The following list comprises the most-read Bloomberg News reports from the past week.
1. Stocks Rally Most Since January, Bill Rates Fall on Debt Talks
Oct. 10 (Bloomberg) -- U.S. stocks jumped the most since January and Treasury bill rates tumbled as lawmakers moved toward an agreement to raise the debt ceiling and avoid a default. Gold slumped while oil rallied.
2. Meredith Whitney Winds Down Brokerage After Setting Up Fund
Oct. 10 (Bloomberg) -- Meredith Whitney, who built her own Wall Street advisory firm after winning renown for a 2007 call on Citigroup Inc., deregistered her brokerage unit following three unprofitable years and is setting up an investment fund, according to industry records.
3. A U.S. Default Seen as Catastrophe Dwarfing Lehman’s Demise
Oct. 7 (Bloomberg) -- Anyone who remembers the collapse of Lehman Brothers Holdings Inc. little more than five years ago knows what a global financial disaster is. A U.S. government default, just weeks away if Congress fails to raise the debt ceiling as it now threatens to do, will be an economic calamity like none the world has ever seen.
4. Brevan Said to Start Fund Run by Ex-Deutsche Bank Team
Oct. 11 (Bloomberg) -- Brevan Howard Capital Management LP has started an investment fund run by a team of former Deutsche Bank AG market strategists in New York, as Europe’s second-biggest hedge-fund firm expands its presence in the U.S.
5. RBS Said to Give Currency Trader’s Chats to FCA Amid Probe
Oct. 9 (Bloomberg) -- Royal Bank of Scotland Group Plc has handed over records of instant messages to U.K. regulators after concluding a former currency trader’s communications with counterparts at other firms may have been inappropriate, according to two people with knowledge of the matter.
6. JPMorgan’s Dimon Posts First Loss on $7.2 Billion Legal Cost
Oct. 11 (Bloomberg) -- JPMorgan Chase & Co. (JPM) reported its first loss under Chief Executive Officer Jamie Dimon after taking a $7.2 billion charge to cover the cost of mounting litigation and regulatory probes.
7. Brevan Howard Hires Former Goldman Sachs Partner Piplani
Oct. 8 (Bloomberg) -- Brevan Howard Capital Management LP, Europe’s second-largest hedge-fund firm, hired former Goldman Sachs Group Inc. partner Dhruv Piplani, adding an equity-derivatives trader in Asia.
8. Yellen Set to Be Named by Obama as First Female Fed Chairman
Oct. 9 (Bloomberg) -- President Barack Obama will nominate Janet Yellen as chairman of the Federal Reserve, which would put the world’s most powerful central bank in the hands of a key architect of its unprecedented stimulus program and the first female leader in its 100-year history.
9. Morgan Stanley Seen Leading Profit Gains Amid Trading Drop
Oct. 8 (Bloomberg) -- Morgan Stanley, Bank of America Corp. and Wells Fargo & Co. are poised to lead the six largest U.S. lenders by reporting a jump in earnings that may surprise some investors fixated on a slump in trading and mortgage lending.
10. Boehner Says He Doesn’t Have Votes for Debt-Limit Bill
Oct. 7 (Bloomberg) -- U.S. House Speaker John Boehner said the Republican-controlled chamber can’t pass an increase to the U.S. debt ceiling without packaging it with other provisions -- something President Barack Obama has labeled a nonstarter.
1. Debt-Ceiling Derangement: My Chat With Jamie Dimon
Oct. 9 (Bloomberg) -- To paraphrase the old E.F. Hutton commercials, “When Jamie Dimon talks, people listen.”
2. Republican Insurgents Defy First Rules of Politics: Albert Hunt
Oct. 7 (Bloomberg) -- “I am not a member of any organized political party,” the humorist Will Rogers said. “I am a Democrat.”
3. The Tea Party’s Lethal Embrace of a Proven Loser: Simon Johnson
Oct. 7 (Bloomberg) -- In any negotiation, it is inadvisable to make threats that aren’t credible. Probably the only thing worse is to threaten actions that will end up helping the other side. Yet the Tea Party-affiliated House Republicans aren’t simply making this very mistake with the government shutdown; they are gearing up to do it again, on a grander and more fatal scale, with the debt ceiling.
4. The Chilling Biology of the Debt-Ceiling Standoff: Mark Buchanan
Oct. 8 (Bloomberg) -- The showdown over the U.S. debt ceiling demonstrates a crucial failing of human beings: We are systematically incapable of understanding how precarious our existence, or the continuance of our currently familiar condition, really is.
5. Samsung Smartwatch Isn’t Ready for Prime Time: Rich Jaroslovsky
Oct. 10 (Bloomberg) -- In an earlier time, you might have advertised your tech credentials with a pocket protector and a slide rule. For late 2013, there’s Samsung’s new Galaxy Gear smartwatch and Galaxy Note 3 phone.
1. Obama Warns of Deep Recession If Debt Limit Not Raised
Oct. 8 (Bloomberg) -- President Barack Obama speaks about the U.S. government shutdown and federal debt ceiling.
2. Maserati’s Quattroporte Sedan Takes On Audi, Mercedes
Oct. 10 (Bloomberg) -- The sixth generation Maserati Quattroporte sedan is seen in a promotional video from Maserati SpA.
3. Meredith Whitney Winds Down Brokerage Unit, Starts Fund
Oct. 9 (Bloomberg) -- Meredith Whitney, who built her own Wall Street advisory firm after gaining renown for a 2007 call on Citigroup Inc., deregistered her brokerage unit after three unprofitable years and is setting up an investment fund, according to industry records.
4. Lew Says Debt-Limit Debate Threatens Markets, Payments
Oct. 10 (Bloomberg) -- Treasury Secretary Jacob J. Lew testifies before the Senate Finance Committee in Washington about the need for Congress to raise the debt ceiling and the potential risks of a default.
5. IndyCar’s Dario Franchitti Fractures Spine in Crash
Oct. 7 (Bloomberg) -- Dario Franchitti, a four-time IndyCar Series champion, suffered a spinal fracture yesterday when his car went airborne after a collision with Takuma Sato’s car and slammed into a metal safety fence during the final lap of the Houston Grand Prix.
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