May 2006

  • Lawyers

    Lawyers=Rounding Error

    Everyone hates when lawyers make money. Fortunately, they don’t really make that much money at all. At least when compared to the fees of investment banks setting up the deals. “New York transactional lawyers are extremely busy,” [American Lawyer editor in cheif Aric] Press said. “For you and me, what they are charging is a […]

    / May 16, 2006 at 12:30 PM
  • John Bogle

    Bogle Blogle

    Attention finance nerds (Finerds?) : John Bogle is blogging (Bogling? Blogling?).The inaugural post from The Man Himself: The Bogle Blog. Can you believe it? A few months ago I barely knew what on earth a “blog” was, and now here I am blogging. I’m excited, however, about the opportunities this new website will offer me, […]

    / May 16, 2006 at 12:06 PM
  • Write-Offs

    Write-Offs: 05.16.06

    $$$ The new breed of club kid (and alleged Goldman Sachs employee): The Popper Monster [Manhattan Offender] $$$ Everything you thought you knew about SWOT is wrong. [BusinessPundit] $$$ Why arguments over email are nastier than arguments in real life: because you’re egocentric. [Christian Science Monitor] $$$ “Cool Stuff Being Made“: The blog of the […]

    / May 16, 2006 at 10:49 AM
  • Vonage

    Is Vonage Screwed?

    Andy Kessler predicts that Skype is going to sucker punch Vonage just before their IPO–and Vonage is already hurting: The buzz on the Street is that the Vonage IPO is on the rocks. They HAVE to raise money or they are in a world of hurt. Their investors don’t want to put another penny in […]

    / May 16, 2006 at 10:27 AM
  • Ivan Boesky

    Seema Boesky, Latter Day Scheherazade?

    The AP has just discovered Ivan Boesky’s ex-wife’s essay anthology, Seema Says: One of the promotional blurbs on the back of the recently published anthology of columnist Seema Boesky’s work says her offerings “have made thousands of readers smile, scratch their heads and wonder.” Indeed. Wonder things like: How fabulous is it to be obscenely […]

    / May 16, 2006 at 10:11 AM
  • News

    A Flock of Priuses (Priusii?)

    Last week, we brought you a rare glimpse of the elusive Goldman hybrid in its natural habitat. It did not appear to have swallowed any bankers at the time the photograph was taken, but was no doubt waiting patiently for its prey, which would soon be folded into its belly, a jumble of knees, Turnbull […]

    / May 16, 2006 at 9:37 AM
  • Planespotting

    The Revenge of Planespotting

    Yet another update from The Planespotter: So, either legendary global investor Gary Brinson or Lone Star Global Acquisitions president Ellis Short are taking their fractionally owned G-IV to Pulkova at St. Petersburg, Russia overnight. Good luck. Natural resources are hot if you don’t end up in the Russian pokey. Likewise, Thomas H. Lee’s G-IV that […]

    / May 16, 2006 at 9:11 AM
  • Opening Bell

    Opening Bell: 5.16.07

    Wal-Mart’s 1st-Qtr Profit Rises 6.3% on Easter, Spring Sales (Bloomberg) Wal-Mart posted a strong quarter fueled by Easter and spring… uh, cause Easter and spring didn’t happen last 1st quarter? The company has been lagging its rival Target, which is probably why Bloomberg saw fit to include this gem: The stock has gained less than […]

    / May 16, 2006 at 8:34 AM
  • Companies

    Ebay Wins Bid Before Supreme Court

    Lower court judges should exercise discretion in deciding whether to grant injunctive relief in patent cases, the Supreme Court said in an important, unanimous decision today. The court overturned an earlier decision by the Federal Circuit Appeal Court which had held that injunctions stopping further patent infringement should always be granted in such cases. Them’s […]

    / May 15, 2006 at 4:16 PM
  • Maria Bartiromo

    Going to Bed With Maria Bartiromo

    The FT‘s interview with Maria Bartiromo overflows with all sorts of juicy details, from what Bartiromo ordered for lunch at San Pietro to her relationship with Joey Ramone. As Wall Street Folly points out, the reporter is clearly smitten with her. Maria, of course, does nothing to discourage this, dropping arousing little comments like, “They […]

    / May 15, 2006 at 3:36 PM
  • Economics

    John Kenneth Galbraith: Full-of-Himself Conspiracy Theorist With Good Hair

    Last week, we took note of FT columnist Stefan Stern theory that the quiet reaction of economists to the death of John Kenneth Galbraith was fueled by for his commercial successes. We might have said the reaction was “quiet, too quiet”–like an action movie hero knowing he is walking into an ambush. This week they’ve […]

    / May 15, 2006 at 2:54 PM
  • Lehman

    How Investment Banking May Save World Peace

    From Market Watch. Lehman Brothers Holdings Inc.’s (LEH) biggest geographical gap lies in Asia, the fastest-growing markets for investment banks, the company’s chief financial officer said Monday. Lehman generated 37% of its revenue outside the United States last year, beating all its peers, CFO David Goldfarb said in a Webcast of a UBS investors’ conference […]

    / May 15, 2006 at 2:26 PM
  • Heard in the Suite

    Mobile Muffie: The London Deal Part II

    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 […]

    / May 15, 2006 at 1:59 PM
  • Google

    Google Cap-Ex: Or Why $1.8M On Aeron Chairs Is Good News

    Henry Blodget explains. So maybe the outlook for free cash flow growth isn’t as bad as it seemed. Unless Google plans to become a REIT, approximately $750 million of the $1.5 billion in CAPEX estimated for this year should disappear. When/if it does, this will provide a nice lever for cash flow acceleration. Where Google’s […]

    / May 15, 2006 at 1:35 PM
  • News

    CEO Compensation

    “The definition of ‘overpaid’ is ‘someone else who is paid more than I think they should be,’” a friend once told us. And, indeed, despite numerous journalistic forrays into the realm of CEO compensation, no-one has ever been able to discover a specimen of the human beast who believes that his own compensation counts as […]

    / May 15, 2006 at 12:43 PM
  • banking culture, FOREX

    An Indian Warns His Countrymen Against the Allure of Investment Banking

    The India Times blog today warns bright young Indians about the reality of investment banking. 3. Now what an analyst does. First of all they work mind numbing hours. They are supposed to work 18 hrs a day, 7 days a week. non stop! night outs are frequent. You are always on call. you can […]

    / May 15, 2006 at 11:17 AM
  • News

    Coffee Keeps You Ticking

    It almost goes without saying but a lot of the work at our investment banks is done by young people hopped-up on various chemicals. So it is with a glad (if somewhat erratically racing) heart that we bring you the news that drinking coffee may keep your ticker ticking longer. One to three cups of […]

    / May 15, 2006 at 10:51 AM
  • Banks, Goldman Sachs, Lehman

    Lehman and Goldman Making Bank

    Lehman and Goldman both came in at the top ranks of Barron’s survey of corporate performance. DealBook has the details. Both companies, of course, have benefited from hot capital markets around the world. Barron’s depicts Lehman, which ranked No. 1, as having successfully transformed itself from a stodgy old bond house into a hot-shot player […]

    / May 15, 2006 at 10:37 AM
  • News

    NewsCorpSpace

    News Corp will begin offering episodes of Fox’s “24” on MySpace next week, according to the Wall Street Journal. This seems to be the first step of News Corp’s plan to expand the social networking website into a mainstream media source. Episodes will be priced at $1.99, which is exactly what Apple’s iTunes charges for […]

    / May 15, 2006 at 10:08 AM
  • banking culture

    If Investment Banks Were…

    Bloomberg columnist Mark Gilbert wrote a column comparing investment banks to rocks stars. Now Bankers Ball has responded with the I-Bank equivalents of sushi rolls. We like this game. A reader has already send us “If I-Banks Were Hit Films” but we invite more contributions in comments. If Banks Were Musicians [Bloomberg] If I-Banks Were […]

    / May 15, 2006 at 9:40 AM
  • James Gorman, Morgan Stanley

    War Among the Viacom Babies?

    SUMNER Redstone, who split his giant Viacom media empire into two separate companies, is now trying to get the chairmen of the firms to stop fighting with each other and play nice. Insiders say that nasty stories have been leaked to reporters about Viacom chief Tom Freston and CBS boss Les Moonves – and that […]

    / May 15, 2006 at 9:24 AM
  • FOREX, Opening Bell

    Opening Bell: 5.15.06

    J&J to Skip Network TV’s ‘Upfront’ Market (WSJ) Johnson & Johnson is the latest company to raise doubts about the TV advertising market, with their announcement that they won’t participate in the ‘upfront market’, when advertisers usually commit to buying a certain amount of ad minutes for the following season. Officially, J&J wants to harmonize […]

    / May 15, 2006 at 8:35 AM
  • Microsoft, Time Warner

    TWX + MSFT = D’OH

    Henry Blodget on Susan Kalla’s (Caris & Co) suggestion in BusinessWeek** that Microsoft taking over Time Warner would be a “great move”: I don’t know Susan and it’s certainly possible that she was misquoted. If not, however, I have some questions: Where was she five years ago, when AOL bought Time Warner? Would she care […]

    / May 12, 2006 at 2:41 PM
  • Banks, JPMorganChase

    The JP Morgan Shuffle

    We’ve been hearing rumors about the JP Morgan reorganization for a while now. Word is that JP Morgan has overturned the old regionally based organization in favor of a global structure based around asset specific groups. Now Traders Magazine has the details. …the new head of global equities, is Carlos Hernandez. Until recently, the executive […]

    / May 12, 2006 at 1:27 PM
  • banking culture

    Bankers and Sartorial Flair Disrepair

    A couple of weeks ago we sat in on a meeting discussing some new debt products that bankers are marketing to their corporate clients. Lots of people with the eyes of the-dead-who-have-been-buried-in-cubicles, and suit jackets stretched into U-shapes from being hung over the backs of chairs for too many late nights. Usually, we try to […]

    / May 12, 2006 at 1:16 PM
  • Economics

    Gasoline at Ten Cents a Gallon?

    Economist and libertarian George Reisman argues that gasoline is at ten cents and falling. Or it would be, if we were on a gold standard. Gold is now at $700 per ounce, and rising. To the [left] is a picture of a $20 United States gold coin known as a Double Eagle. If you look […]

    / May 12, 2006 at 11:25 AM
  • Economics

    The Freaks Come Out

    Hot shot New York Times Magazine Freakonomics columnists Steven Levitt and Stephen Dubner have had to beat a not-so-hasty retreat from their claim in last Sunday’s magazine that people born in the early months of the year are over-represented on World Cup soccer teams. Commenters on their blog and writer Steve Sailer have convinced them […]

    / May 12, 2006 at 10:28 AM
  • Write-Offs

    Write-Offs: 05.12.06

    $$$ Net Neutrality, as explained by a ninja. [AskANinja via Valleywag] $$$ Michael Eisner is a tall, black man. [Infectious Greed] $$$ Google nerdiness, run amok: When it filed the regulatory documents for its stockmarket listing in 2004, it said that it planned to raise $2,718,281,828, which is $e billion to the nearest dollar. A […]

    / May 12, 2006 at 10:04 AM

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