May 2008

  • Write-Offs

    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]

    / May 30, 2008 at 4:42 PM
  • News

    The Weekend Escape: Might As Well Forget About It

    We’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 […]

    / May 30, 2008 at 4:35 PM
  • News

    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]

    / May 30, 2008 at 4:30 PM
  • Summer

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

    The 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 […]

    / May 30, 2008 at 4:01 PM
  • Carl Icahn, Regulators, Yahoo

    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 […]

    / May 30, 2008 at 3:33 PM
  • News

    Go With Me On This One

    Here’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 […]

    / May 30, 2008 at 3:15 PM
  • Fed, Goldman Sachs, Lehman

    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 […]

    / May 30, 2008 at 2:42 PM
  • Bear Stearns, Wall Street History

    The Wall Street Graveyard

    As 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.

    / May 30, 2008 at 2:18 PM
  • News


    Tim Sykes has gone and gotten himself an (online) TV show. Some of you may be disappointed to hear that LiveStock is not a situation comedy revolving around one city boy’s attempt to run a farm, with hilarious hijinx along the way that include “accidental” sex with horses and the like. However, I think you […]

    / May 30, 2008 at 1:30 PM
  • Oil

    Why Don’t The Airlines Hedge More?

    The grounding of Silverjet brings to mind a question George Anders asked the other day in the Wall Street Journal: why doesn’t the airline industry do more to hedge its oil exposure? Without appropriate hedging, airlines are pretty much always speculating on the price of oil. With oil near $130 a barrel, why does Southwest […]

    / May 30, 2008 at 12:25 PM
  • News

    Layoffs Watch ’08: Deloitte

    Apparently Deloitte’s securitization group, known for being big fans of the mortgage, asset backed and CDO stuff, was “gutted” yesterday afternoon.

    / May 30, 2008 at 11:30 AM
  • Airlines

    Business Class Only Airline Grounded

    Silverjet, the U.K. airline which flew exclusively business class flights, is permanently grounded. It has run out of cash after it failed to secure $5 million in emergency funding, Bloomberg is reporting. Founded 16 months ago at the peak of the credit fueled financial boom, the airline fell victim to falling demand for trans-Atlantic business […]

    / May 30, 2008 at 10:35 AM
  • News

    Too Full To Fail?

    I’ve got some news and you’re not going to like it. Yesterday‘s attempt by FTN analyst Tim, to eat one of every item in his office’s vending machine, was a failure. By 5 pm, T-bone had only consumed 27 snacks, leaving behind two bags of Lays, two bags of Doritos, Funyons, Fritos, Ruffles, and one […]

    / May 30, 2008 at 10:30 AM
  • Bear Stearns, Citigroup, James Dimon, JPMorganChase

    Why Was Dimon So Touchy About The Guarantee Details?

    What was it that prompted JP Morgan cheif Jamie Dimon to call Citigroup’s Vikram Pandit a jerk? Apparently Pandit was asking how the deal to buy Bear Stearns would affect the risk to Bear’s trading partners on certain long-term contracts. This was a crucial issue because many of Bear’s counter-parties had been unwinding contracts for […]

    / May 30, 2008 at 10:08 AM
  • UBS

    UBS Banker Helping Feds Nab Tax Dodgers

    We always thought that helping wealthy people avoid taxes was what Swiss banks were supposed to do. But it turns out that the government doesn’t agree. And now they’ve turned one of the Swiss gnomes into an informant. Bradley Birkenfeld, who worked for UBS’s private banking division, is expected to plead guilty at a hearing […]

    / May 30, 2008 at 9:58 AM
  • Citigroup, James Dimon, JPMorganChase

    Dimon Calls Pandit A Jerk

    Probably our favorite part of yesterday’s final installment of the Wall Street Journal’s three-part series on the destruction of Bear Stearns is an exchange that takes place between JP Morgan Chase CEO Jamie Dimon and Citigroup CEO Vikram Pandit. As you probably know, Dimon was the heir apparent to ascend to the top of Citigroup […]

    / May 30, 2008 at 9:14 AM
  • Bear Stearns, JPMorganChase

    Loophole Legend: Strong Guarantee Well Known To Bankers

    Yesterday we spent quite a bit of time explaining why the loophole legend probably isn’t true. Now it seems that traders connected with the deal are lending support to this argument, saying that the notion that JP Morgan Chase’s strong guarantee of Bear Stearns liabilities was an oversight was concocted ex post facto. “It was […]

    / May 30, 2008 at 8:52 AM
  • Opening Bell

    Opening Bell: 5.30.08

    Regulators Step Up Probes Of Trading in Oil Markets (WSJ) So the war on speculators continues to heat up. With oil in the general $130 range, it just has to be traders that are to blame. And now the CFTC, not usually known as a particularly aggressive or powerful regulator body is on the case, […]

    / May 30, 2008 at 7:05 AM

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