Morgan Stanley Eyes Changing PDT Desk (WSJ)
They’re examining rolling the desk out into a hedge fund or opening it to outside investors; though there’s every possibility that they’ll leave it alone. All that’s known is “Discussions about restructuring the group have been under way for more than a year, but have accelerated during the past few months.” At the heart of the issue are the H-1B rules implemented for those institutions holding TARP funds; under the new guidelines you have to prove you made every reasonable effort to hire an American before taking on someone requiring a Visa. The desk is largely quant, and the quants are largely foreign.
Investors Seek To Block Mortgage Securities Bill (FT)
“Bond investors are lobbying hard to change federal policies aimed at reducing foreclosures in the US, saying the measures discriminate against holders of top-rated securities backed by mortgages.
The investors are set to meet senators next week. The next step could be legal action against the US government if the law is passed, on the basis that it could violate the Fifth Amendment, which prohibits the taking of private property for public use without compensation.”
US To Tell Banks How They Did, Scores Posted By Gym At Noon (NYT)
The Gov will be telling the banks what their results looked like at some point today, and this afternoon they should release the details of how the stress tests worked/what metrics were used; the public won’t get a good look at “scores” until May 4th. In the week + weekend you have to wonder how many leaks there’s going to be, and whether Code Pink can possibly survive the nine days of not knowing who they’re going to annoy next.
Pandit Could Be Forced From Citi After Tests (Reuters)
Reuters puts forth a not-so-bad argument that when the tests for Citi come back, the US Gov may have very little (if any) choice but to replace him a-la GM. We have to be fair in socialism, you know.
M.B.A’s Staying Put (WSJ)
It used to be, you could do pretty much whatever you wanted post college (numbers related), go get your MBA, and someone would pick you up. Not so much anymore, as recent MBA Grad’s are finding out – dreams of going into IB are being squashed left and right. For instance, this guy:
“But as he prepares to graduate from the University of Notre Dame in Indiana next month, Mr. Fusco, 27 years old, hasn’t had any luck landing a position in finance. The only solution he has is to go back to his accounting roots. “It’s a tough pill to swallow, but I’ve come to the conclusion that I can’t sit and wait and cross my fingers,” he says.
Madoff Net Losers Safe From Clawback (WSJ)
“Investors with Bernard Madoff who had a net loss due to his fraud won’t be asked to return funds they withdrew from his firm in recent years, said a lawyer who is charged with recovering the firm’s assets.”
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
I’d much prefer “Pandit removed from Citi” rather than this – might, maybe, possibly, could, should – crap.
Oh, and UBS Sucks a$$.
why would an accountant from notre dame think he has a shot at working in finance? he’s in the same bracket as joe the fucking plumber…
Maybe would have
Better to stay
At home
“U.S. regulators who are concluding “stress tests” on banks may remove Citigroup Inc chief executive Vikram Pandit, the New York Post reported, citing sources it did not identify further.”
Does this mean C has failed? Given that the Post is the source, not sure how much thought to put into this, but why this type of chatter?
Ken Lewis, no doubt, is a goner, having signed his death wish with his disclosures yesterday. If BAC needs one dollar more from the USG, you can bet Bernanke with be on the line with Timmy to make sure KL’s head rolls.
Dick Fuld should be brought in to run Citi, since Layman Brothers was the only investment bank that did not take any capital from the US government.
Requisite obnoxious, elitist comment:
Notre Dame has a business school? Learn something new everyday…
Timothy Geithner or Tim Sykes…
So they filled the prop desk with Chinamen, BFD.
william — the MBA article was written 3 days ago. you’re always behind the curve. Stop fantasizing about a three-some with EP and Bess and start “reporting.”
haha
everyone knows notre dame sucks anyways
@9 – sorry to bring the news but william is from muffy land – not real – thats why he has no email address – people that don’t exist cant mail back now can they?
@5
Who are “Layman Brothers”. Are they hiring? I have an MBA from Notre Dame and 3 years of experience in accounting.
@12
You mean “I have MBA” emphasize the middle management tech background please.
http://www.irishtimes.com/newspaper/finance/2009/0417/1224244900698.html
“Here’s a taste of some of the very best financial blogs.”
look at the last one– taste? what does that taste like?! and where the hell is dealbreaker!?!?!
@14- really? you’re linking to an article from “irish times”?
Notre Dame might not be the best example. But …
Having received my MBA a top tier b-school in MA, your not going to get stories from grads of top tier b-schools about how hard it is to shift careers in this recession.
There’s a strong culture of “don’t let them see you sweat”.