$$$ Talking Shop With a Vulture Investor [Daily Intel]
$$$ Criminal Complaint HAS Been Issued For Sir Allen [Clusterstock]
$$$ “A former Chicago nightclub owner whose investment firm, Tsunami Capital, was sued by the federal government amid fraud allegations, has been indicted for allegedly running a Ponzi scheme, authorities said today.” [CBN]
$$$ “Oppenheimer: Dropping Coverage
Summary: We are dropping coverage of the U.S. banks and brokers sector, owing to a
reorganization of analyst coverage.
* The decision is unrelated to any awareness on our part of any material change in the fundamental condition of the firms. Rather, it stems from a reorganization of our financial services coverage.
PERFORM
American Express(AXP $12.57)
Bank of America(BAC $5.32)
Capital One Financial Corporation(COF $12.98)
Charles Schwab(SCHW $12.92)
Goldman Sachs Group, Inc.(GS $92.15)
JP Morgan Chase & Company(JPM $23.05)
Morgan Stanley(MS $21.33)
UNDERPERFORM
Citigroup Inc.(C $2.46)
UBS AG(UBS $9.64)
Wells Fargo & Company(WFC $14.40)”
Archive for February 2009
Thank the heavens the FBI and a receiver are on the case. If the SEC were in charge we would have found assets of -$1.8 billion by this time. Yes, we could be angry. We could be very angry indeed. Fortunately, cooler heads have prevailed, and instead we have begun the slow process of financial fraud recovery. Specifically:
1. We admitted we were powerless over Ponzi schemes and fraud–that our lives had become unmanageable.
2. Came to believe that a Power greater than money could restore us to sanity.
3. Made a decision to turn our will and our lives over to the care of unemployment checks as we understood them.
4. Made a searching and fearless moral inventory of our assets.
5. Admitted to the bank, to ourselves, and to another investor the exact nature of our wrongs.
6. Were entirely ready to have the bankruptcy judge remove all these defects of character.
7. Humbly asked Him (the judge) to remove our shortcomings.
8. Made a list of all creditors we had harmed, and became willing to make amends to them all.
9. Made direct amends to such creditors wherever possible, except when to do so would injure them or others.
10. Continued to take personal inventory and when we were wrong promptly admitted it to our auditors.
11. Sought through our attorney to improve our conscious contact with Him as we understood Him, pleading only for knowledge of His will for us and the power to carry that out.
12. Having had a financial awakening as the result of these steps, we tried to carry this message to others, and to practice these principles in all our affairs.
So, this news seems… well… beneath us. We’d write more, but we have a meeting to go to.
The court-appointed receiver overseeing the financial empire of Texas billionaire Allen Stanford, who is charged with fraudulently selling $8 billion in certificates of deposit, has located $90 million in assets so far, an FBI agent said on Friday.
Stanford receiver finds $90 million in assets: FBI [Reuters]
Yes, on a day like today (we’ve seen over 2% down on the S&P 500, about break even, and back to 1.25% down) we figured it would be the prefect time to play “guess today’s Dow close.”
It’s 7138 right now. What say you, Dealbreaker?
Same rules as always. Closest without going under.
Go.
Does anyone else find it interesting that, while the Mets managed to seal their stadium naming deal with Citibank, the Yankees are shit out of luck?
The Yankees and troubled Bank of America have ended talks for a major sponsorship deal for the new Yankee Stadium.
The Yankees were reportedly close to a lucrative signature sponsorship deal with the Charlotte, N.C.-based bank in September that would have approached the $20 million per year Citigroup has agreed to pay the Mets for naming rights to Citi Field.
[...]
Stadium sponsorship and other sports marketing deals by banks that have taken bailout money – such as Citigroup’s current 20-year, $400-million naming rights deal for Citi Field – have come under fire from some in Congress who see them as examples of corporate excess at taxpayers’ expense. Other lawmakers see these deals as legitimate business and marketing expenses.
Funny how that worked out, eh?
I’m going to resist the temptation to call Ken Lewis Barney Frank’s bitch, but you know that’s what’s on my mind. I mean really. What’s next? Taking away the tax deferral and capital gains advantages of carried interests in general partnerships?
Yankees, Bank of America end stadium sponsorship talks [Newsday.com]
Do you think CNBC overlord Immelt personally put in a special request for the 10-boxer to accompany the GE news?
Through no fault of its own but solely due to “unprecedented market volatility and disruption to the financial system,” Highland Capital’s had a bit of trubs lately, which have unfortunately snowballed into the firm closing three funds since October (most recently the CDO Opportunity fund, last week). Don’t count them out yet though, cause it appears the Texans have discovered the antidote to massive failure.
Highlanders,
Drug Crafters will be at our office on Friday, March 6th from 10:00am – 1:00pm in the Par West Conference Room located on the 7th floor offering B-12 Injections. You don’t have to sign up for a certain time, this will be come as you go. Please read below and attached information on the Vitamin B-12 Shots.
Thank you!
February 24, 2009
Dear clients and valued partners,
I wanted to give you a brief update on the status regarding the sale of our market making operations. We have continued to make significant progress working with Lazard Frères &Co. LLC and are happy to report that a sale appears in reach. I can not release any of the details until the trustee files an application with the bankruptcy court seeking approval of a proposed sale, but I am encouraged that we should have new ownership in place shortly. All of the employees critical to our market making operations are still on the payroll, are supporting the sale process, and are excited about the prospect of getting back to business.
Right. Except That If You Watch His Eyes, He Blinks “Geithner waterboarded me” In Morse Code
By Bess Levin
HAINES: You’re telling me you’re happy having these people looking over your shoulder?
CRITTENDEN: I have to tell you Mark, we are appreciative of the investment that the government has made in us. You know, they’ve made a significant commitment to the company. As you know, $45 billion.
The bank has “no time frame” for naming new directors, which Dick Parsons told Thompson when he was “crossing the street.” The situation is fluid.
Update: Okay, this actually is breaking. Parsons apparently also told Thompson that the Big C’s management has its “arms around” the situation. Gasparino to add more color on the reach around asap.
Yes, we spend a lot of time poking fun and making light of unpleasant subjects. (Wal-Mart has been a frequent target). Unfortunately, sometimes there is just no raising what are beyond dismal and sad tidings. Beyond all the joking and high-finance hijinks, there are some things that remind us that there is an undercurrent of real suffering in the present downturn. Other than to relay this news, I have no idea what more to add:
A 58-year-old Wal-Mart employee who said he “couldn’t take it anymore” lit himself on fire outside the Bloomingdale store where he worked late Thursday night and was later pronounced dead at a hospital, authorities said this morning.
The Carol Stream man, who worked the overnight shift, was in a parking lot of an adjacent sporting goods store in the west suburban strip mall when he set himself on fire with lighter fluid around 10 p.m., said Randy Sater, a watch commander with the Bloomingdale Police Department.
At least 10 people, including some teenagers, witnessed the suicide and several attempted to help the man by throwing their coats on top of him in an effort to put out the flames, he said.
“He said he didn’t want any help and threw the coats off,” Sater said.
Wal-Mart worker burns self to death in parking lot [Chicago Breaking News]
No one likes a downer (well, how about: “only old WASP crones really appreciate the importance of a good downer.” I know several, many since expired, who raved against the Schedule I scheduling of Methaqualone in 1984. One even called her attorney and asked about lobbying against the decision. No, I’m really not kidding). Be this as it may, (we have to pander to our aged, female WASP readers, you understand) we are duty-bound to report to you that Citigroup has broken the “double buck.” Sure, this isn’t as exciting as “breaking the buck,” but, in light of Pandit’s graceful first-half-of-third-act performance, we could no sooner fail to cover this than ignore the slow sinking of the Titanic if we found ourselves on the scene for that disaster. (I personally would have thrown Billy Zane off of the lifeboat, but that is something of a personal matter).
So… do we have to put up a poll? Is anyone even remotely as torn about the prospects for NYSE:C as we?
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
