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Jamie Dimon: The stock market doesn't reflect Americans' pain [CNN Business]
"When you have 13 million people out of work, and you've got people suffering and small business suffering, that's far more important than the vicissitudes of Wall Street," Dimon told CNN's Christine Romans. "That's what we should worry about…."
Dimon also said he thought the US was "slowly getting the virus under control, and other countries have…." But Dimon also said that more government stimulus is needed, adding that there shouldn't be a sense of complacency just because the stock market has roared back to life in recent months.

To Withhold or Not: Trump’s Order Gives Employers a New Dilemma [NYT]
Since Mr. Trump, in an order he signed on Saturday, is only suspending the tax, not cutting it, the money that companies would cease to withhold from their employees’ earnings would have to be paid next year, barring legislative action. For companies, this would require some complex accounting maneuvering. For employees, it could mean an unwanted tax bill in 2021, making the break more of a headache…. “I would rather just keep paying the payroll tax as it is now and deducting from the employees,” said Arnold Kamler, the chief executive of the bicycle company Kent International. “If it does go into effect, we’ll be very upfront with the workers and tell them: ‘Don’t spend it. Just put it away.’”

SoftBank swings to profit after record loss as Vision Fund recovers [CNBC]
The recovery is largely down to rising valuations of SoftBank Vision Fund bets like Uber and Slack, which saw their share prices rally during the April to June quarter as U.S. tech stocks soared during the coronavirus pandemic…. The Vision Fund’s performance has been further bolstered by new stock market listings in the U.S. Home insurance start-up Lemonade, which SoftBank backed with $300 million, is now valued at over $1 billion, for example.

From Cocoa to Coffee and Sugar, Soft Commodities Stage Simultaneous Rally [WSJ]
In the past month alone, cocoa futures have risen 17% to $2,488 a metric ton and coffee futures have climbed 14% to $1.12 a pound.
Cotton and sugar futures have also surged in recent months and are up 10% and 19%, respectively, since May 1….
“The big picture is countries like Vietnam and Brazil have major virus issues going on and the fear is that it’s obviously going to slow the supply coming online as the infections accelerate,” said Joshua Graves, senior market strategist with RJO Futures.

Banks and tech giants including JPMorgan and Amazon pledge to hire 100,000 minority, low-income New Yorkers [CNBC]
The co-chairs of the new organization include Jamie Dimon, CEO of JPMorgan Chase; Arvind Krishna, CEO of IBM, and Julie Sweet, CEO of Accenture. Other initial members of the CEO group include Jeff Bezos of Amazon, Satya Nadella of Microsoft, Sundar Pichai of Google and David Solomon of Goldman Sachs.
The CEOs are “coming together to try to tackle one of society’s big problems, which is getting inner city school [children], largely minority, getting these kids through school and with a high-paying job,” Dimon said Tuesday in an interview with Stephanie Ruhle on the Today Show.

California state controller asks CalPERS to investigate CIO's exit [Reuters]
In a letter sent to CalPERS’ Board President Henry Jones on Monday, Yee called for a “swift and thorough inquiry” to determine whether any laws had been violated or whether the pension system had suffered “financial and reputational damage”…. Meng’s resignation came amid pressure from the Trump administration to curb investments in China.

Brooks Brothers Poised to Be Acquired by Authentic Brands-Simon Venture [WSJ]
Sparc Group LLC, the Authentic Brands-Simon venture, had bid $305 million for Brooks Brothers last month. That “stalking horse” offer includes a commitment to keep 125 Brooks Brothers stores open…. The Sparc offer had been subject to better bids, but the deadline for rival offers passed last week.

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Opening Bell: 6.7.22

Investors boo Boris’ survival; Jamie Dimon’s economist doesn’t agree with Jamie Dimon; Larry Fink can’t go to Moscow; and more!

By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

Holiday Bell: 12.27.16

Did Carl Icahn screw over Jamie Dimon? Can non-white-men make it in hedge funds? Does Mark Cuban know how Twitter works?

warby parker

Opening Bell: 9.29.21

Jamie Dimon’s disappointed; on second thought, Ozy will look into the whole ‘impersonating a YouTube exec in a fundraising call with Goldman Sachs,’ and more!

By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

Opening Bell: 5.21.21

Paging Dr. Dimon; the European Robinhood isn’t Robin Hood; Mormons love meme stocks; and more!

By joho345 (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Opening Bell: 3.10.21

Jamie Dimon punks Leon Black; GE sells something to get rid of something else; more corrupt Congressional stock trading; and more!

By World Economic Forum (Flickr: The Global Financial Context: James Dimon) [CC BY-SA 2.0], via Wikimedia Commons

Opening Bell: 7.14.17

JPMorgan doesn't need no stinkin trading; David Solomon is also apparently a DJ?; vomit ruins self-driving cars, hedge funder's life; and more.

By Steve Jurvetson (Flickr: Jamie Dimon, CEO of JPMorgan Chase) [CC BY 2.0], via Wikimedia Commons

Opening Bell: 6.15.21

Inflation spikes along with Jamie Dimon’s cash pile; no bonds for you; investing in oneself; and more!

Opening Bell: 03.22.13

Clock Ticks On Cyprus (WSJ) Cyprus, in an 11th-hour bid to unlock international aid, reopen the nation's banking system and preserve membership in the euro, readied a plan that would restructure its second-largest lender and enforce unprecedented restrictions on financial transactions. The proposals, if they take effect, would allow authorities to restrict noncash transactions, curtail check cashing, limit withdrawals and even convert checking accounts into fixed-term deposits when banks reopen. They have been closed since March 16. Parliament is set to debate the measures on Friday. If Cyprus can't pass them, it could find itself with little choice but to leave the euro zone—opening a Pandora's box that could threaten Spain and Italy. Time is short: The European Central Bank on Thursday threatened to cut off a financial lifeline if Cyprus's banks aren't stabilized by Monday. Credit Suisse Chief Gets 34% Raise (WSJ) Credit Suisse rewarded Chief Executive Brady Dougan for repositioning the bank in 2012 with a 34% pay rise, despite a fall in net profit for the year and a backdrop of growing criticism of executive remuneration. Mr. Dougan earned 7.77 million Swiss francs ($8.21 million), up from 5.8 million francs in 2011, when he took a pay cut as Switzerland's No. 2 bank by assets slogged through a difficult year in which its stock price fell 41%. Europe’s Bonus Clampdown Hits Two-Thirds of Fund Managers (Bloomberg) The European Parliament’s vote to cap bonuses in the asset-management industry could affect two- thirds of senior fund managers in the U.K., U.S. funds in Europe and hedge funds open to small investors. Bonuses should not exceed base salaries for managers of mutual funds regulated by the European Union, known as UCITS, European lawmakers in the economic and monetary affairs committee voted yesterday. The rules would cover 5 trillion euros ($6.5 trillion) of assets in UCITS, which include funds managed outside Europe and some linked to hedge-fund strategies such as John Paulson’s New York-based Paulson & Co. and Och-Ziff Capital Management Group. “If the final rules are even close to what has been agreed today, then this will fundamentally change the way asset managers are paid,” said Jon Terry, a partner at PricewaterhouseCoopers LLC. Asset managers “are now facing the toughest pay rules across the whole of the financial-services sector.” Boaz Says Dimon Should Have Known (NYP) The buck stops with Jamie Dimon. That’s the view of Boaz Weinstein, the hedge-fund manager who first speared the “London Whale” that led to $6.2 billion in trading losses for Dimon’s JPMorgan. Despite making a bundle by taking the other side of the bank’s bad bet, Boaz says that requiring bank CEOs to sign off on such trades is the only way to prevent debacles. As the “ultimate boss” of JPMorgan, Dimon should have had to approve the complicated trade, he said. “If you had a rule that anytime, anyone wants to make an investment in any one thing greater than $10 billion or $20 billion, the boss has to sign off on it,” then those types of disasters wouldn’t happen, Boaz said yesterday at the Absolute Return Symposium in Manhattan. Long Island Man Accepts Plea Deal in Fake Drowning (AP) The man, Raymond Roth, 48, of Massapequa, pleaded guilty to fourth-degree conspiracy. “The restitution Mr. Roth is ordered to pay ensures that the taxpayers won’t foot the bill for this scam,” said Kathleen M. Rice, the Nassau County district attorney. Prosecutors said Mr. Roth and his son, Jonathan Roth, 22, had plotted to collect about $400,000 in life insurance. The younger man’s case is pending. On July 28, Jonathan Roth told the authorities that his father had gone for a swim at Jones Beach and never came back. Responders searched for Raymond Roth for several days, while he was actually on his way to Orlando, Fla., prosecutors said. Raymond Roth’s wife found e-mails discussing the plot, and the authorities were alerted. Raymond Roth’s lawyer, Brian Davis, said on Thursday that he believed the plea bargain was fair, adding, “At this point, he wants to put it behind him.” Mood Sours In Northern Europe (WSJ) A worsening mood among businesses largely predated fraught negotiations over a Cypriot bailout, which economists say could stoke tensions surrounding the euro zone's debt crisis. Poorer sentiment among businesses lessens the chances of a rise in corporate investment, crucial for an economic recovery in the bloc at a time when most of its member states are cutting spending to control their debts. Economists See No Crisis With U.S. Debt as Economy Gains (Bloomberg) Three years after a government spending surge in response to the recession drove the U.S. past that red line -- the nation’s $16.7 trillion total debt is now 106 percent of the $15.8 trillion economy -- key indicators reflect gathering strength. Businesses have increased spending by 27 percent since the end of 2009. The annual rate of new home construction jumped about 60 percent. Employers have created almost 6 million jobs. And with borrowing costs near record lows, the cost of paying off the debt is lower now than in the year Ronald Reagan left the White House, as a percentage of the economy. BP to return $8 billion to shareholders from TNK-BP sale (Reuters) BP, which completed the sale of the half-owned TNK-BP to Russian state oil firm Rosneft on Thursday, said the move, designed to increase the value of remaining shares, was an amount equivalent to the value of the company's original investment in TNK-BP in 2003. Man finds knife blade in his back three years after stabbing (TS) A Northwest Territories man was just scratching what he thought was an annoying old itch earlier this week when it turned out to be a knife blade that had been buried in his flesh for almost three years. “I jumped in a cab and went straight to emergency,” said Billy McNeely, 32. The story goes back to an April 2010 birthday party in McNeely’s home town of Fort Good Hope, N.W.T. McNeely said a fight broke out between himself and another man over an arm-wrestling contest that ended up with McNeely being stabbed five times. “They stitched me up and bandaged me up,” said McNeely. “They never took X-rays.” Ever since, McNeely has had a lump in his back where the knife went in. Doctors and nurses told him nerves had been damaged in the stabbing. But the old wound never stopped nagging. “I always had back pains. There was always a burning feeling with it.” The injury was constantly itchy and irritated. It set off metal detectors. That was explained away as a metal fragment that had lodged in his bone. On Monday, while McNeely and his girlfriend were asleep in bed, the pain came back. “I sat up, I tried to rub it and scratch it the way I always did, and then the tip of my nail caught a piece of something solid, something sharp. “My girlfriend got up and she started playing around with it and she manoeuvred my back in a certain way and the tip of a blade poked out of my skin.” Doctors dug out a blade measuring about seven centimetres long.