November 2007

  • DealBreaker Career Center

    Job Of The Week: Credit Analyst!

    Pretty much everyone needs more credit analysts these days. New York Life Investment Management LLC, one of the largest managers of high yield and leveraged loans in the United States, wants to add a Credit Analyst to its Leveraged Loan team. Get on it!

    / Nov 30, 2007 at 5:29 PM
  • News

    The ABS People Strike Back: Responses To Our Mark-To-Market Posts

    We’ve now ventured into the dangerous territory of financial accounting three times in the past two days to raise the possibility that the deep discount on asset backed securities obtained by Citadel when it bought E*Trade’s portfolio may amount to a major mark to market event for Wall Street. We knew when we started discussing […]

    / Nov 30, 2007 at 5:16 PM
  • Donald Trump

    Scots Take The Wind Out Of Trump’s Hair

    Donald Trump’s $2 billion proposal to build “the world’s greatest golf course” in Scotland, the home of his ancestors, has been shot down. Councilor Martin Ford, who cast the deciding vote against the 15-mile construction of two 18-hole golf courses, 950 apartments, 500 homes and a 450-room luxury hotel, said the wildlife damage it would […]

    / Nov 30, 2007 at 4:46 PM
  • NatWest 3

    The NatWest 3 Guilty Plea: Risk Management

    We noted our disappointment yesterday with the decision by the three British bankers—called The NatWest 3 by British tabloids—to plead guilty to one count each of wire fraud. The rubber hose and brass knuckles style of regulating business through the criminal justice system scored another undeserved victory, and unfortunately this will no doubt vindicate the […]

    / Nov 30, 2007 at 3:45 PM
  • Ben Bernanke

    Ben Bernanke’s Tool Kit

    Hi, it’s Bess, Carney and I are tag teaming this post. Anyway, here’s my comment: HAHAHA OMG OMG OMG OMG isn’t the internet hilarious?!?!?! You are totally justified in clogging up your friends/colleagues/Dealbreaker’s inboxes with this shit and the message “Scroll down, TOO FUNNY!!!” LOLZ LOLZ LOLZ.

    / Nov 30, 2007 at 3:08 PM
  • Blame Canada

    Germany: Inspiration From An Unlikely Source

    We like laying blame and we like public humiliation. (Ed.’s Note: this is where I wanted to end the post but Carney said I had to go into greater detail.) If you can add in something about “pretentious know-it-all dicks,” marry me? Hence, German finance minster Steinbrück’s comment to the Financial Times that the “snooty” […]

    / Nov 30, 2007 at 2:25 PM
  • Proxy Access

    SEC Shareholder Rights Vote: A Victory For Investors, A Set-Back To Unions

    The completely predictable caterwauling over the proxy access decision by the SEC has already begun. “The tensions over proxy access may tarnish Mr. Cox’s image as a self-proclaimed investor advocate,” the Wall Street Journal’s Kara Scannell claims in an article the editors of the Journal headlined as “Cox Puts Legacy On The Line.” We’ve said […]

    / Nov 30, 2007 at 12:54 PM
  • CNBC

    On Whores

    For a while there, it looked like CNBC was going to keep doing its thing as the “serious” business network, and not lower itself to Fox’s, shall we say, looser format. “Skanks don’t move markets,” everyone* at Englewood Cliffs said during the first week of FB’s debut. “Those hos won’t last a month.” How wrong […]

    / Nov 30, 2007 at 12:23 PM
  • Fox

    One Of These Things Has Retained Its Dignity

    This is from the other day but, uh, perhaps there are one or two of you out there who don’t regularly watch Fox Business’s (fingers crossed) Emmy Award-winning “Happy Hour,” produced at the Waldorf’s Bull & Bear. I came across this segment while searching for a piece someone told me the show did yesterday on […]

    / Nov 30, 2007 at 10:58 AM
  • News

    E*Trade-Citadel Deal: A Major Mark To Market Event

    We greeted the news of announcement yesterday that Citadel had picked up an asset backed securities portfolio from E*Trade in our usual curmudgeonly style. While investors celebrated the news by pushing E*Trade’s share price up, we noted that this probably should have the accountants at many Wall Street firms scrambling to reassess their own ABS […]

    / Nov 30, 2007 at 9:22 AM
  • Opening Bell

    Opening Bell: 10.30.07

    China Bends To U.S. On Trade Subsidies (Forbes) We doubt this will have much effect on anything, but China has agreed to pare back certain export subsidies, per an agreement signed with the US on Thursday. Supposedly, the agreement helps put China more in line with WTO regs, but it’s hard to imagine the country […]

    / Nov 30, 2007 at 7:05 AM
  • Write-Offs

    Write-Offs: 11.29.07

    $$$ Restore Sears First [Jeff Matthews] $$$ Thursday night pool? Act now! [Craigslist] $$$ Touching You [WallStrip]

    / Nov 29, 2007 at 6:08 PM
  • UBS

    UBS Still Taking It Up The Tailpipe

    You really have to love bonuses paid in nearly worthless currency like, say, the Brazilian Real (not to be confused with other Brazilians, which we are all in favor of), or maybe UBS stock. So are UBS’s investment bankers worthy of the 100 percent stock bonuses they have coming their way next month? Credit Suisse […]

    / Nov 29, 2007 at 4:26 PM
  • Holiday Party

    Help DealBreaker Ruin Your Holiday Party

    With the passing of Thanksgiving, the fall social season has officially come to a close. Now the holiday season is upon us. For some of you that means Christmas trees, for some of you that means dreidels, for some of you that means [insert something associated with Kwanza here]; and for others [fill in objects […]

    / Nov 29, 2007 at 3:38 PM
  • Jim Cramer

    Jim Cramer’s Big Party
    Mad Money Motor Mouth Signs New Deal With CNBC

    Last night the doors of the meatpacking district’s Lotus opened up for a party in honor of Jim Cramer’s new book, “Stay Mad For Life.” The party was hosted by CNBC President Mark Hoffman. During a speech introducing Cramer, Hoffman noted CNBC was just completing their highest rated November since 2000.(Volatility is good for financial […]

    / Nov 29, 2007 at 2:37 PM
  • Citadel

    Will E*Trade Deal Cause More Write-Downs?

    Earlier today we pointed out that the seventy-four percent discount on the asset backed securities Citadel has acquired from E*Trade will likely trigger a good deal of consternation on Wall Street. For the past few months banks and brokerages have been struggling to re-asses their credit portfolios. Even after a series of write-downs on those […]

    / Nov 29, 2007 at 1:42 PM
  • parties

    Hipster Theme Party: Wall Street, Circa 1987

    Among the more amusing items in our inbox this morning was an invitation to a party in Williamsburg, Brooklyn sporting the theme “Wall Street Circa 1987.” “Two dark events are upon us: the end of my 20s and the beginning of the recession,” the woman throwing the party writes. “Let’s fight both Brooklyn style with […]

    / Nov 29, 2007 at 12:43 PM
  • Citadel

    Will Banks Mark ABS To The Citadel-E*Trade Market?

    As has now been widely reported, Citadel has swooped down into E*Trade’s coffers and delivered the internet bank and brokerage $2.5 billion in cash. Investors seem to like this deal, pushing up E*Trade’s share price in early morning trading. The lads and lasses at DealBook have a bit of a laugh this morning in a […]

    / Nov 29, 2007 at 11:19 AM
  • Citigroup

    Vikram Pandit’s Forbidden Love (Of Hot Tail) Exposed?

    Our headline is more wishful thinking than an actual guess. But we’re hoping our readers will provide some better informed speculation. Get your nominations in now and we’ll run a poll later to decide this the democratic DealBreaker way. WHICH senior Citigroup executive, who’s still with the financial giant despite being involved in loss-making decisions […]

    / Nov 29, 2007 at 10:35 AM
  • NatWest 3

    NatWest Three Plead Guilty

    We won’t pretend we’re a not at least a little disappointed by the guilty pleas offered in a federal court in Houston by three British bankers yesterday. The bankers—Giles Darby, David Bermingham and Gary Mulgrew—pled guilty to one charge of wire fraud each and are expected to be sentenced to 37-months in jail. Those who […]

    / Nov 29, 2007 at 9:01 AM
  • Opening Bell

    Opening Bell: 10.29.07

    Sears Holdings Reports Third Quarter Results So earnings at Sears Holdings got slices to $2 million in the recent quarter, from $196 million last year. We we all set to snark it up, saying something sarcastic like “we’re sure they did a great quarter, but we’re just too stupid to really appreciate the subtlety of […]

    / Nov 29, 2007 at 7:23 AM
  • Write-Offs

    Write-Offs: 11.28.07

    $$$ The Devaluation of UBS Bankers [Deal Journal] $$$ Sell Everything; Hell is Here [LoSC] $$$ Animals [WallStrip]

    / Nov 28, 2007 at 5:47 PM
  • Goldman Sachs

    Boss of Least Shitty Bank Is Named Least Shitty CEO

    Lloyd Blankfein has been named the most powerful CEO on Wall Street. Bet you didn’t see that one coming. OR THIS. 25 most powerful people in business [Fortune] The Office Pessimists May Not Be Lovable, But Are Often Right [WSJ]

    / Nov 28, 2007 at 5:15 PM
  • Proxy Access

    SEC Nixes Proxy Access Proposal

    The confused idea of shareholder democracy suffered a set-back today when the SEC voted 3-1 to allow companies to block investors from placing board nominees on official corporate election ballots. There will no doubt be lots of hand-wringing about this vote but most of what you need to know about the proxy access proposals can […]

    / Nov 28, 2007 at 4:12 PM

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