Bank of England’s interest rate announcement, coupled with several consumer-focused economic reports from major economies around the globe, will take the center stage in the week ahead.

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The people who run hedge funds can be famously secretive about their work. Not David Einhorn.

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S. Basu Mullick hasn't met a tough market he didn't like. As manager of the $4.5 billion Neuberger Berman Partners Fund since Dec. 30, 1998, Mullick was at the helm during the bear market of 2000-02. He sees parallels between that downturn and the current volatile market.

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Since 1999, hedging has saved Southwest $3.5 billion. It has sometimes meant the difference between profit and loss. In the first quarter, hedging gains of $291 million dwarfed Southwest's $34 million profit.

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And so it ends. I’m going to assume that I don’t need to go into too much back-story, given how much publicity the New York State Attorney General’s case against Dick Grasso, formerly the overpaid head of the New York Stock Exchange, has garnered from all corners.

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Here's a paradox: Sometimes you pay more -- and get so much more that you actually save money.

I'll explain.

It started with coffee.

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Cheating Death, But Not the Law The long arm of the law finally caught up to Sam Israel, one month after he was scheduled to report to prison. Perhaps he thought that if he fooled investors out of $400 million, no small task indeed, he could fool the authorities as well. Whatever that whole fool me once, fool me twice maxim is, it should probably apply here, but in the end, you cannot fool fate.

Even the Best Have Down Years The man people have looked to for investing advice for decades (and for good reason) has been suffering some of his own pain with his own company’s stock. While a Chinese businessman just paid over $2 million for the privilege of having lunch with the Oracle of Omaha, that won’t boost Berkshire’s lagging stock price.

Money and Privilege Do Not Buy Ethics (Or Taste for that Matter)

As former Refco chief Phil Bennett enjoys his final days of freedom, he can take comfort in knowing that he can reminisce about the good old days with his Ivy League (or Ivy-equivalent) chums behind bars. Going to the best schools may give you a leg up in getting the top jobs, but apparently it doesn’t stop you from committing fraud.

Instead of Cash, Take Some of These Magic Beans Jack works hard. Jack gets a great performance review. Jack thinks he’s going to get a big bonus. But Jack works at Lehman. So instead of getting his big payday as he helped his group blow out its budget, Jack gets a mid-year “thank you” of depressed Lehman stock. But it’s better than zero.

Keep on Loading Up that Carry Trade Iceland has decided to hold interest rates steady at a whopping 15.5%. At least this small Nordic country in the middle of the North Atlantic acknowledges that it has an inflation problem, while its friends a few thousand miles to the southwest insist on harking back to the Jimmy Carter era of high gas prices and good old fashioned stagflation.

Boxing After a rough day on the desk, one effective method of blowing off steam is by trying to rip your counterpart's head off… literally. Last week, 16 boxers from the financial community did exactly that at Trader Monthly’s Boxing Summer Showdown at B.B. King’s in Times Square. It was Buy Side vs. Sell Side. Broker vs. Banker. Stick-and-move vs. Inside Brawler. The crowd of over 600 (as well as the media) couldn’t get enough!

Due to the July 4th holiday, Morning Call will not be published on Friday

There more happening behind volatility now than many think...Read on to find out why Thursday's ECB announcement will be so important to the U.S.

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Police in Southwick, Massachusetts have finally secured hedge fund fugitive Sam Israel.

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Legg Mason said late Monday that it will provide up to $240 million to support money-market funds that have been hit by the credit crunch.

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