September 2007

  • Proxy Access

    Non-Stop Coverage Of Shareholder Democracy and Shareholder Activism

    Can’t get enough of proxy access coverage? Check out Steve Bainbrige’s take here and the Business Law Prof blog’s insights here.

    / Sep 28, 2007 at 10:45 PM
  • Write-Offs

    Write-Offs: 09.28.07

    $$$ How to Get Rich In Dollars [LoSC] $$$ “I’m a VP for an international investment banking firm who only does 2 things – work and work out. I appreciate a woman who can take some initiative and imagination in the bedroom. Plus, you’ll be amazed at how turned on you get describing it. I […]

    / Sep 28, 2007 at 4:29 PM
  • Closing Bell, FOREX

    Closing Bell 09.29.07

    Brought to you by Financial Times To the tune of lowered income, increased spending and plummeting value of the dollar, major indexes down on the day. The DJIA down -17.31 to 13895.63. The S&P 500 lost -4.63 to close at 1526.75and the Nasdaq fell -8.09to 2701.50. Random Index spinner: Hang Seng Index: up 77.32 to […]

    / Sep 28, 2007 at 4:18 PM
  • genocide, Warren Buffett

    Washing Our Hands Of The Situation

    Warren Buffett has once again—for the fourth time—reduced Berkshire Hathaway’s stake in PetroChina, to 7.99 percent from 8.21 percent. Though he claims it’s just about money, Buffett’s actions are indicative of a desire to distance himself from a company which human rights activists have a problem with because of its investments in the Sudan, a […]

    / Sep 28, 2007 at 3:21 PM
  • Proxy Access, SEC

    The Dangerous Myth of Shareholder Democracy

    The myth of shareholder democracy holds a powerful sway over public opinion. The comments we’ve received on our two articles on the proxy access rules now up for comment at the Securities and Exchange Commission demonstrate that people continue to be bedeviled by the misguided analogy with democratic political regimes. One of the mental levers […]

    / Sep 28, 2007 at 2:34 PM
  • Greenspan

    Alan Greenspan Has No Sympathy For Rich Pricks (His Words)

    Former Fed Chairman-cum-author/Deutsche Bank consultant Alan Greenspan said in interview with BBC Radio that he and other regulators were fully—blithely actually—aware of the risks imposed by the complex financial derivatives that helped to fuel the recent market turmoil that’s messed with your shit. So why wasn’t any action taken prior to last week? Because you […]

    / Sep 28, 2007 at 1:58 PM
  • CEOs

    Must Haves for a CEO: Haute Couture for the honeys – Pimped out rides for the homeboys

    Whoever said sexism isn’t alive and well in America has been asleep behind the wheel or living under a rock for, well, forever. Now, before you get all PC on us, save your breath. The glass ceiling here at Dealbreaker is not only buttressed by myself and Bess Levin – but John Carney smiles down […]

    / Sep 28, 2007 at 1:42 PM
  • NYSE

    Two More Trading Days in 2008

    The New York Stock Exchange has released it’s calendar for 2008 and 2009. Get excited because in 2008 there will be two extra trading days! It’s a leap year, giving us an extra day in February. And there is one less holiday on the schedule—this year we honored the death of Gerald “stagflation” Ford by […]

    / Sep 28, 2007 at 12:22 PM
  • FaceBook

    Cutting The FaceBook/Microsoft Deal Rumor Off At The Knees

    By now you know the rumor that Bill Gates has lost his mind and is considering an investment of $300-500 million for a 5 percent stake in Facebook, which would value the social networking site at twice what Rupert Murdoch paid for Dow Jones. (Making trashtastic MySpace worth $11-12 billion, according to Lehman Brothers analyst […]

    / Sep 28, 2007 at 12:08 PM
  • Barclays

    Barclays Shows Enormous Restraint In Not Putting iShares On Par With TGIFriday’s 3-course Menu

    Copyranter’s seminal Pure Horseshit™ Award. [copyranter]

    / Sep 28, 2007 at 10:47 AM
  • Sears Holdings

    Sears Holdings: Is Eddie Lampert The New Mr. Met?

    Sears Holdings doesn’t seem to be working out. Eddie Lampert was supposed to be the next Warren Buffett, and Sears Holdings the next Berkshire Hathaway. But this week shares in the company hit a new 52-week low after investors digested poor earnings performance, bad news on same store sales and worries that we might be […]

    / Sep 28, 2007 at 9:11 AM
  • SEC

    The Proxy Access Threat To Individual Investors
    Or: Why Christopher Cox Should Reject The New Proxy Access Rule

    Sometime in the next few weeks, Securities and Exchange Commission chairman Chris Cox will likely have to decide how he will vote on a pair of competing rules on shareholder access. One “proxy access” rule would shift power from boards of directors to cliques of outside shareholders by permitting certain shareholders and groups of shareholders […]

    / Sep 28, 2007 at 8:25 AM
  • Opening Bell

    Opening Bell: 9.28.07

    Bond Traders Begin to Get Up Off the Canvas (WSJ) It really is looking like the whole liquidity crisis was nothing more than a really bad dream. Maybe we have Ben Bernanke’s aggressive actions to thank. This time the committee to save the world was just a committee of one. Well, two if you count […]

    / Sep 28, 2007 at 7:58 AM
  • Write-Offs

    Write-Offs: 09.27.07

    $$$ That Maria painting. [] $$$ Banker Needs Swedish Nanny for Self [craigslist] $$$ Jefferies figures out a way to pay for all those dwarfs. [Investment Dealers’ Digest]

    / Sep 27, 2007 at 5:18 PM
  • First Data, Leveraged Buyouts, Loans

    First Data Buyout Loans: Signs Of Life In The Loan Market

    More news from planet LBO. Despite the rocky news on Archstone this morning, things are looking up this afternoon. The banks financing Kohlberg Kravis Roberts & Co. buyout of First Data Corp began selling around $10 billion of the deal’s bank loans. As predicted, the loans sold at a discount. But at 96 cents on […]

    / Sep 27, 2007 at 5:02 PM
  • Morgan Stanley

    It’s Not A Lie If You Believe It

    Do you remember what you were doing on 9/11, pre-8:45 am? I was in math class, trying to come up with a totally bull shit but failsafe excuse for why I hadn’t done my homework. You were probably doing something like that too. A reason you hadn’t sent your associate that model. A justification for […]

    / Sep 27, 2007 at 4:52 PM
  • Closing Bell

    Closing Bell 09.27.07

    Brought to you by Financial Times. Tomorrow is the last trading day of Q3 and we expect to see some increased volatility in trading Friday. Today saw the highest rise of the Nasdaq since July despite weakened new-home sales which declined 8.3%. New home purchases have slowed to a crawl – 795,000 its lowest level […]

    / Sep 27, 2007 at 4:30 PM
  • CNBC

    OTM is DOA

    “On the Money” is going, going, gone. The official word is that on October 10th the show will go on “hiatus”—and, as it turns out, that word has nothing to do with shenanigans on the Kennedy compound. It means, we think, that the show is pretty much canceled but no one wants to tell Melissa […]

    / Sep 27, 2007 at 4:20 PM
  • Hedge Funds

    Basis Capital Continues Award-Winning Tradition

    In 2004, Basis Capital was named Macquarie Bank Ltd.’s “Skilled Manager of the Year.” In 2005, “Fund of the Year.” In 2006, Basis fell off the legitimate awards circuit radar, but we’ve heard reports that while vacationing in a small village just outside of Melbourne, manager Steven Howell entered a Vanilla Ice lookalike contest and […]

    / Sep 27, 2007 at 4:08 PM
  • SEC

    Against Shareholder Democracy

    Securities and Exchange Commission Chairman Chris Cox holds the swing vote in one of the most important questions of corporate control currently being considered by the government. Sometime soon he’ll have to decide whether to support the proxy access proposals put forward by the Democratic commissioners or cast his lot with Republican proposals to maintain […]

    / Sep 27, 2007 at 3:43 PM
  • SL Green Realty

    Ken Heebner hates your office. And he thinks you’re probably getting fired.

    Kenneth Heebner’s CGM Realty Fund is liquidating its positions in SL Green Realty Corp – Manhattan’s largest office landlord. “You’re seeing a retrenchment in the private-equity, hedge-fund and brokerage businesses, and there could be a lot of layoffs,” Heebner, 66 told Bloomberg in a recent interview. “That could have a devastating impact on high-end residential […]

    / Sep 27, 2007 at 1:50 PM
  • Diversions

    Putting DealBreaker On The Map

    Apparently we’re “snickerers.” We like to think we’re more belly-laughers. But we like this description of why DealBreaker is important: “Because every classroom needs a kid in the back row, throwing spitballs.” Sorry. We’re getting ahead of ourselves. Let’s back up. Market Mover Felix Salmon has posted “An Interactive Guide to the Econoblogosphere.” It maps […]

    / Sep 27, 2007 at 1:48 PM

    Someone Hasn’t Been Doing Their Homework – NEC Voted Off the Island

    Filing annual reports and auditing financial statements according to US GAAP standards is excruciating for all public companies but for NEC electronics, it’s become a debilitating factor in their American depository receipts trading on our exchange. The company formerly known as Nippon Electronic Company’s ADRs will no longer be traded on the Nasdaq as of […]

    / Sep 27, 2007 at 1:42 PM
  • JPMorganChase, Layoffs, rumors

    Layoffs Watch ’07

    The rumor about Syndicated Leveraged Finance analysts at JPMorgan, currently in training, being rounded up and told “there will be people leaving this group” has been given not necessarily legs but perhaps (very small) feet. While out for sushi last evening, our dinner companion received an email that read: I won’t send this to her […]

    / Sep 27, 2007 at 12:52 PM
  • Banks, Lehman, Leveraged Buyouts, Loans

    Archstone’s Bank Loans Going Nowhere Fast

    There’s no doubt that Planet LBO is a calmer place now than it was through much of the summer. But it’s not exactly terra firma yet. One of the shakiest deals in the pipeline is the buyout of real estate investment trust Archstone-Smith Trust. Lehman Brothers and Tishman Speyer are putting just $500 million of […]

    / Sep 27, 2007 at 12:32 PM
  • Jim Cramer

    Hairless Jim Cramer Is Having His Epileptic Fit in Stages

    With Ben Bernanke doing as he’s told, you’d think there wouldn’t be much for CNBC pundit Jim Cramer to go batshit crazy over in public, right?. Wrong. You clearly underestimated the depths of Cramer’s dementia. Last night at a Gin Lane party for the man who knew about the News Corp./Dow Jones deal eleven years […]

    / Sep 27, 2007 at 11:58 AM
  • Hedge Funds, Pirate Capital, Two parts water, one part Michael Bolton DNA

    Negligible Victories At Pirate Capital

    Congratulations to Tom Hudson, whose hedge fund ended its proxy battle with Angelica, a healthcare linens company, after Angelica kowtowed to the Jolly Rogers’ demand to explore a possible sale. In July, the Pirate team, which owns approximately 9.8 percent of Angelica, told the firm to put itself on the block or prepare to go […]

    / Sep 27, 2007 at 11:03 AM
  • Fed

    The Alchemy of Love With The World’s Greatest Inflation Fighter

    It’s not everyday you get to watch a girl get naked with a chairman of the Federal Reserve. But some folks on Lexington Avenue wound up doing exactly that recently when they found themselves side by side with former chairman Paul “Ben Bernanke is a Bitch” Volcker while a voluptuous blond showed her own discount […]

    / Sep 27, 2007 at 9:45 AM

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