What's Good for the Gupta: The trial of former McKinsey & Co. chief executive Rajat Gupta opened yesterday, and legal cliche abounded. Tasked with explaining insider training to a jury of laypeople, prosecutor Reed Brodsky likened Mr Gupta's alleged crime to telling others "the outcome of a game before it ends," according to The New York Times. Defense lawyer Gary Naftalis said the government was giving the jury a "cropped photograph."

As shown above, Mr. Brodsky addresses the jury, while Mr. Gupta (center), Mr. Naftalis (right) and Judge Jed Rakoff look on.

Late action: Morgan Stanley's consumer Internet analyst cut revenue projections for Facebook the days before the offering, an unusual move for an IPO's underwriter and a potential factor in the stock's sluggish opening day. Goldman Sachs and JPMorgan also cut projections after Facebook filed a revised S-1 on May 9.

Counterparties: Goldman Sachs and Bank of America are among about a dozen banks to profit from JPMorgan's recent trading losses. The Wall Street Journal doesn't reveal specifics, but notes that some banks traded directly against JPMorgan, while others were "vocal in encouraging investors" to trade against the London Whale.

Citigroup, Bank of America and Wells Fargo said that they avoid the type of derivatives-based hedging strategy employed by JPMorgan's chief investment office.

Quant 2.0: "Original quant pioneer" Robert Jones is launching a new hedge fund, System Two Advisors, with $50 million a team of India-based analysts to provide human input for computer models.The idea is to make humans—stripped of human biases—integral to the quantitative strategy.

Japan sliced: Fitch cut Japan's sovereign debt to A-plus, as the country struggles to rein in a debt load of more than 200 percent of GDP.

NSS Dept.: The Organization for Economic Cooperation and Development said the U.S. and Japan are leading a fragile economic recovery, but that the euro crisis threatens world growth in a semi-annual report.

IPO chart: Hong Kong's most popular IPOs have returned the least to investors since 2010.

Wine decline: 2011 Bordeaux's are selling for as much as 45 percent less than recent vintages, as the Asian market becomes more selective and U.S. and European markets remain subdued.

[Shirley Shepard/AFP/GettyImages]