Archive for March 2009

  • 31 Mar 2009 at 5:50 PM

Write-Offs: 03.31.09

$$$ Draw the blinds: another protest at AIG is planned for Friday. [IACenter]
$$$ Did anyone else think GM’s pledge for ‘deeper, harder, faster‘ restructuring was a reference to this? Just us? [Guardian]
$$$ The Grim Math At GM [WSJ]
$$$ Layoffs at RSM McGladrey: “45 people today in their NY office, including a bunch from their hedge fund group. Lots of Jews among the axed, right before Passover.”

  • 31 Mar 2009 at 5:19 PM

They Are What They Drive

With President Barack Obama showing the ailing U.S. auto industry some tough love Monday, POLITICO wondered — what’s …
… in the driveways of White House aides? A lot of foreign cars, as it turns out.

Explore the depths of auto-psychoanalysis, after the jump.

Read more »

Supposedly “the US head of institutional sales, head of risk for one of the engines and the head of structured finance and prime brokerage are all leaving, as well as one of the former CIOs.”

  • 31 Mar 2009 at 4:15 PM

The Obama Portfolio

Some recovery.
The Obama Portfolio (Since Inception): +12.35%
Earlier: The Obama Portfolio

  • 31 Mar 2009 at 3:45 PM

Let’s Talk B-School: A Dealbreaker Reader Poll

So! A dear friend of Dealbreaker is one of the few b-school applicants to be granted admittance to Club 2 Year Vacay this year. Tuck and Stern have already been crossed off the list (too Hanover, too Nouriel), with Columbia and University of Chicago remaining. Here we have a dilemma, which you can probably guess. The lady in question can’t decide. Difficult as it may be for Dealbreaker readers to form opinions, we figured we’d throw this one at you. Considering all factors (quality of student bodies, social life, chances of getting a job in New York post-grad, etc) please make a decision for her now. Begin. (Oh, and answers like “Columbia” or “Chicago” aren’t helpful. You must elaborate.)

  • 31 Mar 2009 at 3:19 PM

Michael Moore Testifying On TARP

Picture 1018.pngNo, just messin’ with ya, but the old boy *was* spotted taking notes at the Senate Finance Committee’s hearing on the emotionally disturbed asset relief program, presumably for the new flick. Will he be taking a meeting with Maxine Waters, or at least stop by her office to see what’s a poppin’ later today? Obviously our fingers are crossed.

Moore wore his trademark baseball cap, standing out among the sea of suits. He sat in the third row, chatting with a dark-haired man as TARP cop Neil Barofsky, Elizabeth Warren, who as Congressional Oversight Panel head is overseeing the banking bailout, and U.S. acting comptroller general and Government Accountability Office chief Gene Dodaro addressed lawmakers.
Moore slipped out of the hearing before it ended, avoiding the reporters.

  • 31 Mar 2009 at 3:01 PM

All That Glitters

Well, Global Alpha has seen better days. Anyone get the sense that this was a few years too late? Or is that just us?

Goldman Sachs Group Inc. (GS.N) said the heads of its computer-driven investments and Global Alpha, once the bank’s largest hedge fund, retired on Tuesday.
Departing were Mark Carhart and Raymond Iwanowski, who helped run Global Alpha and a group that managed quantitative investments. They left the bank along with research co-head Giorgio De Santis, the bank said.
The departures follow two years of disappointing performance at Global Alpha, where assets fell to $2.5 billion last year from a peak of $12 billion in 2007.

Goldman Sachs’ Global Alpha co-heads retire [Reuters]

  • 31 Mar 2009 at 2:05 PM

I Hear London Is Beautiful This Time Of Year

bere.jpgHere’s a thought experiment:
What would you make of the Deputy Prime Minister of a large country that insisted that, compared to the rest of the world, centralized regulation like price or production caps would be difficult to impose in his country because of the independent nature of the country’s legal system and the sanctity of property rights? Sounds reasonable, no?
Then what if I told you that the CEO of the same country’s privately-held and largest energy conglomerate was arrested on almost certainly politically motivated fraud and tax evasion charges? That he was sentenced to nine years in prison and a controlling interest in the firm was then transferred to a successor? And if that that successor was forced to flee to Israel to avoid similar charges? And if I pointed out that what followed was a mass exodus of the entire Board of Directors and most of the executive corps to foreign shores to avoid arrest and prosecution? If I then told you similar stories about the larger media and banking interests in said country, you might find our Deputy Prime Minister’s claims a bit fantastic, no? Consider:

“It would be irresponsible for Russia to join OPEC because we can’t directly regulate the activity of our companies,” he said, as nearly all are privately owned.
Yet, he supports “coordinating actions” with the cartel because of the shared interest in lifting prices. He said Moscow isn’t in a position to mandate lower production, but Russian oil companies will curb output this year as falling prices cut into their ability to produce.
He figured that if oil slides back under $40 a barrel, Russian output this year could fall twice the amount the government now forecasts, or about 300,000 barrels a day.

Oh, and apparently:
“In Post-Soviet Russia, falling price reduces demand.”
Moscow Warns on Low Oil Prices [The Wall Street Journal]