Media Navel Gaze: March 18, 2013
The Week Unpeeled
Hot water all around: First and definitely foremost last week, the Senate slammed JP Morgan for its London “whale” trades amid accusations that the bank “brushed off internal warnings and misled regulators and investigators.” (Some estimates put firm’s loss as much as $6.2 billion on the trades.) In addition, the Fed cited weaknesses in stress tests capital planning for JP Morgan and Goldman Sachs, which could limit plans for dividends or buybacks. And then, SAC Capital was hit with a more than $600 million penalty to settle two insider-trading cases. What gives, especially post Dodd-Frank and bailouts and cliffs (oh, my!). More to be seen but certainly questions on ethics, control and hubris will surface.
- The Dow, after a 10-day streak of gains, which included several for the record books, ended Friday at 14,514, up 11 percent for the year;
- Amid the record-setting advances, it’s interesting but no surprise that Lipper Funds (with Oppenheimer) ran a six-page ad in The Wall Street Journal on Friday built on theme that “stocks are back”;
- Samsung unveiled the Galaxy S4, with kinda wild features like a SmartScroll that can follow your eyeballs or hand motions to scroll, in an aggressive bid to take a bigger share of the US market;
- FLOTUS Michelle Obama will appear on the cover of Vogue in April;
- Anna Wintour was named artistic director of Conde Nast, adding to her 25-year role as editor of Vogue; and
- The conclave of Cardinals elected Jorge Mario Cardinal Bergoglio from Argentina, aka Pope Francis, as first Latin American pontiff.