Opening Bell: 1.9.18

Mueller wants facetime with Trump; Goldman foresees a soggy dollar; Elon blew up a billion-dollar US spy rocket; Rubbing dynamite on your penis is now a thing; and more!
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Mueller Positions for Trump Interview, as Lawyers Assess Risk of Investigation [NYT]
No formal request has been made and no date has been set. White House officials viewed the discussion as a sign that Mr. Mueller’s investigation of Mr. Trump could be nearing the end. But even if that is so, allowing prosecutors to interview a sitting president who has a history of hyperbolic or baseless assertions carries legal risk for him. Mr. Mueller has already brought charges against four of Mr. Trump’s former aides. All face accusations of lying to the authorities.

Banks Seek Government Help to Track Money Laundering [WSJ]
Efforts to overhaul U.S. anti-money-laundering laws are gathering steam, as large banks, anticorruption groups and law-enforcement authorities coalesce around the idea of creating a national database of corporations and their true owners.
“We’ve come to see this as the right thing to do and a good thing for the banks,” said Greg Baer, the president of the Clearing House, a trade group of the largest U.S. banks.

It'll be another weak year for the US dollar, Goldman Sachs predicts [CNBC]
"We still think the dollar is probably going to be relatively soggy, at least against the majors, probably against the emerging economies to a significant degree as well," Jan Hatzius, chief economist at Goldman Sachs, said.

SEC Suspends Trading of Hong Kong Blockchain Firm's Stock [Coindesk]
UBI – which, as previously reported by Bloomberg, says it is developing a product tracking system using the tech – will see trading of its stock frozen from 9:30 a.m. ET this morning until Jan. 22, according to a statement from the U.S. regulator.
The SEC said that it was moving to halt trading due to questions about its recent public filings as well as market activity around the company's stock, which according to MarketWatch has seen its price jump more than 2,000% in the past year.

U.S. Spy Satellite Believed Lost After SpaceX Mission Fails [WSJ]
An expensive, highly classified U.S. spy satellite is presumed to be a total loss after it failed to reach orbit atop a Space Exploration Technologies Corp. rocket on Sunday, according to industry and government officials.
Lawmakers and congressional staffers from the Senate and the House have been briefed about the botched mission, some of the officials said. The secret payload—code-named Zuma and launched from Florida on board a Falcon 9 rocket—is believed to have plummeted back into the atmosphere, they said, because it didn’t separate as planned from the upper part of the rocket.

New erectile dysfunction gel is literally dynamite [NYP]
Researchers have come up with a dynamite solution for tackling impotence — a gel containing the explosive nitroglycerin.
In trials, rubbing on a pea-size blob of the gel delivered a positive result within 10 minutes for seven in 10 men with erectile dysfunction.
It works up to 12 times faster than Viagra.

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Opening Bell: 9.29.17

Elon Musk wants to be Rocket Man; Roku IPO goes vertical; the Trump Trade is back; Thomas the Tank Engine is a cruel, repressive nightmare; 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.

Opening Bell: 12.04.12

Banks Rediscover Money Management Again As Trading Declines (Bloomberg) Global banks, forced by regulators to reduce their dependence on profits from high-risk trading, have rediscovered the appeal of the mundane business of managing money for clients. Deutsche Bank is now counting on the fund unit it failed to sell to help boost return on equity, a measure of profitability. UBS is paring investment banking as it focuses on overseeing assets for wealthy clients. Goldman Sachs, JPMorgan Chase and Wells Fargo, three of the five biggest U.S. banks, are considering expanding asset- management divisions as they seek to grab market share from fund companies such as Fidelity Investments. “Asset management is a terrific business,” said Ralph Schlosstein, chief executive officer of Evercore Partners Inc., a New York-based boutique investment bank that last month agreed to buy wealth manager Mt. Eden Investment Advisors LLC. “Asset managers earn fees consistently without risking capital. Compare that to other businesses in the financial services.” Hedge Funds Win as Europe Will Pay More for Greek Bonds (Bloomberg) Hedge funds drove up prices for Greek sovereign debt last week after determining that European finance ministers would back off a pledge to pay no more than about 28 percent of face value to retire the nation’s bonds. Money managers correctly wagered that not enough bondholders would participate at that level to get the deal done. That would put at risk bailout funds that Greece needs to stave off economic collapse. Transactions involving Greek bonds “increased by the day” after it became clear that the buyback was going to happen, with hedge funds accounting for most of the purchases, said Zoeb Sachee, the London-based head of European government bond trading at Citigroup Inc. “If all goes according to plan, everybody wins,” Sachee said. “Hedge funds must have bought lower than here. If it isn’t successful, Greece risks default and everybody loses.” GE's Swiss lending unit for sale, UBS to bid (Reuters) General Electric Co wants to sell its Swiss consumer lending business, two sources familiar with the matter said, with UBS one of the parties interested in a deal that could be worth up to 1.5 billion Swiss francs ($1.62 billion). The sources told Reuters that UBS was one of at least two parties who plan to submit bids in an auction process. "GE wants to finalize the sale of GE Money Bank by the end of the first quarter," said one of the sources. Brian Moynihan: 'Fiscal Cliff' Repercussions Could Stretch in 2014 (CNBC) "I'm more concerned about business behavior slowing down than I am about consumer behavior," Moynihan told "Squawk Box." "I think we're in danger if this thing strings out into 2013 that you could start to have problems of what 2014 would look like." Icahn Fails In Oshkosh Tender Offer (WSJ) The activist investor was tendered only a meek 22% of shares in an offer he used essentially as a proxy for whether shareholders would support his board nominees. Icahn, who had pledged to drop the offer and his proxy fight if he didn’t receive at least 25% of shares tendered, says he is indeed dropping the tender offer. Ex-baseball star Lenny Dykstra sentenced in bankruptcy fraud case (Reuters) Lenny Dykstra, the 1980s World Series hero who pleaded guilty earlier this year to bankruptcy fraud, was sentenced on Monday to six months in federal prison and ordered to perform 500 hours of community service. The 49-year-old former ballplayer - who is already serving time in state prison for grand theft auto, lewd conduct and assault with a deadly weapon - was also ordered to pay $200,000 in restitution. In the federal case, Dykstra pleaded guilty in July to bankruptcy fraud and other charges. According to the written plea agreement, he admitted defrauding his creditors by declaring bankruptcy in 2009, then stealing or destroying furnishings, baseball memorabilia and other property from his $18.5 million mansion. Teacher disciplined for receiving foot massages from students (SLT) A Taylorsville Elementary School teacher has returned to his third-grade classroom after being disciplined for violating professional standards after students reported they scratched his back, rubbed his feet and had other inappropriate contact while at school. Granite School District officials found no criminal conduct by elementary teacher Bryan Watts, 53, who has worked at the school since 2004, but the district claims to have taken "appropriate disciplinary action" following complaints about Watts...Granite District police Detective Randall Porter started an investigation into Watts’ conduct Oct. 9 after a mother expressed concern to the district after her daughter reported odd classroom behavior by Watts. "She complained that her daughter [name redacted] told her that Watts asks students to rub his feet and back during ‘movie time,’ that Watts told the class that they should not tell their parents about activities that happen in the classroom, and that Watts scared a student by hitting a hammer on the student’s desk," Porter wrote in his 19-page report...officials also said there were student statements about odd activities, including playing dodgeball in Watts’ classroom. Knight Capital May Go It Alone (NYP) Knight Capital’s board emerged from another meeting yesterday to review dueling takeover offers without making a decision. Both Getco and Virtu Financial have made bids for the Jersey City, NJ-based Knight, which had to be bailed out several months ago after a $460 million trading glitch nearly tanked the firm. “[Knight] can still decide to remain independent. That’s a real possibility,” said one source familiar with the bidding process. Top US Firms Are Cash-Rich Abroad, Cash-Poor At Home (WSJ) With billions of dollars overseas that may never come back, the Securities and Exchange Commission is concerned that companies haven't been presenting investors with an honest appraisal of their liquidity. As a result, regulators are pressing companies to more clearly lay out how much of their cash is in the U.S. and how much is overseas and potentially encumbered by U.S. taxes. UBS Near Libor Deal (Reuters) UBS is nearing a deal to settle claims some of its staff manipulated interest rates, and could reach agreement with US and British authorities by the end of the year, a source said yesterday. Britain’s Barclays was fined $453 million in June for manipulating Libor benchmark interest rates, and remains the only bank to settle in the investigation, which led to the resignation of the bank’s chairman and CEO. Calpers Crusader Takes Aim At Fees (WSJ) Mr. Desrochers, a 65-year-old native of Canada who last year became head of private-equity investing for the California Public Employees' Retirement System, has told buyout funds to reduce fees if they want cash from the $241 billion pension goliath, one of the nation's largest private-equity investors. He has pushed for Calpers to pay management fees below the industry's standard of 1% or more and asked for performance fees below the usual 15% to 20% of gains, according to people who have dealt with him. Mike Tyson: Brad Pitt Had Sex With My Wife (NYP) Mike Tyson claims that he caught Pitt having sex with his ex-wife, Robin Givens, while they were in the middle of their divorce in the late eighties. Tyson, who was shortly married to Givens from 1988 to 1989, said he and the actress were still sleeping with each other during their separation. "I was getting a divorce, but... every day, before I would go to my lawyer's office to say 'she's a pig and stealing,' I would go to her house to have sex with her," Tyson said on the Yahoo! Sports show “In Depth with Graham Bensinger.” "This particular day, someone beat me to the punch. And I guess Brad got there earlier than I did." How did the heavyweight boxer react? "I was mad as hell...You should have saw his face when he saw me," Tyson said.

(Getty Images)

Opening Bell: 1.25.18

Trump to meet with Mueller; Mnuchin knows what he said about the dollar; 50 Cent is a Bitcoin millionaire; Man explodes cell batter by biting it; and more!

Opening Bell: 09.19.12

Goldman Names New Finance Chief (WSJ) Mr. Viniar has told colleagues he wants to spend more time at his home in Santa Barbara, Calif., where he often returns on the weekends. His thrice-weekly basketball game has been on hold since he underwent knee-replacement surgery this year. Goldman's New CFO Harvey Schwartz to Receive $1.85 Million in Annual Salary (Reuters) Schwartz's predecessor is among the best-paid executives on Wall Street. He earned $15.8 million last year and held 1.8 million shares of Goldman as of March 26, according to a proxy filing. In 2007, he made $58.5 million. Mary Schapiro May Be Heading For Exit (NYP) Sources say that Schapiro is chafing under the political gridlock in Washington that she feels has stymied a number of her initiatives. “Part of the problem for [Schapiro] is that the tone in Washington has been so partisan,” said Christopher Whalen, of Tangent Capital Partners. The chairwoman’s recent handling of talks surrounding new rules governing money-market funds, some detractors say, has also created bad blood within the SEC. “She’s just frustrated,” Whalen noted. However, Schapiro’s critics say she hasn’t cracked the whip hard enough on Wall Street bad guys. One former Washington insider said that Schapiro is liked by President Obama and would stay on until a replacement is named, should he win re-election. One possible early front-runner to replace Schapiro may be FINRA CEO Richard Ketchum, sources speculate. For Superfast Stock Traders, A Way To Jump Ahead In Line (WSJ) Haim Bodek was a Wall Street insider at Goldman Sachs and UBS before launching his own trading firm. Now he is taking on the financial establishment that spawned him. Mr. Bodek approached the Securities and Exchange Commission last year alleging that stock exchanges, in a race for more revenue, had worked with rapid-fire trading firms to give them an unfair edge over everyday investors. He became convinced exchanges were providing such an edge after he says he was offered one himself when he ran a high-speed trading firm—a way to place orders that can be filled ahead of others placed earlier. The key: a kind of order called "Hide Not Slide." The encounter set off an odyssey for Mr. Bodek that has fueled a sweeping SEC inquiry into the activities of sophisticated trading firms and stock-exchange operators—including Nasdaq OMX Group Inc., NYSE Euronext, Direct Edge Holdings LLC and BATS Global Markets—according to exchange and other officials, and lawyers with knowledge of the inquiry. Vulture Funds Seek Fresh Meat (WSJ) “There hasn’t been a big bankruptcy in the last six to nine months,” said a hedge fund investor. “More stuff is coming out of distress than is going in.” US corporate bankruptcy filings peaked in the second quarter of 2009, at around 16,000, and have been trending downward ever since. In the first quarter of 2011, they hit about 11,000, according to the American Bankruptcy Institute. Silver Point co-founder Edward Mulé is optimistic the feast will continue. The $6.7 billion firm has had one of the best performances of distressed funds. It gained 10.36 percent this year through August and is up 98.6 percent since January 2009. “The tail of the 2008/2009 distressed credit cycle, coupled with weak global growth and de-leveraging, will continue to generate a steady stream of interesting opportunities,” said Mulé in a recent investor letter. Inside The Dark World Of Online Sugar Daddies (BuzzFeed Shift) Shortly after my profile's approval, emails started flooding my new fake account. One was from "International Finance Don Juan." He wrote: "You look hot. Let's meet." He claimed he was exotic and athletic, over six feet and an independent stockbroker on his profile. After some small talk, he asked to meet me at the W — a "cool" luxury chain where seemingly all these guys wanted to meet or get a hotel room. “Don Juan” had sent a face shot of himself. It was cropped and a little blurry, but I had a general idea of what he looked like. When he walked in to the lobby bar, though, instead of "athletic," he looked as if he could have checked off "more to love." I guess all that matters is that these guys have the cash they say they have...He asked what I'd like to drink. I said I liked pinot noir or champagne. "Oh, Prosecco is basically the same thing," he said, and ordered me one. I had made up a story that I was a graduate student in literature at Sarah Lawrence so I was only in the city once or twice a week to see friends. He wasn't trying to feign interest, but was looking my body over in a conspicuous way. "You've got an amazing ass," he said. "I looked when we were walking in. I hope you don't mind." He attempted to wink, but it seemed more like a tic. I said thanks in the most convincing way I could to a sweaty, slobbering guy with the most repugnant perpetual hard-on visible through his khakis. "You like me?" he asked. "You seem very nice. I'm just, I'm just suddenly not feeling well," I blurted out. "You feel sick, or you're not into me?" he asked. "You know, if you want, I live close. You could come and lie down and I can give you a massage. Since it's our first time meeting, once you're better, you could just give me a blow job. How about $550? Probably the quickest $550 you'll ever make, huh?" Soros Fund Invests in Mozambique Ethanol Project (WSJ) The Soros Economic Development Fund on Wednesday said its investment will give it a 19% stake in the $20 million project, started by food-and-energy company CleanStar Mozambique. Executives say the investment is in line with the fund's aim of backing businesses that provide a return on capital and spur broader economic development. US Fiscal Cliff Trumps EU Crisis as Top Worry (CNBC) A looming fiscal problem in the U.S. is now identified as the top tail risk for investors, marking the first time in 17 months that Europe’s debt crisis was not seen as the biggest concern for fund managers, a monthly survey by Bank of America/Merrill Lynch shows. The U.S. “fiscal cliff,” a combination of tax hikes and spending cuts set to come into force in January 2013, was identified by 35 percent of respondents as the largest risk going forward, up from 26 percent in August. In contrast, 33 percent of the respondents rated the euro zone debt crisis as their biggest concern, down from 48 percent in August. The survey of 186 fund managers, who oversee a combined $524 billion, was conducted from Sept. 7 to 13. BOE Looks Set For More Stimulus (WSJ) Rate-setters think the annual rate of inflation will take longer to fall to its 2% target than they thought last month because of rising commodity prices and an increase in companies' labor costs, according to the minutes of the September meeting of the central bank's Monetary Policy Committee, published Wednesday. Annual inflation was 2.5% in August. Lindsay Lohan arrested in New York after striking pedestrian outside nightclub (NYDN) Lohan was arrested early Wednesday in New York after hitting a pedestrian with a Porsche, police said. The troubled actress was maneuvering around a crowd of people in an alley between the Dream Downtown, a hotel and nightclub in the Meatpacking District, and the Maritime restaurant. "She's driving in this freight area, going very slow," a police source said. "She's hitting her horn because there's a lot of people in the area. The crowd moves but she kind of brushes against this one guy. Lohan was driving a 2010 black Porsche Carrera, not hers, when the incident occured around 12:30 a.m. Lohan and friends went inside the club, and the man — who hasn't been named but is 34 — called police. Lohan was later arrested about 2:30 a.m. and booked for leaving the scene of an accident with an injury. She was issued a desk appearance ticket. Her lawyer took the car after the arrest.

Opening Bell: 02.26.13

J.P. Morgan’s Investor Day: Cut That Headcount (Deal Journal) JP Morgan is looking to cut another $1 billion out of its expenses this year, including somewhere around 4,000 jobs, according to a new presentation...And that may not be all the cuts. In a separate presentation on the consumer bank and mortgage operations the bank expects to cut costs in mortgage banking by $3 billion over this year and next year and cut headcount there by between 13,000 and 15,000. Banks Face Hurdle In Libor Fight (WSJ) Next week, lawyers for Barclays PLC, Royal Bank of Scotland Group PLC, UBS AG and more than a dozen other banks still under investigation are expected to ask a federal-court judge to throw out many of the suits, which seek class-action status. The suits, filed in civil court in California and New York by plaintiffs ranging from a retired cable-car driver in San Francisco to the city of Baltimore, have been piling up for nearly two years. They seek damages that could reach into the tens of billions of dollars from financial institutions that help determine the London interbank offered rate, or Libor. Barclays, RBS and UBS already have paid about $2.5 billion, and admitted wrongdoing, to settle rate-rigging allegations by U.S. and U.K. regulators. In court filings, lawyers for the 16 banks accused of wrongdoing say the lawsuits have no legal validity. The lawyers say regulatory settlements reached so far don't support the central allegation in most of the civil suits that banks engaged in illegal, anticompetitive behavior. Berlusconi Concedes as He Weighs Alliance (Bloomberg) Former Italian Prime Minister Silvio Berlusconi acknowledged rival Pier Luigi Bersani’s narrow victory in the lower house of Parliament and said he’s open to a broad alliance to avoid a second election. “Everyone needs to think what good can be done for Italy and this will take some time,” Berlusconi said in an interview with Canale 5, a station owned by his Mediaset SpA broadcaster. The country can’t be left without a government, he said. Lew gettin’ close: Senate panel to OK as next Treasury boss (NYP) Treasury Secretary-nominee Jack Lew will get the green light to replace Tim Geithner despite taking heat during and after his confirmation hearing over a loan he received from New York University. The 57-year-old former White House chief of staff has enough votes from the Senate Finance Committee, headed by Max Baucus (D-Mont.), to pass a vote today that will likely lead to his confirmation, sources said. A full Senate vote is likely to be scheduled in a couple of days and held sometime next week. Larry Summers: Sequestration 'Meat Cleaver' Is Irresponsible (CNBC) Avoiding the "sequester" is "round three" in the debt-reduction debate, former Clinton Treasury Secretary Lawrence Summers told CNBC Tuesday, arguing for a "balanced approach" because President Barack Obama has agreed to more spending cuts than revenue during the process. In a "Squawk Box" interview, Summers said the funding constraints of the Budget Control Act of 2011 — which resolved that year's debt ceiling crisis — were round one. "You had spending cuts that were far larger from the discretionary side, that were far larger than anything [on revenue] that happened in December. Right now, we're way in balance toward more spending cuts." Dominique Strauss-Kahn seeks to ban 'half-man half-pig' book (Telegraph) The "biographical novel" by Marcela Iacub, a lawyer and journalist, recounts her seven-month affair with the 64-year-old Mr Strauss-Kahn last year. It is due to be published on Wednesday under the title, Belle et Bête, or Beauty and Beast. But the one-time Socialist presidential hopeful will this morning seek to have the book banned for "violation of the intimacy of private life" and the author and her publisher fined 100,000 euros (£88,000) in damages...In the work, she claims Mr Strauss-Kahn would have transformed the Elysée Palace into a "giant swingers' club" had he been elected French president. In fresh accounts by those who have read the book yesterday, the last chapter narrates the pair's final encounter, ending in Miss Iacub receiving treatment in casualty after "the pig" left her with an "eaten ear". Mr Strauss-Kahn has slammed the work of a woman who "seduces to write a book, claiming to have amorous feelings to exploit them for financial gain". Gupta's Gotta Pay GS $6.2 Million (NYP) Former Goldman Sachs director Rajat Gupta was ordered yesterday by a Manhattan federal judge to fork over a whopping $6.2 million to repay the Wall Street bank for legal fees it spent during the government’s probe of Gupta’s insider-trading case. The 64-year-old fallen star was convicted last year of giving up secrets he learned while on Goldman’s board to his pal and hedge fund honcho Raj Rajaratnam. Among the counts, the jury found Gupta guilty of giving Rajaratnam a tip on Warren Buffett’s $5 billion investment in Goldman in the throes of the financial crisis. Gupta, the former head of consulting firm McKinsey, is out on bail while he appeals the ruling. Goldman had requested restitution of $6.9 million — and submitted 542 pages of billing records from its lawyers at Sullivan Cromwell. Yahoo’s Mayer Risks Productivity With Work-From-Home Restriction (Bloomberg) Jackie Reses, Yahoo’s executive vice president of people and development, sent a memo last week asking employees with work-from-home arrangements to make their way to the company’s offices, starting June. “To become the absolute best place to work, communication and collaboration will be important, so we need to be working side-by-side,” according to the memo, whose contents were confirmed by a Yahoo employee who asked not to be identified because it’s not a public document. “Speed and quality are often sacrificed when we work from home.” At a time when Mayer is under pressure to jump-start growth and create innovative products, the shift may compromise Yahoo’s ability to attract employees seeking the freedom to work outside the office -- a perk offered by many of the company’s competitors. Research suggests that working from home enhances productivity, said Jody Thompson, co-founder of workforce consultant CultureRx. BP Oil-Spill Trial Begins (WSJ) Both Transocean and the Justice Department focused part of their opening statements on a 10-minute ship-to-shore phone call between two BP engineers, Donald Vidrine and Mark Hafle, less than an hour before the blast. From the rig, Mr. Vidrine allegedly talked about unusual results from a test designed to ensure the cement sealing in the bottom of the well was successful. Investigators later found that rig workers misinterpreted the results of the test. Dennis Rodman Bound For North Korea (Reuters) Retired U.S. basketball player Dennis Rodman is to visit North Korea to film a television documentary and will arrive in the capital Pyongyang on Tuesday, the Associated Press reported. Rodman, now 51 years old, won five NBA championships in his prime, achieving a mix of fame and notoriety for his on- and off-court antics. Thirty-year-old North Korean leader Kim Jong-un, who has launched two long-range rockets and carried out a nuclear weapons test during his first year in power, is reported to be an avid NBA fan and had pictures taken with players from the Chicago Bulls and Los Angeles Lakers during his school days in Switzerland. "At a time when tensions between the two countries (the United States and North Korea) are running high, it's important to keep lines of communication open, no matter how non-traditional those channels are," AP quoted Shane Smith, the founder of VICE, which is to make the TV series, as saying.