March 2007

  • sex

    Lunch: Now With Less Sex

    The New York Post reports another reason to eat lunch at your desk today: An artist whose nude portraits have been displayed in galleries around the world has been busted and charged with managing a brothel in the Financial District that catered to wealthy Wall Streeters. Manhattan Vice Squad cops on Wednesday arrested Mary Jane […]

    / Mar 5, 2007 at 8:55 AM
  • Opening Bell

    Opening Bell: 3.5.07

    Asia Stocks Extend Meltdown; Europe Opens Lower (AP) Anyone hoping that the weekend would put a close to the hectic global situation is probably in for a disappointment. The Asian markets picked up right where they left off on Monday, as the Nikkei got slammed for another 3.3%, with Hong Kong, Australia, Malaysia and other […]

    / Mar 5, 2007 at 7:59 AM
  • Stock Market Scams

    Stock Scamming With The Clergy

    We were always taught that if you want to manipulate a stock price, you do it the old-fashioned way: improve the operating performance of your company. A man who calls himself “The Bishop,” however, sees such tactics as those of amateurs, bludgeoning the craft. The Bishop, according to investigators, is responsible for sending at least […]

    / Mar 2, 2007 at 4:56 PM
  • Warren Buffett

    Reading Warren Buffett’s Letter to the Shareholders: Wherein We Kind of Start to like the Crazy Old Guy

    If DealBreaker readers know one thing, it’s that John Carney hates Warren Buffett. Over the last several months JC has publicly taunted and ridiculed the septuagenarian and wondered aloud “how great an investor this chump really is,” polled clergy members regarding the question, “Is Warren Buffett going to hell?” and publicly aligned himself with the […]

    / Mar 2, 2007 at 4:02 PM
  • John Thain

    This Week In Thain

    We’ve been having some fun lately at New York Stock Exchange chief executive John Thain’s expense. We want to like the guy, we really do. It’s just that lately so much of what he’s been saying lately is so implausible. Let’s do a quick summary of Thain’s claims and then rate them as to their […]

    / Mar 2, 2007 at 3:57 PM
  • CEO, CEOs, Citi, Citicorp, Citigroup, Sallie Krawcheck

    Gary Crittenden: The Ten Million Dollar Man or A CEO-In-Waiting

    So now we know how much it costs to buy off the chief executive of American Express—$10 million. That’s the compensation package for incoming Citigroup chief financial officer Gary Crittenden disclosed today in a filing with the Securities and Exchange Commission. That’s about twice what he was making as chief financial officer of American Express. […]

    / Mar 2, 2007 at 3:02 PM
  • Eugene Plotkin, insider-trading, legal

    Giving Poster Boy For Insider Trading An Entirely More Boring Meaning

    We’ve been sitting around the office for the better part of the morning trying to figure something out. No, not, “Did Carney’s beard add gravitas to his appearance on CNBC or did it just make the whole operation look like b-roll from Court TV?”—though that question has been plaguing us for some time. What we’re […]

    / Mar 2, 2007 at 12:25 PM
  • Market Plunge

    Market Plunge? Let’s Go To The Chart!

    Last night we had a good conversation with one of our favorite wise men of the markets. He mentioned that a couple of percentage points drop in the market is not exactly a historically unprecedented or terrifying event. It definitely shocked people who haven’t seen this kind of volatility in a while but grown-ups should […]

    / Mar 2, 2007 at 12:07 PM
  • Blackstone, Blackstone Group, KKR, Private Equity, Stephen Schwarzman, Texas Pacific Group

    Who Wants To Be A Forty-Billionaire?

    By now you’ve probably heard that Credit Suisse is reportedly offering to finance $40.2 billion to fund a competing offer for TXU, the Texas-based energy group which this week agreed to be bought by Kohlberg Kravis Roberts and Texas Pacific Group. The Financial Times broke the story, following it’s lead-off sentence announcing the offer with […]

    / Mar 2, 2007 at 10:55 AM
  • CNBC

    DealBreaker Is So On The Money

    We were guests on CNBC’s On The Money last night, discussing this week’s market action, hedge funds and the role of finance blogs. The other guests on the panel were Eddy Elfinbein of Crossing Wall Street and Jon C. Ogg of 24/7 Wall Street. It was a quick and informed discussion. And Melissa Francis won […]

    / Mar 2, 2007 at 10:31 AM
  • Market Plunge, traders

    On The “Testicularity” of Equity Traders

    We’ve been gagging to use the word “testicularity” ever since we heard Mark Haines invent it on CNBC back in January. Finally, this week’s market plunge gives us an excuse. You see, our reporting on the reaction of a trader stunned by Tuesday’s market plunge has attracted a lot of attention. Not the least from […]

    / Mar 2, 2007 at 10:03 AM
  • Business Week, Warren Buffett

    Fortune Magazine Editor And/Or Warren Buffett’s Editor

    Chris Roush at the Talking Biz News blog points out that within an hour of the release of Berkshire Hathaway’s annual report, Fortune Magazine was reporting the content of the report. What’s more, Fortune sent out an email touting three different stories about Warren Buffett. So how did Fortune accomplish this bit of speedy journalism? […]

    / Mar 2, 2007 at 9:30 AM
  • Board of Directors, Hewlett-Packard, Patricia Dunn, Tom Perkins

    Who Put The Bee In Tom Perkins Bonnet?

    When we read the report in the San Jose Mercury News on Tuesday that venture capitalist and former Hewlett-Packard board member Tom Perkins was making pointed remarks about corporate governance—including some fierce jabs at former H-P board chair Pattie Dunn—we all thought: why bring this up now? After all, Tom won this fight last year, […]

    / Mar 2, 2007 at 8:59 AM
  • FOREX, Opening Bell

    Opening Bell: 3.2.07

    Buffett attacks hedge funds in annual letter (Financial Times) In his annual letter to shareholders, Warren Buffett took a swipe at hedge funds. He doesn’t like their compensation structure, which he views as grotesque. Of course, many in the media are going to take his words as pearls of wisdom from the “Oracle of Omaha”, […]

    / Mar 2, 2007 at 8:23 AM
  • Write-Offs

    Write-Offs: 03.01.07

    $$$Private Equity Tactics [Long or Short Capital] $$$Do you have a thing for investment bankers? Great! I have a thing for the kind of women we tend to attract. Obviously you should be beautiful. And rail thin. Basically hot enough to walk us right past any velvet ropes we encounter so I guess that means […]

    / Mar 1, 2007 at 7:54 PM
  • Private Equity

    The End of The Private Equity Club

    A Goldman Sachs bigwig (insert: bald guys at Goldman joke here) is predicting that there will be fewer big private equity club deals in the future, according to a Reuters report from that private equity conference in Germany. The reason: they don’t need each other anymore. It’s like the trophy wife who gets rich on […]

    / Mar 1, 2007 at 4:30 PM
  • Citi, Maria Bartiromo, Sandy Weill

    What’s Eating Chuck Prince?

    Gossip rag Dealbook reported this morning that former and current Citigroup chief execs Sandy Weill and Chuck Prince were seen dining at the Four Seasons yesterday during lunch. From the lede, our interest was piqued. Such a seemingly salacious meal begs for answers, does it not? Unfortunately, the Dealbookies were apparently too classy to take […]

    / Mar 1, 2007 at 4:15 PM
  • admin

    DealBreaker! Live! Tonight!

    Well, it’s not quite “DealBreaker” the nightly television show. Yet. But DealBreaker’s John Carney will be part of a panel discussion on tonight’s On The Money on CNBC. The show airs live at 7 PM this evening, and Carney–or Mr. Carney, as Andrew Ross Sorkin of the New York Times calls him–will be on toward […]

    / Mar 1, 2007 at 3:53 PM
  • Apple, Back Dating, McAfee

    So Now We Know What The Backdating Scandal Is All About: Screwing the Corporate Henchmen

    Yesterday federal prosecutors announced the indictment of Kent Roberts, McAfee’s former general counsel, for backdating related charges. Today’s Wall Street Journal points out that former McAfee CEO George Samenuk knew about some date gamesmanship with one of his stock options grant, as well. So why wasn’t he indicted? Larry Ribstein—who coined the “Apple Rule”—wonders if […]

    / Mar 1, 2007 at 2:42 PM
  • Hewlett-Packard, Patricia Dunn, Tom Perkins

    When Lawyers Attack: Pattie Dunn’s Attorney Strikes Back At Tom Perkins

    Hey, remember yesterday when we did a couple of posts that weren’t about Tuesday’s market plunge? Remember the one about the remarks about corporate governance by venture capitalist and former Hewlett-Packard board member Tom Perkins? No? You don’t read our posts about corporate governance because (as one reader told us yesterday) “corporate governance is so […]

    / Mar 1, 2007 at 2:02 PM
  • Economics, video

    People Are Stupid and Other Principles Of Macro-Economics

    The “stand-up economist” translates Harvard professor N. Gregory Mankiw’s introductory economics textbook “The Principles of Economics” into more useful, shorter and funnier restatements. (And, yes, we do realize that the words useful, shorter and funnier are more or less synonymous.) There’s a full transcript and explanation here. [Hat tip goes to the Big Picture for […]

    / Mar 1, 2007 at 1:31 PM
  • Electronic Trading, Exchanges, Glitch, John Thain, Market Plunge, NYSE, Regulators, SEC, Wall Street Journal

    Thain: There Is No Investigation! Hybrid Rocks!

    Apparently no one at the SEC tipped off John Thain that they are looking into the alleged problems with the hybrid trading system. John Thain, head of the New York Stock Exchange, told CNBC’s Bob Pisani that there is no investigation by the Securities and Exchange Commission of trading problems at the the Big Board […]

    / Mar 1, 2007 at 1:05 PM
  • Market Plunge

    Thain Doesn’t Want To Hear It

    Any of the unlucky traders who didn’t get a second to give John Thain the finger as they were shown the door during the NYSE’s killing spree over the last few months—either because they were being shoved out of it too quickly or because it was too cold and they were wearing mittens, in which […]

    / Mar 1, 2007 at 12:48 PM
  • Electronic Trading, Exchanges, Glitch, Market Plunge, NYSE, Specialists

    GlitchWatch: John Thain In Defense of Specialists?

    Reading the remarks of John Thain is the new Kremlinology. As we noted in our earlier item, Thain defended the hybrid system yesterday. But one thing we didn’t get around to noticing until we re-watched the interview this morning is that hain defended not just the electronic aspects of the hybrid system but the human […]

    / Mar 1, 2007 at 11:34 AM
  • Electronic Trading, Exchanges, Glitch, John Thain, Market Plunge, NYSE

    GlitchWatch: Was Thain’s Defense of Hybrid Pure Spin?

    Late yesterday afternoon we reported on New York Stock Exchange chief executive John Thain’s interview on CNBC explaining why traders had been told to keep their books open past 4 PM. But there was more than just that to the Thain interview. The NYSE chief also came out swinging—or what passes for swinging for the […]

    / Mar 1, 2007 at 11:09 AM
  • Exchanges, Glitch, NYSE

    Circuit Breakers, Trading Curbs: A Refresher

    This infographic from the New York Stock Exchange is just about the clearest illustration of when the NYSE will put the breaks on a plummeting market. (Or a skyrocketing market, but that’s unlikely to be an issue today.) The circuit breakers don’t kick in until there is a 1,250 point drop in the Dow Jones […]

    / Mar 1, 2007 at 10:04 AM
  • Electronic Trading, Exchanges, Glitch, NYSE, Regulators, SEC

    Feds Looking Into “The Glitch”

    Federal authorities are looking into the Glitch, the Wall Street Journal’s “Heard on the Street” column reported this morning. Or at least one of the glitches. It seems that lawmakers and investigators at the SEC are wondering whether the New York Stock Exchange’s move to a hybrid system combining specialists on the trading floors with […]

    / Mar 1, 2007 at 9:28 AM
  • Heard On The Street

    Live From Wall Street: Caffeine Up, Markets Down

    There is only one Starbucks on Wall Street west of the broad and seldom crossed expanse of Water Street. It’s just about a half a block from the New York Stock Exchange building. Traders in their unmistakable trading jackets and others line up each morning to place their orders, often chatting about their previous evening. […]

    / Mar 1, 2007 at 9:02 AM

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