Wall Street is rushing to take advantage of the crazy markets

REUTERS/Kai Pfaffenbach

Deutsche Bank co-CEO John Cryan

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Deutsche Bank announced a bond buyback, and that sent the stock surging.

"The bank is taking advantage of market conditions to repurchase this debt, lowering its debt burden at attractive prices," CFO Marcus Schenck said in a statement.

"By repurchasing this debt below its issue price, the bank realizes a profit. Deutsche Bank is also using its strong financial profile to provide liquidity to bond investors in challenging market conditions."

On a related note, a hedge fund that makes money when markets go crazy has identified the Four Horsemen of the Economic Apocalypse, and quant hedge fund manager Roy Niederhoffer is off to a tremendous start in 2016.

Bond guru Gary Shilling thinks the 10-year Treasury yield is heading to 1%, and JPMorgan strategists think there's a 92% chance of recession within three years.

In other news, Hillary Clinton's paid speeches to large Wall Street banks bordered on 'gushy', and that loud swooshing sound you can hear is the air leaving the credit market.

And finally, if you are the owner of this abandoned Ferrari, please let us know.

Here are the top Wall Street headlines at midday:

UBS has made a big hire in fixed income - Scott Francoeur, the former head of emerging markets credit sales at Morgan Stanley, has joined UBS, according to people familiar with the situation.

Carl Icahn and John Paulson scored a big win - The billionaire investors got seats on the board of insurance giant AIG.

Jamie Dimon just dropped $26 million on JPMorgan shares - JPMorgan chief executive Jamie Dimon has bought 500,000 shares in the bank.

Donald Trump on Michael Bloomberg: 'Not a friend of mine anymore' - Donald Trump said Thursday that he probably is no longer friends with fellow New York billionaire Michael Bloomberg.

Billionaire Bill Ackman wrote an op-ed in support of Bloomberg for president because 'America is burning' - Ackman writes that a "proxy contest is looming" in the US and that the country is in need of a turnaround. To him, Mike Bloomberg, the former New York City mayor, is the right guy for the job.

Hedge fund divorce battle cost charity $2 million in legal fees - Hedge fund manager Chris Hohn's divorce from ex-wife Jamie Cooper cost a charitable foundation they jointly set up more than $2 million in legal fees, its annual report showed.