April 2006

  • Hedge Funds

    My Shark Tank Is Bigger Than Your Shark Tank

    Fortune says the new status symbol for hedge funds is a massive aquarium**: City Aquarium, which he founded in 1999, now has a client roster that includes sultans, supermodels, Russian heiresses, Broadway producers, and an increasing number of hedge funds like SAC Capital Advisors and Sandell Asset Management (both declined to comment on their expensive […]

    / Apr 28, 2006 at 3:21 PM
  • Overstock

    LiveBlogging Overstock’s Conference Call…

    RECAP: The OSTK call was less eventful than what we’ve come to expect from Byrne, but there was the usual hint of conspiracy and gratuitous media bashing (see Roddy Boyd, swipes at; Wall Street Journal, accusations of fabricated quotes). Byrne also says that one of the “big three” bulge bracket banks has been calling up […]

    / Apr 28, 2006 at 11:02 AM
  • NYSE

    No More Salisbury Steak for the NYSE; Dark Paneling Down 24%

    The NYSE is closing its dining club, citing rising costs, lower membership and, of course, 9-11. (When we hit the decade, we assume blaming 9-11 will seem sufficiently ridiculous that people will stop doing it. But we usually give people too much credit.) At any rate, the club was at its peak… guess when. Guess. […]

    / Apr 28, 2006 at 9:30 AM
  • Opening Bell

    Opening Bell: 4.28.06

    Congress has big ideas on gas prices (Seattle Times) Forgive us if it sounds like a broken record, but it would seem that idiocy on a daily basea needs daily debunking. Real quickly, the latest proposal, you’ve probably heard, is for the government to send all drivers a $100 rebate check. This isn’t much different […]

    / Apr 28, 2006 at 8:30 AM
  • Write-Offs

    Write-Offs: 04.27.06

    $$$ “A sexy line of credit and a big revolver” Columbia B-school kids re-define sucking up to the teacher. [WARNING: This file contains a Vanilla Ice parody. Probably Safe for Work, But Not Recommended for the Weak.] [via LongOrShortCapital] $$$ AOL launches bloggingstocks.com, a blog about individual stock performance. From the press release: “These blogs […]

    / Apr 27, 2006 at 4:00 PM
  • Labor

    Aliens of Extraordinary Ability

    H-1B visa limits have been long stretched to the max for engineers, programmers and other people with specialty technical expertise. (Just ask the people in your newly-created Bangalore office.) But now another profession is hitting the H-1B ceiling: we’re told by an agency owner that it’s nearly impossible to get foreign-born supermodels into the country […]

    / Apr 27, 2006 at 3:13 PM
  • analysis

    DealBreaker Financial Tools™

    In keeping with our continuing coverage of the “New, New Economy” we have begun collecting a series of mergers and acquisitions analysis and valuation tools. Cumulatively, we expect these will give the modern investment banker a goodly number of financial arrows in her quiver. On Tuesday, we formalized the Idov Multiple. Today we bring you […]

    / Apr 27, 2006 at 11:05 AM
  • Donald Trump

    Multi Capital Group, Donald Trump and Ecstacy Dealing

    According to this story in Philadelphia magazine, Donald Trump’s new business partner in the area is Raoul Goldberg (nee Raoul Goldberger), a principal real estate bank/developer Multi-Capital Group. Goldberg has a colorful history that includes a 1999 conviction for ecstacy dealing. Upon learning of the conviction, Multi Capital and Trump have been distancing themselves from […]

    / Apr 27, 2006 at 9:54 AM
  • FOREX, Opening Bell

    Opening Bell: 4.27.06

    China Central Bank Raises Benchmark Interest Rate (Bloomberg) The Chinese interest rate/exchange rate puzzle always perplexes, and trying to figure out which direction things will go is a thankless task. Presumably, a higher interest rate for lending Yuan will crimp Yuan borrowers. The stock market is punishing shares of mining companies, who need to borrow […]

    / Apr 27, 2006 at 8:20 AM
  • News

    Yahoo! Finance: Infinity +1; Google Finance: 0

    We give up. Previously: Yahoo! Finance: 3; Google Finance: 0 Yahoo! Finance: 2; Google Finance: 0 Yahoo! Finance: 1; Google Finance: 0

    / Apr 26, 2006 at 3:03 PM
  • James Dimon, JPMorganChase

    What Would Jamie Buy?

    We were just perusing the Vault.com IB message boards and buried under the pile of questions about internships, SAT scores and whether one can get a job at Carlyle as a managing director straight out of high school if one “knows someone” is a fairly extensive back-and-forth about what JPMorgan’s next acquisition will be. The […]

    / Apr 26, 2006 at 11:51 AM
  • UBS

    Analysts on the Bench, So to Speak: Long Italy, Short Germany

    File under “Good Use of Internal Resources”: UBS analysts, using a similuation that employs sophisticated “scientific methodologies” (*cough* dart board *cough*), predict that Italy will win the World Cup: According to the UBS simulation, further results will be as follows: Germany will lose to Argentina in the 3rd round and Italy will beat France at […]

    / Apr 26, 2006 at 11:24 AM
  • Heard in the Suite

    Ask Muffie: 04.26.06

    Muffie Benson-Perella (muffie AT dealbreaker.com) is an Associate in the Investment Banking Division of a “Bulge Bracket” bank. She holds a B.A. in French and Art from Vassar College and an M.B.A. from Harvard Business School. Her regular column “Heard in the Suite” is a probing (and, ahem, fictional) weekly look into the secret lives […]

    / Apr 26, 2006 at 9:51 AM
  • Morgan Stanley

    In and Out at Morgan Stanley

    The revolving door at Morgan Stanley is spinning so quickly we’re having trouble keeping track of who’s coming and going. So starting today, we’re going to keep a running tally. Today’s additions (or subtractions, as it were:Bankers, Traders and Financiers Leaving Morgan Stanley Bankers, Traders and Financiers Joining Morgan StanleyKevin Adeson, co-head of leveraged and […]

    / Apr 26, 2006 at 9:12 AM
  • Opening Bell

    Opening Bell: 4.26.06

    Bush takes aim at gasoline prices (Reuters) It looks like our oilman President has gone completely to the other side and is now requesting an investigation into price fixing in the energy markets. Perhaps if he read any single news source or even Dealbreaker, he’d realize that crude oil is near record nominal highs these […]

    / Apr 26, 2006 at 8:23 AM
  • Heard in the Suite

    Mobile Muffie: The London Deal

    Muffie Benson-Perella (muffie AT dealbreaker.com) is an Associate in the Investment Banking Division of a “Bulge Bracket” bank. She holds a B.A. in French and Art from Vassar College and an M.B.A. from Harvard Business School. Her regular column “Heard in the Suite” is a probing (and, ahem, fictional) weekly look into the secret lives […]

    / Apr 25, 2006 at 1:56 PM
  • Herb Greenberg, James Cramer, Patrick Byrne

    Byrne/Cramer/Greenberg, with a 2-For-1 Chewbacca Kicker

    Gary Weiss points out that Overstock’s Patrick Byrne has been hanging out in the comments section of the Israpundit blog** lately defending himself against charges of anti-Semitism stemming from some commentary he made about Tom Friedman. Then he somehow laterals into a discussion of Jim Cramer and Herb Greenberg talking about him: I do not […]

    / Apr 25, 2006 at 1:33 PM
  • Microsoft, Scott McNealy, Sun

    McNealyisms Cont’d

    Reuters is totally biting our rhymes** with this piece about McNealyisms, but we can still appreciate it. And we can mourn the loss of all the smartass remarks that McNealy never got to make. In that spirit, we present the Scott McNealy Memorial “Caption the Post-Truce McNealy/Ballmer Photo” Feature (not sure if this shot is […]

    / Apr 25, 2006 at 1:14 PM
  • Lending Tree

    Itty Bitty Insider Trading

    It wouldn’t be Tuesday if there wasn’t an insider trading scandal to blog. Today’s candidate: Charlotte-based Lending Tree SVP of Biz Dev, David Anderson, who has been indicted on six counts of obstruction of justice, making false statements and witness tampering. Anderson tipped off his girlfriend about Lending Tree’s acquisition by Barry Diller’s IAC Interactive […]

    / Apr 25, 2006 at 10:51 AM
  • CFA

    Tales from the CFA

    [Editor’s Note: Some of you have asked for some sort of relief from the pressures of studying for the CFA. We offer you the following advice: Get out of banking while you still can. For the rest of you: it’s always fun to witness other people’s pain, especially if you’ve already jumped through the requisite […]

    / Apr 25, 2006 at 9:53 AM
  • Banks

    Just Asking…

    We just noticed a feature of InstitutionalInvestor.com’s site redesign that incorporates an “industry gossip” section that includes finance-related blind items. And we’re all for finance-related blind items. (You get to guess and we get to not get sued.) But today’s is kind of a yawner: Which European bank has delayed paying out bonuses to U.S. […]

    / Apr 25, 2006 at 9:24 AM
  • Opening Bell

    Opening Bell: 4.25.06

    Reynolds Agrees to Buy Conwood for $3.5 Billion (WSJ) Sometimes there’s market failure and sometimes there’s market success. The fantastic performance of tobacco giant Reynolds, at a time when the whole world is against it (or they claim to be), is a testament to the market. That being said, Reynolds is now expanding their line […]

    / Apr 25, 2006 at 8:25 AM
  • Scott McNealy, Sun

    McNealy Out; Stock Up 9% in After-Hours Trading

    God, this hurts: Scott McNealy resigned from Sun today. He’ll be replaced by Sun COO Jonathan Schwartz. We’re Dealheartbroken. No more Fun-With-McNealy quotes. (Side note: we haven’t seen a stock jump like that since Carly Fiorina got pushed out, which is ironic considering McNealy’s Carly-bashing.) More later…

    / Apr 24, 2006 at 6:13 PM
  • Bruce Wasserstein, General Electric, Lazard, Valuation

    Idov vs. Excel. Idov: 0; Excel: 1.

    Per our earlier post, private equity anonyblogger Equity Private re-values GE based on Michael Idov’s assumptions about how Daily Candy gets to a $100 million valuation**: General Electric trailing twelve months of revenue: $144.4 billion. GE market cap (April 24, 2006): $358.8 billion. Control premium for acquisition of GE (2005 average): 30% Optimism factor applied […]

    / Apr 24, 2006 at 3:16 PM
  • Goldman Sachs

    “They Were Socially Adept and Went to the Very Best Schools…”

    That’s how a family friend describes the children of John Donovan, a Boston area entrepreneur and professor who is alleging that his children tried to extort him for his money and that the eldest, James Donovan, a money manager at Goldman Sachs, hired a couple of people he believes are Russian (no explanation as to […]

    / Apr 24, 2006 at 2:04 PM
  • Kenneth Lay

    Lay Testimony: Day One, with Pie Chart

    Ken Lay took the stand today and offered the following assessment of the Enron trial, so far: It’s been very interesting,” Mr. Lay answered. “We’ve seen a lot of interesting testimony. We’ve seen a lot of interesting people, a lot of allegations, a lot of lies, a lot of misinformation and some truth.” In case […]

    / Apr 24, 2006 at 10:43 AM
  • News

    Flashback: David Wittig

    The fresh-faced Andrew McCarthy lookalike above is David Wittig, Fortune magazine cover boy in November of 1986, former mentee of Kidder, Peabody’s Marty Seigel (of insider-trading-with-Ivan-Boesky fame), who was recently sentenced to 18 years in prison for fraud and money laundering associated with his Kansas-based firm, Westar Energy. The story turns a bit shades-of-TYCO in […]

    / Apr 24, 2006 at 9:55 AM
  • Valuation

    Silicon Alley 2.0

    The New York Times and New York mag both lead the week with return-of-the-dot-com boom stories about MySpace and DailyCandy, respectively. Conclusion: it’s different this time. Sort of. Kurt Andersen, in a separate column, interviews former Flatiron Partner Fred Wilson, who explains how: “It doesn’t seem like really dumb things are getting funded,” Fred says. […]

    / Apr 24, 2006 at 8:29 AM

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