April 2008

  • News

    Write-Offs: 04.30.08

    $$$ Bear Stearns Sending Redundancy Letters [Reuters via NYT] $$$ Thain’s plans to go from MER–>GS2 proceeding nicely. [Bloomberg] $$$ The Five ForcesCircles of Hell [GP] $$$ Tips On Street Fighting from Yale Fantasist Aleksey Vayner [Gawker] $$$ Still sticking to our pledge to not make fun of charity but, man, this hurts. [TimSykes]

    / Apr 30, 2008 at 5:35 PM
  • News

    Layoffs Watch ’08: Getting Fired From BP Apparently Not So Bad

    We’re told that the 150 employees BP just laid off will receive, at a minimum, six months severance.

    / Apr 30, 2008 at 5:07 PM
  • News

    Cerberus Now Taking Investment Advice From Halliburton

    ABC News reports that Cerberus Capital Management is in talks to invest $200 million for a stake in Blackwater. We originally suspected that this was merely a PR move by Feinberg’s firm to really try and live up to its three-headed dog guarding the gates of hell name but when even Tonton Macoutes-employing Steve Cohen […]

    / Apr 30, 2008 at 4:39 PM
  • SAC Capital

    Victory At SAC: EEOC Says, ‘Hormones Do Not Sexual Harassment Make’

    CNBC’s Senior Testes-cum-Ovaries Correspondent Charlie Gasparino reports that the Federal Equal Employment Opportunity Commission has closed its investigation of allegations made by a former SAC Capital employee that his superior forced him to take female hormone pills. Junior trader Andrew Tong filed a discrimination lawsuit last year, charging that his boss, Ping Jiang, whose trading […]

    / Apr 30, 2008 at 4:00 PM
  • News

    Fed Cuts 25 Basis Points: UPDATE

    My darlings, you are in for a treat. I just got off the phone with Carney, who called moments after the Fed’s 25 basis point cut announcement. Now, we won’t be forced to slog through a piss poor attempt on my part to replicate the post-decision congratulatory remarks we’ve all come to know, love and […]

    / Apr 30, 2008 at 2:58 PM
  • News

    Subprime Has An Upside (If You Want To Have Wasserstein For A Neighbor. Don’t Mess With The Hedges Though).

    Home prices in the Hamptons, where rich and famous New Yorkers spend summers by the sea, fell in the first quarter as Wall Street job cuts and an economic slowdown took a toll on buyers. The median price declined 7.1 percent to $882,500 and the number of sales dipped 29 percent from the last three […]

    / Apr 30, 2008 at 1:59 PM
  • News

    Layoffs Watch ’08: ‘Oil Prices Are Too High, Folks. We’re Going To Have To Let Some Of You Go. Revenue Pressure, You Know How It Is.’

    BP has supposedly relieved about 150 employees (“Front office, some traders included”) of their duties. No word on severance.

    / Apr 30, 2008 at 1:27 PM
  • GLG Partners

    GLG Partners Now Hiring (Provided Departing Staffers Don’t Pull A Coffey)

    Non-consultant consultants, non-existent former executives, non-departure departures. I give you…GLG Partners. The London-based hedge fund, whose “star” emerging markets fund manager, Greg Coffey, resigned and then took back his resignation and then resigned again all in one week’s time, has lost three more employees from its senior asset management team. Following in Coffey’s footsteps are […]

    / Apr 30, 2008 at 12:53 PM
  • News

    CNN Has Finally Jumped The Shark

    Frequently Asked Questions about CNN Shirts Thank you for your interest in CNN Shirts. With CNN Shirts you can wear the news. If you have any questions regarding CNN Shirts, please read the answers to the frequently asked questions below. How do I get a CNN Shirt? To get your own CNN Shirt please visit […]

    / Apr 30, 2008 at 12:12 PM
  • News

    Wendy’s Bloodbath

    No surprise that, having won Wendy’s, Nelson plans to let the blades fly in today’s 13D/A filing. Still… ouch. Agreement and Plan of Merger —————————- On April 23, 2008, Triarc, Wendy’s International, Inc. (“Wendy’s”) and a wholly-owned subsidiary of Triarc (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger […]

    / Apr 30, 2008 at 11:00 AM
  • News

    Keep On Predicting What The Fed Will Do– Because Ron Would’ve Wanted It That Way

    Just in case you missed it, we ran a reader poll yesterday to predict what the Fed will do at 2:15, in memoriam of our fearless leader, Bon Quarney. Lon loved breaking out his crystal ball on such occasions (and what visions! Don’t get me started reminiscing…), and while the DealBreaker Fed Poll was his […]

    / Apr 30, 2008 at 10:30 AM
  • News

    Expensive Conventional Wisdom

    For the bargain basement price of $400.00 you can read Standard & Poor’s thinly veiled mea culpa and distill from their “super new not old at all” methodology that Junior “AAA” tranches of defaulted, mortgage backed CDOs will recover about $0.35 and Senior “AAA” $0.60. Your tranche is rated “A”? Punt. Criteria: Recovery Assumptions Revised […]

    / Apr 30, 2008 at 9:48 AM
  • News

    Opening Bell: 4.30.08

    GM Reports Preliminary First Quarter 2008 Financial Results What, did GM become a Wall St. bank? The company lost $3.3 billion in the quarter, related to various things including GMAC stuff and a strike at American Axle. The good news: on an adjusted basis, it only lost $350 million, which is at least believable. If […]

    / Apr 30, 2008 at 7:41 AM
  • News

    Write-Offs: 04.29.08

    $$$ Citi knocks another one out of the park. [WSJ] $$$ Pilgrimage, Part VII: “You Don’t Want to Let Him Down” [JeffMatthews] $$$ V [WallStrip]

    / Apr 29, 2008 at 5:37 PM
  • News

    The British Tradition Of Principles Based Regulation (Like The Principle Of “You’ll Keep Your Mouth Shut If You Know What’s Good For You”)

    Presented without comment: The Bank of England has imposed a permanent news blackout on its £50bn-plus plan to ease the credit crunch. […] Requests under the Freedom of Information Act are to be denied. Details will be kept secret even after 30 years – the period after which all but the most sensitive state documents […]

    / Apr 29, 2008 at 5:26 PM
  • News

    Let’s Predict the Fed Move — Because Don Would Have Wanted It That Way

    A few readers have noted that the wheels are coming off here in the absence of our fearless leader, Ron Blarney, and his capacious intellect and market moving insight. While I could never hope to bring the same gravitas that he has demonstrated in his coverage of the rice market, I will now endeavor to […]

    / Apr 29, 2008 at 4:45 PM
  • News

    Crude Facts: A DealBreaker Thought Exercise

    Facts: The Strategic Petroleum Reserve has a capacity of 727 million barrels. As of April, 700 million barrels were held in the reserve. This should leave 27 million barrels left to fill. Early this year the Bush Administration indicated it wants to have the reserve full by September. Assuming this is a 7 month effort, […]

    / Apr 29, 2008 at 4:42 PM

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