May 2006

  • Closing Bell

    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 […]

    / May 31, 2006 at 4:30 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 […]

    / May 31, 2006 at 3:11 PM
  • Goldman Sachs, Treasury

    Hank Paulson: Phone Lover

    Today 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 […]

    / May 31, 2006 at 2:30 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 […]

    / May 31, 2006 at 1:14 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 […]

    / May 31, 2006 at 12:55 PM
  • Goldman Sachs, Treasury

    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 […]

    / May 31, 2006 at 12:44 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.

    / May 31, 2006 at 12:21 PM
  • banking culture

    Helen Green Doesn’t Want to Marry You

    Actress 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” […]

    / May 31, 2006 at 11:28 AM
  • banking culture

    When Bankers Swarm

    Boston blogger Kinjo complains that lunching bankers are destroying the peace of his park. It’s like every investment banker in the Financial District has shown up and is sprawled out on the lawn waiting for Michael Buble to show up to torture their eardrums with some pop-crooner revivalist Sinatra-esque mediocrity while they loudly eat their […]

    / May 31, 2006 at 11:06 AM
  • Treasury

    Going Easy on Gross

    For all we know, Slate’s Dan Gross is a totally a nice guy. So we’re going to stop picking on him. But not yet. Just now, while reviewing those Treasury Secretary articles on Slate’s Moneybox, we noticed that each article has a “Related in Slate” section. The Related section for Gross’s original “No Wall Street […]

    / May 31, 2006 at 10:54 AM
  • banking culture

    Banker Shakes Doc Down For Drugs

    As it turns out, being married to an investment banker has its advantages. The Universal Critic blogger watches as his sterner half convinces a reluctant British National Health Service doctor to cough up the desired prescription: At that point, a stare down ensued. Now Universal Wifey is not your average Notting Hill yummy mummy. For […]

    / May 31, 2006 at 10:44 AM
  • Treasury

    Eating Your Words on the Cheap

    Yesterday we poked fun at Daniel Gross, the Slate “Moneybox” writer who offered to eat the first chapter of Dow 36,000 if John Snow’s replacement was an “A-list Wall Street CEO.” You don’t get much more A-list than Hank Paulson, so we expect Gross to be digesting those pages soon. Gross himself has now admitted […]

    / May 31, 2006 at 10:24 AM
  • Summer

    $650K and No Club House Yet

    Bloomberg spills on the latest golf club in the Hamptons, Sebonack. Membership costs $650,000, with yearly dues running at 12 grand. What’s that get you? They will have access to a yet-to-be-built 28,000-square-foot clubhouse and a 19th hole with a green rather than barstools; it’s a par-3 constructed especially to break ties and settle wagers. […]

    / May 31, 2006 at 9:48 AM
  • Goldman Sachs

    Patriotism and Profit Taking

    Rob Cox at Breaking Views argues that, okay, sure, Hank Paulson’s jump from Goldman to Treasury was motivated by patriotism. But if he liquidates his stock in his old firm he also stands to make a ton of money. Goldman recently reported mind-blowing profits. The stock, while off its highs, is up 60% in a […]

    / May 31, 2006 at 9:35 AM
  • Opening Bell

    Opening Bell: 5.31.06

    Can Paulson Be More Than a Salesman in Treasury Role? (Dealbook) Dealbook asks what we can actually expect out of a Secretary Paulson. If Paulson is to be more than a salesman, it’d be quite impressive, since as far as we can tell, that’s about the only job description. Unlike, say, the Fed chief, which […]

    / May 31, 2006 at 8:34 AM
  • banking culture

    Going Mad!

    Blogger Derick Punaro describes how he almost wound up on Jim Cramer’s “Mad Money.” Here’s the email that nearly (but not quite) landed him the spot. Jim! A big Buffalo Booyah to ya! Help me out! The King of Beers has me in a Castle of Pain. I bought BUD in my time B.C. (that’s […]

    / May 30, 2006 at 5:46 PM
  • Enron

    A Case For Legalizing Fraud

    If there’s anything the growing scandal over options backdating seems to demonstrate, it’s that the brute force approach to dealing with corporate malfeasance is failing. In other words, you can’t just ban stuff and make it go away. Boards and executives will simply delve deeper into accounting exotica in order to avoid scrutiny. Harvard economist […]

    / May 30, 2006 at 5:30 PM
  • banking culture

    Living the Dream

    I did quit [my job], and it felt really good although I just put a letter of resignation on my boss’s desk and slunk away. On Tuesday I’m going in to confirm my resignation, which should be the really harrowing part, except not really since I win and my boss loses forever. I AM GOING […]

    / May 30, 2006 at 5:02 PM
  • Goldman Sachs

    Paulson Appointment Fall-Out

    The finance corridors of the interwebs are echoing with reactions to the President today naming Hank Paulson to follow John Snow as Treasury Secretary. Larry Kudlow’s pleased. Mr. Paulson is a well-regarded, top-rated Wall Street exec at the powerful Goldman Sachs who will bring considerable credibility to the top Treasury job. He is a confirmed […]

    / May 30, 2006 at 4:48 PM
  • Executive Pay

    Bed Padding Exec Comp?

    David Phillips has taken a look at the proxy statement filed by Bed Bath & Beyond. Among the items of business are resolutions calling for the Company to be nicer to workers in other countries and not quite as nice to white people (the Board of Directors is currently all white). Phillips thinks this a […]

    / May 30, 2006 at 4:00 PM
  • Enron

    Enron Conviction Blacklash

    It was bound to happen. Anytime a scoundrel takes a sucker for everything he’s got, someone will eventually blame the sucker. Afterall, he shouldn’t have been a sucker in the first place. So what about the victims that suffered at the hands of the above mentioned individuals when they lost their life savings, jobs, pensions […]

    / May 30, 2006 at 3:04 PM
  • banking culture

    How To Spend Your Hedge Fund $

    Just as youth is wasted on the young, wealth is certainly wasted on the wealthy. All too often, people who are earning the serious money have no idea how to spend such money. They end up doing silly things with it. Like dying with it so their idle offspring can fritter it away on expensive […]

    / May 30, 2006 at 2:37 PM
  • Enron

    Ken Lay Lays Blame on God

    Last week, we mentioned that one of the things that Ken Lay was doing during the hours between his conviction and the time he emerged from the Houston courthouse was standing around with his family. Seemed fair enough. We’d probably say a couple of prayers if we were convicted of crimes that promised to put […]

    / May 30, 2006 at 2:03 PM
  • Goldman Sachs

    Eating Glassman’s Words

    Eddy Elfenbein reminds us that back in April Slate’s Daniell Gross was prediciting the Bush administration wouldn’t be able to recruit a high level Wall Street exec to replace John Snow. Specficially, Gross wrote: The probability of Bush being able to draft any of these guys—virtually all of whom have signaled their disinterest—is incredibly low. […]

    / May 30, 2006 at 1:25 PM
  • Goldman Sachs, Kinder Morgan

    Deal of The Day: Kinder Morgan and “Highly Confident”

    The buy-out of pipeline giant Kinder Morgan announced today includes a massive amount of debt. Fourteen and a half billion according to the buyer’s press release. That number includes both the refinancing of existing debt and new debt being taken on by the company to pay the purchase price. So how do the Kinder Morgan […]

    / May 30, 2006 at 1:14 PM
  • Goldman Sachs

    Josh Bolten: Hank Paulson’s New Boss?

    At least according to former White House staffer Jonah Goldberg John Podhoretz on National Review’s blog “The Corner.” Do you wonder where the White House got the idea to offer Henry Paulson of Goldman Sachs the job of treasury secretary? Well, White House chief of staff Josh Bolten used to work at Goldman Sachs. Even […]

    / May 30, 2006 at 12:03 PM
  • Goldman Sachs

    Bye, Bye, Hank

    One of our commenters mentions that Hank Paulson left a “sappy voicemail” to GS employees this morning. Anyone got a transcript for us? Send to TIPS at dealbreaker.com.

    / May 30, 2006 at 11:30 AM
  • Goldman Sachs

    Blankfein to head Goldman?

    With Hank Paulson gone to the Treasury who will be taking up the helm at the goodship Goldman? The general consensus seems to be that the next cheif executive will be Lloyd Blankfein, a veteran of Goldman’s trading side and current the bank’s president and chief operating officer. According to a recent Fortune magazine profile, […]

    / May 30, 2006 at 11:10 AM

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