$$$ Schwarzman‘s School Ties [DealBook]
$$$ Vote on whether Tim Sykes has discovered the secret formula for the stock market. [TimSykes.com]
$$$ Sorry Guys, Today Didn’t Happen [LoSC]
$$$ The Boeing Company (BA)
Archive for February 2008
$$$ Schwarzman‘s School Ties [DealBook]
Who remembers that Craiglist ad from the 28 year old Goldman banker looking for someone to lavish with his (pretax) $722k bonus? I’m going to go with all of you because, frankly, it/he was unforgettable. The Viking stove, the custom-made oak dresser, the amazing dinners, the shopping, the great wine, the getting each other off fabulously and, of course, the baby’s arm aren’t things one lets recede from his/her consciousness so easily. Sure, the whole thing turned out to be fake and from the mind of someone named the Cajun Boy who does not really work at Goldman Sachs or at any other financial institution, including Bear Stearns, for that matter, but did anyone give a shit? No, us included. In fact, we were so taken by the imposter– “real” name: Thad– that we asked him if we could reprint parts of his journal on DealBreaker so that you all could live vicariously through his fabulous life. He said yes, if it would help him “score ass.” So if you enjoy the following installment, show your gratitude.
I seriously can’t believe that I’m about to let the following words cross my lips, but this is my diary and the purpose of a diary is for purging the soul and unburdening yourself of any albatrosses that may be weighing you down, right? It’s also great for endearing yourself to a large swath of the female segment of the banking industry when parts of your diary just so happen to be published on a widely read Wall Street website, but that’s neither here nor there. The fact of the matter remains…
Your jobs sucks. That’s why we spent part of the afternoon combing through our Career Center in search of the most interesting jobs. There are dozens to choose from, all categorized according to specialization. But one special one has been selected as our Job of The Week.
A multi-strategy hedge fund is seeking an experienced risk taker to trade the mortgage credit space with a particular focus in subprime. Feel free to bring your whole team.
We’d like to know a little about you. Our reader survey helps us create content that better fits what you want to read. More importantly, it helps us sell the advertisements that pay us to bring you DealBreaker content every day. Please take a few moments to fill out this survey and let us know a little about you.
It is, officially, on.
A dissident investor stepped up pressure on The New York Times Co. Friday, formally proposing its own slate of four directors and saying the company needs to take more drastic action to compete online.
Harbinger Capital, an investment firm that now owns about 19 percent of the company, filed its own proxy statement with the Securities and Exchange Commission listing its nominees for directors to be elected at the Times’ annual meeting April 22.
The Times has already filed its own full slate of director nominees, but has said it was still considering whether to accept Harbinger’s candidates.
Fund Nominates 4 for N.Y. Times Board [Associated Press via Breibart.com]
The unadulterated euphoria you-know-who experiences while mainlining cream filled gold sponge cakes every day at 3 is about to be compromised.
So far, only 160 billion of losses have been disclosed. UBS sez it’s going to get a lot worse.
UBS sees financial crisis leading to industry wide losses of 600 bln usd investment research warned that the financial crisis is far from over with more losses and a stronger impact on the real economy ahead.
‘Our global banks team estimates that total industry losses in this financial crisis should reach north of 600 bln usd of which listed banks and brokers should account for ‘only’ 350 bln usd,’ the bank writes.
Peloton Blames Wall Street Lending Crackdown for Fund Collapse (Bloomberg)
A London-based hedge fund is blaming tightening credit standards on Wall St. for its collapse. The $1.8 billion fund says that because of, you know, stuff, it just can’t get a loan anymore. And it will need to liquidate. Sounds like a market for lemons if the company is to be believe: “Credit providers have been severely tightening terms without regard to the creditworthiness or track record of individual firms, which has compounded our difficulties and made it impossible to meet margin calls.” Anyway, a worthy read.
Man Financial and the Core Club contra-indicator… (Footnoted)
Shoulda known something was going to be up at Man Financial. As Michelle Leder points out, this is the company noted memberships to the Core Club in its filings. And its CFO left abruptly in January.
Headed Toward an International Robot Arms Race? (Industrial Market Trends)
Just something to ponder over the weekend.
The Latest Carbon Prices (Alex Kirtland)
Meant to link to this earlier, but Alex Kirtland offers up a surprising chart of carbon offset prices. Check it out. Let’s just say, if there were anything like a true market price, it sure as hell isn’t showing up. The price to offset a metric ton are all over the place. It also means that there’s probably a way to make money on this, although liquidity and fungibility would both probably be an issue. But if you could.
Financial Firms Face $600 Billion of Credit Losses, UBS Says (Bloomberg)
So far they’ve lost just $160 billion.
$$$ Inside Loeb/Weill/Blankfein’s new apt. [Daily Intel]
$$$ Mel Karmazin’s Own Private Reality [Deal Journal]
$$$ I’m currently working as an admin assistant in a law firm, but I would like to start working at a hedge fund company. I have a friend who started working at a hedge fund company, and she is making really good money – just as an assistant. I’d be willing to perform discreet blow jobs in your home or office for the chance to have a REAL interiew for an open position. [craigslist]
Oh, man I love sports metaphors. Eddie Lampert do too.