October 2007

  • Write-Offs

    Write-Offs: 10.31.07

    $$$ The League Tables [Deal Journal] $$$ Keep muff brooms out of board rooms, By Jeff Skilling [NewsGroper] $$$ Wallstrip Halloween [WallStrip] Take the Wallstrip survey!

    / Oct 31, 2007 at 5:16 PM
  • Closing Bell

    Closing Bell: 10.31.07

    Sponsored by the Financial Times. Investors began the morning warily. Trading volume was low and stocks climbed slowly and steadily. Last minute jitters before the Fed announcement sent the major indexes lower. But when the Fed revealed that even an economy growing faster than expected wouldn’t stop it from giving Wall Street the rate cut […]

    / Oct 31, 2007 at 4:35 PM
  • Aleksey Vayner

    Aleksey Vayner Gets Back In The Saddle

    He tried to get a job at an investment bank, failed and went into hiding for about a year but Aleksey Vayner is back, my bitches, and doing what, you might ask? Trying to find a job. Yes, even people who can bench press one billion pounds on sheer exaggeration alone need some sort of […]

    / Oct 31, 2007 at 3:42 PM
  • Business Media

    Slate Launching Business Site

    Slate is planning to launch a new site next year “devoted exclusively to business news and opinion,” according to John Koblin at the New York Observer. “We think there’s an opening for a really smart, analytical, opinionated Web site that could be Webby and fast and agile,” Slate editor David Plotz tells Koblin. Portfolio Market […]

    / Oct 31, 2007 at 3:24 PM
  • Fed

    Twenty-Five And Twenty-Five

    Fed funds and discount rate cuts. In our reader poll, 61% of respondents predicted a 25 basis point cut. Too much? Too little? Goldilocks’ porridge? Leave your response in the comments section. After the jump, the full release from the Fed. October 31 Press Release [Federal Reserve]

    / Oct 31, 2007 at 2:17 PM
  • Goldman Sachs, insider-trading

    Insider Trading At Goldman?

    When Goldman turned in it’s third-quarter earnings and revealed the the credit-crunch was its friend, several eyebrows were raised by market watchers. How could Goldman have made the kind of money it claimed to have made by shorting subprime mortgages, more than person we spoke with asked. Apparently, the same question is being asked over […]

    / Oct 31, 2007 at 1:57 PM
  • charity

    Wall Street Heads Will Sooner See You Die Of Prostate Cancer Than Grow Facial Hair

    Tomorrow is the first day of Movember, a charity event started in Australia that gets men to grow mustaches (and ‘stache supporters to sponsor their efforts) in order to raise money for prostate cancer research. In years past, Mo Bro participation from the Aussie branches of Citigroup, Goldman Sachs, Deloitte and PricewaterhouseCoopers has been huge, […]

    / Oct 31, 2007 at 1:55 PM
  • Banks

    The Cost of The Credit Crunch

    In all the talk about losses at individual banks and brokerages, sometimes it’s easy to lose sight of the bigger picture. A report issued by the New York City comptroller yesterday nicely pointed to the forest made up by those trees. The collective profit loss at Goldman Sachs, Morgan Stanley, Merrill Lynch, Citigroup, Lehman Brothers, […]

    / Oct 31, 2007 at 12:05 PM
  • Tim Sykes

    Sending Out An SOS

    Hey guys, We realize this is kind of last minute, not very well thought out, and a lot to ask of the 20% of you who are still employed and have more important things to do today, but you’ve always said that if we ever found ourselves in trouble and had nowhere else to turn, […]

    / Oct 31, 2007 at 11:59 AM
  • Merrill Lynch

    Stan and Lloyd’s Elevator Rides

    It’s almost too good to be true. But it is true. Goldman Sachs chief executive Lloyd Blankfein lives in the same building at Merrill Lynch’s ousted chief, Stan O’Neal, according to some at New York magazine who reads DealBook. The address: 941 Park Avenue, on 81st street. Thanks to a reader, we were reminded this […]

    / Oct 31, 2007 at 10:16 AM
  • Fed

    Fed Day!

    Opinion Polls & Market Research

    / Oct 31, 2007 at 9:09 AM
  • Opening Bell

    Opening Bell: 10.31.07

    Alcatel-Lucent deepens job cuts as it posts loss (MarketWatch) More evidence that ALA-LU has become an ugly competition. Lesses again in the quarter and another 4000 job cuts. Among those leaving is the CFO, who is “pursuing other opportunities”. We’re not sure whether he’s part of the 4000 cut jobs or whether he makes it […]

    / Oct 31, 2007 at 7:26 AM
  • Write-Offs

    Write-Offs: 10.30.07

    $$$ Has Every Wall Streeter Gone Insane? A Graphical Guide. [NYM] $$$ Comparing the Street’s worst CEO’s. [Market Beat Blog] $$$ DCF Valuation of an Investment Banker’s Life [Banker’s Ball] $$$ Banker Halloween Party [Leveraged Sell-Out]

    / Oct 30, 2007 at 5:31 PM
  • Closing Bell

    Closing Bell: 10.30.07

    Sponsored by the Financial Times. Stocks closed lower today on Fed uncertainty, even though the odds are pretty much stacked in favor of Ben Bernanke doing whatever the traders tell him to do. The DJIA was down 77.79 to 13792.47, the S&P 500 lost 9.97 to close at 1531.01, and the Nasdaq fell 0.73 to […]

    / Oct 30, 2007 at 5:09 PM
  • Private Equity

    Want A Decent Salary (Or: “A Salary”)? Get A Job With Old Crab Hands

    The bottom feeders of private equity (we’re talking, like, analysts) are now making $215,000 a year, 29% more than in 2006. If you must know, the bump in pay apparently has more to do with some sort of pissing contest between buyout firms and hedge funds, re: who can retain the best talent, and less […]

    / Oct 30, 2007 at 5:00 PM
  • music

    Riddle Us This:

    A. Why do the big 4 (accounting firms) feel the need to have a gay anthem? B. If you had to pick a winner, would it be PWC’s (courtesy of ESPN’s TMQ) or Ernst and Young‘s?

    / Oct 30, 2007 at 3:40 PM
  • Fox

    We Deserve To Be Shot For Not Having Posted This Yesterday

    (On a related note, Carney makes his debut on ‘Happy Hour’ tonight.)

    / Oct 30, 2007 at 3:30 PM
  • UBS

    UBS Too Poor To Award Real Bonuses This Year

    If you’d told me yesterday that there were consequences for losing tons of money, I would’ve said, “Fuck you! Is this your idea of a sick joke?” But apparently? There are. According to DealBook, in one of its many efforts to cut costs following a not so good third quarter, that Swiss bank on Park […]

    / Oct 30, 2007 at 3:21 PM
  • Bank of America

    Even Banc of America Securities Exec Doesn’t Want To Be Associated With Banc Of America Securities

    Christopher Pesce, the global head of prime brokerage at BoA Securities, has apparently quit his job for greener pastures. We don’t know which pastures, just that they’re better. Since he’s coming from Banc of America, there are almost too many to choose from. Perhaps the minions he was instrumental in getting fired might know of […]

    / Oct 30, 2007 at 1:59 PM
  • Merrill Lynch

    What’s The Reverse of A Cynic?

    Oscar Wilde once said that a cynic “knows the price of everything and the value of nothing.” Today, as we spoke to sources in and around Merrill Lynch, our favorite line came from a Merrill veteran who cleverly turned around Wilde’s line. According to the Merrill vet, the most common objection to giving Bob McCann […]

    / Oct 30, 2007 at 1:23 PM
  • UBS

    UBS’s Triumphant Return To Profitability Will Be Paved By Encouraging Employees To Please, For The Love Of Christ, Do Us A Favor And Print On Both Sides Of The Paper

    Dear Colleagues, As we approach the close of 2007, I would like to take this opportunity to bring your attention to the continued effort around cost control, balance sheet management and overall efficiency. History has shown that the fourth quarter is where we have lost ground and focus on these key initiatives. Therefore, I encourage […]

    / Oct 30, 2007 at 1:12 PM
  • Diversions

    Welcome To The Subprime Mortgage Meltdown

    You can check out any time you like but you can never leave. (Warning: link plays music and contains at least one brief image which a reader has said is potentially NSFW.)

    / Oct 30, 2007 at 12:55 PM
  • Merrill Lynch

    Bob McCann Still A Favorite To Run Merrill Lynch

    “They made money.” That’s the reason that Bob McCann, the president of Merrill Lynch’s massive global wealth management group, is still considered the top-running candidate to become the next chief executive by the rank-and-file of the company. He is considered a long-shot by outsiders—and perhaps by members of the board of directors—but he has strong […]

    / Oct 30, 2007 at 12:45 PM
  • Compensation, Hedge Funds, Sports

    Blowing Your Mind: Grossly Overpaid Bros Go To Bat For Equally Overcompensated Bro in Another Line Of Work

    Thank god, the money managers have weighed in and decided: A-Rod was entirely justified in opting out of the final three seasons of his contract with the Yankees. According to Daniel Alpert, a partner at Westwood Capital, a boutique investment bank in New York that specializes in mortgage and related securities, “there’s nothing cold blooded […]

    / Oct 30, 2007 at 12:11 PM
  • Merrill Lynch

    Behind Merrill’s Leadership Void: SOX Legal Risk?

    The news that Merrill Lynch had not selected even an interim chief executive caught many by surprise. The official line—that Merrill is waiting to choose a chief executive while it reviews its corporate strategy—is being applauded by many as a sober, thoughtful approach. But it may indicate that even greater write-downs are coming at the […]

    / Oct 30, 2007 at 12:09 PM
  • Merrill Lynch

    Chaos Passes But Unease Remains At Merrill

    After days of chaos inside Merrill Lynch—chaos that was felt from the board room to the water coolers—Stan O’Neal has finally been allowed to retire. Confusion still reigned this morning as people inside the Wall Street firm read media reports claiming Ahmass Fakahany, Stan O’Neal apparatchik who had a hand in overseeing risk management, was […]

    / Oct 30, 2007 at 11:48 AM
  • UBS

    UBS Will Not Make An Ass Of You And Me (Shareholders? Maybe)

    UBS announced its first quarterly loss in nearly five years today, rendering frowns on those Nazi-sympathizers’ faces that even a few anti-Semitic jokes couldn’t turn upside down, which means it must be really bad. The “unquestionably disappointing” $720 million net loss, which overshadowed record earnings in the wealth management operation, was blamed on that $4.4 […]

    / Oct 30, 2007 at 11:28 AM

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