March 2008

  • News

    Write-Offs: 03.31.08

    $$$ Deals: The Fords in India’s Future In our M&A Roundup for the week ended March 30, there’s still a pulse if one looks at certain markets — not just Indian firm Tata Motors buying Jaguar and Land Rover, but also in a credit-card deal and a blank-check acquisition. [CFO.com] $$$ DON’T FORGET: For the […]

    / Mar 31, 2008 at 5:56 PM
  • Greenspan

    Greenspan Tell-All

    This May, the University of Texas Press will publish a book by Robert Auerbach, called “Deception and Abuse at the Fed: Henry B. Gonzalez Battles Alan Greenspan’s Bank.” In it, Auerbach questions the legitimacy of Greenspan’s Ph.D. thesis from NYU, implying that the paper was “obtained in a few months with little more rigor than […]

    / Mar 31, 2008 at 5:32 PM
  • News

    This Sounds About Right

    Susan Krakower sits, stands, perches, then paces the length of her windowless office. A crease deepens down the center of her forehead. In two hours “Fast Money” airs, and something’s not right. The show she created isn’t moving fast enough in its second segment, and that’s a problem. “I want the trades – get right […]

    / Mar 31, 2008 at 4:10 PM
  • CFTC, Hank Paulson, Treasury

    CFTC Big To Treasury: Drop Dead

    Treasury Secretary Hank Paulson’s “blueprint” for revamping the financial regulatory system is already coming under fire from powerful agency heads. As early as Friday, even before the details of the plan were widely-known, the plan was lambasted by John Reich, the director of the Office of Thrift Supervision, which oversees the savings and loan industry. […]

    / Mar 31, 2008 at 3:25 PM
  • News

    Getting You Out Of Jail Free

    I love every aspect of this quaint tale about Canadian hedge fund manager Matthew MacIsaac (MM Asset Management) facing cocaine charges (he was arrested at the end of a six-week investigation known as Project White Rabbit, at a club called the Comfort Zone; the damning bit of a evidence from a “rival” manager that MacIsaac […]

    / Mar 31, 2008 at 2:13 PM
  • News

    Treasury’s Brave New World Of Financial Innovation

    We’re going to have a lot to say about the costs of Treasury Secretary Hank Paulson’s Blueprint for a Modernized Financial Regulatory Structure. Before that, however, it’s worth noting that there is little to admire about our current financial regulatory structure. Largely a product of the financial crises of the past, the structure was unwieldy, […]

    / Mar 31, 2008 at 12:53 PM
  • London

    Just A Suggestion

    Female bankers in London are taking pole-dancing exercise classes. This would be “scandalous” if suburban housewives across the country, who’ve been taking these classes as well as “cardio strip tease” et al. at their local gyms for at least the past five years, hadn’t beaten them to the punch. At this point, everyone knows how […]

    / Mar 31, 2008 at 12:15 PM
  • CEOs

    How To Think About Vernon Jordan Asking For Free Access To The Olsen Twins

    There’s an outrageous article in Crain’s today about executive perks. Apparently senior management at some banks get to fly on the corporate jet. Others have their country club tabs picked up by the company. A few—VERNON JORDAN, LAZARD LTD, SHAME HIM IN THE STREETS—even get their apartments paid for, at up to $24,000 a month. […]

    / Mar 31, 2008 at 11:27 AM
  • Auction Failure, Auction Rate Securities, Merrill Lynch

    How The Brokerages Misled Customers On Auction Rate Securities

    A key question in the liability of brokerages in the failure of the auctions for auction rate securities is what customers were told about the risks of the products they bought. The brokerages now claim they properly warned customers about the products, and that they never considered them cash or cash equivalent. Most individual brokers […]

    / Mar 31, 2008 at 9:54 AM
  • Treasury

    Dumping Our Regulatory Alphabet Soup

    It’s often been said that we’re in the worst financial crisis since the 1930s. So perhaps its no surprise that we seem on the verge of the biggest financial regulatory overhaul since the Great Depression. But we certainly didn’t expect anything this sweeping to come out of the Bush administration. We clearly underestimated these guys. […]

    / Mar 31, 2008 at 9:05 AM
  • News

    Opening Bell: 3.31.08

    Lehman Sues Japan Firm, Claiming $350 Million Fraud (WSJ) There’s a million ways to lose money. Here’s one of the more interesting ones we’ve been paying attention to. Lehman claims that employees of a Japanese firm fraudulently bilked Lehman out of $350 million. Their method of action: using official company documentation to suggest that it […]

    / Mar 31, 2008 at 7:14 AM
  • News

    Write-Offs: 03.28.08

    $$$ Jewish Lessons for Bear Stearns [Mixed Multitudes] $$$ Obituaries: CYGT aka The Stock That Killed My Hedge Fund [TS] $$$ When Will It Be Safe To Be Long Asian Dudes? [LoSC] $$$ (WMT) [WallStrip]

    / Mar 28, 2008 at 5:06 PM
  • News

    Regulatory Rethink (via EP Translation Services)

    Regulatory Rethink By CHARLES SCHUMER (With March 28, 2008; Page A13 The sudden collapse of Bear Stearns was a shock to our financial systemmeans I can now bash the Bush administration and all it stands for without even using the word “Bush” anymore. This is a huge plus since it makes all the guys in […]

    / Mar 28, 2008 at 5:00 PM
  • admin

    We’re only 2 comments away from breaking 100.

    Nobody leaves ’til we get there!

    / Mar 28, 2008 at 4:07 PM
  • Bear Stearns

    Bear Stearns: Suddenly Now Stylish

    Our stylish friends at Guest of A Guest have discovered the latest fashion trend sweeping the sophisticated nooks of New York City. The discovery came at an art opening in Soho. While we saw the usual sartorial pieces of cocktail dresses, hats and bow ties, it was this dapper little vest from the Bear Stearn’s […]

    / Mar 28, 2008 at 3:43 PM
  • Bain Capital, Private Equity, Thomas H. Lee

    Carl Icahn Gives A Lesson On How To Deal With Texas Lawyer Joe Jamail
    It Helps To Pour Some Vodka Into Him

    Texas lawyer Joe Jamail is the lead lawyer for Clear Channel, which has sued the banks that are trying to back out of financing the acquisition of Clear Channel by a pair of private equity firms. Clear Channel claims the banks hesitation amounts to tortious interference with the acquisition agreement. Although there’s little—or perhaps no—precedent […]

    / Mar 28, 2008 at 3:26 PM
  • News

    Notice Him Mouthing “I’m So Sorry” At 1:20

    Surprising: shares of BSC are down nearly five percent since Rabbi Cayne sold his stock. Not surprising: A would-be incoming analyst in Bear Stearns’ equities department writes to tell us he’s been informed the services of he and his brethren are no longer required (and to inquire about openings at DealBreaker. Just one: Hahn’s job). […]

    / Mar 28, 2008 at 2:53 PM
  • Bear Stearns

    Bear Stearns Collapse Hurting Midtown Bars

    The usual midtown haunts of Bear Stearns “worker bees” are a little haunted these days. It’s easier to get a pint of Guinness during happy hour at Maggie’s Place, but Fiona and Nick seem a little lonelier. It seems the collapse of Bear has depressed not only Jimmy Cayne’s net worth but the libational spirits […]

    / Mar 28, 2008 at 2:27 PM

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