October 2006

  • Write-Offs

    Write-Offs: 10.31.06

    $$$Trump: You thought he wouldn’t have anything to say about Madonna and her Malawian baby. You thought wrong. [Trump Blog] $$$Shake-up at Fortune [Valleywag] $$$British banker and erstwhile DJ with joie de vivre seeks lady friend for “laughs smiles…adventures…spontaneous tickles and hugs.” [Craigslist] $$$Last minute Halloween options [Forbes]

    / Oct 31, 2006 at 5:22 PM
  • Dead Hookers, Planespotting

    Planespotting: John Thain, Least Shady By Default

    NYSE: Westchester Co to Berumuda Int’l on its Gulfstream IV (Wal-Mart Spawn) Jim Walton: Lethbridge to Grande Prairie (Alberta) on his Cessna Skylane Donald Trump: Pease Int’l Tradeport to La Guardia on his Boeing 727-100 David Becker: Port Isabel Cameron Co to Austin Bergstrom Int’l on his Mooney M-20 [We’ve got our hands full with […]

    / Oct 31, 2006 at 4:26 PM
  • Newspapers

    The Highly Exagerated Death of Newspapers

    We’ve been reading about the death of newspapers for years, and the declining circulation numbers recently released have prompted a whole new round of pre-mortem elegies for ink and dead tree dailies. But there’s something odd about the whole “death of print” thing. For one thing—if the papers are really in so much trouble—why is […]

    / Oct 31, 2006 at 4:01 PM
  • Attorney General, Hedge Funds, Regulators, SEC, Senate

    Bureaucrats Don’t Hate Hedge Funds, They Just Want Some Of That Money

    That’s the gist of today’s Wall Street Journal editorial discussing the pressure coming for tighter regulations on hedge funds from, well, just about anywhere you look. There’s Senator Charles Grassley’s letter to regulators looking for suggestions on how to regulate hedge funds. (Our bet is that they’ll somehow come up with a couple!) And Connecticut’s […]

    / Oct 31, 2006 at 3:14 PM
  • banking culture, Strippers

    The Stripper Question

    Some comments and emails to our Zwirn item below have prompted us to ask the time honored question: are strippers a reimbursable client expense? So have at it below and let us know. Are Strippers Reimbursable? Yes. Who spends their own money on strippers? Yes. But only if you’re in the club at the client’s […]

    / Oct 31, 2006 at 2:48 PM
  • Halloween

    The Horrors of Halloween

    Halloween may be the world’s worst holiday. First of all, if people are encouraged to wear costumes where you work, you know that cute girl from recruiting—the one with the still discernable Long Island accent—came in as a “sexy” something or other. Just keep your distance today and remember that sexual harassment laws apply even […]

    / Oct 31, 2006 at 2:24 PM
  • Business Glossies

    What the Business Mags Are Saying…

    In Business Week: $$$ Is there an entrepreneurial gene? A group of experts provides us with very few answers on a question that’s crossed all of our minds. [Is There a Gene for Business?] $$$ A college degree can earn you up to $23,000 more per year than a high school diploma — climbing interest […]

    / Oct 31, 2006 at 2:00 PM
  • Wal-Mart

    Lumps Of Coal For The Waltons This Christmas?

    Things are not looking good for Wal-Mart, Forbes reports: The discount giant announced over the weekend that its same-store sales for October grew by just 0.5%, the company’s most anemic monthly growth rate since 2000. At the same time, a government report shows that consumers kept a firm grip on their wallets in September, boosting […]

    / Oct 31, 2006 at 1:24 PM
  • Zwirn & Co

    Zwirn & Co Tells Investors Of Inappropriate Expenses

    Another example of genius in reverse at a hedge fund came to light this morning, as the New York Post reported that D.B. Zwirn & Co, a Manhattan based $5 billiion loan-trading hedge fund, had held conference calls with investors to discuss internal financial controls. Apparently, a former finance executive with the fund “inappropriately expensed […]

    / Oct 31, 2006 at 12:02 PM
  • Barry Diller, IAC Interactive

    Barry Diller: Did The Pay Package Story Hint At Earnings Announcement?

    When the word spread last week that IAC/Interactive Barry Diller is the highest paid chief executive in America—by some counts pulling down $295 million last year—it should have been clear that he expected IAC/Interactive to come up with some dynamite numbers this quarter. It’s pretty simple really. Diller was clearly cooperating with the reporters covering […]

    / Oct 31, 2006 at 11:33 AM
  • News

    Archeus Undone By Accounting And Performance

    Another week, another hedge fund goes down. This time it’s a child of Salomon Brothers—Archeus, run by Gary K. Kilberg and Peter G. Hirsch. The official word is that whoever was running the books at the Manhattan based hedge fund screwed up, which prompted redemptions. Of course, having its main fund down almost 2% this […]

    / Oct 31, 2006 at 10:34 AM
  • Banks, Earnings Reports, UBS

    Bad Bet On Treasuries Hammers UBS Profits

    The Swiss can’t catch a break. Last week rumors insisted that Credit Swiss had suffered bigger than reported losses from derivatives trading. As we mentioned briefly in the Opening Bell this morning, today UBS unveiled its third-quarter financials showing a 21 percent drop in profits, led largely downward by its proprietary trading unit which seems […]

    / Oct 31, 2006 at 10:25 AM
  • Google

    Google To Pay Video Creators

    One of the first great viral video sensations to hit the video sharing services were the various experiments mixing Diet Coke and Mentos to explosive effect. At one point the videos became so ubiquitous it seemed that everyone with a digital camera and a YouTube or Revver account had made one. The Wall Street Journal […]

    / Oct 31, 2006 at 9:30 AM
  • Shorter Dealbook

    DealBook, The Abridged Version (10.31.06)

    Crime/Fraud/Legal/Investigations/Inquiries/Regulation: SEC files civil fraud case against nine former Adelphi executives [Fraud] Canadian court freezes assets of former Sun-Times publisher [Legal] Pickens’s son pleads guilty to stock scam [Legal] Former Treasury Secretary John Snow, now at Cerebus, criticizes push for hedge fund regulation [Regulation] Investment boutiques snared in KPMG tax shelter case [Taxes] Monster.com founder […]

    / Oct 31, 2006 at 9:02 AM
  • Opening Bell

    Opening Bell: 10.31.06

    Sponsored by Bloomberg.com A Proposal for Federal Protection From Catastrophe Divides Insurers (NYT) Watch out General Re and your Cayman Islands-based cohort, the federal government is increasingly getting into the re-insurance game. In a bid to protect themselves against catastrophic losses, many retail insurers are asking the government to guarantee aid in the event of […]

    / Oct 31, 2006 at 8:26 AM
  • Write-Offs

    Write-Offs: 10.30.06

    $$$The Natty Banker: Halloween’s Top 5 [Banker’s Ball] $$$35 y-o investment banker with “a lot of wine, beer, vodka in the fridge” seeks good looking gal to imbibe said drinks, etc [Craigslist] $$$The Expense-Account I-Banker: How Much She Spent This Week [NYM]

    / Oct 30, 2006 at 5:17 PM
  • Microfinance

    As It Turns Out, Lending Tiny Sums Of Money To Poor People May Not Bring Peace or Propsperity

    It was kind of exciting that a bank and a banker won the Nobel Peace Prize this year. We thought we were being a bit mean spirited when we pointed out that we couldn’t quite figure out what making tiny little loans had to do with peace. Turns out we weren’t skeptical enough. As Richard […]

    / Oct 30, 2006 at 4:13 PM
  • TV, Wall Street Warriors

    Wall Street Warriors, (Legitimately) Episode 2: Postmortem

    Bess here, done with episode one and ready and raring to go with episode two. (And ready, dying, to get back to the first-person plural. I feel naked without it). If the first episode of Wall Street Warriors knocked your socks off, hold on to your pants, because episode two is like the A.D. to […]

    / Oct 30, 2006 at 4:02 PM
  • legal, T. Boone Pickens

    T. Boone Pickens’ Son Pleads Guilty

    What’s sadder? The fact that people still try the whole phony stock tip trick or the fact that it apparently still works. The son of billionaire oil tycoon T. Boone Pickens pleaded guilty to securities fraud Monday, admitting his role in a scheme to inflate the stock value of three companies so he could make […]

    / Oct 30, 2006 at 3:07 PM
  • TV, Wall Street Warriors

    Wall Street Warriors, Episode 2: Postmortem

    But first, a postmortem on episode one. By now you’re likely asking yourselves a few questions—“why is DealBreaker covering the WSW pilot a week late”; “what is this, this Wall Street Warriors”; and “have you ever a been with a woman.” All excellent questions. First of all, we do things differently ‘round these parts. We […]

    / Oct 30, 2006 at 2:16 PM
  • billionaires, Jeffrey Epstein, sex

    The Return of A “Very Passionate” Jeffrey Epstein

    It only takes Vanessa Grigoriadis seven paragraphs before her New York Magazine piece on billionaires hits on one of our favorite subjects: sex-crazed rich dudes! More specifically, it’s Jeffrey Epstein time again. So what’s Jeff been up to? Well, aparently not much has changed. It’s still all work and massages. To be a billionaire is […]

    / Oct 30, 2006 at 1:30 PM
  • Aleksey Vayner, video

    Yeah. It Was Inevitable: A Vayner Video Parody

    It’s even Halloween themed!

    / Oct 30, 2006 at 12:09 PM
  • Google, Viacom, YouTube

    Comedy Central Versus YouTube

    The news that Google owned YouTube took down the ubiquitous Daily Show clips and other material from Comedy Central got a lot of play over the weekend. But, as TechTraderDaily noticed, it’s not at all clear that the purge is actually working. There are hundreds of Daily Show, Colbert Report and South Park clips still […]

    / Oct 30, 2006 at 12:08 PM
  • banking culture

    When Everyone Is A Contrarian

    Okay. So this is totally true. Everyone says they are a contrarian-innovator. So do you trust the guy who says he follows the flock because that would be truly contrarian? On Wall Street everybody says he’s a contrarian, and nobody is. It is so hard to recognize the moment when you are caving to conventional […]

    / Oct 30, 2006 at 11:31 AM
  • James Dimon, JPMorganChase, SEC

    Jamie Dimon’s Bank One Fund Brings JP Morgan Under SEC Microscope

    Yeah. He’s still going to be running JPMorgan Chase when all is said and done but its got to be a headache to have to deal with another SEC investigation. This time it’s JPMorgan’s relationship with the Bysis group that’s caught the SEC’s attention. Bisys is the mutual fund administrator that’s paid millions in fines […]

    / Oct 30, 2006 at 11:08 AM
  • Goldman Sachs

    The World’s Best Paid PR Guy

    Having the best paid public relations guy is a bit like having the best paid lawyer–people start to wonder why you need such extravagent help. So pencil Goldman in on the dangerous help list. Last week the investment bank made Lucas Van Praag a partner, meaning he will likely be bringing down a salary of […]

    / Oct 30, 2006 at 10:02 AM
  • White Collar Crime

    Big House: Dennis Koslowski

    It’s check-in on your favorite white-collar criminal day at the New York Post, so be sure to read all about Steve Dunleavy’s day with former Tyco head Dennis Koslowski. The Koz is definitely not king in the Mid-State correctional facility. His wife has only visited him once—to deliver the message that she wanted a divorce. […]

    / Oct 30, 2006 at 9:30 AM
  • Shorter Dealbook

    DealBook, The Abridged Version (10.30.06)

    Crime/Fraud/Legal/Investigations/Inquiries/Regulation: Options timing as tax cheating [Taxes] For Sale/ LBOs/ Going Private/ Auctions/ Offerings: Tribune attracts buyers [For sale] Miscellaneous: YouTube taking down lots of videos [Video] Bond trading [Bonds]

    / Oct 30, 2006 at 9:02 AM

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