Archive for May 2006

Closing Bell

MBAs are making even more money. [Business Week]
There aren’t many (any?) male personal assistants in UK investment banks. [The Devil’s Personal Assistant via WallStFolly]
Why does the new KKR fund have a Luxembourg subsidiary? No withholding or capital gains taxes! [Going Private]
Jon Corzine was so beat-up by Hank Paulson during the 1998 struggle to control Goldman that he wouldn’t even enter the building and conducted his business from a limo outside. [New York Post]

  • 31 May 2006 at 3:11 PM
  • Google

Google: The Conference Call

We suppose you can read the reporting on today’s Google conference call from Reuters or CNNMoney. They are good enough as far as they go. But the most complete treatment comes from John C. Ogg on the 24/7 Wall Street blog. It’s little more than a hastily written transcript but its got the goods on who asked what, which is always one of the best parts of these calls.
Google’s Investor and Analyst Conference Call [24/7 Wall Street]
Update: Seeking Alpha has the complete transcript.

Hank Paulson: Phone Lover

motorolabrick.jpgToday seems to be Hank Paulson day here at DealBreaker. The Observer ran a good profile on the incoming Treasury Secretary today, with details on his fly-fishing habits (catch and release). Meanwhile, over on Slate, Timothy Noah provides the details on Paulson’s political contributions (heavily Republican).
In light of what we’ve heard about Paulson leaving a sappy voicemail for Goldman’s employees yesterday, this older story from Fortune is particularly telling.

I’ve never used e-mail, but I’m a huge voicemail user. I do a couple hundred voicemails a day. And I return every call right away, whether it’s a client or someone in the firm. There are positives and negatives to this. I don’t have a lot of time for small talk.
Occasionally there are wing nuts who call, and I pass them on to Julie, my assistant. But Julie doesn’t screen my voicemails. The people at Goldman Sachs have to be able to get to me. Clients have to be able to get to me.
I’ve always spent a lot of time on the phone. Even when cell phones were a novelty in the 1980s when I lived in Chicago, I was using one of those huge Motorola phones as I walked from the train station to the office. This past Christmas, my wife, Wendy, and my daughter, Amanda, and her husband and I spent ten days hiking in Chile, and my daughter took so many pictures of me with this big satellite phone attached to my ear.

If anyone has yesterday’s voicemail and wants to send it our way, that would be like super. Actually, if you’ve got any Paulson voicemail you should send it to TIPS at

Secrets of greatness: How I work
[Fortune via CNN Money]

  • 31 May 2006 at 1:14 PM
  • Treasury

Snow’s Going: A Long Time Coming

Yesterday we were trying to remember just how long we had been hearing that Treasury Secretary John Snow was on his way out. Weeks? Months? A year? It feels like it’s been forever.
Actually, people have been talking about this at least since 2004! This Wall Street Journal story [subscription required] even lists Hank Paulson as a probable candidate for the job.

  • 31 May 2006 at 12:55 PM
  • Microsoft

Barron’s Launches Blog

Eric Savitz has launched a blog over at Barron’s, Tech Trader Daily. From the initial post.

Well, here it is, the first-ever post of Barron’s first-ever blog. It’s been a long time coming: Barron’s has been online for a decade now, but our approach until this point has focused largely on writing stories for the Web that look a lot like the ones we write in the magazine: in-depth company stories with an investment angle. And the site will continue to do a lot of that. With Tech Trader Daily, however, I’ll try to apply some of the same Barron’s logic to daily coverage of the tech sector. Like other bloggers, I’ll be linking off to interesting stuff around the Web, from both other print publications and various places in the blogosphere.

Today he’s more or less live-blogging from the Wall Street Journal’s”D Confernce” and provides this quote from Sony CEO Howard Stringer: “Microsoft whips out patches like hot meals.”
Tech Trader Daily [Barron’s Online via Random Roger’s Big Picture]

Fearing Hank Paulson

Not everyone is happy with the appointment of Goldman CEO Hank Paulson to takeover from John Snow as Treasury Secretary. Here is what the free-marketeers at the Competitive Enterprise Institute* had to say.

“No conservative administration should consider appointing anyone who works for the Nature Conservancy to any position and certainly not to one carrying the high responsibilities of Treasury Secretary. The financial scandals at the Nature Conservancy uncovered by the Washington Post are only the tip of the iceberg. The Nature Conservancy has served as the agent for turning millions of acres of productive private land into federally-owned land and has made huge profits doing so,” said CEI’s Director of Energy & Global Warming Myron Ebell. “The question that needs to be asked is, what will Mr. Paulson be able to do as Treasury Secretary to benefit the Nature Conservancy and its big corporate partners?”

Translation: Treehugger!
Trouble at Treasury: Paulson Wrong Choice for Secretary [CEI]
* Disclosure: John Carney’s brother Timothy P. Carney is the Warren T. Brookes Journalism Fellow at CEI. He did not contribute to the article discussed here.

  • 31 May 2006 at 12:21 PM
  • movies

How Many Buttons Are On My Blackberry?

It seems some people find this very funny. To be honest, though, we don’t really get it.

Helen Green Doesn’t Want to Marry You

HelenGreen.jpgActress and blogger Helen Green (pictured left) is upset that the financial services community isn’t paying enough attention to the Tom Cruise-Katie Holmes situation.

There are about 10 IBs about 5 feet away from me and one of them is explaining the “Tom Cruise is gay and Katie Holmes is contracted to play his wife” theory. They are all acting SHOCKED. Just shocked!
“Where did you hear THAT?!”
“Oh this stuff is underground, it’s not even IN US Weekly.”
“What? NO!”
“Maybe that would make sense.”
“Well I guess ‘Pieces of April’ doesn’t pay the bills.”
This just isn’t acceptable. A year ago- MAYBE. Not 2006 though. No way

Actually Helen, you might want to reconsider the idea that you want to marry any man who knows too much about Tom Cruise.
Why I Can’t Marry An Investment Banker [And I’m Helen Green]