November 2008

  • News

    / Nov 30, 2008 at 11:11 AM
  • News

    Opening/Closing/Holiday Bell: 11.28.08

    Worker Killed In Wal-Mart Stampede (NYP) You don’t have to vacation to Mumbai to be savagely murdered. Just position yourself in front of a throng of sale-crazed animals. Anytown America will probably get the job done but if you really want to up your chances, you gotta go with epicenter of batshit blood-thirsty insanity, i.e. […]

    / Nov 28, 2008 at 2:24 PM
  • News

    Write-Offs: 11.26.08

    $$$ Extreme Makeover at Morgan Stanley [NYT] $$$ The Agony of Dan Zwirn [II] $$$ Daimler Faults Cerberus in Talks Over Chrysler [Dealbook] $$$ Morgan Stanley to sell $5.25 bln in notes Wednesday [Reuters] $$$ That’s it for us today. Happy Thanksgiving. Brief posting/moral support for those of you working on Friday. Remember, it could’ve […]

    / Nov 26, 2008 at 12:36 PM
  • News

    Yes, We Know It Is Getting Tedious, But It’s Wednesday: Liveblogging The Obama Morning Show

    10:46: Selling Short S&P 500 index futures now @ 851.75 News before the mic cracks: Paul Volcker will chair Obama’s Council of Economic Advisers Economic Recovery Advisory Board. They figured out that it would be better not to have a specific time to start the daily Obama announcement, so when they miss it we can’t […]

    / Nov 26, 2008 at 10:47 AM
  • News

    These Are Your Tax Dollars At Work

    As Thanksgiving and the holiday season quickly approach, Americans across the country have started to think about what they will do for friends and family this year. Despite challenging economic times, the one gift valued most by consumers costs nothing – expressions of gratitude. According to a recent Ipsos poll sponsored by Citi’s ThankYou Network, […]

    / Nov 26, 2008 at 10:44 AM
  • News

    Memories….

    Remember the good old days? The latest financial sporting fad was predicting the imminent death of private equity. LIBOR meant something. Someone was going to make a killing in commodities, you’ll see. Endowments were the BSD’s to emulate on the buy side. Yeah, that’s definitely over with this news: The dean of Harvard’s Faculty of […]

    / Nov 26, 2008 at 10:37 AM
  • News

    Broken?

    If you want a measure of: A. How broken the credit markets are, or; B. How totally fucked we are, The fact that credit default swaps for 10-year protection on U.S. government debt have jumped to 56 points is a good candidate. Which one is really at work here, A or B is anyone’s guess. […]

    / Nov 26, 2008 at 10:23 AM
  • News

    And They’re Not Coming Back

    That giant sucking sound you hear is your hedge fund liquidating. Or, it is if you are Ross Perot. The former presidential hopeful’s fund Parkcentral Global Hub Ltd., had apparently levered up in a big way and the unwinding is proving to be painful. One surmises from the article that a crash in commercial mortgage […]

    / Nov 26, 2008 at 10:03 AM
  • News

    Staking Out Dick

    If you know anything about us, you know we’re big fans of getting up in people’s faces all self-righteously, even–especially– if it means we have to throw the risk of stalking and aggravated assault charges into the mix. Though this has been a long cherished pastime of ours, it seems to have a real, topical […]

    / Nov 26, 2008 at 9:49 AM
  • News

    Opening Bell: 11.26.08

    AIG’s Cassano Under Investigation (Reuters) The ex-head of AIG Financial Products is under Federal investigation for his role in the loss of Billions of dollars, which many see as the catalyst leading AIG to financial ruin. The announcement comes on the heels of AIG’s announcing that they had completed the $40B sale of preferred stock […]

    / Nov 26, 2008 at 8:37 AM
  • News

    Write-Offs: 11.25.08

    $$$ A former Lehman Brother, who considers Amsterdam the birthplace of the capital markets, is filming a documentary on what the Europeans think of this crisis. $$$ Bank robberies on the rise. [NYP] $$$ The Paulson Plan: ‘Truly Idiotic‘ [Deal Journal]

    / Nov 25, 2008 at 5:49 PM
  • News

    Conspiracy? Probably Not.

    Muffie Benson-Perella, moonlighting today as ghostwriter for Fortune Editor at Large Patricia Sellers, wonders in her “Postcards From the Pinnacles of Power” column why Lehman wasn’t saved, given its extensive “presidential connections.” Dick Paulson, Hank Paulson’s brother, great-grandson of Theodore Roosevelt, and great-great-grandson of Theodore Rosevelt, President Bush’s second cousin, and Jeb Bush were all […]

    / Nov 25, 2008 at 3:39 PM
  • News

    Protest At Blackstone Boston

    Apparently a union in Boston takes issue with the fact that Blackstone isn’t doing anything to prevent foreclosures. Plus, it’s Thanksgiving on Thursday. And really, the opportunity was apparently too good to pass up. Holiday-themed “protest” pics after the jump.

    / Nov 25, 2008 at 3:00 PM
  • News

    UBS Execs Did Nothing Wrong But Still Choose To Go Without

    Aw, looks like it’s give up your paycheck day! The former chairman of the Swiss bank, Marcel Ospel, former vice president Stephan Haeringer, and former chief financial officer Marco Suter are forfeiting not all but part (two-thirds) of their salaries “and other payments…,” which amount to approximately $27.7 million. During the last year of the […]

    / Nov 25, 2008 at 2:35 PM
  • News

    Vikram Pandit’s Got “One More Screw Up” Left. What Will It Be?

    “Nothing is happening just yet. One more screw up and he is definitely gone. Based on what I’m hearing, it’s fluid. Does this mean Pandit’s out? Probably not, but maybe so. He’s got like half a mistake left. Unless the board gives him more leeway. I don’t know; I’m not in the board meetings.” — […]

    / Nov 25, 2008 at 1:37 PM
  • News

    Insider Rumors: Citi Terms In Detail

    We cherish our readers. They send us tasty treats on a regular basis. Like the purported Citigroup termsheet: 10551985.pdf Says one loyal reader: While I have not seen any details around the $309bn in assets being guaranteed as part of the C transaction, I would hope that these are AAA or at least AA rated […]

    / Nov 25, 2008 at 1:29 PM
  • News

    Who Is To Blame For Citi?

    Apparently that is the question to be asked/answered/debated/shouted about among people who like to self-gratify to the sound/sight of their own words today. Since that, too, is a fetish of ours and yours, we’ll get on board. The Journal, I’m guessing, seems to believe Bob Rubes and Co. are to blame, wondering aloud this morning, […]

    / Nov 25, 2008 at 12:32 PM
  • News

    Obama Live Blog (Again)

    12:00: Again? 12:06: Don’t worry. This is NOT all I’ve got. I’ve got more. I’m just not telling you what yet. Questions. Q. You know there is just one president at a time, right? That president is Barack Obama George W. Bush and will be until I am sworn in. But people need to know […]

    / Nov 25, 2008 at 12:06 PM
  • News

    Spitzer Travel Agent/Trollop Handler Gets A Year

    Let this be a lesson to you, girls. It’s pretty bleak out there and I know that in these tough times, many of you are weighing your coping options. A. Nab an alternative revenue stream by booking hookers for pay or b. Saying fuck it, I don’t have it in me to become a junkie […]

    / Nov 25, 2008 at 11:56 AM
  • News

    AIG Chief Not Getting Paid Much This Year

    But! Despite only receiving an annual base salary of $1 for 2008 and 2009, and no bonus for either year, Edward Liddy will be “eligible for a special bonus for extraordinary performance payable in 2010.” And, you know what? Giving up that money was definitely worth it. Not because his company is a black hole […]

    / Nov 25, 2008 at 11:24 AM
  • News

    A Second Rate Power

    Last week in the midst of a discussion on politics, we became convinced that the United States, world class home of spin doctors, host to the largest investor relations focused university program in the world (i.e. the entire State of California), a country unparalleled in turning fiction (particularly earnings) into fact, a least temporarily, had […]

    / Nov 25, 2008 at 9:23 AM
  • News

    Federal Acronym Clearinghouse Announces Eighty Third Acronym Using The Word “Facility”

    November 25, 2008, 8:21 am Fed Announcements on Household Credit, GSEs TALF Announcement For release at 8:15 a.m. EST The Federal Reserve Board on Tuesday announced the creation of the Term Asset-Backed Securities Loan Facility (TALF), a facility that will help market participants meet the credit needs of households and small businesses by supporting the […]

    / Nov 25, 2008 at 8:47 AM
  • News

    Something Is Rotten in the State of Denmark

    Amid all the head scratching and hand wringing in yesterday’s Morgan Stanley crisis review piece in the Wall Street Journal, an interesting series of data points seem to have largely gone unnoticed. They are here: You will notice that the lethally dangerous brew of frozen, toxic evil concentrate that is short selling delivers a blow […]

    / Nov 25, 2008 at 8:13 AM
  • News

    Opening Bell: 11.25.08

    Wachovia Execs Could See ~$100MM In Severance (DJNewswires) Banking’s bastard child from the south – the one that lost $33B in two flat quarters – is paying its top 10 people $98.1MM on leaving. I’m more curious about what happens after the merger – does Wells get greedy? They’ve now got enough assets to shore […]

    / Nov 25, 2008 at 8:07 AM
  • News

    Write-Offs: 11.24.08

    $$$ Deals: To Canada and Beyond In our M&A Roundup for the week ended Nov. 23, four of the ten largest North American deals involve Canadian natural-resource companies — in a slow period that shows signs of picking up today. [CFO.com] $$$ As part of a drive to cut $15 billion in costs, GM is […]

    / Nov 24, 2008 at 6:20 PM
  • News

    Yarr!

    Harvard Business School 9-197-3922 November 1, 2008 Background In early 2007, piracy was a fragmented industry characterized by fierce competition amongst the many pirate “crews” operating along Africa’s East coast. A series of successful projects and the elimination or acquisition of several firms in the spring and summer resulted in substantial consolidation in the industry […]

    / Nov 24, 2008 at 6:02 PM
  • News

    Citigroup Schmittygroup

    Bloomberg is trying to play off the biggest two day market gain since 1987 on the Citirescue. Hogwash, we say. Only the revealing of Obama’s Economic Superfriends could have such an impact. 58% gain on a loan guarantee? Next think you know Bloomberg will be claiming Latin American Debt Forgiveness is responsible for emerging market […]

    / Nov 24, 2008 at 4:49 PM
  • News

    Kurt Cobain Would Like A Few Words With You, John Thain

    We told you a few weeks ago that Merrill had canceled Christmas and now the firm has finally gotten around to breaking the news to its employees. It seems that even though certain offices had their shit together, and the scratch to throw a little soiree, ML gave Kris Kringle the finger across the board.

    / Nov 24, 2008 at 3:24 PM

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