May 2007

  • Bancroft, Dow Jones, M&A, News Corp, Newspapers, Rupert Murdoch, Wall Street Journal

    The Dow of Rupert: Bancroft Family Agrees to Meet With News Corp

    Rupert Murdoch’s bid for Dow Jones & Company is heating up again. The family that controls Dow Jones agreed to meet with News Corporation, the media company headed by Murdoch . News Corp made an unsolicited bid for Dow Jones earlier this month. Until now the Bancroft family, which controls 64% of the voting power […]

    / May 31, 2007 at 7:47 PM
  • banking culture

    When Bankers Break Down!
    Email Brawl Exposes the Brutal Hours and Boring Work Of Junior Investment Bankers

    The extreme hours and often menial work that characterize the lives of many junior investment bankers were on display last night in an exchange between a first-year analyst and a more senior associate at a middle market investment bank. It all began with a note at 6:04 PM. Although the original back-and-forth was strictly between […]

    / May 31, 2007 at 6:06 PM
  • Write-Offs

    Write-Offs: 05.31.07

    $$$ Mark Cuban doesn’t think it’s crazy to compete with the NFL [Blog Maverick] $$$ Vegetable Arbitrage [Long or Short Capital] $$$ Husky and handsome banker looking for stylish, fashionable female. [Craigslist]

    / May 31, 2007 at 5:21 PM
  • Uncategorized

    DealBreaker’s PartPuzzler 2007: Billionairesses Edition

    What better way to celebrate summer (or at least the first day muggy enough for New Yorkers to complain about where spring went) than with the emergence of only slightly obstructed ladyparts? Now that winter coats have been shed and even the most melanin deficient specimens have been reversed bleached a bit, DealBreaker presents the […]

    / May 31, 2007 at 3:56 PM
  • Hedge Funds

    Equity Analysts: A Dying Breed?

    Hedge funds are often touted as “early adopters” of new investment methods and developing strategies for doing this super cool thing called making money. Algorithmic trading, long short (cutting edge when Alfred Jones did it), the free gift-with proxy battle giveaway. All started at hedge funds. So it stands to reason that HFs will probably […]

    / May 31, 2007 at 3:13 PM
  • Food & Beverage

    “Gimmie some rebiana” just doesn’t sound as hot

    Good news for the self consciously pudgy – now ice cream, cereals and granola may be able to give you cancer. Coca-Cola and Cargill are ready to release lines of products sweetened with rebiana, the latest low-calorie sweetener pending regulatory approval. The marketing rationale here is that as long as that calorie number on the […]

    / May 31, 2007 at 2:45 PM
  • banking culture

    Caption Contest Thursday: If These Bankers Can’t Even Properly Execute A Waterfall, How Can You Expect Them To Increase Deal Volume?

    First entry: “Never have I ever tipped my friends off to a forthcoming deal and then charged 5 and 44 on the return.” Second entry: “Never have I ever used Mergers and Acquisitions for clean up.” (These men are unconscionable liars.) Commuters’ Cocktail Hour Likely to Keep Rolling [NYT]

    / May 31, 2007 at 12:53 PM
  • insider-trading

    I’m Going To Make All Of Us Rich

    Finally, the financial journalism community (yes, it’s a community) offers us something more than meaningless commentary. David Weidner, who we love, gets service-y today over at MarketWatch with a nifty how-to guide, re: insider trading. We’ll get right down to it: Things that work: + Be within earshot of the mergers and acquisitions department at […]

    / May 31, 2007 at 12:16 PM
  • China

    China, looking but not touching – deals and frescoes

    China isn’t gobbling up foreign assets at a rate that many expected, with overseas acquisitions this year on pace to reach only about 75% of last year’s volume. China more than doubled overseas M&A volume last year, acquiring over $20bn in foreign assets in 2006, up from $9.6bn in 2005. This year China’s overseas deal […]

    / May 31, 2007 at 11:35 AM
  • Summer

    Summer In The City: Can Anyone Beat Credit Suisse’s Shake Shack?

    The Shake Shack in Madison Square Park is open for business, and we’ve already heard reports of summer interns at Credit Suisse standing on the long lines to get burgers and fries for lunch. This reminds us of the perennial question: who has the best lunch time eating options in finance? Credit Suisse’s offices, located […]

    / May 31, 2007 at 11:01 AM
  • CNBC, insider-trading

    Insider Trading At CNBC: The Plot Thickens Imperceptibly

    Among the possible insider traders in CNBC’s fake portfolio challenge are an investment manager (with an MBA—from Stanford!), a radiology resident in Detroit (shocker) and a retired chemical engineer from Bollingbrook, Ill. CNBC said yesterday that in order to drum up interest in the network beyond the comings and goings of man meat Charlie Gasparino, […]

    / May 31, 2007 at 10:29 AM
  • Sports

    More Replacements

    Bill Hambrecht, founder of I-banking substitute WR Hambrecht & Co. wants to start a football league with Tim Armstrong at Google and Mark Cuban. Aspiring NFL competitors have a history of staying afloat for about as long as the Lusitania at a U-boat party, and Hambrecht has been a proud co-captain of at least one […]

    / May 31, 2007 at 10:17 AM
  • Mutual Funds, Regulators

    Mutual Fund Distribution Fees Reconsidered

    Securities regulators will review the $11 billion distribution and service fees charged by many mutual funds. Yesterday the Securities and Exchange Commission said it will hold a roundtable discussion on June 19 to discuss the fees. Often referred to as “12b-1 fees” after the Investment Company Act rule that allows them, the fees were instituted […]

    / May 31, 2007 at 9:08 AM
  • Write-Offs

    Write-Offs: 05.30.07

    $$$The Backdoor into Stanford [Banker’s Ball] $$$Wall Street Maverick Tilts at Football Giant [DealBook] $$$A little about me: Blond hair (most of the time), blue eyes, 5’10. I recently turned 29 and work as an investment banker here in the city. In my spare time I love yoga, running, gourmet cooking and playing pool (see […]

    / May 30, 2007 at 5:06 PM
  • Attorney General, legal, Regulators

    Snakes In An Accounting Firm: Four Ernst & Young Vipers Indicted For Tax Shelter Scheme

    Four Ernst & Young partners were indicted today for allegedly creating illegal tax shelters for the firms wealthiest clients. At the same time prosecutors announced it would not bring charges against the accounting firm. The four worked in a group Ernst & Young set up in 1998 to create tax shelters for clients making more […]

    / May 30, 2007 at 4:21 PM
  • Google

    GOOG Split?

    We’re told by a trader at a New York investment boutique that Google will split 10-to-1. There have been many rumors of splits in the past but our source claims that this time it’s for real. If he’s right, this would mark a complete about face for Google. At the Google shareholder meeting earlier this […]

    / May 30, 2007 at 3:27 PM
  • Banks, Credit Suisse, insider-trading

    Feds Charge Prominent Pakistani Banker In CSFB-TXU Insider Trading Case

    Federal prosecutors yesterday brought criminal charges against Pakistani banker Ajaz Rahim, who they allege traded on inside information leaked to him by a junior Credit Suisse banker. Rahim is a prominent figure in Pakistani investment banking, and until quite recently worked as the country head of investment banking of the Faysal Bank in Karachi. The […]

    / May 30, 2007 at 2:37 PM
  • Oil

    Energy trader’s version of pump and dump?

    A reader tipped us off to the following energy market shake up this afternoon regarding oil prices. US crude prices shot up 40 cents when a Tulsa, Oklahoma television station reported on its website that a regional refinery was on fire from a lightning strike. The only problem – there was no fire, save for […]

    / May 30, 2007 at 2:08 PM
  • Apple, Tech

    How do you like them sometimes rotten apples?

    It’s refreshing to see, at least for anyone who prefers a little balance in the technological world order, that not everything Apple touches turns to gold, which has been the case since the iPod (although the Power Mac Cube was shelved just as the iPod was launching in 2001). The Apple TV, which is a […]

    / May 30, 2007 at 1:29 PM
  • bukkake party of IPOs, Man Group

    Man For Sale (So To Speak)

    Finally, something quasi-exciting today (other than the planning of our upcoming “Whose Boobs?” contest, which we’ll tell you all about in good time): the Man Group plans to list a hedge fund on the NYSE! Man, one of the largest hedge funds in the world, will be selling a closed-end fund that employs hedge fund […]

    / May 30, 2007 at 1:00 PM
  • News’s Price Tag: $280 Million

    Word broke this morning that has been acquired by CBS for $280 million. The online music provider has been the subject of acquisition speculation for months. The most persistent rumor had Viacom buying the company for as much as $450 million. We may never know what happened to that deal, if it ever existed […]

    / May 30, 2007 at 11:42 AM
  • CNBC

    CNBC: THIS Is What We Choose To Take A Stand On

    CNBC has announced an investigation into “complaints of unusual trading among some of the 20 finalists in the CNBC Million Dollar Portfolio Challlenge [sic],” which was mercifully taken out back and shot on May 25. Ooo, insider trading, how trendy, how scandalous, how very “you are a bad boy,” indeed. While it’s true that we […]

    / May 30, 2007 at 11:30 AM
  • Tech

    VeriSigning Off: CEO leaves under extremely secret, yet secure conditions

    Apparently all it takes is a mysterious departure of a CEO to make a company’s shares shoot up almost 3.5%, as VeriSign (VRSN) is surging on news of Stratton Sclavos’ resignation as CEO after 12 years. No one, aside from a secret cabal of VeriSigners knows why Sclavos bolted, but analysts speculate that the main […]

    / May 30, 2007 at 11:10 AM
  • World Bank

    Caption Contest: If you want this panda to breed, make me president of the World Bank

    Robert Zoellick is not afraid of foreign relations, or panda relations, seen here last January with Jing Jing at the Chengdu Giant Panda Breeding Research Base in central China. “You want to know how the panda felt?” Zoellick asked. “Very soft.” U.S. Envoy Engages In Panda Diplomacy [Washington Post] Zoellick to Be Nominated to World […]

    / May 30, 2007 at 10:59 AM
  • Goldman Sachs, Hedge Funds

    Ex-Goldmanites To Launch Own Fund, To Perform, Presumably, Better Than Goldman’s

    Former Goldman Sachs Asia investment experts Xiong Xiong and Vincent Ee will be launching Libra Greater China Fund, a long/short strategy, next week. Asian Investor reports that the Greater China strategy will focus on the mainland and will also invest in companies listed in Taiwan and Hong Kong. Libra will target 30-40 long positions and […]

    / May 30, 2007 at 10:42 AM
  • short selling

    Bulls get bolder, bears wait patiently

    This month, the number of shorted shares on the NYSE reached 3.1% of the total number of shares traded on the exchange. This is the highest percentage since 1931 (just to give you a sense of how long ago that is – in May of 1931 the Empire State Building had just finished construction). The […]

    / May 30, 2007 at 10:28 AM
  • Exchanges

    ICE to CBOT: We Can Make That CBOE Problem Go Away

    IntercontinentalExchange poured a little extra honey on its bid for the Chicago Board of Trade today, throwing a settlement over a longstanding dispute with the Chicago Board Options Exchange on top of its bid. ICE has been locked in a bidding war with the Chicago Mercantile Exchange for the Board of Trade. Since its first […]

    / May 30, 2007 at 8:58 AM
  • Opening Bell

    Opening Bell: 5.30.07

    Editor’s Note: As Keith Hahn mentioned yesterday, Joe is off all week. Even DealBreakers need vacations. So the rest of the team is filling in for him as best we can. Goldman’s Global Alpha Hedge Fund Falls 3.4% Since Start of ’07 (Bloomberg) Frankly, we think the “under-performance” of Goldman’s Alpha fund is something of […]

    / May 30, 2007 at 8:20 AM

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