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Global Electronic Trading Company (GETCO) is an algorithmic trading and electronic market.

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141 West Jackson Boulevard

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Opening Bell: 8.10.21

Aug 10, 2021

Opening Bell Opening Bell: 8.10.21 Banks bet bags of money can cure burnout; Citi quits Australia; looks like Jay Powell may be looking for a job; and more! Author: Aug 10, 2021 Banks bet bags of money can cure burnout; Citi quits Australia; looks like Jay Powell may be looking for a job; and more! More money could help attract and retain junior bankers, but now that most of the major players have landed at about the same rate, it isn’t necessarily a competitive advantage. Flexible working schedules for those back at the office, Zoom-free Fridays and other non-monetary perks could help. More immediately, it’s worth watching to see if pandemic precautions at the office become a differentiator in Wall Street’s war for talent…. JPMorgan Chase announced only that it was reinstating mask requirements for all U.S. employees, many of whom are back in offices on rotations. But a memo to staff from the bank’s operating committee flagged a potential change to its workplace policy down the road: “We deeply appreciate your efforts and will continue with our previously stated return to the office schedule as we learn more about how hybrid working may work for our company.” NAB, one of the four dominant banks in Australia, will pay Citigroup A$250 million ($184 million) for the book of mortgages, credit cards and deposits, the banks announced. Ms. Fraser took over Citigroup in March and quickly announced a restructuring that would shed consumer operations in 13 global markets, trying to simplify the bank to focus on a few global hubs. She intends to streamline the sprawling bank further, aiming to boost profits and returns to close the gap with rivals. The chamber is expected to vote on the bill’s passage at about 11 a.m. ET…. The Senate will next vote on a budget resolution in coming days to unlock the reconciliation process. Schumer said Monday that the chamber will “immediately” vote on proceeding to the budget measure after finishing the infrastructure bill. If Mr. Powell isn’t given a new four-year term next February, when his current term expires, the leading contender for the job is Fed governor Lael Brainard, an economist appointed to the board in 2014 by former President Barack Obama…. Mr. Biden passed over [Sen. Elizabeth] Warren for the post of Treasury secretary but has stocked his administration with her former staffers and other favorites, and her backing has been an important credential for other financial regulatory posts. Workhorse, also based in Ohio, was an early investor in Lordstown Motors, which was established in 2019 by Workhorse founder and former chief executive Steve Burns, an entrepreneur who had previously begun tech and marketing companies…. Workhorse said it netted $79 million from selling down its Lordstown Motors shares. Lordstown Motors stock was trading at $5.77 a share Monday morning, down 2.7% after Workhorse reported it reduced its stake. China has a special term for companies like Evergrande: “gray rhinos,” so large and so entangled in the country’s financial system that the government has an interest in their survival. A failure on the scale of Evergrande would ripple across the economy, and spell financial ruin for ordinary households…. The model of selling apartments before they were completed gave companies the cash they needed to keep operating. That was, until regulators took note of the property sector’s unruly debt, making it harder for developers like Evergrande to finish the apartments they have already sold to buyers. By Citi's First-Quarter Profit Rises 30% (WSJ) Citigroup reported first quarter net income on Monday of $3.8 billion, up 30% from a year earlier and triple the profit from last quarter, on improved revenue in its capital-markets unit. Per-share profit of $1.23 handily beat Wall Street consensus of $1.17. Excluding a $198 million charge for a valuation adjustment on Citi's own debt, it would have been $1.29 per share. First-quarter revenue rose 3% from a year earlier and 12% from the fourth quarter, in part because Citi pulled $652 million previously set aside for loan losses, helping the bottom line. Greece on Track to Receive Next Aid Tranche (WSJ) The deal now paves the way for Greece to receive a promised €2.8 billion ($3.67 billion) aid tranche from its creditors this month, and another €6 billion disbursement next month, pending approval from euro-zone finance ministers who are expected to discuss the country's reform program at a meeting May 13. Pension Group Moves to Split JPMorgan Chairman, CEO Roles (CNBC) A group of JPMorgan Chase shareholders urged support for its proposal to split the chairman and CEO roles at the big bank in a letter Monday. The proposal is number "6" in the proxy materials for JPMorgan's shareholder meeting, taking place May 21 in Tampa, Fla. Among the multiple reasons cited for the split, the group points to lapses in oversight evidenced during the London Whale debacle. Perhaps the most compelling reason for splitting the roles: The bank's being in constant crosshairs with regulators. It's being investigated by eight regulators at present. Iceland Is First in Europe to Sign Free Trade Pact With China (Bloomberg) Iceland’s Foreign Minister Ossur Skarphedinsson signed the deal with Commerce Minister Gao Hucheng in Beijing today, bringing to a close six years of talks, according to Iceland’s Foreign Ministry. Nesting falcon hits Vodafone customers in Southampton (BBC) A peregrine falcon nesting by a faulty transmitter has meant mobile phone reception has not been able to be restored to parts of Southampton. Vodafone engineers discovered a female bird nesting when they tried to repair the faulty mast on 9 April. The phone company said it could not legally access the mast until any chicks had fledged, possibly in June. Peregrine falcons are protected under the Wildlife and Countryside Act. The nest's location cannot be revealed. It is not yet known if the bird was the cause of the original fault. Mobile phone users left without signal have criticised the speed of Vodafone's response. Elizabeth Corbett said: "I understand the nesting birds are out of their control but their reaction to it has been extremely slow." A Vodafone spokesman said the company was being "very careful" in dealing with the protected species. "We're already looking at alternative contingency plans and we'll inform our customers as soon as we can. "While this is inconvenient for our customers, it is great news that the falcons are nesting in the city." Cyprus Offers Citizenship to Foreign Depositors (Reuters) Cyprus will relax requirements for citizenship, including for bank depositors who lost large amounts of money in the deal with the EU and IMF, in an effort to keep foreigners interested in investing in the island state, the president said on Sunday. Getco, Knight Alter Deal Terms (WSJ) Getco and Knight on Monday altered their merger to comply with New York Stock Exchange listings standards, according to a document filed with regulators. They revised the ratio by which shares of Knight and units of privately held Getco will be exchanged for stock in the combined company. This will elevate the merged Getco-Knight's share price above the minimum $4 per-share required for new companies listed on the Big Board, according to the document. Brokers Face Pay Disclosures (WSJ) Securities regulators are widely expected to start forcing stockbrokers who get big bucks when they defect to another firm to tell their clients. Defendant tries to 'duck' into Honolulu court (HW) The basic rule for anyone wishing to enter Circuit Court on Oahu is no knives, guns, or anything that could be classified as a weapon. Michael Hubbard was well aware of the rule when he returned to the courthouse Monday morning to see his court officer regarding one of his two pending felony assault cases. What he didn't know is that the list of items not allowed in court included beer and live animals. Like the dozens of people who filed into the security line, Hubbard took his turn of waiting patiently for security guards to screen him. Upon reaching the X-ray screening machine, he gently placed his bag onto the conveyor belt and then walked through the metal detector. The officer screening Hubbard's bag noticed two bottles and an unidentified object. Deputies asked him to open his bag, but he refused, which arose their suspicions. "Deputies told him that if he didn't open the bag, he couldn't enter and that he needed to leave immediately," said Toni Schwartz, public information officer for the Department of Public Safety. Hubbard insisted on keeping the contents of his bag a secret. Officers eventually escorted him outside, where he relented and blurted out, "There's a live duck in there!" The guards didn't know what Hubbard meant, but when they opened the bag, comprehension was crystal clear. An actual live duck was inside, along with two 40-ounce bottles of beer. Charges Weigh On Bank Of America's Profit (WSJ) Overall, Bank of America reported a profit of $732 million versus a profit of $1.99 billion a year earlier. On a per-share basis, which includes the payment of preferred dividends, the bank reported earnings of three cents versus 15 cents a year earlier. The most recent period included a per-share impact of 16 cents from the Fannie Mae settlement, a six cent impact from the foreclosure review and litigation expense of five cents a share, among other items. Revenue dropped 25% to $18.66 billion as noninterest income fell 41%. Excluding $700 million of debit valuation and fair value option adjustments, and $3 billion for the cost of $3 billion, revenue was $22.6 billion. Citigroup Earnings Miss Analysts’ Estimates on Litigation (Bloomberg) Net income climbed 25 percent to $1.2 billion in the fourth quarter, or 38 cents a share, from $956 million, or 31 cents, a year earlier, the New York-based lender said today in a statement. Earnings adjusted for one-time items including restructuring costs were 69 cents a share. Twenty-one analysts surveyed by Bloomberg estimated 96 cents on average, with some items Citigroup didn’t include. Chief Executive Officer Michael Corbat, 52, took over in October and last month announced plans to eliminate about 11,000 employees and pull back from some emerging markets, undoing part of the expansion strategy of his predecessor, Vikram Pandit. Litigation costs included $305 million from a settlement between U.S. banks and federal regulators, who were probing claims that lenders improperly seized homes. Goldman Profits By Going On Offensive (WSJ) The value of Goldman Sachs's investment portfolio doubled last year. Bond underwriting hit a five-year high. The firm's workforce shrank and remaining employees were paid a smaller chunk of overall revenue. Those were just some of the ingredients in a bigger-than-expected profit jump by the New York company, which said net income almost tripled to $2.83 billion in the fourth quarter from $1.01 billion a year earlier. Wednesday's results were packed with evidence of Goldman's discipline in cutting costs, taking less risk with its own money and riding out financial crises in the U.S. and then Europe. Goldman Agonized Over Pay Cuts as Profits Suffered (Reuters) Top executives at Goldman Sachs have been considering deep cuts to staffing levels and pay for at least two years, but feared too many layoffs would leave the firm unprepared for an eventual pickup in business, people familiar with the bank said. They instead chipped away at staff levels and focused on non-personnel expenses that are less painful to cut. But investors pressured the bank to cut costs further, the sources said, and on Wednesday, Goldman gave in. The largest standalone investment bank said in the fourth quarter it cut the percentage of revenues it pays to employees in half to 21 percent. That brings the ratio for the entire year to its second-lowest level since the bank went public in 1999. Fed Concerned About Overheated Markets Amid Record Bond-Buying (Bloomberg) Now, as central bankers boost their stimulus with additional bond purchases, policy makers from Chairman Ben S. Bernanke to Kansas City Fed President Esther George are on the lookout for financial distortions that may reverse abruptly when the Fed stops adding to its portfolio and eventually shrinks it. “Prices of assets such as bonds, agricultural land, and high-yield and leveraged loans are at historically high levels,” George said in a speech last week. “We must not ignore the possibility that the low-interest rate policy may be creating incentives that lead to future financial imbalances.” Estonian president’s Twitter fight with Paul Krugman becomes an opera (RS) A Twitter feud in June between the Estonian president and New York Times columnist Paul Krugman who questioned the impact of Estonia’s austerity measures, is being turned into an opera, US composer Eugene Birman told AFP on Wednesday. “Our short opera will be first performed by Iris Oja and the Tallinn Chamber Orchestra conducted by Risto Joost during Tallinn Music Week on April 7,” Birman, who moved from Riga to the US at age of six, told AFP. The piece, in two movements, uses two voices, those of Krugman and Estonian President Toomas Hendrik Ilves, reflecting their exchanges on the Twitter social network...The bow-tie loving Ilves went on a tweet-rant after Krugman, the winner of the 2008 Nobel Prize for Economics, argued in a short article entitled “Estonian Rhapsody” that while Estonia had been globally praised for its austerity measures, its recovery was in fact lukewarm. “Let’s write about something we know nothing about & be smug, overbearing & patronizing…Guess a Nobel in trade means you can pontificate on fiscal matters & declare my country a ‘wasteland,’” Ilves responded on his page on the on the micro-blogging site Twitter. “But yes, what do we know? We’re just dumb and silly East Europeans,” he added, before writing in his final tweet, “Let’s sh*t on East Europeans.” Deutsche Bank Derivative Helped Monte Paschi Mask Losses (Bloomberg) Deutsche Bank designed a derivative for Banca Monte dei Paschi di Siena SpA at the height of the financial crisis that obscured losses at the world’s oldest lender before it sought a taxpayer bailout. Germany’s largest bank loaned Monte Paschi about 1.5 billion euros ($2 billion) in December 2008 through the transaction, dubbed Project Santorini, according to more than 70 pages of documents outlining the deal and obtained by Bloomberg News. The trade helped Monte Paschi mitigate a 367 million-euro loss from an older derivative contract with Deutsche Bank. As part of the arrangement, the Italian lender made a losing bet on the value of the country’s government bonds, said six derivatives specialists who reviewed the files. BlackRock Net Jumps 24% (WSJ) The company said net inflows in long-term products totaled $47 billion at the year's end, reflecting equity, fixed income and multiasset class product net inflows of $31.2 billion, $12.4 billion and $4.1 billion, respectively. The net inflows were partially offset by alternatives net outflows of $700 million. Total assets under management were $3.792 trillion as of the end of the fourth quarter, versus $3.513 trillion a year earlier and $3.673 trillion in the third quarter. Jobless Claims Drop To 5-Year Low (Reuters) Initial claims for state unemployment benefits fell 37,000 to a seasonally adjusted 335,000, the lowest level since January 2008, the Labor Department said on Thursday. It was the largest weekly drop since February 2010. Khuzami defends corp. settlements (NYP) Robert Khuzami, the Securities and Exchange Commission’s enforcement chief, is on his way out the door — but he says in an interview with The Post that the agency’s much-maligned practice of settling cases is here to stay. Khuzami, 56, defended the SEC’s policy of allowing targets to settle cases — usually without an admission of wrongdoing — despite recent criticism. “There are certain myths about SEC practices, including how ‘neither admit nor deny’ works and why we use it,” said Khuzami, who is leaving his post after heading the agency’s crackdown on big banks following the financial crisis. “I speak out against these myths in the hope of reducing the level of cynicism felt by the public, which are often fueled by mischaracterizations or misunderstandings of how we operate.” Commissioners approve regulations governing sexy coffee stands (Kitsap Sun) Owners of adult-themed coffee stands in unincorporated Kitsap County will have to post signs warning would-be customers about their scantily-clad baristas, and they'll have to do more to protect passers-by from seeing into their businesses. That's according to an ordinance passed Monday in a unanimous vote of the Kitsap County commissioners. The stands have 60 days to comply with the changes, which include a site visit by county planning staff to check the signs are posted and additional screening is added...The ordinance requires adult espresso stands — the three existing stands and any new ones — to install an 8-foot-high fence or landscape buffer, approved by the county Department of Community Development, in front of windows that face the street or other businesses, blocking views by the public. Businesses also must receive a one-time certification from DCD to guarantee the regulations are met. A boiling point was hit more than a year ago when five stands — three of them within a half-mile stretch of Highway 303 — advertised employees in pasties and lingerie. Unhappy parents demanded commissioners regulate the businesses. The health department doesn't require clothing, instead it looks at whether employees have food handler permits, said Department of Community Development associate planner Heather Adams. The state Department of Labor and Industries also has no rules dictating required clothing at coffee stands, Adams said. Spain eyes pension reform with aid package in sight (Reuters) Spain is considering freezing pensions and speeding up a planned rise in the retirement age as it races to cut spending and meet conditions of an expected international sovereign aid package, sources with knowledge of the matter said. The measures would save at least 4 billion euros a year as well as fulfil European Union policy recommendations issued in May which senior euro zone sources said were being used as a blueprint for the terms of a sovereign aid program. Banker Breakups May Help Spur U.K. Divorce Law Changes (Bloomberg) The review of U.K. divorce law was triggered in part by the case of German heiress Katrin Radmacher and ex-JPMorgan investment banker Nicolas Granatino, lawyers said. In October 2010, the U.K. Supreme Court ruled for the first time that a U.S.-style pre-nuptial agreement on asset-division, reached before marriage, should be decisive. In London, it’s common for big divorce payouts to go to partners with less money even if that spouse is relatively young, the relationship was brief and there aren’t children, Gallagher’s lawyer, Katie O’Callaghan, said. “People actively try to get divorced in this country because if they are the financially weak party, they can expect a bigger payment,” said O’Callaghan. Porsche, Daimler Indicate Europe’s Car Crisis Spreading (Bloomberg) “If a downturn lasts for longer, which this one is, premium is not immune from pricing trends,” said Arndt Ellinghorst, a London-based analyst at Credit Suisse Group AG with an outperform recommendation on BMW, Porsche and VW, and a neutral on Daimler. “The pricing environment in Europe is the biggest problem,” with incentives spreading from Italy, Spain and France to Germany. Senate JPMorgan Probe Said to Seek Tougher Volcker Rule (Bloomberg) Staff members of the Permanent Subcommittee on Investigations, headed by Senator Carl Levin, have interviewed JPMorgan officials as well as examiners and supervisors at the institution’s regulator, the Office of the Comptroller of the Currency, said the people, who spoke on condition of anonymity because the inquiry isn’t public. One focus of the queries is whether JPMorgan’s wrong-way bets on derivatives would have been permitted under regulators’ initial draft of the Volcker ban on proprietary trading, the people said. Cain says he'd be leading Obama if he were nominee (TGS via DI) Cain told members of the media after the speech that Republican presidential nominee Mitt Romney's recent “47 percent” comment was a “non-story” being blown out of proportion by the media. But Cain said he would have been doing better if he was the nominee, saying that he'd probably have a “substantial lead” on President Barack Obama at this point. “The reason is quite simple: I have some depth to my ideas,” he said. US Seeks To Patch Laundering Net (WSJ) U.S. regulators are proposing to enlist companies across the financial sector—and possibly beyond—as a front-line defense against money laundering. A sweeping proposal by the U.S. Treasury Department's Financial Crimes Enforcement Network, known as FinCen, could require financial institutions to collect and verify information on all customer accounts. If adopted, the new rules would create a broad new compliance structure that banks and others say would increase costs and add to complexity for the firms and their customers. Exchanges Catch Heat On Hill Over High Speed Trading (WSJ) Sens. Jack Reed (D., R.I.) and Mike Crapo (R., Idaho) and several witnesses at the Senate Banking subcommittee hearing took aim at the complex technological tools developed and sold by exchanges to lure the high-speed traders that dominate the stock market and drive exchange profits. Greek Bailout Fight Looms (WSJ) All sides, including Athens, are determined to keep Greece in the euro, officials say—they just don't know how yet. The trio must agree to a plan by November at the latest, when the government in Athens—already in financial arrears—could run out of money altogether. Correction officers at Rikers having ‘rampant’ sex on and off job: lawsuit (NYDN) Correction officers are turning city jails into their personal playpens, engaging in “rampant” sex both on and off the job, an explosive lawsuit claims. Correction Officer Tomara Bryan charges that male guards face no repercussions for bedding their counterparts — but the frisky females become targets of abuse. Bryan should know. She was one of them, the suit says. Bryan had a stormy two-year affair with a married warden named Emmanuel Bailey — and even had his last name tattooed across her lower back. In the discrimination suit filed in Bronx Supreme Court, Bryan claims that after their kinky relationship came to light she was verbally and physically abused by female supervisors, forced to take a “bogus” random drug test and given dangerous assignments. Greece's Creditors Reach Aid Deal (WSJ) struck a deal in Brussels to cut Greece's debt to a level below 124% of gross domestic product by 2020, officials said. To satisfy IMF concerns that Greece's debt must fall even more to be considered "sustainable," euro-zone ministers agreed to bring the government's debt to under 110% of GDP in 2022. The deal will allow Greece to receive loan payments of about €44 billion ($57 billion) to be paid in three installments early 2013, tied to Greece's implementation of the continuing measures, said Eurogroup president Jean-Claude Juncker. The deal will lower Greece's debt through a mix of interest-rate cuts on loans to Athens, a buyback of Greek debt at sharply discounted prices and the European Central Bank returning profits linked to its holdings of Greek bonds to the Greek government. London Bankers Bracing for Leaner Bonuses Than New York (Bloomberg) nvestment bankers and traders at European banks should expect at least a 15 percent cut in pay this year, while U.S. lenders may leave compensation unchanged, three consultants surveyed by Bloomberg said. That’s because bonus pools at European banks may be reduced by as much as half, while those at U.S. firms, which can cushion the impact of falling fees in the region with earnings from home, may fall 20 percent, they said. “The real split is coming, and we will see the quantum divide this year,” said Tom Gosling, a partner at PricewaterhouseCoopers LLP in London, referring to the difference in pay between the two financial centers. “U.S. regulators don’t have the same obsession with pay structures that European regulators have.” Dimon Would Be Best to Lead Treasury in Crisis, Buffett Says (Bloomberg) “If we did run into problems in markets, I think he would actually be the best person you could have in the job,” Buffett said in response to a question about Dimon from Charlie Rose, according to the transcript of an interview that was scheduled to air yesterday on PBS. “World leaders would have confidence in him.” [...] Dimon, once dubbed Obama’s “favorite banker” by the New York Times, said in a 2011 CNBC interview that he could never work as Treasury secretary and was “not suited to politics.” Carney Abondons A Haven, Leaping Into British Storm (WSJ) Philipp Hildebrand, the former head of the Swiss National Bank, described Mr. Carney as one who "speaks bluntly and politely." The son of a professor and a teacher, Mr. Carney grew up in Edmonton, the capital of Canada's western province, Alberta. He played hockey as an undergraduate at Harvard. Mr. Carney has close links to Britain, having studied in Oxford University in the early 1990s. He worked for a time in Goldman Sachs' London office...Known as a diplomat, Mr. Carney, who supports the Edmonton Oilers NHL team, in his Ottawa office displays a mock street sign alluding to one of Canada's other pro teams, the Ottawa Senators. He cultivates an everyman image, recently discussing his musical tastes—from AC/DC to the hip-hop group Down with Webster—in local media interviews. Fiscal Cliff Compromise Elusive as Congress Returns (Bloomberg) “There’s still a great deal of ground that has to be covered before they get anywhere near a budget deal, and time is running” short, said Phil English, a former Republican congressman from Pennsylvania and now a lobbyist at Arent Fox LLP in Washington. The Secret Powers Of The Son-In-Law (WSJ) In couples where the husband initially reported being close to his wife's parents, the risk of divorce over the next 16 years was 20% lower than for the group overall. Yet when the wife reported being close to her in-laws, that seemed to have the opposite effect: The risk of divorce with these couples was 20% higher. Dr. Orbuch has a possible explanation: The wife who feels close with her husband's parents may find it difficult to set boundaries and over time may come to see their close relationship with her as meddling. "Because relationships are so important to women, their identity as a wife and mother is central to their being," says Dr. Orbuch, author of the 2012 book "Finding Love Again: 6 Simple Steps to a New and Happy Relationship." "They interpret what their in-laws say and do as interference into their identity as a spouse and parent." Men, for the most part, don't have this problem. Their identity as a father and a husband is often secondary to their identity as a provider, Dr. Orbuch says. As a result, they don't tend to take what their in-laws do so personally. Chicago, Illinois charges woman $105,761 for parking infractions she did not commit (TN) Jennifer Fitzgerald is fighting back against the city, her ex-boyfriend and United Airlines with a lawsuit filed November 2 in Cook County Circuit Court. According to the complaint, the somewhat confusing story starts when her former boyfriend Brandon Preveau, bought a 1999 Chevy Monte Carlo from Fitzgerald's uncle for $600 in 2008. Despite paying all the fees associated with owning a vehicle (registration, title and insurance) he put the vehicle's registration in Fitzgerald's name -- something the West Side Chicago resident claims was done without her knowledge...the couple broke up at the start of 2009 and Preveau took the car with him after their split. He used the Monte Carlo to drive to work at O'Hare Airport where he was employed by United Airlines. Preveau would leave the vehicle in O'Hare parking lot E, a secured outdoor lot surrounded by high chain link fencing, that is open to the flying public but also utilized by airport employees. The parking lot is owned by the city of Chicago and operated by Standard Parking Corporation, but according to the complaint, United Airlines leases spaces in the lot for use by airline employees. Unbeknownst to Fitzgerald, Preveau abandoned the vehicle. According to the complaints, "On or before November 17, 2009, Brandon drove the automobile into the parking lot and never drove it out again." While the car Preveau drove began receiving parking tickets at the O'Hare lot as early as May 23, 2009, the key date for this story is November 17, 2009. On that day the vehicle was issued seven different parking tickets including being in a hazardous and dilapidated condition, no city sticker, broken headlights, missing or cracked windows, expired plates, being an abandoned vehicle and most importantly a violation for parking a vehicle for more than 30 days in a city-owned lot. Intrade, Facing Charges, Won't Take U.S. Bets (WSJ) The online-predictions exchange Intrade—known for offbeat markets on presidential politics and the Academy Awards—said it would no longer accept bets from U.S. residents. The move came just hours after U.S. regulators filed a civil complaint against the firm over its commodities-focused markets. "We are sorry to announce that due to legal and regulatory pressures, Intrade can no longer allow U.S. residents to participate in our real-money prediction markets," the Dublin-based company said in a statement on its website. Intrade said that existing customers must exit their trades and close their accounts. In China, Hidden Risk of 'Shadow Finance' (WSJ) Shadow finance in China totals about 20 trillion yuan, according to Sanford C. Bernstein & Co., or about a third the current size of the country's bank-lending market. In 2008, such informal lending represented only 5% of total bank lending. The sector is lightly regulated and opaque, raising concerns about massive loan defaults amid a softening economy, with ancillary effects on the country's banks. Harvard Doctor Turns Felon After Lure of Insider Trading (Bloomberg) Today, Joseph F. "Chip" Skowron III, 43, is serving a five-year term for insider trading at the federal prison at Minersville, Pennsylvania. At FrontPoint, Skowron lied to his bosses and law enforcement authorities, cost more than 35 people their jobs and stooped to slipping envelopes of cash to an accomplice. FrontPoint is gone. Morgan Stanley, which once owned FrontPoint, is seeking more than $65 million from Skowron, whose net worth a year ago was $22 million. Until he’s a free man, his wife of 16 years will have to care for their four children and Rocky, their golden retriever, on her own...Health care has become America’s sweet spot for insider traders like Skowron. Among researchers, physicians, government officials and corporate executives, the lure of easy money in health-care insider trading has become epidemic. Since 2008, about 400 people were sued by regulators or charged with insider trading; of those, at least 94 passed or received tips involving pharmaceutical, biotechnology or other health-care stocks. Man Arrested For Saying He Had Dynamite in His Luggage at Miami International Airport (NBC) A man was arrested for telling a TACA ticket agent that he had dynamite in his luggage, which prompted the partial evacuation of Concourse J at Miami International Airport on Monday, Miami-Dade Police said. Alejandro Leon Hurtado, 63, a doctor from Guatemala, faces a charge of false report bomb/explosives at airport, the arrest affidavit said. It wasn't immediately known if Hurtado had an attorney. The ticket agent had just accepted Hurtado luggage, when he asked him about whether it contained hazardous materials. Hurtado answered that he had dynamite in the baggage, and the ticket agent asked him again if he had dynamite in his bag, and he replied that he did and started laughing, the affidavit said. "Once the Defendant was told that police were going to be called the Defendant stated that he was joking," the affidavit said. Hurtado admitted he did say he had dynamite in his bag, but that it was a joke. Hurtado was in custody on an immigration hold Monday night, according to online Miami-Dade Corrections records. Questions Cloud Market Reopening (WSJ) The New York Stock Exchange said Tuesday that it plans to open as usual at 9:30 a.m. and that its trading floor and headquarters in lower Manhattan were "fully operational" despite widespread blackouts and flooding in that part of the city. The Nasdaq Stock Market and other exchanges will open as well. Bond markets will follow suit. While investors and industry officials breathed a sigh of relief, critics argued that the storm exposed how ill-prepared exchanges and their Wall Street customers are for such an event. Regulators on Tuesday said they plan to probe whether more needs to be done to get exchanges and the trading community ready for such disasters. After Hurricane, Wall Street Back To Work (Dealbook) On Tuesday, the scene around Wall Street was desolate. While the New York Exchange’s building appeared to be unscathed, many other offices in the vicinity were flooded. After an underground parking garage two blocks from the exchange was inundated with water, several cars floated to street level. Two Citigroup buildings were without power. The bank told employees in a memo on Tuesday that one of the buildings, 111 Wall Street, sustained “severe flooding and will be out of commission for several weeks.” Some JPMorgan Chase employees outside New York City were working in central New Jersey. At the bank’s main trading floor in Midtown Manhattan, employees, many in jeans, shirts and rain boots, booked hotels for the night and discussed strategy. The bank, which sustained minimal damages at a building downtown, expected to resume normal operations in Midtown. Credit Suisse also planned to open for business on Wednesday, with its main offices by Madison Square Park running on backup power. In downtown New York, Goldman Sachs was one of the few buildings with power. The firm has a generator in the event of outages, allowing its trading floors to continue to run. On Tuesday, televisions sets and lights inside the building were on, although few employees were there...In a memo to staff, Goldman announced its headquarters would be open on Wednesday. The firm also booked hotels in various locations to make sure employees could get to work. Deutsche Bank Rides Debt-Market Wave (WSJ) Deutsche Bank reported a surge in investment-banking revenues in the third quarter as a rebound in client activity fueled the best quarter ever for its fixed-income division. Deutsche Bank, Europe's largest lender by assets, reported group revenues of €8.7 billion ($11.5 billion), up 19% from the third quarter last year. The result was better than analysts expected, but the bank's legal problems and restructuring efforts nearly flattened net income. At €747 million, the total was up 3% from €725 million a year earlier. The bank's revenue increase was driven in part by bond-buying initiatives announced by the U.S. Federal Reserve and the European Central Bank in recent months. The moves have fueled a resurgence in client activity, including in fixed-income trading—an area where UBS AG and other competitors have announced significant cut backs, allowing Deutsche Bank to gain market share. UBS Moves Quickly On Job Cuts, Revamp (WSJ) Scores of traders at UBS were locked out of the Swiss bank's London offices Tuesday as the institution moved quickly to implement the first of thousands of job cuts in a strategic restructuring. The revamp effectively brings an end to UBS's attempts over the past two decades to build a world-class investment bank, which brought the institution to the brink of collapse in 2008 when it incurred more than $50 billion in losses from the fixed-income business that it is now exiting. Instead, UBS's strategy will center on its private bank, the world's second-largest in assets after Bank of America and a mainstay of the group's earnings. UBS confirmed Tuesday that it will cut risk-weighted assets by around 100 billion Swiss francs ($107 billion) by the end of 2017, eliminate about 10,000 jobs across the bank and reorganize its investment bank to deliver more products and services to ultra-wealthy clients at the private bank. The bank also said Tuesday that charges related to the moves, which come in response to a tougher regulatory and economic climate, helped push it into the red in the third quarter. UBS Chief Executive Sergio Ermotti said that London would bear the brunt of the cuts as the bank attempts to exit almost completely from fixed-income activities and move back to its wealth-management roots. Storm Cripples US East Coast, Death and Damage Toll Climb (CNBC) The U.S. death toll climbed to 50, according to The Associated Press, with many of the victims killed by falling trees. Damage estimates reached into the tens of billions, while the storm disrupted campaigning and early voting ahead of the November 6 presidential election. More than 8.2 million households were without power in 17 states as far west as Michigan. Nearly 2 million of those were in New York, where large swaths of lower Manhattan lost electricity and entire streets ended up under water. New York Subway System Faces Weeks to Recover From Storm (Bloomberg) If you laid the New York City subway system in a line, it would stretch from New York to Detroit. Now imagine inspecting every inch of that track. That’s the job ahead for Metropolitan Transit Administration officials, who must examine 600 miles of track and the electrical systems with it before they can fully reopen the largest U.S. transit system, which took a direct hit by Hurricane Sandy. Seven subway tunnels under New York’s East River flooded, MTA officials said. Pumping them out could take days, and a 2011 state study said it could take three weeks after hurricane- driven flooding to get back to 90 percent of normal operations. That study forecast damages of $50 billion to $55 billion to transportation infrastructure including the subways. How CEOs Improvised In The Wake Of Sandy (WSJ) When the approach of Hurricane Sandy left Lands' End Chief Executive Edgar Huber stranded on a business trip, he retreated to an impromptu backup headquarters—in his mother-in-law's apartment complex...Foot Locker CEO Ken Hicks disregarded the shutdown of his New York headquarters on Monday and worked at his office until 3 p.m. Then he picked up the work again six blocks away at his home in Manhattan's Murray Hill neighborhood. When the power went out, he put on iTunes, lit a lantern and did paperwork for another 2½ hours. "You can be reasonably self-sufficient with a cellphone and a lantern," the CEO says. Celebrities React To Northeast Hurricane (NYDN) “WHY is everyone in SUCH a panic about hurricane (i’m calling Sally)...?” Lindsay Lohan tweeted Sunday night. “Stop projecting negativity! Think positive and pray for peace.” A Year Later, All Eyes Still On 'Edie' (WSJ) Who broke the law by raiding customer accounts at MF Global Holdings? Investigators seem no closer to the answer than they were when the New York brokerage firm filed for bankruptcy exactly a year ago Wednesday, owing thousands of farmers and ranchers, hedge funds and other investors an estimated $1.6 billion. Their money was supposed to be stashed safely at MF Global, but company officials used much of it for margin calls and other obligations. The last, best hope for a breakthrough in the probe is Edith O'Brien, the former assistant treasurer at MF Global. Working in the company's Chicago office, she was the go-to person for emergency money transfers as MF Global flailed for its life. MBA's Rethink Wall Street (WSJ) Many of the nation's top M.B.A. programs, including Harvard Business School and Stanford Graduate School of Business, reported declines in the share of students who took jobs in finance this year. And even those that posted some gains, such as University of Pennsylvania's Wharton School, are still well below their prefinancial crisis levels...A Wall Street gig "isn't as prestigious as it used to be" because the future—promotion opportunities, salary gains, even basic job security— is so unclear, says Mark Brostoff, associate dean and director of the career center at the Olin Business School at Washington University in St. Louis. Though the share of Olin students going into finance increased to 22% of job seekers this year from 15% in 2011, many of those gains came at boutique and regional Midwestern financial firms rather than on Wall Street. One factor affecting student demand: Banks expect young staffers to pick up the slack left by masses of laid-off midlevel employees, without necessarily offering more generous pay packages in return for the long hours. At Harvard Business School, for example, students heading into investment banking—7% of job seekers who accepted jobs, down from 10% in 2011—reported median salaries and signing bonuses were flat with last year, at $100,000 and $40,000, respectively, while other guaranteed compensation fell to $8,750 from $40,000. Disney $4 Billion ‘Star Wars’ Deal Spotlights Content Bet (Bloomberg) Walt Disney agreed to buy George Lucas’s Lucasfilm Ltd. for $4.05 billion, pressing Chief Executive Officer Robert Iger’s $15 billion bet on creative franchises by adding “Star Wars” and “Indiana Jones.” Lucas, 68, the sole owner, will get half in cash and the rest in stock, making him a major investor in the film, theme park and TV company, according to a statement yesterday from Burbank, California-based Disney. The first of a new trilogy of “Star Wars” films will be released in 2015, Disney said. France Can’t Compete With Rest of Europe: WTO Chief (CNBC) France is uncompetitive not only versus China, but against the rest of Europe, according to Pascal Lamy, director general of the World Trade Organization. “The competitiveness of France on foreign markets has been damaged for the last 10 years. This is nowhere more obvious than in Europe, where France has lost market share for the last 10 years,” said Lamy in an exclusive interview with CNBC in Paris. Cop Tasers 10 Year-Old For Refusing To Clean His Car (CN) A New Mexico policeman Tasered a 10-year-old child on a playground because the boy refused to clean his patrol car, the boy claims in court. Guardian ad litem Rachel Higgins sued the New Mexico Department of Public Safety and Motor Transportation Police Officer Chris Webb on behalf of the child, in Santa Fe County Court. Higgins claims Webb used his Taser on the boy, R.D., during a May 4 "career day" visit to Tularosa New Mexico Intermediate School. "Defendant Webb asked the boy, R.D., in a group of boys, who would like to clean his patrol unit," the complaint states. "A number of boys said that they would. R.D., joking, said that he did not want to clean the patrol unit. "Defendant Webb responded by pointing his Taser at R.D. and saying, 'Let me show you what happens to people who do not listen to the police.'" Webb then shot "two barbs into R.D. 's chest," the complaint states. "Both barbs penetrated the boy's shirt, causing the device to deliver 50,000 volts into the boy's body.

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GETCO Patents

GETCO has filed 3 patents.

The 3 most popular patent topics include:

  • Carboxylic acids
  • Container deposit legislation
  • Cosmetics chemicals
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3/9/2021

Drinkware, Hats, Fluid dynamics, Container deposit legislation, Fluid mechanics

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