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Commerzbank trades its way to surprise Q1 profit as raises outlook [Reuters]
Shares in Germany’s second biggest bank rose 7% after the better-than-expected performance, which Commerzbank said was largely attributable to net commission income from securities trading, a rebound that has also helped other banks.
Analysts, who had expected a net loss of 131 million euros for the quarter, still expect Commerzbank to report a loss this year as it carries out a 2 billion euro restructuring involving hundreds of branch closures and 10,000 job cuts.

Billionaire Howard to Return Cash From Secretive Hedge Fund [Bloomberg]
He’s redeeming clients in the Brevan Howard AH Master Fund that he started four years ago to make bigger and riskier bets, according to people with knowledge of the matter. Howard will continue to manage capital for the firm’s two other money pools…. The move marks a reversal for the manager who was in talks late last year to raise another $500 million in the fund after having doubled investors’ cash in the early days of the pandemic….
Last year, the firm had a record year with one fund gaining 99%.

Goldman Sachs executive quit after making a killing on dogecoin: report [N.Y. Post]
[Aziz] McMahon might be starting a hedge fund, according to [eFinancialCareers], which cited sources at Goldman.

Biggest risk for crypto? ‘Its own success,’ says founder of world’s largest hedge fund Ray Dalio [MarketWatch]
“No government wants to have an alternative currency.”
Dalio, founder of the world’s largest hedge fund firm, Bridgewater Associates, said that he’s “very bullish,” about crypto as a digital-clearing mechanism, perhaps, referring to decentralized finance, or DeFi.

Youngkin wins Virginia GOP nomination for governor [Politico]
[Glenn] Youngkin, a former CEO at the private equity firm Carlyle Group, brings a significant capacity to self-fund to the race…. Former President Donald Trump remains a very unpopular figure. He lost Virginia to Biden by 10 points, and a Christopher Newport University poll earlier this year found that a majority of Virginia voters said Trump was worse than most presidents while in office.
But in order to win over the party activists in the primary, Youngkin and the rest of the gubernatorial field embraced much of Trump’s legacy.

$100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investors [CNBC]
The shell company — Europa Acquisition I Inc. — was one of eight shell entities set up in 2010 by Peter Reichard and Peter Coker Sr., the North Carolina-based investors in deli owner Hometown International.
After Reichard and Coker sold them, most of those shell companies — including the one later purchased by Trump’s former real estate tax lawyer Allan Schwartz — ended up having their registrations revoked by the Securities and Exchange Commission for failing to keep current in their disclosure filings, records show.


Sergey Galyonkin from Raleigh, USA, CC BY-SA 2.0 , via Wikimedia Commons

Opening Bell: 4.11.22

Good earnings season tidings; Epic valuation; the default that wasn’t; ex-Bridgewater CEO debased himself for nothing; and more!


Opening Bell: 8.4.21

Robinhood steals from the IPO participants and gives to the options traders; markets set to tank for no reason at all; Carlyle failure touts Carlyle success; and more!


Opening Bell: 11.3.21

Getting canned by Carlyle may be the best thing that’s ever happened to Glenn Youngkin; bankers in Glasgow; and more!

Photo: Getty Images.

Opening Bell: 7.8.21

No more Didis; Archegos exodus; SEC stills Skybridge scheme; Commerzbank should have waited to lay off Wirecard vet; and more!

Opening Bell: 03.30.12

Three Major Banks Prepare for Possible Credit Downgrades (NYT) Moody’s Investors Service has said it will decide in mid-May whether to lower its ratings for 17 global financial companies. Morgan Stanley, which was hit hard in the financial crisis, appears to be the most vulnerable. Moody’s is threatening to cut the bank’s ratings by three notches, to a level that would be well below the rating of a rival like JPMorgan Chase. Eurozone Lifts Firewall (WSJ) Euro-zone finance ministers on Friday agreed on a temporary boost of the bloc's bailout lending limit to €700 billion ($931 billion), opting for a less ambitious plan that some fear won't be enough to prevent a re-awakening of euro zone financial turmoil. Dalio Earns $3.9bn to Top Hedge Fund Pay List (FT) Ray Dalio, head of Bridgewater, the world’s largest hedge fund, personally made $3.9 billion in a year that his $70 billion Pure Alpha fund produced $13.8 billion of investment profits for its investors, according to industry rankings. He tops a list published Friday by Absolute Return magazine of the richest 25 hedge fund managers. The select group took home $14.4 billion in pay and paper profits on their own investments last year, down from $22 billion in 2010 in a sign of the industry’s struggle to deliver returns for its clients in 2011. Goldman Bets on Property Rebound With New Fund: Mortgages (Bloomberg) The U.S. Housing Recovery Fund is expected to finish its first round of capital raising and open April 1, according to a marketing document obtained by Bloomberg News. It will focus on senior-ranked securities without government backing, many of which now carry junk credit grades. BATS Weighs Cooling Its Listing Push (WSJ) BATS Global Markets Inc. is considering suspending its efforts to recruit corporate listings after a software glitch last Friday derailed the exchange operator's IPO, people familiar with the matter said. Concerns about BATS's bungled initial public offering could disrupt its efforts to draw other companies to list their stocks on its electronic exchange, forestalling ambitions by the electronic-markets operator to become a full-service exchange company. Such a move could entail notifying the Securities and Exchange Commission, which last year approved BATS's plan to list shares and exchange-traded products. Canada Eliminates Penny Costing Penny-and-a-Half to Make (Bloomberg) Canada will withdraw the penny from circulation this year, saving taxpayers about C$11 million ($11 million) annually and forcing retailers to round prices to the nearest nickel, the government announced in its budget today. Grand Central nabs tell-all by ex-Goldman exec Smith (NYP) Greg Smith, the former Goldman Sachs executive who became an instant sensation when he ripped the Wall Street investment bank with a resignation letter published as an Op-Ed piece in the New York Times, has scored a $1.5 million advance to write a memoir of his experiences. Oil Rally Fails to Lift Commodity Hedge Funds' Returns (FT) Many multibillion managers have been wary of potential political shocks in the Middle East and a repeat of last year’s May oil sell-off. They have shunned risk over the past three months or lost out by betting that oil markets would become more choppy. Many of the sector’s leading names have underperformed broader hedge fund peers, which have enjoyed one of their best quarters on the back of rising global equity markets. Billions Lost In Tax Refund Scam (WSJ) The perpetrators of the scheme, authorities say, swipe the Social Security numbers of Puerto Rican citizens, who don't have to pay federal income tax—and are less likely to be on the IRS radar—and use their information to file fake returns. In some cases, they enlist U.S. mail carriers to intercept the refund checks that are disbursed. The plot, which includes participants from around the U.S. and Latin America, has been around for at least five years. Prosecutors have obtained multiple convictions but none involving those believed to be among the top players in the operation, according to several people briefed on investigations into the fraud. BlackBerry Maker In Turmoil (WSJ) The overhaul comes just two months after Thorsten Heins took the reins at RIM and confidently proclaimed there was no need for "seismic" change. But with the company's sales tumbling 25% in the latest quarter, new BlackBerrys piling up unsold and a crucial lineup of new devices still not expected to arrive until later this year, Mr. Heins is taking more drastic actions. RIM will back out of its high-profile attempt to win business among consumers to focus on its core corporate customers. Queen Creek couple accused in dog-sex plan plead not guilty (AZC) A Queen Creek couple have pleaded not guilty to charges of planning to have sex with a dog. The case prompted Sheriff Joe Arpaio to ask the website Craigslist to better monitor its personal ads. Shane Walker, 33, and his wife Sarah Walker, 39, posted a Craigslist ad on Feb. 7 titled, "Wife looking for K9," according to Maricopa County Superior Court records.

Approx. size of the new pad.

Opening Bell: 5.28.20

The Dow rises with unemployment claims because people don’t have a choice, apparently; KKR and Blackstone healthcare companies on life support; Silver Lake is expensively trolling Dan Loeb; and more!

liars poker

Opening Bell: 2.7.22

First times for everything; Ray Dalio’s former deputy fomenting the civil war Ray Dalio says is coming; Kohl’s is not for sale; and more!

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!