August 2007

  • Write-Offs

    Write-Offs: 08.31.07

    $$$ Banks set to cut 10-15% of staff as markets take toll on revenues [FT] $$$ Dow Jones Up: Mission Accomplished! [Jeff Matthews] $$$ WeatherDesk: Happy Ending [The Beach] $$$ The only man in America who will give you a loan [WallStrip]

    / Aug 31, 2007 at 12:00 PM
  • News

    Barclays Has A Problem: Bank Cannot Stop Borrowing, Lending Money

    Barclays announced today that it “rescued” a $1.6 billion debt fund run by Cairn Capital after it was unable to raise money in the credit markets, a situation that Barclays would undoubtedly take credit for, if only creating a discredited market were something to brag about (which, in some circles, it is, just not those […]

    / Aug 31, 2007 at 11:42 AM
  • Fed

    Bernanke and Bush: Bailout?

    The entire week has been a prelude to this morning’s speech by Fed chairman Ben Bernanke. But late last night we learned that President George Bush would upstage Bernanke by announcing a new policy just an hour after the release of Bernanke’s speech. Rather than pretend we know what this all means, we’re just going […]

    / Aug 31, 2007 at 11:06 AM
  • FaceBook, HSBC

    HSBC Kowtows To Mark Zuckerberg, Loses All Credibility, Sense of Self-Respect

    Britain’s largest bank announced today that it will not be implementing a plan to make money by charging interest on graduate overdrafts, because Facebook.com asked it not to. HSBC caved after catching wind of a group on the social networking site called “Stop the Great HSBC Graduate Rip-off,” whose 5,756 members requested that the financial […]

    / Aug 31, 2007 at 9:55 AM
  • FOREX, Sports

    Russia Strengthens Its Arsenal

    Who needs the best striker in the world (Thierry Henry) when the real power in English Premiership football is in getting backed by a Russian oligarch? From DealBook: Russian mining magnate Alisher Usmanov has acquired a stake in Arsenal from David Dein, the club’s former vice-chairman and a close ally of manager Arsene Wenger. The […]

    / Aug 31, 2007 at 9:46 AM
  • women

    Women Are Powerful

    Do you agree with Forbes’ list of the 100 most powerful women? Merkel is #1, fine, but Oprah below the CEO of Rite Aid (the logic here is that America’s housewives need their prescription refills to tolerate the massive emotional swings required of an Oprah viewing without lighting themselves on fire)? Ruth Bader Ginsburg below […]

    / Aug 31, 2007 at 9:27 AM
  • Google, Yahoo

    Chinese People Unanimously Support Search Engine’s “Free” Music Initiative

    Baidu and Yahoo China, two of the most popular search engines in China, facilitate the country’s near 100% rate of downloaded music that is stolen. That’s right, almost all music downloaded in China is stolen (more proof that the Chinese are smarter than us). Other search engines in China, like Google China, don’t have a […]

    / Aug 31, 2007 at 9:22 AM
  • Opening Bell

    Opening Bell: 8.31.07

    Bush to Expand Government Role to Deal With Subprime (Bloomberg) Well, so much for that whole ‘Bush is an Austrian let the chips fall where they may’ thing. The prez has established a new plan whereby the federal government will insure mortgages for delinquent, subprime borrowers, allowing them to refinance at better rates. And while […]

    / Aug 31, 2007 at 7:35 AM
  • Write-Offs

    Write-Offs: 08.30.07

    $$$ I just filed a leave from work before burnout strikes. I’m [was] a banker, had been single for quite some time now and would like to unleash my other (wilder) side. Willing to try person of any background as long as you are psychologically balanced. [Craigslist] $$$ Bin-Laden Trades [thestreet.com] $$$ Eric Bolling Bolts […]

    / Aug 30, 2007 at 5:09 PM
  • Closing Bell

    Closing Bell 08.30.07

    Sponsored by the Financial Times. The volatility trend continued today. The Dow Jones Industrial Average took a nosedive after the opening bell, recovered midday to the greensward and then fell right back down into the river of red. It closed down 50.56 to to 13238.73. The S&P stumbled 6.12 to 1457.64. Technology stocks did better, […]

    / Aug 30, 2007 at 4:30 PM
  • Media

    Even the Verb “Tivo” Is Losing Valuable Predicate Share

    You know a product is failing when it loses its all important “verb replacement” status. For example, in the fledgling days of inclusive DVR cable packages, we would still say we were Tivo-ing something. Tivo’s emergence as a verb was a combination of a good product name, good marketing (for the opposite of this, see […]

    / Aug 30, 2007 at 4:09 PM
  • Exchanges

    ISE Founder Sells Nearly 5% Of His Stake In Electronic Exchange

    William Porter earlier this week sold nearly 5% of his shares in the International Securities Exchange, one of the leading electronic options exchanges, according to documents obtained by DealBreaker. Porter, who also founded E*Trade and sits on its board, was one of the founders of ISE. He served on the board until term limits forced […]

    / Aug 30, 2007 at 3:18 PM
  • Banks

    Don’t You Dare Downgrade Me When I’m Downgrading You

    Goldman, Wall Street Firms’ Estimates Cut by Lehman [Bloomberg] Bear, Lehman, Citi shares fall on Merrill downgrade [Reuters] Downgrade Dumps Lehman [thestreet.com] Lehman: Talking Down The Street [Forbes] Citigroup, Lehman and Bear Stearns Downgraded [CNBC] Lehman Drags Financials Lower [WSJ] U.S. banks get axed [globeandmail] Who’s afraid of the big bad banks? Everyone. [FT Alphaville]

    / Aug 30, 2007 at 2:54 PM
  • Viacom

    The Pot Calling The Kettle Viacom

    No one is safe from infringing on Viacom’s copyrights. Take this latest example, from BoingBoing: Christopher Knight made three commercials as part of his campaign to run for a seat on the Rockingham County Board of Education. He posted them on YouTube. Viacom’s VH1 ran one of the commercials on its show Web Junk 2.0, […]

    / Aug 30, 2007 at 1:44 PM
  • HSBC, Subprime Mortgages

    Rick Ziwot Is 45: There Will Be Cake In The Break Room And A Cash Bar At TGIFriday’s Tonight

    If you work in structured finance, you might soon be getting fired, unlike Rick Ziwot, who voluntarily left his job. HSBC confirmed today that Ziwot will depart from his post as the bank’s global head of structured credit products, to be replaced by Jeff Jakubiak, head of structured credit products for Europe, the Middle East, […]

    / Aug 30, 2007 at 1:28 PM
  • News

    The Commercial Paper Crunch
    Midmorning Cocktails and A View From The Buyside

    I light up another cigarette. The sky is brilliant blue. The weather man had promised humidity leading to rain tonight. But it’s not yet noon on a late August morning, and the air is almost crisp. A slight breeze blows the smoke over my right shoulder and toward the Hudson river. Somewhere beyond the far […]

    / Aug 30, 2007 at 12:52 PM
  • Banks, Goldman Sachs, Lloyd Blankfein

    Lloyd Blankfein Wants To Be A Little Princess

    The Pritzkers, who are like the Hiltons you still recognize with clothes on, sold a $1 billion stake in their Hyatt hotel chain to Goldman and Madrone Capital Partners started by Wal-Mart chairman Rob Walton. Speculation about the fate of Hyatt has been on the rise with the chain’s ongoing restructuring plan, internal family drama, […]

    / Aug 30, 2007 at 12:19 PM
  • Hedge Funds, Private Equity, taxes, The Hamptons

    SHAME Is Only Something Guilty People Feel

    There’s a lot of bitching and moaning going on, of late, about how hedge fund mangers like James Simons and private equity giants like (OXYMORON ALERT:) Stephen Schwarzman* make too much money. But bitching and moaning on their own only go so far, which is why, every once in a while, there has to be […]

    / Aug 30, 2007 at 11:57 AM

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