May 25 (Bloomberg) -- The following list comprises the most-read Bloomberg News reports from the past week.
To read any article, click on the story links shown below or go to READ 1W <GO>. See NI READSUMS <GO> for previous lists of the most-read stories. Lists are based on daily statistics through Friday, May 23.
1. BofA Said to Abandon Market-Making Unit Amid Industry Scrutiny
May 22 (Bloomberg) -- Bank of America Corp. is dismantling an electronic market-making unit created last year to serve the lender’s Merrill Lynch wealth-management division, said two people with knowledge of the decision.
2. Deutsche Bank Bets on Debt Unit With $11 Billion Fundraising
May 19 (Bloomberg) -- Deutsche Bank AG is betting its 8 billion-euro ($11 billion) capital increase will help it grab market share in fixed income as a slump in trading prompts competitors including Barclays Plc to retreat.
3. Wolf of Wall Street Belfort Is Aiming for $100 Million Pay
May 19 (Bloomberg) -- Jordan Belfort, whose memoir “The Wolf of Wall Street” was turned into a film by Martin Scorsese, expects to earn more this year than he made at his peak as a stockbroker, allowing him to repay the victims of his fraud.
4. No Credit Trader Left Behind With Nomura to Deutsche Bank Hiring
May 22 (Bloomberg) -- Wall Street firms are starting to bet on an end to the profit-eroding boredom in credit markets by building their trading desks.
5. U.S. Stocks Fall as Small Caps Sink; Bond Yields, Corn Decline
May 20 (Bloomberg) -- U.S. stocks fell for the first time in three days after retailers reported lower-than-estimated earnings and small-cap shares slumped. Treasuries advanced, the yen approached a three-month high and corn dropped.
6. Finra Fines JPMorgan 3 Minutes of Profit for Errant Reports
May 22 (Bloomberg) -- The world’s biggest bond dealers, including JPMorgan Chase & Co. and Morgan Stanley, failed to properly report trades to the industry’s price-tracking system more than 11,000 times. JPMorgan’s penalty: About three minutes of its annual profit.
7. Junk-Rated? Horribly Illiquid? That’s Perfect, I’ll Buy Them All
May 21 (Bloomberg) -- It’s getting harder to trade bonds. Hours, sometimes days can go by before investors can complete a transaction. That’s not dissuading them from piling into the most-illiquid debt out there.
8. Wall Street Finds New Subprime With Brokers Pitching 125% Loans
May 22 (Bloomberg) -- Doug Naidus made his fortune selling a mortgage company to Deutsche Bank months before the U.S. housing market collapsed. Now he’s found a way to profit from loans to business owners with bad credit.
9. BNP Drops as U.S. Said to Seek $5 Billion in Sanctions Probe
May 21 (Bloomberg) -- BNP Paribas SA, France’s largest bank, fell to a seven-month low in Paris on concern U.S. authorities will seek more than $5 billion from the lender to settle a probe into alleged violations of U.S. sanctions.
10. U.S. Stocks Rise on Small-Cap Rally; Oil Advances, Dollar Slips
May 19 (Bloomberg) -- U.S. stocks rose, as small-cap and Internet shares extended advances on one of the slowest trading days of the year. The yen strengthened to a three-month high versus the dollar while oil touched a four-week high.
1. Benjamin Netanyahu Says Obama Got Syria Right: Jeffrey Goldberg
May 23 (Bloomberg View) -- Israel’s prime minister, Benjamin Netanyahu, has some uncharacteristically positive words for one of U.S. President Barack Obama’s most controversial foreign policy initiatives: the deal struck last year to remove chemical weapons from Syria.
2. Triumphant Geithner Omits Cost of Rescue Success: Albert R. Hunt
May 18 (Bloomberg View) -- Tim Geithner’s valuable career as a civil servant culminated in four high-powered years as Treasury secretary. His recent book about those experiences captures the traumas and tensions of the financial crisis.
3. Korea’s Black Swan Turns Out to Be a Ferry Boat: William Pesek
May 21 (Bloomberg View) -- Central bankers have much to worry about these days -- managing Federal Reserve tapering, bracing for slowing Chinese growth, sussing out whether the true enemy is inflation or deflation. But ferry accidents?
4. Fox’s ‘24’ Offers a Gloriously Nonsensical World: Stephen Carter
May 20 (Bloomberg View) -- Oh, but Fox’s “24” is insane fun.
5. The Men With Guns Shoot Thailand’s Future in Foot: William Pesek
May 23 (Bloomberg View) -- Perhaps the most interesting thing about Thailand’s 12th coup since 1932 is how little the world appears to care. That’s what should really worry the nation’s 67 million, bitterly divided people.
1. Bank of Japan’s Kuroda Sees Continuing Moderate Recovery
May 21 (Bloomberg) -- Bank of Japan Governor Haruhiko Kuroda talks about policy and the nation’s economy at a press briefing in Tokyo.
2. Fulton Fish Market Millionaire Slavin Still on the Job at 83
May 20 (Bloomberg) -- New York’s Fulton Fish Market, the second-largest fish market in the world, sells 234 million pounds of fish annually. Herb Slavin, owner of M. Slavin & Sons, has been working in the business for the last 70 years. At 83, Slavin is still wheeling and dealing, and putting in 14-hour days.
3. America’s Falcon F7 Is Challenging Europe’s Supercars
May 19 (Bloomberg) –- In Holly, Michigan, the backyard of the U.S. big three automakers, Falcon Motorsports is making custom cars that combine features of the exotic European supercars with classic American-made sports cars. Jeff Lemke, chief executive officer of the the family-run business, says most Falcon owners live in Michigan and many watch their cars being built. The base cost of the Falcon F7 is $295,000.
4. Tombini Says Less Hedge Demand Weakens Brazil Real
May 22 (Bloomberg) -- Brazil central bank President Alexandre Tombini speaks about Brazil’s economy, the demand for swaps that provide currency hedges and the central bank’s policy.
5. Dudley Says New York City Having a ‘Robust Recovery’
May 21 (Bloomberg) -- Federal Reserve Bank of New York President William C. Dudley speaks about the economy of the New York Fed’s district, which covers its home state, parts of New Jersey and Connecticut, Puerto Rico and the U.S. Virgin Islands.
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