Judy Shelton Lacks Confirmation Votes for Fed Board, Thune Says [Bloomberg]
“We’re still working it,” said Thune of South Dakota. “It’s the Federal Reserve, it’s important so obviously we want to get it done. But we’re not going to bring it up until we have the votes to confirm her….” Two Republicans -- Mitt Romney of Utah and Susan Collins of Maine -- have said they won’t back her elevation to the Fed. Senator Lisa Murkowski, an Alaska Republican, “is still in the process of vetting her nomination,” spokeswoman Karina Borger said in an email. Tennessee Republican Lamar Alexander, who is not seeking re-election, hasn’t said how he would vote and spokesman William Heartsill declined to comment.

CNBC’s Cramer apologizes for calling Pelosi ‘crazy Nancy’ [AP]
“What deal can we have, crazy Nancy?” he said during the interview…. “I challenge anyone to listen to the interview and think I wasn’t imitating what the president says and how repulsive I find it,” he tweeted…. “It was a tongue-in-cheek attempt to make a point about the harsh tone of negotiations in Washington,” he said. “But it fell completely flat and I apologize for that. ”

China’s ByteDance to Keep Majority TikTok Stake in Oracle Deal Under U.S. Consideration [WSJ]
TikTok’s global business would also become a company based in the U.S. that would remain a unit of ByteDance, the person said, adding that Oracle would take a minority stake in that company.
President Trump said at the White House on Tuesday that his administration would make a decision on the pending deal “pretty soon,” adding that he has “high respect” for Oracle Chairman Larry Ellison.

FTC Prepares Possible Antitrust Lawsuit Against Facebook, Source Says [Bloomberg]
A lawsuit by the FTC would mark another major escalation by U.S. officials in their campaign against America’s technology giants, which have come under intense scrutiny in Washington over their dominant market positions. The Justice Department is preparing to sue Alphabet Inc.’s Google in a matter of weeks…. Technology giants are grappling with sprawling inquiries by federal agencies, Congress and state attorneys general. The U.S. House antitrust panel is preparing recommendations for reining in the power of tech companies like Facebook after a yearlong investigation of the industry. On Tuesday, a Senate Judiciary panel laid out a case for how Google has used its dominance in search and digital advertising to benefit its products and harm competition.

Nasdaq Ramps Up Cloud Move [WSJ]
Several of Nasdaq’s 28 markets in North America and Europe will be hosted in the public cloud in about five years, with all of its markets expected to migrate over the next decade, said Brad Peterson, the New York-based company’s chief technology and information officer. The markets are currently run on-premise in data centers….
In March, Nasdaq repeatedly saw daily peaks of more than 100 billion messages being sent and received in the U.S., more than twice the volume of the previous record…. Because Nasdaq’s data warehouse for the U.S. and Canada had earlier migrated to Amazon Web Services from its own data centers, the cloud was able to handle the increase in traffic.

Ex-Owner in $146 Million Elder Care Default Is Charged in Ponzi Case [NYT]
The $146 million default in 2018 was the worst ever for a program that insures mortgages on roughly 15 percent of the nation’s nursing homes…. Federal authorities said the two men had misled investors about the financial health of the nursing homes and had run them as a Ponzi scheme, using money from new investors to pay earlier ones and skim cash for themselves.

Why Did Stock Markets Rebound From Covid in Record Time? Here Are Five Reasons [WSJ]
The S&P 500’s journey from record high to a bear market—defined as a drop of 20% or more—to a new record took just 126 trading days, the fastest-ever such climb. In previous downturns going back to 1928, it took an average of more than 1,500 sessions for the index to return to record levels, equivalent to about six years…. “Everything about this crisis has been outsized and has moved at warp speed,” Jim Paulsen, chief investment strategist at Leuthold, wrote in a note to clients in August. “If the economy continues its recovery and real GDP growth is anywhere close to the current consensus view, the stock-market bull may just be getting warmed up.”

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Jim Cramer Weeps

Opening Bell: 8.5.20

Great timing for 1.4 million more unemployment claims; Commerzbank won’t be profitable this year after all; Jim Cramer thinks you’re stupid; and more!

By Apavlo at English Wikipedia (Transferred from en.wikipedia to Commons.) [Public domain], via Wikimedia Commons

Opening Bell: 10.7.16

Pound flash crash; Twitter's no good very bad day; Qatari hearts Deutsche Bank; Vanilla Ice vows to ride out Hurricane Matthew; and more.

Opening Bell: 11.6.15

Bill Gross 100% of rate hike in December; Goldman pulls out stops for junior bankers; Jim Cramer says he was a moron; "Battery Charge Dropped In Dildo Attack Case"; and more.

Opening Bell: 11.19.12

Geithner: Deal To Avoid 'Fiscal Cliff' Can Be Made In Weeks (Bloomberg) Treasury Secretary Timothy F. Geithner said he’s confident an agreement on averting the fiscal cliff can be concluded within weeks after White House talks between President Barack Obama and congressional leaders. “It was a good meeting, and the tone was very good,” Geithner said in an interview in Washington. “I think this is doable within several weeks.” Geithner said a deal must be reached soon to prevent further damaging consumer confidence. The lack of agreement is “this huge cloud of uncertainty hanging over the economy,” he said. As the peak of holiday shopping season approaches, “You’d want to do it as soon as you can.” “This is within our grasp, within our reach,” Geithner said. “It’s not that complicated.” Geithner repeated the administration’s calls for an immediate extension of middle-class tax cuts, and said a deal on high-end tax cuts shouldn’t be delayed. “I think deferring things doesn’t work,” he said. “You know, we’ve had several periods now where there was a choice made to defer.” Obama Calls CEOs, Including Buffett, Dimon (Politico) President Obama made calls to a handful of top business leaders over the weekend, a White House official said Sunday, as part of effort to build support for his approach to averting the fiscal cliff. In conversations that came during his weekend of travel to and in Asia, Obama stressed "the need to find a balanced deficit reduction solution that protects the middle class and continues to move our economy forward," the official said. Obama spoke to Berkshire Hathaway CEO Warren Buffett, Apple CEO Tim Cook, JPMorgan Chase CEO Jamie Dimon, Boeing CEO Jim McNerney and Costco CEO Craig Jelinek, the official said. Lagarde: Reality' Not 'Wishful Thinking' Needed on Greece (Reuters) "I am always trying to be constructive but I am driven by two objectives," Lagarde said in an interview, "to build and approve a program for Greece that is solid, that is convincing today, that will be sustainable tomorrow, that is rooted in reality and not in wishful thinking. Investment Falls Off A Cliff (WSJ) U.S. companies are scaling back investment plans at the fastest pace since the recession, signaling more trouble for the economic recovery. Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls. Sahara Feeling Heat Over Bond Sales (WSJ) India's Sahara Group has built an empire by offering financial products to tens of millions of rural Indians who typically stashed their meager savings under the mattress. Business was so good that Sahara, using fees and investments from its customers' deposits, grew into a multi-billion-dollar conglomerate that includes a 10,000-acre township, New York's Plaza Hotel building and a Formula-1 racing team. Today, the company's practices are coming under intense public scrutiny, the product of years of tussle between Sahara and regulators who worry India's informal financial sector has grown dangerously fast and without oversight. Many savers who scraped together money to put with Sahara now fear they could face lengthy delays in getting their money back. Opportunists Stockpile Twinkies for Big Payday (AP) Hours after the maker of Twinkies, Hostess Brands, announced its plans to close forever, people flocked to stores to fill their shopping baskets with boxes of Twinkies, which are cream-filled sponge cakes, and other snacks made by the company — Ding Dongs, Ho Hos and Zingers. Late Friday and Saturday, the opportunists took to the Web sites eBay and Craigslist. They began marketing their hoards to whimsical collectors and junk-food lovers for hundreds, in some cases thousands, of dollars. That is a fat profit margin, considering the retail price for a box of 10 Twinkies is about $5. Bond Investor Takes Big Punt On Ireland (FT) Franklin Templeton funds increased their holdings of Irish bonds by more than a third to at least €8.4 billion in the third quarter. This means that the San Francisco-based US asset manager now controls almost a 10th of Ireland’s entire government bond market. Most of the bonds have been snapped up by funds controlled by Michael Hasenstab, co-director of Franklin Templeton’s international bond department, and particularly by the $64 billion Templeton Global Bond Fund he manages. Kim Kardashian Weighs In On The Israeli-Palestinian Conflict (HP) Kim Kardashian is apparently neutral when it comes to the current Israeli-Palestinian conflict. The reality star first tweeted support for Israel: "Praying for everyone in Israel," she wrote. And after five minutes of backlash, the star tweeted again: "And praying for everyone in Palestine and across the world!" she wrote. Kardashian is clearly the last person anyone wanted to hear from regarding the issue, and the 32-year-old was immediately hit with more backlash over the tweets -- including death threats. The star has since deleted the tweets and explained her reasons for tweeting about the conflict in a blog post on her website. Shadow Banking Grows to $67 Trillion Industry, Regulators Say (Bloomberg) The shadow banking industry has grown to about $67 trillion, $6 trillion bigger than previously thought, leading global regulators to seek more oversight of financial transactions that fall outside traditional oversight. The size of the shadow banking system, which includes the activities of money market funds, monoline insurers and off- balance sheet investment vehicles, “can create systemic risks” and “amplify market reactions when market liquidity is scarce,” the Financial Stability Board said in a report, which utilized more data than last year’s probe into the sector. “Appropriate monitoring and regulatory frameworks for the shadow banking system needs to be in place to mitigate the build-up of risks,” the FSB said in the report published on its website. Lehman Trustee Ends Citigroup Fight (WSJ) The trustee unwinding Lehman Brothers Inc. reached an agreement with Citigroup that ends a long-running legal fight over more than $1 billion that Lehman deposited at the bank the week it filed for bankruptcy protection. The deal puts $435 million in the coffers of Lehman's brokerage unit, LBI, for distribution to customers and other creditors, according to the settlement filed Friday night in U.S. Bankruptcy Court in Manhattan. Europe Seeks More Taxes From US Multinationals (NYT) Google, Amazon, Starbucks and other American companies facing tax scrutiny say they are doing nothing wrong. They use complex accounting strategies to exploit national differences across Europe in corporate tax rates, which range from less than 10 percent to more than 30 percent, and loopholes that can reduce their effective European tax levies to almost nothing. Google, for example, records most of its international revenue at its European headquarters in Ireland, where the corporate tax rate is 12.5 percent. Across Europe, customers who buy advertising, Google’s primary source of revenue, sign contracts with the company’s subsidiary in Ireland, rather than with local branches. Google ends up paying Irish taxes on only a fraction of the billions of euros that course through its Dublin office. That is because the company uses a variety of methods, including royalty payments to a unit in Bermuda, to reduce further the amount of money exposed to tax liability. So, while Google told the Securities and Exchange Commission that it generated more than $4 billion in sales in Britain last year, it reported revenue of only £396 million, or $629 million, in itsofficial filings there. Central New York district attorney Marc Suben admits to '70s porn star past (NYDN) Prior to this year’s election, Marc Suben denied appearing in 1970s skin flicks, telling reporters he was the subject of a campaign by political rivals who wanted to sully his reputation. But Friday, CNYCentral.com published a story highlighting a YouTube video comparing Suben with porn actor Gus Thomas, whose IMDB film credits include “Deep Throat Part 2” and “Doctor’s Teenage Dilemma.” Suben swiftly called a press conference and “humbly” apologized to those he had deceived. He admitted to using “bad judgment” both by appearing in adult films in his youth and by lying about them as a public official. He was first elected in 2008. “I was shocked and embarrassed to be confronted with this so many years later,” said Suben, who has also served as a judge. “I was embarrassed for my family and friends who stood by me. I also denied my actions to my family, my friends and my staff.” He declined to say whether he plans to resign.

By Nordenfan (Own work) [CC BY-SA 4.0], via Wikimedia Commons

Opening Bell: 9.26.17

Deutsche Bank is having a no good very bad Monday; Stumpf gets $123.6 million if he walks; Man caught using mannequin torso to cheat California carpool lane; and more.