an order requiring them to prevent ‘screaming, loud moaning, swearing and raised voices’ after police were called to their flat 20 times in just four months. However, following further complaints from neighbours, the couple were charged under the Environmental Protection Act. They face a £3,000 fine if convicted...Mr MacKenzie, 45, from Sturt, South Australia, said: ‘How can you live in a place where you can’t have sex? It’s ridiculous. Anyway, it’s mostly Jessie. The sex goes from four to seven hours, five nights a week. I’ll probably die of a heart attack – she’s almost killing me.’ German Official Opposes European Debt Purchases (NYT) The president of the German central bank said in an interview published Sunday that he remained staunchly opposed to government bond purchases by the European Central Bank, a position that could make it more difficult to deploy a weapon many economists believe is essential to saving the euro. But in a sign that the mood in Germany could be shifting, Chancellor Angela Merkel adopted a more dovish tone during a separate interview. She told members of her governing coalition to stop talking about Greece leaving the euro. “We are in a decisive phase in the battle against the euro zone debt crisis,” Ms. Merkel told ARD television. “Everyone should weigh their words very carefully.” Fed mulls open season on bond buys to help economy (Reuters) The Federal Reserve is considering a new approach to unconventional monetary policy that would give it more leeway to tailor the scale of its stimulus to changing economic winds. While fresh measures are not assured and the timing of any potential moves are still in question, some officials have said any new bond buying, or quantitative easing, could be open-ended, meaning it would not be bound by a fixed amount or time frame. "I am inclined to think that if the Fed decides on more QE it would be of the open-ended variety," said Michael Feroli, chief U.S. economist at JPMorgan and a former Fed economist. BlackRock Bullish On Thai Bonds, Region’s Worst (Bloomberg) BlackRock is bullish on Thai bonds, Asia’s worst-performing in 2012, saying the central bank has room to ease monetary policy as a global slump cools demand for exports from Southeast Asia’s second-largest economy. Former SC Gov. Mark Sanford to wed ex-mistress Maria Belen Chapur (NYDN) "Yes, we are engaged, and I'm both happy and excited for what that means," Sanford said in a statement obtained by CNN. "I have long expressed my feelings for her, she's a wonderful person. My closest friends have met and love her, and I look forward to introducing her to still many more that have yet to do so." The conservative Republican's political aspirations were dashed in 2009 when he disappeared from South Carolina for five days under the pretense that he was hiking the Appalachian Trail. The father of four, who was once thought to be a potential 2012 presidential contender, later admitted that he was actually visiting Chapur, who he professed to be his "soul mate." "I've been unfaithful to my wife," Sanford said at the time. "I developed a relationship with what started as a dear, dear friend from Argentina."

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Opening Bell

Opening Bell: 5.18.17

Hedge funds are intrigued by a little stock called Valeant; would you let Trump run your company?; there's much to learn about sexual politics from duck penises; and more.

JamieDimonSnap
Opening Bell

Opening Bell: 9.12.18

Flo is getting bigger, badder; Brexit making New York more powerful; Dimon is running; Margaritaville smells like pot; and more!