$$$ Carlyle to Shutter Blue Wave Hedge Fund
$$$ Plumbing the K.K.R. Un-I.P.O. [DealBook]
$$$ What Would Warren Say? [Jeff Matthews]
$$$ When Are We In a Recession? [LoSC]
Archive for July 2008
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Dennis Berman digs up a fascinating excerpt on short-selling from the 1932 hearings on the stock market crash. it’s a shame we don’t seem to have anyone in Congress now even capable of formulating the question asked by New York Congressman Frank Oliver: “They blamed the ‘shorts,’ whereas, as a matter of fact, if the prices were inflated, they should have blamed the ‘longs’ for having inflated them?”
Were you recently laid off? Don’t despair. There is probably a hedge fund out there who wants to hire you. Oddly enough, the strongest demand is for people with experience in structure credit products, especially mortgage backed securities, according to David Ellis at CNNMoney.
Realizing that there could be plenty of opportunities to get good assets on the cheap, distressed opportunity investors want people who can assess the value of these toxic products, notes Pat Wieser, partner and co-head of the global banking and markets practice of the executive recruitment firm Rhodes Associates.
Help wanted on Wall Street [CNNMoney]
Former Credit Suisse broker Julian Tzolov, under investigation for being a sheep and pushing auction rate securities, is thought to have fled to his native Bulgaria. (Suicide has been ruled out, faking one’s own death apparently only be de rigeur among the hedge fund set.) Tzolov resigned from the firm on September 7, 2007, so he’s presumably been planning the trip for a while. That, or he’s not in Bulgaria at all, and has simply been waiting for his god damn ShroomBurger.
The Journal noted that Credit Suisse itself is not a target of the probe, Tzolov apparently evidently being a go-getter who probably would’ve been more suited to certain other Swiss banks.
Broker Goes Missing As Securities Charges Near [WSJ]
And don’t forget: buy Bear Stearns. [CNBC]
Here’s a copy of the formal complaint from the Massachusetts Secretary of the Commonwealth charging Merrill Lynch with fraud in pushing auction rate securities as sweet deals even though the dealers knew that wasn’t exactly the case. We haven’t slogged through the eighty pages yet, but here’s something you might like, from p. 7:
As one executive confided to a personal acquaintance in an email on November 19, 2007: “Market is collapsing. No more $2k dinners at CRU!! The Financials are being invicerated! (sic). More firings over at Citi…Inventory flooding the street. Going to be a great ’08 trading environment.”
Merrill Complaint [Office of the Secretary of the Commonwealth]
Top first years, S&T: 60k, “plus a 20k increase in base.”
Update: another self-described “top” first year in S&T claims it’s more like 75K. I don’t know what to believe. If only someone signing checks from the inside could comment definitively below.
Charlie Gasparino reports that former Bear CEO Alan “We’ve Got Liquidity Coming Out Of Every Orifice” Schwartz will leave Bearpont Morgan Stearns at the end of the summer. Schwartz has apparently been “working on some deals” at Bearpont, but decided–as did senior executives at the firm– that the fit wasn’t quite right. According to Gasparino, Amphibious Al has not yet decided what to do next, though a small boutique firm, major bank (please say Lehman), and private equity shop are all in the hopper.
Earlier: Alan Schwartz Declining Offer From JPMorgan Cayne?
I can barely even type this because I’m so upset that my hands are shaking and I’m experiencing chest pains and a tingly feeling in my left arm. GOLDMAN SACHS HAS BLOCKED ITS EMPLOYEES FROM COMMENTING ON DEALBREAKER, AS REGISTERED USERS OR GUESTS. Mind you, not from *reading* DealBreaker, but from commenting on it. This is unacceptable! I must know what the Masters of the Universe are thinking and feeling at all times! God! I’m going to go throw up now, more info as it comes in.
**Obviously this is some absurd measure from Team No Rumors but if MOTU are spreading rumors I’m sure they have a good reason, and their lies are better in every way than anything anyone from [insert inferior bank here] is going to leave on some random post about Cody Willard’s health issues.
Bartiromo: CAN LEHMAN SURVIVE THIS?
Whitney: I — I THINK — I DON’T KNOW. I DON’T KNOW.
Future Of Financials [CNBC]
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
