May 2007

  • Warren Buffett

    Austan Goolsbee Is No Longer In Love With Warren Buffett

    A long time ago NYT writer Austan Goolsbee had a thing for Warren Buffett, and for Berkshire Hathaway. In a “moment of weakness,” he bought one Class B share of BK. Oh, what a beautiful, moving, fulfilling day that was. One for the books, as they say. Why did he do it? Because he believed […]

    / May 24, 2007 at 3:26 PM
  • Home Depot

    The “Those Who Fail To Learn From History Award” goes to…

    Home Depot shareholders, who rejected proposals to more closely regulate executive pay and split the CEO and chairman positions. The directors up for election, however, were approved by a landslide. From the Wall Street Journal: Chairman and Chief Executive Frank Blake said directors were each elected with at least 67% of the votes cast by […]

    / May 24, 2007 at 2:10 PM
  • Bancroft, Dow Jones, M&A, News Corp, Wall Street Journal

    Murdoch To Throw In An Extra 5 For Dow Jones?

    On Monday, Pali Research said Rupert Murdoch would “walk away” from his $5 billion bid for Dow Jones after not winning the support of the Bancroft family in a measly three weeks. Analyst Jeff Greenfield wrote in a note to clients, “We suspect News Corp. will officially announce the termination of its acquisition announcement over […]

    / May 24, 2007 at 1:54 PM
  • Banks, Citigroup, Goldman Sachs, Hedge Funds, JPMorganChase

    Losing 80% of Assets Not Good Way To Make Top Hedge Fund List

    Alpha Magazine’s hedge fund rankings are in and the banks have faired quite well. JP Morgan and Goldman took 1 and 2 (despite the latter’s 6% loss last year), with $33 billion and $32.5 billion in total capital as of December 31. In third and fourth were Bridgewater Associates and DE Shaw, who both had […]

    / May 24, 2007 at 12:15 PM
  • M&A

    Upper Deck offers Ken Griffey Jr. rookie card for Jerry Koosman

    From DealBook: Topps, the baseball card maker, said on Thursday that it has received a new, unsolicited offer from Upper Deck, as its rival hopes to best a rival bid by two private equity firms. Topps said that Upper Deck has offered $10.75 a share, which it will consider. The firms that Topps has already […]

    / May 24, 2007 at 12:14 PM
  • Conrad Black, Donald Trump

    New Gravity Added to Conrad Black Trial

    Yesterday, in a Chicago courtroom, prosecutors trying to take down press guy Conrad Black for racketeering brought an email into evidence that they believe stacks the cards against Mr. Black, sent from him to Donald Trump, prior to Hollinger’s 2003 shareholders’ meeting: “Dear Donald”, began Lord Black. “Could I ask a rather esoteric favour?” He […]

    / May 24, 2007 at 11:13 AM
  • billionaires, IPO

    Two new Belles of the Billionaire Ball

    The old Tang Dynasty (618-907) may have been responsible for starting the practice of foot binding, but the new Tang Dynasty, 3,828 retail outlets strong, is responsible for binding women’s feet in pure comfort. Tang Yu, the chairman of Belle International Holdings, and daughter Tang Ming Wai are the world’s latest paper billionaires, controlling 34% […]

    / May 24, 2007 at 10:41 AM
  • Bancroft, Dow Jones, M&A, Newspapers, Wall Street Journal

    Bancroft Family Member Speaks

    Yesterday a Bancroft clan meeting took place in Boston to discuss various ennui of the whole News Corp. offer-shtick (Will scantily clad pictures of the genetically blessed Murdoch spawn, Lachlan, be included in the deal? Were Rupert and Colonel Sanders separated at birth?). What transpired? As is the norm for this as-exciting-as-backdating story, a whole […]

    / May 24, 2007 at 10:38 AM
  • BonusBumper

    BonusBumer UPDATE

    Latest bonus charts, now with 100% more RBC Capital Markets. The median bonus has risen a full $5k per year since the BonusBumer exercise began – so keep emailing in and pressuring staffers to bump those bonuses! Send info to : tips at dealbreaker dot com.

    / May 24, 2007 at 10:23 AM
  • Renaissance

    Simons: book smarts better than Street smarts

    Renaissance founder James Simons, the 69 year old former MIT and Harvard Math professor, likes to keep things in the academy of higher learning, and higher returns. This noble search for veritas has produced a few years of $1bn+ take home pay, which is some tenure track. Does Simons even dip into the Wall Street […]

    / May 24, 2007 at 9:45 AM
  • FOREX, Opening Bell

    Opening Bell: 5.24.07

    European Stocks Drop on China Concern; BHP, Volvo Shares Fall (Bloomberg) Apparently, stocks in Europe fell after Alan Greenspan voiced some concern about the Chinese stock market. Wait, what? Let’s repeat that again: Apparently, stocks in Europe fell after Alan Greenspan voiced some concern about the Chinese stock market. So this would mean that Greenspan […]

    / May 24, 2007 at 8:09 AM
  • Write-Offs

    Write-Offs: 05.23.07

    $$$ In a World Without Blackberry… [Banker’s Ball] $$$ The Most Versatile Investor in the World [Jeff Matthews] $$$ Good news for any CFA candidates in India who need more study time. [Analyst Forum]

    / May 23, 2007 at 4:51 PM
  • Greenspan

    Assessing Greenspan: Crazy Old Grandfather/Local Homeless Man Who Should’ve Been Put In A Home/Halfway House Years Ago Or Guy Who Knows What’s Up?

    A favored reader e-mails: “US markets (supposedly) reacted negatively to comments made by the ESTEEMED former Fed Chair Alan Greenspan, this time regarding his warning of a dramatic fall for Chinese markets…check this chart and tell me again why we should pay that close attention??”

    / May 23, 2007 at 3:27 PM
  • traders

    Caption Contest Wednesday

    [click to enlarge. via Gawker]

    / May 23, 2007 at 3:02 PM
  • Tech

    How many rocket scientists does it take to install a printer cartridge?

    Houston, we have a problem, we’re getting a “PC Load Letter” message here… From a Reuters story: Hewlett-Packard said on Wednesday it had won a seven-year technology contract with the U.S. National Aeronautics and Space Administration worth up to $5.6 billion. HP, which competes with Dell and Gateway, said products to be provided to NASA […]

    / May 23, 2007 at 3:01 PM
  • Warren Buffett

    Warren Buffett Hates Salmon, Native Americans

    Equal opportunity genocide supporter Warren Buffett scored another point for the good guys when he refused to meet with representatives from the Yurok, Karuk and Hoopa Valley Tribes several weeks ago to discuss why he won’t stop savagely murdering salmon. The group was capping off its cross country pilgrimage to Omaha on May 5 with […]

    / May 23, 2007 at 1:41 PM
  • BonusBumper, Warren Buffett

    Every 42 seconds, the BEST first year analyst at Goldman makes a dollar

    Or 0.59 tubes of ChapStick, which considering how much this person is going to suck, will be sorely needed. What is the real purchasing power of these bloated analyst bonuses, or at least how long will it take to save up for that Phantom Drophead convertible? Thanks to Forbes’ “Money Meter” you can find out, […]

    / May 23, 2007 at 1:25 PM
  • Restaurants

    How much is Outback worth?

    The bid for OSI Restaurant Partners, owner of the Outback Steakhouse chain, is creeping upwards due to pressure from major OSI institutional investors. Bain Capital and Catterton increased their initial bid of $40 a share ($3.1bn total) to $41.15 a share. This 2.9% bump still isn’t entirely satisfactory, as Lord Abbett (the #2 institutional shareholder […]

    / May 23, 2007 at 11:32 AM
  • Google

    Google Knows

    Are you completely incapable of making the most basic decisions on your own, including “What should I have for dinner” and “How should I touch myself?” Don’t sweat it—while it’s true, yes, you are not in tune with your own body, some day, in the very near future, none of that will matter, thanks to […]

    / May 23, 2007 at 11:28 AM
  • Hedge Funds, Merrill Lynch

    Steinbrugge Founds Firm

    Donald Steinbrugge, former Managing Director and Head of Institutional Sales for Merrill Lynch Investment Managers (and, previous to that, a founding principal of Andor Capital Management) is starting a consulting and third party marketing firm for hedge funds, called Agecroft Parterns. Agecroft will focus on “large hedge funds located outside the United States looking for […]

    / May 23, 2007 at 11:25 AM
  • rumors, Wireless Devices

    Palm shareholders hoping CFO continues to have back trouble

    Canceling conference appearances may be the latest pump and dump scheme, or just blowing off JPMorgan. Shares of Palm, maker of wireless handheld devices like the Treo, shot up more than 4% on merger speculation created by CFO Andrew Brown’s “back troubles.” Always a euphemism for an impending takeover or unveiling a new wireless megadevice, […]

    / May 23, 2007 at 10:13 AM
  • Banks, Hedge Funds, Merrill Lynch

    Another bank loses key hedge fund business puller

    Ben Weston, Chief of Merrill’s hedge-fund development and management group, left the firm yesterday after two years. Weston primarily directed sales of hedge funds to clients. Merrill plans on further centralizing its hedge fund sales business, after rolling the dedicated fund of fund sales group into Weston’s group last year. This follows the string of […]

    / May 23, 2007 at 9:50 AM
  • Hedge Funds

    Daily Worker Demands Excellence From Hedge Funds

    Yesterday, CNBC offered us the unwelcome news that CEOs are going to have to start earning their keep (moral and performance accountability if you can believe that) if they want to stay in the good graces of their shareholders and in their jobs. Today, New York Times columnist (and probable communist) David Leonhardt basically tells […]

    / May 23, 2007 at 9:30 AM
  • Opening Bell

    Opening Bell: 5.23.07

    Alcan: Alcoa takeover bid is inadequate (AP) Canadian aluminum firm Alcan has rejected Alcoa’s takeover bid, calling the offer inadequate. However, this hardly means that it’s a done deal. Either Alcoa will come back with a “sweetened” deal, or a third (or forth) party will emerge and get into a bidding war. If nobody else […]

    / May 23, 2007 at 8:11 AM
  • Write-Offs

    Write-Offs: 05.22.07

    $$$ Hedgie to invest in “low-budget, independently-produced films.” (We won’t say it but you know we want to). $$$ This Quarter In IPOs [The Stalwart] $$$ The Buyout Boom, Now Even Boomier [DealBook]

    / May 22, 2007 at 5:00 PM
  • Blackstone, Blackstone Group, Equity Office Properties, real estate

    Blackstone’s Real Estate Bonanza

    It’s widely known that Blackstone had a powerful real-estate arm. Its $39.2 billion purchase of Equity Office Properties broke records and made headlines for weeks. The firm manages six general real estate funds and two internationally focused real estate funds, and has somewhere in the neighborhood of $20 billion of assets under management for its […]

    / May 22, 2007 at 4:48 PM
  • CEOs

    Sending A Warning To Lloyd, Mack and Dimon: Shape Up or Ship Out

    Are you a CEO (who found his/her way over here from SuperMogul)? If so, drop the blow, dead hooker and, for those of you driving, the bottle of Jack. Your shareholders may try and use these things against you! CNBC reports that—in addition to employees, research analysts, and Kamikaze pilots—turnover among chief execs is […]

    / May 22, 2007 at 4:43 PM
  • BonusBumper

    How much are bonuses really being bumped this year?

    Compensation consultant Johnson Associates projects that trader and IB bonuses will increase up to 15% from last year, although this is slightly less than the 17% growth the securities industry bonus pool experienced last year. Private equity bonus pools are expected to increase 20%+, mostly because of deal volume, but also because they’re still scrambling […]

    / May 22, 2007 at 3:40 PM

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