• 11 Nov 2008 at 5:33 PM

Write-Offs: 11.11.08

By Equity Private

$$$ The End [Portfolio]
$$$ Blackrock Says Those Bear Stearns Assets Are Doing Great [Clusterstock]
$$$ Merrill Chief Sees Shades of 1929 [Dealbook]

Comments (15)

  1. 1
    Posted by guest | November 11, 2008 at 5:54 PM

    From someone else very close to that BSC portfolio, I have also heard there is a lot of value and the assets are performing. The gov’t may not get back all $29B, but it’s not as ugly as some may fear (or hope … you Schadenfreude junkies).

  2. 2
    Posted by guest | November 11, 2008 at 5:59 PM

    Dealbreaker = Dorsia, No one goes there anymore

  3. 3
    Posted by guest | November 11, 2008 at 6:00 PM

    Of course that’s how Thain sees it – he has to justify why he went running to BofA. It’s not his fault – it’s a Depression. How’s NYX trading, John? Your last two firms are only down an average of 70% this year – take some more bonus when you join the BAC executive committee.

  4. 4
    Posted by guest | November 11, 2008 at 6:07 PM

    @2- except you, champ!

  5. 5
    Posted by guest | November 11, 2008 at 6:27 PM

    The A, B, C’s of this disaster…
    http://www.forbes.com/opinions/2008/11/09/financial-crisis-tarp-oped-cx_tv_1110varadarajan.html

  6. 6
    Posted by guest | November 11, 2008 at 7:50 PM

    “When it came time to bankrupt Orange County with bad advice, Merrill was there. When the internet went bust, Merrill was there. Way back in the 1980s, when the first bond trader was let off his leash and lost hundreds of millions of dollars, Merrill was there to take the hit.”

  7. 7
    Posted by guest | November 11, 2008 at 8:22 PM

    Jesus #6. I was reading the exact same thing and was going to post this:
    “Goldman Sachs was the big kid who ran the games in this neighborhood. Merrill Lynch was the little fat kid assigned the least pleasant roles, just happy to be a part of things”.
    http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom
    -Not 5

  8. 8
    Posted by guest | November 11, 2008 at 10:24 PM

    “The End” is a fantastic read…lots of great lines in there

  9. 9
    Posted by guest | November 11, 2008 at 11:16 PM

    The 10% layoffs at Morgan Stanley are going to be heavily weighted to the front office IBD, which will equate to more like 20% to 30% of IBD at Morgan Stanley.
    Citigroup to cut 33% of IBD starting Wednesday. Citi is shutting down their Palo Alto and Dallas IBD groups. Citi M&A may be disbanded and M&A bankers sent back into groups. Official cuts will start Wednesday and last a week. Citi IBD is out having a few drinks on the town tonight in preparation for the cuts.

  10. 10
    Posted by guest | November 12, 2008 at 8:38 AM

    agree on “The End”, excellent job by Lewis

  11. 11
    Posted by guest | November 12, 2008 at 8:42 AM

    i have a man crush on Michael Lewis

  12. 12
    Posted by guest | November 12, 2008 at 9:02 AM

    #9: what is “IBD” ?

  13. 13
    Posted by guest | November 12, 2008 at 9:21 AM

    #12 Investment Banking division you piker back office tool

  14. 14
    Posted by guest | November 12, 2008 at 9:22 AM

    #12 are you saying he does not have the acronym that is specific to C correct?

  15. 15
    Posted by guest | November 12, 2008 at 10:19 AM

    That article by Lewis is fascinating, great insight. All of these lenders and Wall st ceo’s should be indicted

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