Archive for October 2008

  • 31 Oct 2008 at 5:10 PM

Write-Offs: 10.31.08

$$$ Bruce Wasserstein: looking GOOD. [Cityfile]
$$$ Awww, look who made up. [CNBC]
$$$ 55 Out Of Control traders [WSF]
$$$ Don’t forget to bid on the dearly departed Bella’s ID card. Proceeds from the auction will be going to charity for either laid off Lehmans or canines.
$$$ Job of the Week: Highland Capital, which sounds like an awesome place to work, is hiring. [DB Career Center]

  • 31 Oct 2008 at 4:46 PM

I Don’t Even Know What The Hell To Title This

Don’t ever email this kind of thing again. Really. I’m… going to go lay down.
Jump at your own risk.

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  • 31 Oct 2008 at 4:11 PM

What The Hell Is The World Coming To?

Seriously. When you can’t use a little “adult entertainment,” some competitive dwarf tossing, racing lessons, and $50,000 to pay down your client’s bachelor party nut in order to drum up a little business, then what the hell is the point of banking? I mean, we might as well work in the commercial banking group of a regional if we give up those perks. Right?

Lazard Capital Markets, the broker dealer, on Thursday agreed to pay more than $2.8m to settle civil charges accusing the firm of letting its employees improperly entertain traders at Fidelity Investments to win business.
The SEC on Thursday also charged the three ex-employees and a supervisor for their roles. They have agreed to collectively pay $210,000. The firm and the individuals neither admitted nor denied wrongdoing.

Note to aspiring financial journalists: The individual that admits no wrongdoing probably also failed to deny any wrongdoing. Kudos to the FT for spinning that one.
Lazard Capital Markets settles charges [The Financial Times]

  • 31 Oct 2008 at 3:58 PM

JANA Piranhas

As of October 30’s close
MTD: -17.55%
YTD: -20.14%
Offshore LTD:
MTD: -18.14%
YTD: -20.42%

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  • 31 Oct 2008 at 2:19 PM

We Wish You The Best In Your Future Endeavors

Seems Volkswagen has worn out its welcome and might be asked to leave the DAX.

Deutsche Boerse AG, operator of the Frankfurt stock exchange, said in a statement today that from Nov. 3 it may at any time remove a DAX stock whose weighting exceeds 10 percent and whose share price over the preceding 30 trading days had annualized volatility of more than 250 percent.

Don’t they realize that this move is just letting the Porsche Terrorists win?
Volkswagen May Face DAX Ouster as Deutsche Boerse Changes Rules [Bloomberg]

  • 31 Oct 2008 at 2:15 PM

Blind Item: Child Technicians Feeling The Squeeze

Which alternative asset manager only pays his babysitter $12/hour? Clearly times are tough for the once mega-successful financier but if he thinks the vast array of snacks and opportunity to see the infamous ice smoother up close and personal make up for such an insulting rate, he is sorely mistaken.

  • 31 Oct 2008 at 2:05 PM

“This is an epic crash.”

[Calculated Risk] via [Abnormal Returns]