Nadel Denied Bail, Plays With Soap-On-A-Rope In Shower (FINAlternatives)
The problem is the scope of the alleged crime: it was too reasonable. If you’re going to commit an act of fraud (and get caught) the idea is to go so big that when people learn of the duplicitous act they’re forced to sit down and put their heads between their knees. You have to go for the “I literally shit myself when I heard about that” fraud. See: Madoff.
Lehman’s The Place To Be (WSJ)
Need a job? Try Lehman! New “CEO” Bryan Marsal has kept (slash brought back) about 320 of the original Lehman crew to help through the winding down of the company, and they’re looking for real-estate and derivatives people still yet. The dismantling is expected to take 18 to 24 months – I could see it going to 32 – which provides a rare form of job security in today’s market. There’s also this unsettling, albeit true quote: “Given the state of the world we’re in, the things I’m learning working on the largest bankruptcy in history are a set of skills that could be marketable for the foreseeable future.”
In related, news the Financial Times has it that Lehman creditors could receive stock in lieu of cash:
“The plan would allow Lehman to cordon off difficult-to-sell assets and wait for the markets to improve, preventing a fire sale of its holdings, said Marsal, co-head of Alvarez and Marsal, which is managing Lehman’s liquidation. It is now in its preliminary stages but, if it is adopted, the two standalone companies could be publicly listed within two years.”
Steelers Win Sixth Super Bowl (WSJ)
Thoughts? Favorite Commercials?
JP Morgan Analyst Can’t Sleep For Money Markets (Bloomberg)
“James “Jes” Staley, head of JPMorgan Chase & Co.’s investment unit, said the $4 trillion money-market fund industry is the “greatest systemic risk” to the financial system that hasn’t been adequately addressed.
“What keeps me up at night most of anything we do at JPMorgan Asset Management is the money-market fund space,” Staley said at a discussion hosted today by Credit Suisse Group AG in Davos, Switzerland. “One of the things that has to come out and get a lot more attention and discussion is how do we take the systemic risk posed by money funds out of the system?”"
Chrysler Demands Price Cuts On Parts (FT)
Chrysler-Fiat NA is looking to penny pinch passing the woes along to the suppliers in the form of a 3% squeeze. This doesn’t bode that well for the suppliers, as pointed out:
“I suspect there will be some relatively large [car parts suppliers] that will go into Chapter 11 in the near future,” said Thomas Manganello, head of the auto industry practice at Warner Norcross & Judd, a Detroit law firm that represents numerous suppliers.”
Obama Administration Delays Bad-Bank Model To Announce Executive Pay (CNBC)
A topic of standing debate, the discussion of Executive pay structures has gone past food fight and right into shit slinging. The most opportune time to address something is when there’s emotion involved though, so it makes sense that we’re going to tackle this guy now – later, since we’re in the mood to do stupid shit, let’s grab our wives/girlfriends and tell them we have to work on Valentine’s day, and then propose a three way to make up for it. Sidetracked: this is nothing short of petty, some psychological power trip that doesn’t really matter to anyone but the CEO’s/Execs of the firms that are under duress. But, it gives people a reason to be angry, and a platform from which they can yell, and history has it that those are two of the most coveted things in American culture. The simple – almost comical – fact of the matter is that American’s have been pissed about how much “those people” make for a long, long time and this is their way of exercising that frustration.
Bank employees just need to form a union. Imagine the shitstorm that would erupt over the financial industry jobs bank when laid off employees get full pay (and benefits) for year upon year for nothing more than waking up in the morning, grabbing a bag of Doritos and commenting on DB. I’d love to hear The Messiah and Sir Tax Avoidance defend THAT jobs bank. We could allow senior management to also become union members. If we had o union structure, pay, bonuses and benefits would be sacred rights.
Wall Street Delays Bad-Bank Model To Debate Recent Congressional Pay Raises
Wall Street banks will not unveil new measures to aid the economy this week as had been expected. Instead the issue of Congressional pay raises and overall Congressional benefits, including lavish Congressional pensions will be addressed, an industry source says.
A financial aid package, including the creation of a “bad bank” concept, will be announced next week, said the source, who is familiar with a weekend’s worth of discussions between government officials and representatives of the financial services industry.
Bank executives have been discussing a number of measures and issues on a concentrated basis since Friday, when speculation first arose that any discussions on a bad bank would be delayed.
Toward the end of the week, Wall Street executives chastised Congressional leaders for handing Congressmen pay raises while petitioning for higher taxes and trillions of dollars in deficit spending calling the situation “shameful” and “outrageous.” The American people are now also seriously considering legislation capping Congressional compensation.
(Just a few word swaps and the story makes even more sense)
The game was a shitshow with a great ending. 20 penalties, handful of garbage turnovers, can’t anyone here play this game?
Careerbuilder commercial was the worst in recent memory. What salad tossing cunt that together?
How was that a fumble and not an incomplete forward pass?
I have a similar question–
How was that a fumble and not an incomplete forward pass?
4/5 yes. And I watched the replay of the game winning touchdown about 15 times and still dont see how that is a friggin touchdown. He did not have his hands on the ball until he was out.
@3 — Agreed. CareerBuilder totally yanked themselves dry with that one.
E*Trade’s commercial kicked more ass than the Steelers did.
alec baldwin’s hulu commercial was priceless. I cant believe how much the office sucked though
That dried up field reporter for NBC, Alex something, sucked the life out of the telecast. She is nowhere near hot enough to be that much of a joykill.
actually, you’re FOS- the American people have been remarkably pliant when it comes to the issue of executive compensation. even when the CEOs lied about valuations to abscond with shareholder (and taxpayer) funds, as these Wall Street CEOs did, the American public is still very cautious to do anything too “socialist” (excepting, of course, bailing out other Wall Street entities who were left holding the bag left empty by the aforementioned looters)
Punxsutawney Phil sucks.
@10
Don’t be so sure in this case. The issue has been researched thoroughly via polls and focus groups. Those are not generally public, but are used by the politicians to aid in policy formulation.
And we have lemon socialism in place already.
Any love on Pepsuber? Thought it was amusing…
i thought the doritos crystal ball was decent just bc that guy creeped me out beyond imagination…and the “i’m good” pepsi one because i say things like that, as a male age 18-34.
13, would have been funnier if they hadn’t done the exact same sketch (complete with Richard Dean Anderson) on SNL the night before.
Best name – Breaston.
16 that’s breastisisiston.
With all of its penalty calls and bad officiating, last night’s Superbowl felt like it was decided by a bunch of lawyers.
92 on Steelers shoulda been ejected for delivering a shot to the neck of the Arizona player. Who does that?
The refs gave this game to Pittsburg. Pretty lame b.s.
Way too many commercials and breaks. I don’t care if some were clever. I want to watch a football game. It must have been just awful being there and having to wait for no apparent reason for play to restart.
Super Bowl jumped the shark when the playoff games became more enjoyable to watch than the Super Bowl itself. Watching the Super Bowl is a big chore nowadays.
Layoffs at Oppenheimer today!