June 2007

  • Banks, Bear Stearns

    Taking Out The Bear?
    Hedge Fund Troubles Lead To Takeover Talk

    Things keep getting uglier with this Bear Stearns story. On Friday, shortly after Bear announced that it would bail-out the less levered of its two troubled hedge funds, veteran Merill Lynch analyst Guy Moszkowkski announced that the bank was a potential takeover target. “If the firm is not able to resolve its position without a […]

    / Jun 26, 2007 at 9:44 AM
  • Hedge Funds, Hollywood, TV

    HBO HF TV: Matt Damon Is A Red Herring

    Brian Koppelman and David Levien, the duo that brought us “Ocean’s 13” and “Rounders” have signed on to write “Alpha Cats,” HBO’s new show about hedge funds. So “AC” will either be a good series with frequent guest appearances by Matt Damon or a really boring one that looks and sounds exactly like its predecessors […]

    / Jun 26, 2007 at 9:28 AM
  • Hedge Funds

    Best. Month. Ever. (Or, you know, since January 2006.)

    In May, hedge funds had their best month in over a year, according to the latest monthly report from Eurekahedge. The Eurekahede Hedge Fund Index had a return of 2.4 percent, the strongest since January of 2006. North American fund managers saw a slightly lower gain of 2.1%. The real strength, however came from emerging […]

    / Jun 26, 2007 at 8:38 AM
  • Opening Bell

    Opening Bell: 6.26.07

    Murdoch’s Dealings in China: It’s Business, and It’s Personal (NYT) So, yeah, the Times’ hit piece on Rupert Murdoch has been pretty lame. It must’ve been frustrating for the reporters to go in with such a juicy target in their sites only to conclude that he’s, well, just an aggressive businessman. We had some higher […]

    / Jun 26, 2007 at 8:24 AM
  • Write-Offs

    Write-Offs: 06.25.07

    $$$ Blackstone = one of the year’s worst IPOs [MarketBeat] $$$ Last Schwarzman reference (today). [Long or Short Capital] $$$ Greenspan Comes Out Of Retirement For One More Interest Rate Hike [The Onion via CWS]

    / Jun 25, 2007 at 5:00 PM
  • Dow, New York Times, Rupert Murdoch, Wall Street Journal

    Brinksmanship In News Corp’s Talks With Dow Jones
    Also, The New York Times Has Mixed Feelings For Murdoch

    The New York Times published its 3800-word investigation of Rupert Murdoch’s NewsCorp today, but it doesn’t contain any of the dealbreaking revelations we anticipated. In the “Murdochracy,” the Times reports, Murdoch avoids government regulation and generally gets what he wants through the potent cocktail of intimidation, lucrative private contracts for elected officials, campaign contributions and […]

    / Jun 25, 2007 at 4:51 PM
  • Summer Reading

    Summer Reading List: Announcing the DealBreaker Book Club

    The arrival of summer weather in NYC had a lot of people heading for the beach this weekend. But before spending time courting cancer in the summer sun, we always stop off at the bookstore to pick up a book to break-up the time between smoking cigarettes and drinking beer. It helps if you can […]

    / Jun 25, 2007 at 4:44 PM
  • Bear Stearns, SEC

    SEC To Investigate Bear Stearns Fund

    The Securities & Exchange Commission has opened up a preliminary inquiry into the near collapse of a highly levered hedge fund it managed, Business Week’s Matthew Goldstein is reporting. Apparently regulators would like to know how the investment firm went from telling investors that April’s losses were below 7% only to restate them at 18.97%. […]

    / Jun 25, 2007 at 3:53 PM
  • Blackstone, Blackstone Group, IPO, Stephen Schwarzman

    Calling Blackstone’s First Day Performance
    And The Winner Is…

    After opening with a poplet after its initial public offering on Friday, Blackstone’s stock has been trending downward toward the IPO price. On Friday, we asked DealBreaker readers to guess the price of the shares at close. (A move, we happily confess, was a blatant rip-off of a Market Beat item.) Reader BB called it […]

    / Jun 25, 2007 at 2:56 PM
  • Citi, Citigroup, Maria Bartiromo, Todd Thompson

    Todd Thomson Will Return To Wall Street (When His Vacation Is Over)

    You remember Todd Thomson, the guy who got fired from Citigroup for either too loosely spending the company dime on Maria Bartiromo or because Chuck Prince needed a scapegoat to distract people from Citi’s performance (are C shareholders as easily distracted by someone getting canned as Jim Cramer is by his reflection?)? Even though he’s […]

    / Jun 25, 2007 at 2:44 PM
  • DealBroken

    DealBroken: Last Week’s News Today

    A pair of troubled hedge funds managed by Bear Stearns sent shivers of fear through Wall Street and the hedge fund community, and Bear was forced to bailout the funds. The Hollywood guy who ran Yahoo was forced out, leaving the company in the hands of one of its founders. The Supreme Court struck down […]

    / Jun 25, 2007 at 2:24 PM
  • Berkshire Hathaway, Google

    Google bigger than Berkshire

    From the WSJ’s MarketBeat column, Google is bigger than Berkshire Hathaway in terms of market cap. Coming off the second worst week of the year for stocks, and the end of the 14 quarter streak of double-digit earnings growth for S&P companies, Google now has a market cap of $166.3bn and Berkshire Hathaway has a […]

    / Jun 25, 2007 at 2:14 PM
  • DealBreaking

    DealBreaking: Kremlinology For The Land Of The Free

    The lack of economic reports and earnings reports last week certainly didn’t leave Wall Street quiet. This week is full of government economic reports, as well as quarterly reports from several closely watched companies. Combined with pressure from a weird market schedule due to Independence Day falling on a Wednesday—and the plans of many people […]

    / Jun 25, 2007 at 1:54 PM
  • Goldman Sachs

    “Would you like some warm nuts, or perhaps a warm towel, Mr. Epstein?”

    Trying to monetize on the reality that there are a dwindling number of bankers traveling overseas via boat and/or Hover board, Goldman Sachs is strongly considering investing in a business class-only airline. Though no deal has been reached yet, the bank’s private equity arm has been in talks with airline executives about setting up a […]

    / Jun 25, 2007 at 1:36 PM
  • Work/Life Balance

    Counting the days…

    From the Freakonomics blog, today is LEON Day, according to ButlerWebs. LEON is NOEL spelled backwards, which means it’s only 6 more months until Christmas, or the next time you might get a few days off (assuming your vacation is going to get cancelled and that you’re going to take only one day off for […]

    / Jun 25, 2007 at 1:05 PM
  • CEOs

    Lloyd Blankfein Has No Idea What It’s Like To Be A First-Year Analyst

    Have you ever thought your boss’s boss’s boss an incompetent jerk, completely out of touch with reality and only in touch with his bloated compensation package and secretary’s ass? Would you like him to walk a mile in your shoes? Perhaps you ought to suggest to someone that the ogre who signs your checks should […]

    / Jun 25, 2007 at 12:24 PM
  • B-School Follies, business school

    The Softer Side of Wharton?

    Thomas Robertson was named the new dean of Wharton late last week. Some details on the marketing man, myth and legend, from the Penn press release: Robertson, the Asa Griggs Candler Professor of Marketing at Emory, is an expert in marketing strategy and innovation with extensive international experience in higher education and the business community. […]

    / Jun 25, 2007 at 11:59 AM
  • Hollywood, Media, movies

    Evan Almighty Still Has 36 More Days to Flood the Mainstream

    Hollywood has had a decent summer so far, amidst sequel saturation. Fortunately for the movie biz, the sequel influx has been void of any huge flops, although offerings have underperformed slightly. Although the industry is still in denial about the margin squeeze created by the astronomical budgets of this round of sequels, without any major […]

    / Jun 25, 2007 at 11:10 AM
  • Blackstone, IPO, Stephen Schwarzman

    Was the Blackstone Public Debut A Letdown?

    Yes, the offering priced at $31 opened 18% higher at $36.55. Yes, Erin Burnett and Mark Haines could barely contain themselves all morning. Yes, DealBreaker wrote 131 articles about the whole thing on Friday alone. But some people—cynical assholes—seem to think the BX offering was underwhelming. Andrew Ross Sorkin notes Paul Kedrosky, executive director of […]

    / Jun 25, 2007 at 10:26 AM
  • Magazines, Media

    The Binn Supremacy

    Jason Binn is a lot of things, the foremost being the owner of Niche Media, publisher of Gotham, Los Angeles Confidential, Capitol File, Hamptons, Boston Common, Aspen Peak, Mississippi Delta, Nodes of Scranton and other titles. The specific “Niche” is inanity, as Binn’s magazines cover the cavorting and consumption of the wealthy. Niche Media is […]

    / Jun 25, 2007 at 10:19 AM
  • Warren Buffett

    Let’s Do Lunch: Warren Buffett Charity Auction Begins

    It’s that time of year again. Just one year after Warren Buffett announced he was buying his way into paradise by donating the bulk of his fortune to a charity run by his friend Bill Gates, the annual auction of lunch with the Oracle of Omaha is back. You now have just four days and […]

    / Jun 25, 2007 at 10:00 AM
  • News

    Will Troubles of Bear Stearns Trigger The Return of Hedge Fund Regulation?

    Fears that the narrowly avoided meltdown at a couple of Bear Stearns hedge funds last week could have triggered a “systemic event”—a domino-like tumbling of other hedge funds and investment banks—have not gone unnoticed on Capitol Hill. The staffs of at least two prominent lawmakers have been asked to look into whether new legislation regulating […]

    / Jun 25, 2007 at 9:02 AM
  • FOREX, Opening Bell

    Opening Bell: 6.25.07

    China Stocks Drop on Zhou Bubble Warning: World’s Biggest Mover (Bloomberg) The Chinese stock market dropped 3.7% after central bank governor Zhou Xiaochuan warned of “irrational exuberance”. Just kidding. Maybe something got lost in translation, but it sounds like he just said that stocks may be overvalued and that the country may be forced to […]

    / Jun 25, 2007 at 8:23 AM
  • Write-Offs

    Write-Offs: 06.22.07

    $$$ Maria took off her hat and got new hair. [Talking Biz News] $$$ Securities (non) Valuation [Going Private] $$$ Stocks Stocks Stocks: A Week in Review 06-22-07 [Long or Short Capital] $$$ Wharton Picks Marketing Man for Dean’s Post [DealBook] $$$ ‘BusinessWeek’ MBA Student Still Has A Lot To Learn [Gawker] $$$ A young […]

    / Jun 22, 2007 at 5:05 PM
  • Business Media

    The Times Has It In For Murdoch

    The New York Times will soon publish an extended investigative report on Murdoch’s global media dealings, the New York Observer is reporting. According to the Observer, the multi-bureau piece has been in the works since the NewsCorp.-Dow Jones deal was announced last month and was led by the Times’ managing editor Jill Abramson. An unnamed […]

    / Jun 22, 2007 at 4:45 PM
  • Banks, Bear Stearns, Subprime Mortgages

    The Big Bear Bailout

    In the largest hedge fund bailout since the ‘Fund that shall not be Named’ in 1998, Bear Stearns is providing $3.2bn in loans to rescue its High-Grade Structured Credit Strategies Fund, which has lost about 10% this year. The Bear loans will replace the loans extended by the major banks, some of which exceed $1bn […]

    / Jun 22, 2007 at 4:30 PM
  • taxes

    Taxing the Carry: This Time It’s Everyone

    The other shoe has dropped. Top Democratic congressmen introduced legislation that would doubled the tax rates on carried interest. The new tax treatment would treat the carry as ordinary income rather than capital gains. It hits everyone from venture capital funds to real estate funds to private equity firms to hedge funds. Several prominent hedge […]

    / Jun 22, 2007 at 3:56 PM
  • Blackstone, Stephen Schwarzman

    The First Rule of Blackstone Is You Don’t Talk About Blackstone

    Is Blackstone CEO Stephen Schwarzman two seconds away from doing a sequel to Cole Hauser’s drastically underrated Paparazzi, the vengeance-fantasy film in which a rising Hollywood actor decides to take personal revenge against a group of four persistent photographers to make them pay for almost causing a personal tragedy involving his wife and son, only […]

    / Jun 22, 2007 at 3:36 PM

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