Archive for May 2008

Write-Offs: 05.30.08

$$$ Furry Fund [FINalternatives]
$$$ Elitist for Same [Craigslist]
$$$ The Khaki Letter [LoSC]
$$$ Charges of Insider Trading for a Wall Street Luminary [New York Times]

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  • 30 May 2008 at 4:35 PM

The Weekend Escape: Might As Well Forget About It

Hamptons Snow On The Beach.jpgWe’re sorry you are still in the office and not already plowing through your third mojito and sailing away for blackout island. We’d at least like to bring you the good news that the roads are still clear and you won’t spend the first five hours after leaving the office stuck on the LIE inhaling exhaust.
We’d like to but we can’t. According to Traffic.Com, you are totally screwed. The traffic jam on either side of midtown tunnel is completely jammed. So it looks like it is either the LIRR or another Friday night in your usual Friday night haunts, except that they’ll be weirdly abandoned. There won’t even be any girls out tonight because instead of going to some place where they might actually meet a man, they’ll all be seeing some film about girls looking for men.
You’re probably better off staying in town anyway. It’s going to be cold and windy all weekend. Isolated thunderstorms in the morning will become severe in the afternoon. They’re even talking about hail. Good luck.

  • 30 May 2008 at 4:30 PM

Angelo Mozilo’s Body Count

– Mortgage industry
— Epidermis (his own and all those employees forced to take meeting in the Suntan Chambers)
— Bear Stearns
— Bees
— Chihuahua
Killer Bees and the Housing Crisis [USNews]
Couple cites vacant home in fatal bee attack on dog [Tuscon Citizen]

  • 30 May 2008 at 4:01 PM
  • Summer

Summer In The City: Can Anyone Beat Credit Suisse’s Shake Shack?

creditsuisseshakeshack08.gifThe Shake Shack in Madison Square Park is open for business, and we’ve already heard reports of summer interns at Credit Suisse standing on the long lines to get burgers and fries for lunch.
This reminds us of the perennial question: who has the best lunch time eating options in finance? Credit Suisse’s offices, located on the east side of Madison Square Park, make it a clear nominee simply because the superb shake shack is located there. Please leave your other nominations in comments.

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Icahn Gets Green Light For Yahoo Stock Purchase

Carl Icahn got the go ahead from the Federal Trade Commission to scoop up huge amounts of Yahoo stock. Icahn owns around 10 million Yahoo shares now, and has options to acquire another 49 million. He said he’s seeking clearance from the FTC to buy up to $2.5 billion of the stock.
In our not-so-free market, you need the FTC’s approval to make stock purchases worth $63 million or more.
In other news, we just noticed that Jerry Yang and Steve Ballmer apparently played golf together last weekend. They may or may not have chatted about a deal but probably not the straight-up acquisition that Icahn wants. Icahn, of course, hates executives who play golf. Is there any chance that Ballmer and Yang arranged the meeting over golf to piss off Icahn?
Icahn gets antitrust go-ahead for Yahoo stock buy [Yahoo–heh]

  • 30 May 2008 at 3:15 PM

Go With Me On This One

firehat.JPGHere’s a slightly unorthodox idea we’ve been tossing around, should you sense an impending foreclosure situation on your home. Why not burn the place down? The worst that happens is you get stuck with a pile of money from the insurance company. And what a pity that would be. If it’s good enough for 50 cent, it’s good enough for you.

  • 30 May 2008 at 2:42 PM
  • Fed

What’s Behind Wall Street’s Rift Over Fed?

As we pointed out the other day, a rift has developed on Wall Street over whether access to funds from the Federal Reserve is worth the price of increased regulation. Lehman Brothers is reportedly willing to accept the regulation while Goldman Sachs is said to oppose it, and is willing to give up access to the new Fed facility if necessary. Tim Carney, who writes for the Washington Examiner and is the brother of one of DealBreaker’s editors, takes a look at why the investment banks have split over the issue.

These companies’ financial situations give a hint. Goldman, in its most recent quarterly report, showed a positive gross profit, as it had for the years 2007 and 2006. Lehman, meanwhile, posted a $6.6 billion gross loss last quarter.
Goldman, like the whole financial sector, has plenty of headaches, but thanks in part to its correct bet on the housing slowdown and credit crunch, it is thriving compared with its competitors. Subsidized loans will help Goldman, but the weaker sisters in the industry need them more. Regulations may stabilize Goldman’s position, but they will keep Goldman from improving that position.

Deal or no deal? [Washington Examiner]

The Wall Street Graveyard

Wall Street Graveyard Bear Stearns.JPGAs regular readers know, we’ve got a thing for Wall Street history. So we’re really glad that the kids over at Portfolio put together a wonderful interactive feature detailing what happened to some of the once powerful and now vanished Wall Street firms.