June 2008

  • News

    Write-Offs: 06.30.08

    $$$ Deals: Trash Is on Top of the Heap In our M&A Roundup for the week ended June 29, big Allied Waste sale to Republic Services leads to a doubling of deal volume, although private equity recedes. [CFO.com] $$$ Merrill concerns reignite Bloomberg speculation [MarketWatch] $$$ Daniel James [WallStrip]

    / Jun 30, 2008 at 5:18 PM
  • News

    Yahoo Strikes Back

    Yahoo filed its preliminary proxy statement today in an effort to win over its shareholders for the upcoming August 1st board meeting, Within its 32 pages, the presentation outlines: 1) the failed Microsoft acquisition and why Microsoft was inconsistent, 2) the downside of a partial search agreement with Microsoft, 3) the benefits of the Google […]

    / Jun 30, 2008 at 5:06 PM
  • News

    Anheuser-Busch Plans Rallying Cry of “For Bud and Country”

    August Busch IV, the 43-year-old CEO of Anheuser-Busch, announced his counterattack against InBev’s now-hostile offer during a Friday conference call with investors and analysts. Kaiser August pitched an expansion of Anheuser’s cost-cutting program, Blue Ocean, to make $1 billion in cuts by 2010, twice its original target and including job buyouts or layoffs for up […]

    / Jun 30, 2008 at 4:59 PM
  • News

    Tomorrow, We’ll Go Investigate How Things Are Looking In UBS’s Back Office

    Whether you’re looking for employment or just ass in the vicinity of Grand Central, take note: a male temp’ing tipster informs us that “there are high grade women to be found in Barclays’ investment bank.” And no, we did not send one of our interns to a temp agency so that he might sample the […]

    / Jun 30, 2008 at 4:45 PM
  • News

    Awk

    I don’t know how many of you had signed up to hear Erin Callan’s “insights on both the mitigation of risk during volatile market conditions as well as the outlook for Lehman and the industry” tonight at 6:15 but FYI, the event has been cancelled.

    / Jun 30, 2008 at 3:57 PM
  • News

    And We’re Back

    What transpired in the 4 hours since Count Vikula hacked into our system and shut this place down? — Massage enthusiast Jeffrey Epstein pleaded guilty to paying underage girls to awkwardly stand by while he jerked off into a towel. He was sentenced to 18 months in prison, plus a year of house arrest, and […]

    / Jun 30, 2008 at 3:39 PM
  • News

    Who Tried (And Failed) To Save Bear Stearns?

    We’re still going through the Vanity Fair article on Bear which blames, among others, Citadel, SAC Capital, and Goldman Sachs for bringing down the 85 year-old firm. But before we start pointing fingers, let’s take a second to note the one party writer Bryan Burrough doesn’t think had a hand in blowing the place to […]

    / Jun 30, 2008 at 10:48 AM
  • News

    Where Wall Street Summers

    So where do Wall Street’s movers and shakers spend their summers? Everyone knows that the Hamptons is a favorite. Private equity billionaires Henry Kravis and Pete Peterson have places on the east end of Long Island, as do George Soros and oil heir David Koch. Other bold-face names (at least, Wall Street bold-face names) include […]

    / Jun 30, 2008 at 10:23 AM
  • News

    Vikram Pandit: “We can make Citi the best company in the world, bar none.”

    Citi CEO Vikram Pandit sent out a memo congratulating the troops on completing the second quarter last night; not successfully, per se, just in general. I’m paraphrasing but something like “It’s June 30 and we’re still here,” which you have to admit is an accomplishment worth highlighting. He then went on note that while big […]

    / Jun 30, 2008 at 10:10 AM
  • Auction Rate Securities

    Auction Rate Insecurity: Investors Had Too Much Confidence In Wall Street

    So how did Wall Street convince all those corporate treasurers to invest the cash holdings of their companies in disastrous auction rate securities? A new study shows that more than 85 percent thought that Wall Street firms would bail out the market if it failed, according to this morning’s Financial Times. Nearly 70 per cent […]

    / Jun 30, 2008 at 9:20 AM
  • politics

    Meet John McCain’s Economic Brain: Phil Gramm

    Phil Gramm gave his first political interview in years to Stephen Moore in the Wall Street Journal’s weekend edition. The interview is clearly meant to reassure conservative voters about Republican presidential candidate John McCain. What separates McCain from Obama, Moore writes, is that although neither of them know much about economics, “McCain has the good […]

    / Jun 30, 2008 at 8:35 AM
  • Opening Bell

    Opening Bell: 6.30.08

    Don’t Forget the Middle People (NYT) Wherever you go, it’s always about the middle class. In the election, you rarely hear talk about the actual, real poor. Maybe you fight vaguely against poverty or something, but that’s about it. It’s all middle class all the time. Seems that even in Hollywood, where the actors are […]

    / Jun 30, 2008 at 7:11 AM
  • News

    Write-Offs: 06.26.08

    $$$ Roses Aren’t Green for Bulls [Portfolio] $$$ More Bear Stearns Indictments Ahead? [NPR] $$$ Natus Medical, Inc. (BABY) [WallStrip]

    / Jun 27, 2008 at 5:30 PM
  • DealBreaker Career Center

    Job of The Week: Risk Management For Lehman!

    The sky is falling. And it’s raining shares of almost every company on the Dow all the way down into the storm gutter. Maybe it’s time you started looking for a new job. We spent part of the afternoon combing through our Career Center in search of the most interesting jobs. There are dozens to […]

    / Jun 27, 2008 at 5:01 PM
  • News

    Veiled Threat From A Soon-To-Be Former CEO, Part II

    Earlier this week, Angelo Mozilo told Countrywide shareholders that Bank of America will “reap the benefits of what we have sowed.” At the time, this was the greatest veiled threat we had ever heard. This morning, Citi CEO Vikram Pandit one-upped His Orangeness. And just to make sure everyone saw it (the one-upping of Moz […]

    / Jun 27, 2008 at 3:05 PM
  • News

    BeachComber: The Weekend Begins Here And Now

    Worn out by another ugly week in the markets? Don’t worry, you still have time to sign up for BeachComber, DealBreaker’s summertime email-only special newsletter. Even if you missed the first edition last week, by now you’ve probably heard DealBreaker launched a weekly newsletter focused on escaping work and engaging in leisure, especially in the […]

    / Jun 27, 2008 at 2:54 PM
  • News

    Lehman Brothers Town Hall Meeting
    “How Are We Going To Get Paid?”

    Yesterday the fixed income group at Lehman gathered in an auditorium at their midtown headquarters for a “town hall meeting,” according to two people who attended the meeting. Most of the meeting was filled with the kind of rah-rah talk that has become common on Wall Street as firms try to boost morale amid layoffs […]

    / Jun 27, 2008 at 2:37 PM
  • News

    Layoffs Watch ’08: Merrill Lynch

    MER London is said to have laid off 20 percent of its first years today. Three months severance, no bonus. Makes five minutes in Citi’s JO&C’ing room look pretty good, doesn’t it?

    / Jun 27, 2008 at 1:55 PM
  • CEOs

    Merrill Lynch Boss Man Top Paid CEO On Wall Street

    Last year, Merrill Lynch’s John Thain was the highest paid chief executive at a public company in the North East corridor stretching from Washington DC to Boston, according to the Associated Press. Thain took over as CEO and chairman of Merrill in December, after record-breaking losses forced Stan O’Neal out of the corner office. According […]

    / Jun 27, 2008 at 1:50 PM
  • News

    Bonus Watch ’08: Citi

    Citi first-years got numbers this morning and they’re “so bad” that everyone’s been granted a ten minute nap under their desk plus five minutes of alone time in the “jerk off and cry” room. 1st tier got 65, 2nd got 53, 3rd got 25. Our tipster was unsure about the remaing two levels though we’ve […]

    / Jun 27, 2008 at 12:00 PM
  • News

    Bonus Watch ’08: Lehman Brothers

    Bonuses at LEH are down 100 percent.

    / Jun 27, 2008 at 11:03 AM
  • News

    Bonus Watch ’08: Wachovia

    Wachovia bonuses came out today and apparently they are down 50 percent (top first year analysts got 90k in 2007).

    / Jun 27, 2008 at 10:14 AM
  • News

    Bear Stearns Rips Off Another Customer

    But this time it’s serious. ‘Member those sweet limited edition BSC playing cards we told you about the other day? Commemorating Ace Greenberg’s March 8, 1999 50th anniversary with the firm? Bearing his face and money shot of the trademark bowtie? Ringing any bells? Anyway, it was the absolute best piece of Bear memorabilia on […]

    / Jun 27, 2008 at 10:12 AM
  • News

    JP Morgan Chase Hits Bear Stearns In The Belly

    JP Morgan Chase didn’t waste much time stripping the name Bear Stearns off of the building at 383 Madison. And now they are “leveling” the prices at the cafeteria to make the prices match those at JP Morgan. But we need details! What’s going up in price? What’s going down? Are the hamburgers now subprime?

    / Jun 27, 2008 at 9:00 AM
  • Opening Bell

    Opening Bell: 6.27.08

    Microsoft Seeks Path Beyond the Gates Legacy (NYT) Today is Bill Gates last day as a full-time employee of Microsoft, so all week there’s been plenty of writing about what it means. We have no idea what it means. He’ll still be the Chairman of Microsoft, so realistically, expect to see the words “Bill Gates” […]

    / Jun 27, 2008 at 7:06 AM
  • News

    Afterhours Edition: Anheuser-Busch Rejects Belgian Ultimatum;
    InBev to Clarify Rules of War before Launching Offensive

    Anheuser-Busch’s board called InBev’s offer “financially inadequate” after markets closed today, ending two weeks of silence with a unanimous rejection for Carlos Brito’s company. The Belgian/Brazilian brewer had already fired the first hostile shot across the bow of Anheuser, announcing this afternoon that they filed suit in Delaware to confirm that Anheuser’s entire board of […]

    / Jun 26, 2008 at 6:31 PM
  • News

    Write-Offs: 06.26.08

    $$$ Rumors Of HSBC Buying UBS Scare Connecticut [Greenwich Time] $$$ An epic Bill Gates e-mail rant [SeattlePi] $$$ TimTV 2.0 [TimSykes] $$$ Interactive Investment Banking League Tables

    / Jun 26, 2008 at 5:14 PM
  • News

    Layoffs Watch ’08: BoA

    Bank of America announced this afternoon that three percent of its employees will indeed “reap the benefits of what [Countrywide] has sowed.” About 7,500 jobs will be eliminated over the next two years, beginning in the third quarter. Bank of America to cut 7,500 jobs [Reuters]

    / Jun 26, 2008 at 4:39 PM

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