ING to Sell Reinsurance Unit to Berkshire Hathaway (Bloomberg)
More buying activity from Buffett. Despite some of the troubles that General Re has caused its parent company, Berkshire Hathaway is upping its role in the reinsurance market, buying off a unit from ING for a modest $440 million. Among the areas ING is involved in include possible settlements for tobacco and asbestos claims. ING stil has a US-based reinsurance division that it may hold on to.
Buffett to Start A Bond Insurer For Cities, States (WSJ)
And not only is BRK buying, but it's also entering new lines of business. At least it's talking a good game. Sensing a moment, given the weakness in the major bond insurers, the company says it will enter that business, er, "seek permission" to enter it. Buffett told the WSJ that the company would commit "quite a bit of capital if we like the business." So take that what you will. You really have to hand it to him. The man has dominated the holiday news cycle. All these big announcements on the slowest week of the year, when nothing's going on. The media already loves Buffett, but in the absence of other stories, it's been 24/7 Buffettvision. Well done.
Broadcast of Golden Globes Is in Doubt (NYT)
Sparing the thousands of viewers whose husbands and wives might've made them watch it, there's talk that the Gold Globes -- Hollywood's least respectable award show -- may not get broadcast. You know, there's the whole writer's strike going on, which sorts of casts a pall on any industry-related "festivities". Now if they cancel the Oscars, that might be a big deal. But the Globes? That ranks somewhere below the Cable Ace awards in terms of credibility. We'd rather watch the Tony's even if every Broadway score these days is nothing but a load of a-melodic half-talking/half-singing.
Amazon to Sell Warner Music Minus Copy Protection (NYT)
Amazon will start selling the entire Warner Music catalog as DRM-free MP3s, which is pretty cool. Whether it helps Amazon make gains against iTunes remains to be seen, but it's hard to see the news as anything but an unalloyed good for the company.
Explaining CDOs, Overcollateralization Edition (Portfolio)
There's some famous short story about a group of English majors who sit down over some wine and admit the one book that they're ashamed not to have read. Actually, we don't know whether this was a short story or a short film or a novel, or whether it never even happened in fiction. After all, we heard about it third hand from someone who'd claimed to have read it. Anyway, they all go around until one says that they hadn't read Hamlet and the rest freaked out. That was just too much. Not having read For Whom The Bell Tolls was one thing. Hamlet was quite another. Anyway, in case you feel like that Hamlet-less English major, with respect to your knowledge of CDOs, Felix Salmon gives you a chance to catch up and join the gang.
Where is the Copper Market Headed in 2008? (MetalMiner)
Wouldn't you like to know?
Posted by TheUnrepentantGunner , Dec 28, 2007 10:49AM
and I thought you'd still be hungover from the Longhorns victory in the Toilet, errr Texas bowl last night...
Posted by TheUnrepentantGunner , Dec 28, 2007 10:49AM
and I thought you'd still be hungover from the Longhorns victory in the Toilet, errr Pacific Life bowl last night...
Posted by ksql , Dec 28, 2007 10:51AM
10.45am?!
Posted by Joe , Dec 28, 2007 10:54AM
Yeah well it was just the Holiday Bowl, so how much can you get excited about it?
Posted by mc , Dec 28, 2007 11:10AM
The English major story comes from a novel - "Changing Places" by David Lodge.
Posted by mc , Dec 28, 2007 11:10AM
The English major story comes from a novel - "Changing Places" by David Lodge.
Posted by NotNasser , Dec 28, 2007 11:11AM
The problem with Broadway scores nowadays isn't that they're amelodic. Nothing's more melodic than the songs you hear at The Jersey Boys. Or Mamma Mia.
The problem is the melodies are re-treads.
Try hiring some composers and doing some new stuff, people!
Posted by safe bet , Dec 28, 2007 11:16AM
Trivia Question for day.
How much did Muni Bond Insurers pay out when Orange Co. filed for bankruptcy in 1994?
Posted by Alex Trebek , Dec 28, 2007 11:28AM
Zero, eh!
Posted by , Dec 28, 2007 11:45AM
we have a winner...
Posted by Sean Connery , Dec 28, 2007 11:49AM
Trebek, you rogue!
Posted by , Dec 28, 2007 11:54AM
@11:16 Things are very different than in 1994. The market is clearly pricing in the fact that there is likely to be more pain this time around.
Posted by the mole , Dec 28, 2007 11:56AM
Word is that ML is planning to can a little over 1500 people in early Jan. This is just the beginning...you heard it here first.
Posted by , Dec 28, 2007 12:01PM
An observation from someone who does business with both ML and GS: compare the two and the coverage by ML is more bloated and disorganized. There invariably seems to be a hanger on or two looking to get their name on a deal. GS by comparison is lean and almost military. This is simplistic, but could Thain have noticed the same thing?
Posted by Anal_yst , Dec 28, 2007 12:25PM
I call bullsh!t on this:
12:18 12/28 DJ US Studying Whether Al Qaida Involved In Bhutto Death
CRAWFORD, Texas (AFP)--U.S. intelligence is still trying to determine whether
or not Al-Qaeda operatives were involved in the assassination of Pakistan
former premier Benazir Bhutto, a White House spokesman said Friday.
"There have been many claims of responsibility. Our intelligence community is
still looking into it," Scott Stanzel told reporters near President George W.
Bush's ranch in Crawford, Texas.
Pakistan's interior ministry told AFP that an Al-Qaeda phone call was
intercepted after Bhutto was killed and there was "irrefutable evidence" the
group is trying to undermine the country.
Stanzel said Thursday that Bhutto's assassin was "an enemy of democracy" and
employed "a tactic which al-Qaida is very familiar with, and that is suicide
bombing and the taking of innocent lives to try to disrupt a democratic
process."
While there may be some slight element of truth in this, I find it to be offensive at best that the US Gov't insists that Al Qaida is responsible for virtually EVERY f&cking act of terror in the world. The presumptious attitude that there are no other terrorist groups of islamic or other idealogy capable of organizing and executing terrorism is absolute ridiculous, and borderline criminal.
Posted by anal_yst fan , Dec 28, 2007 1:08PM
you should go work for DB...ur doing a good job while the other 2 deadbeats are vacaying
Posted by /\/\ , Dec 28, 2007 1:10PM
Anyone heard that BoA is cutting back on hand soap as part of their cost cutting? LOL!!
Posted by , Dec 28, 2007 1:28PM
mole thanks for that 2 day old news. E for effort
Posted by , Dec 28, 2007 1:48PM
@12:25 Its not the US Govt. Its the Republican party. Best way to get votes is to instill fear in the masses.
Posted by Anal_yst , Dec 28, 2007 2:00PM
@ 1:48 - I lump them together as one, so kill me.
also, new Long or Short Capital post (conveniently backdated ala Carney)
http://longorshortcapital.com/peak-2007.htm
Posted by , Dec 28, 2007 2:41PM
I think Anal_yst gets the award for most prolific poster of the year
Posted by Fake Larry David , Dec 28, 2007 2:46PM
I don't subscribe to the shortening of the word "vacation" to the annoying "vaycay..." I put up with "cred" for credibility...and "pub" for publicity, but if you knew couple who were trying desperately to have a child and sought a clinic's help, would you say, "Have you been to a "fert" clinic...?"
The shortening of words must stop.
Posted by Anominous , Dec 28, 2007 3:13PM
@12:25 - since 9/11 Al Qaeda is much more a brand name than an organization. Bush admin's endless invocations helps them build their brand. Politically convenient but incompetent policy--W et al to the core.
Posted by mrpink , Dec 28, 2007 3:32PM
What's this I see on CNBC about BofA not supplying Hand Soap to it's employees anymore???
Posted by Anal_yst , Dec 28, 2007 3:41PM
@ 3:13 - its ridiculous^nth that Bush, et al have done more to legitimize Al Qaeda than Osama or anyone else has, but not a surprise that he/they pride themselves on preaching ignorance and fear, oh, but in that regard, how much different is the administration/gop's behavior different than that of those which they decry?
Posted by 1-2 , Dec 28, 2007 3:56PM
I just posted and the site said my comment was "sent to the administrator for approval". So i take it Carney will approve it sometime in '09.
Anyone else have that happen before?
Posted by Jamie.BuchersGhost , Dec 28, 2007 3:57PM
Mrpink...it's true, per charlie gasparino...
me thinks it's time for mr lounge singer of BofA fame needs to redo his lyrics
"One BAR, left here, we've got to shaaaaaaaare it"
http://www.youtube.com/watch?v=0qAuqq1LFnU&eurl=
Posted by Anal_yst , Dec 28, 2007 4:16PM
@ 1-2,
Whenever I'm @ home (or sometimes here) and i post a link in the URL field or in the comment itself I get that message, very annoying and i've gone back and not once seen those posts approved. Anyone know what an upgrade (presumably, it can't be worse than Movable Type that they use now) to WordPress costs?
Posted by Fast , Dec 28, 2007 5:21PM
Why is Erin Burnett does not like the idea for CITI Group to cut dividends? She laugh at Guy Adami about it the other day and today during the Fastmoney show.
Posted by Anonymous , Dec 29, 2007 9:20PM
Heard Mischa Barton back to her whoring ways ??
Posted by Chris G. , Dec 30, 2007 5:48AM
@ Fast, 12/28 5:21PM
-Erin Burnett *likely* has an opinion of her own, but on air she toes the party line.
Posted by , Dec 31, 2007 8:15AM
Fake Larry David - Au contraire, I hear that goldman is shorting words. Your "long-words" strategy may lead to losses in 2008
Posted by Anal_yst , Dec 31, 2007 9:18AM
Apparently all's quiet on the DB front this lovely morning...
whats everyone's plans for 2nite, besides desperately trying to get out of work early?
Posted by TheUnrepentantGunner , Dec 31, 2007 10:07AM
Getting engaged. All commenters have the next 4-8 hours to try to talk me out of this one.
Posted by cheesey , Dec 31, 2007 10:43AM
it depends what sort of gf you have, maybe she is the type who thinks that it would be romantic and exciting to get engaged on NYE, but i'm the sort of girl who thinks it's cheesey, cliche, and typical...make sure this isnt the case w her....and get a good prenup
anal_yst- you are my new fav person.
Posted by Anal_yst , Dec 31, 2007 11:11AM
@ gunner - do not yield to the dark side, i implore you! Unless by some act of god she's gorgeous, non-bitchy, bi, and a swinger (but only with other girls) you must avoid this at your peril.
But in the interest of not sounding like a complete mysoginist, if you're gonna do it, as my Cheesy friend suggested, make sure that pre-nup is IRON-CLAD brosky.
And Cheesy, spanks, I do what I can.
Annndd, if anyone wants to kind of actually use their brain today, I just can't get over Vonage, and their apparent non-use of their collective brain - as they apparently designed their network with complete disregard to intellectual property, its just ridiculous at this point. Is there a telco equipment/network operator that HASN'T sued them yet?
Posted by perhaps it is an attic i seek , Dec 31, 2007 11:20AM
gunner, godspeed. but adhere to cheey's advice. nye is not classy at all.
Posted by cheesey , Dec 31, 2007 11:34AM
yep, def not classy--- but maybe she's into that sort of thing...if she's the type of girl who likes carriage rides in central park or cries during a lot of movies, then you're good to go....if she's a stilleto wearing, purse swinging, nyc type girl who is sassy- nye isn't the time to do it...where is bess levin when we need her?
Posted by Mr FedSpeak , Dec 31, 2007 11:37AM
In a prior post I denigrated the rack of a certain Michelle Caruso Cabrera. For what its worth, the combination of set lighting and the white top she is wearing today causes a reconsideration of this declaration to be appropriate.
Indeed, I would probably grant her the opportunity for satisfaction from my lower appendage as well as other ancillary forms of stimulation (despite her face).
Posted by TheUnrepentantGunner , Dec 31, 2007 11:42AM
I would normally agree its cheesey, but this will fit her. As for carriage rides in NYC, not so much
Hey, at least it wasn't over christmas!
Posted by big r , Dec 31, 2007 11:44AM
cant wait to snag me a "stilleto wearing, purse swinging, nyc type girl who is sassy" tonight. cheesy, you one of these? and if so, want to celebrate mountain time new years w me in union sq?
Posted by TheUnrepentantGunner , Dec 31, 2007 11:48AM
anal_yst, speaking of penny stocks, why the runup in xnl???
did it somehow fall below its intrinsic value last month?
you'd think the downward pressure from cuban alone ought to bury that stock forever.
Posted by Estate Banker , Dec 31, 2007 11:59AM
please no pre-nup in america is iron clad and certainly not in the U.S. you 'd better plan on getting married and later divorced in a foreign country if you want your prenup to hold up for more the a couple of years.
my advice, don't get married. live together as long as you want, but don't tie the knot unless you decide a kid is coming very soon.
Posted by , Dec 31, 2007 11:59AM
ungun,
i suggest the vip room at scores.
if she says yes you will have set the bar so low anything you do for the rest of your life will be an improvement.
it worked for me. when i started putting the seat up, after 3 years, I got head nightly for two weeks...
Posted by , Dec 31, 2007 11:59AM
Speaking as a stiletto wearing, purse swinging, nyc type girl...if you ever want to experience something a little cheesy and tear-inducing, someone proposing to you is the right time.
And gunner, I met far too many bigshot bankers this year who had stayed single past their prime, just because they weren't sure they were done being morons yet. Go for it, and good luck to you!
Posted by , Dec 31, 2007 12:03PM
unrelated-
It was nice to see Bess' message to her dad. I was glad to see she has a dad. I always had assumed she was raised by wolves.
Posted by Yo! , Dec 31, 2007 12:07PM
Gunner - like the others, I'm skeptical about the NYE proposal, but given that it's the MLB offseason, I suppose the jumbotron above the Green Monster is unavailable...
Unlike some others, I'd advise you to skip the prenup (unless, of course, you met her at Scores). I have to assume you're a good read of risk/return, people, etc. If you're going to marry a woman, then go into with the plan to make the relationship as strong as possible; don't build in an exit door b/c you both might be tempted to use it shortsightedly. Like stocks, there will be weak moments when you ask yourself "why the F do I own this?," but (with the notable exception of our favorite formaldehyde shock owner) the real return is made in holding great properties for the duration.
Good luck to you!
Posted by Anal_yst , Dec 31, 2007 12:11PM
Why I missed this earlier is beyond me, but from a purely pragmatic perspective (alliteration not intended), getting engaged (if one must do such a thing) on a major holiday should - one would think - substantially decrease the probability that you'll forget your anniversary somewhere down the road.
That pragmatism however probably doesn't offset the cheese factor though. Man, bess would definitely have a field day here, and I'm not mean enough (or alternatively, too lazy) to really have a go at it, sigh...
Posted by cheesey , Dec 31, 2007 12:11PM
12:03, i agree i liked that post...and i liked the entertaining posts leading up to the holidays-- work is dead anyway.
11:59- i would think i'd like to be proposed to at VIP room of scores-- not west side though, gross...at least it makes for an interesting story...
big r -- thanks for the offer but i'm good for this evening-- good luck though! i'm sure theres going to be tons of us stumbling and falling over....if you wait long enough, prob a few passing out too....
ungun-- we expect to hear she said "yes", but it would actually make me laugh to hear she declined (sorry, i know that's mean-- but would be funny for everyone ex you...) but GOOD LUCK...sooooo soooo cheesey-- if you were in my group of friends we'd be ripping you up for this
is it 4 yet?
Posted by , Dec 31, 2007 12:22PM
obviously wait until 2.29.2008.
1. You'll never forget it.
2. You'll save a ton on aniversary gifts.
Posted by HAM'05 , Dec 31, 2007 12:22PM
happy new year everyone
the fact that the db faithful keep commenting in lieu of content makes me think the staff writers are more naughty-mouthed facilitators than actual reporters, but i do miss reading bess' posts and thinking about boobs
Posted by , Dec 31, 2007 12:51PM
yeah wait who has to celebrate the anniversary of their engagement?? i just got engaged last year and married this year and i don't even remember the date of the engagement. is that important? shit.
of note, all bankers SHOULD stay single past their prime, why be married in your prime when you can live large, then bag a totally hot 20-something when you are in decline and in your 40s?
Posted by Anal_yst , Dec 31, 2007 1:20PM
@ 12:51 - the only problem with that (if its a problem at all) is that poppin out a kid when you're 40 is weak, just think when your kid turns 21 you'll be over 60, and thats no fun.
Although it sure as hell beats pumpin out a kid at 24 (long story...)
Posted by Anal_yst , Dec 31, 2007 1:36PM
@ Ham'05 - The question is, how much actual effort it takes to check in every now and the, even on vacation to throw up a post. The "opening bell" i did last week was maybe 20 minutes skimming the WSJ and 3 mins tops to figure it out/type it up. I'll be in the Caribbean next week and I'm sure between drinks and more drinks I"ll throw up a borderline mildly-incoherent comment or two.
Or, thinking about it another way, maybe we're being a little hard on Carney, et. al. When I'm on vacation i'm going to do nothing even remotely close to checking up on my actual work, so too might it be for the DB's. Although it makes you wonder what everyone could be doing thats more interesting than inciting (sometimes) witty banter and all sorts of upheval, hmm...
Posted by JS , Dec 31, 2007 1:43PM
anal_yst:
- "The "opening bell" i did last week was maybe 20 minutes skimming the WSJ and 3 mins tops to figure it out/type it up."-- get over yourself, dude.
-"When I'm on vacation i'm going to do nothing even remotely close to checking up on my actual work." exactly. sorry the DB editors apparently have lives beyond the readers of this site.
Posted by Anal_yst , Dec 31, 2007 2:04PM
Hey JS wow overreact much? Not only did you clearly miss the joke, but I'm certain you did't read the 2nd part of that post at all. And on the off chance you did, you completely missed the sarcasm, or the whole point entirely.
No one here expects (or should expect) DB writers to live & die DB, dude.
Lighten up a lil there brohamster, and have a happy new year!