May 2009

  • MBAs, News

    They’ve Got It Laminated On Little Cards So You Know This Is Serious

    Just wanted to pop in and tell you not to fear that tomorrow’s business leaders will get us into another sticky situation, ’cause Harvard MBA students, like the ones above, are now taking an oath promising not to do anything wrong, like some alums from their school. The MBA Oath FULL VERSION Preamble As a […]

    / May 30, 2009 at 12:52 PM
  • News

    Write-Offs: 05.29.09

    $$$ Citi jets for sale! [Cityfile] $$$ Confidential to Christopher Meek: We read you were upset with the write-up we did of your program. And that upsets us! We get that since 99% of the time we’re making fun of people, you probably assumed you were getting the same treatment, but you assumed incorrectly. In […]

    / May 29, 2009 at 5:50 PM
  • News

    The Ending Left An Obvious Sequel Opening

    We think Credit Crisis II or Credit Crisis 2.0 has a much nicer ring to it than “W recovery” or some other charting nonsense. (We’re partial to the “M recovery”). Whatever we call it, we may get the chance to revisit old themes. Everything new is old and suchlike. Or so says Reuters: The global […]

    / May 29, 2009 at 5:15 PM
  • News

    Ken Lewis Is One Drinking Buddy Down

    WSJ: Longtime Bank of America director Temple Sloan resigns.

    / May 29, 2009 at 4:38 PM
  • News

    $51,634,606.22 + $4,260,850.63

    Are we surprised that the only big insider trading case in quite a while is somewhere outside of the SEC’s jurisdiction? We seriously doubt whether there is a dearth of large insider trading cases in the United States, but they certainly seem to have fallen by the enforcement wayside. Instead, and it pains us to […]

    / May 29, 2009 at 4:06 PM
  • News

    Who’s In The Mood To Be Berated By Congress?

    Have Representative Michael Capuano accuse you of gang banging a bunch of girl scouts? Sit there while Rep. Elijah Cummings makes you feel like a bad person for treating your employees to $200,000 worth of facials? All the while knowing once you’re finally allowed to leave and get back to the office, Hank Greenberg will […]

    / May 29, 2009 at 3:39 PM
  • News

    With Sugar On Top?

    Pleading, urging, begging, whatever. Call it what you will, this one isn’t going to drift by as “easily” as Chrysler. But then, the Chicago machine is just getting warmed up, isn’t it? Either way, we continue to be amused by the (1 – 0.65) reverse spin on the debt holder (dis)approval numbers. Advisers to General […]

    / May 29, 2009 at 3:38 PM
  • News

    What In God’s Name Is The Point Of Being Treasury Secretary If You Can’t Do Something About This?

    Paulson never would’ve let this go down on his watch. Dartmouth College, which was stripped of its triple-A rating this week, is one of the first victims. Both Standard & Poor’s Ratings Services and Moody’s Investors Service cited investment losses by the Hanover, N.H., school’s endowment and significant debt issuance in their decisions to knock […]

    / May 29, 2009 at 2:39 PM
  • News

    The Bloomberg Report

    Tyler Durden over at Zero Hedge points out the (not so) subtle campaign by Bloomberg to bash the TALF. Heads I win. Tails they lose. Thanks TALF! Collection of anti-TALF banners after the jump. Bloomberg’s Vendetta With Geithner/TALF Continues [Zero Hedge]

    / May 29, 2009 at 2:36 PM
  • News

    The Trouble With Appraisal Reform

    The story of appraisal hasn’t gotten much play in the housing crisis narrative, and this is a significant oversight. Several reports on IndyMac highlighted issues with appraisal, but for whatever reason none of them ignited into anything throwing of heat. Teri Buhl, familiar to Dealbreaker readers from Housing Wire, however, has been minding the store […]

    / May 29, 2009 at 1:45 PM
  • News

    Soho House’s War On Bankers Continues

    A couple months back Soho House started giving financial service industry hacks the cold shoulder, refusing to renew the memberships of several Wall Street “types,” under the guise of getting back to its “creative roots.” To that end, they recently enacted a new dress code that bans suits (with “blue shirt, black pants” obviously coming […]

    / May 29, 2009 at 1:36 PM
  • News

    Tontine: So Incredibly Back In The Game

    Last year: not so good for Jeff Gendell, who shuttered his firm’s flagship funds (Tontine Capital Partners and Tontine Partners) after losing 76.8 percent and 67 percent, respectively, through October and September. This year? Coming up roses, my friends (though we don’t have recent numbers for Tontine Financial Partners and Tontine-25, yet, and that statement […]

    / May 29, 2009 at 12:58 PM
  • News

    The Worst Job In The World

    Okay, it’s not the worst but it is certainly a thankless one. You’d think sending people money in the mail would go far in ingratiating yourself to them but apparently you’d think wrong. In fact, the Madoff investors who Irving Picard, the trustee appointed to oversee Ponzi Nation’s liquidation, has been tirelessly working for don’t […]

    / May 29, 2009 at 12:28 PM
  • News

    Michelle Caruso-Cabrera, You Are In So Much Trouble, Young Lady!

    I believe we just heard the two now verboten words slip your lips. Thought we’d let it slide? Think again, toots. If we’re going to do something, let’s really do it. Which brings us to this. To make sure CNBC wasn’t just jerking our chains with promises of never saying “green shoots” again, what should […]

    / May 29, 2009 at 12:10 PM
  • News

    Cleanup In Aisle Six

    Even a limp horse pulls. Everyone has a purpose. But you really wonder if there shouldn’t be closer adult supervision when Austan Goolsbee speaks in (non/semi/openly) public forums. Perhaps a pair of Kissinger glasses with teleprompter HUD? You certainly wouldn’t be pushing him too much farther in personal appearance. Maybe a discrete earpiece with a […]

    / May 29, 2009 at 11:33 AM
  • News

    A Weed By Any Other Name…

    This is a good one. Many of you have expressed displeasure at CNBC’s relentless need to come up with signs of “green shoots,” driving some to the point of visions of violence. Mark Haines is apparently in that camp, telling gal-pal Erin Burnett just now that he wants to “shoot” the next person who says […]

    / May 29, 2009 at 10:51 AM
  • News

    Citi Center Landlord Enhancing Building’s Prestige By Not Having Word “Citi” Anywhere Near It

    To: All New York City Employees From: Citi Realty Services Please be advised that effective Monday, June 1, the name and address of the Citigroup Center building will become 601 Lexington Avenue. Employees will note the newly constructed main entrance on Lexington Avenue, which will be open and operational on Monday. All building employees can […]

    / May 29, 2009 at 10:09 AM
  • News

    Ack Ack, Four O’Clock Low!

    Oh Acky, Acky, Acky. What are we going to do with you? Your tenacity and drive is so unrelenting that it borders on (hey, we said borders on) tilted. We are at once awed and revolted (but the guilt and amazement pulls us right back to awed) by moves like urging (and getting) investors to […]

    / May 29, 2009 at 10:02 AM
  • News

    Larry Summers Can Fix This

    There’s a lengthy article in Boston Magazine about how Harvard has been hemmoraging money (the endowment has lost $11 billion, bringing it down to 2005’s mere $25 bill, due in no small part to Harvard Management Company, which one alum privy to the details of the school’s balance sheet told the author, “took the university […]

    / May 29, 2009 at 9:51 AM
  • News

    Are You Listening, Tim Geithner?

    You could probably find a lot of people who are against bailouts but this morning the most unintentionally hilarious one is Craig T. Nelson. Coach went on Glenn Beck last night to promote this message. He’s pretty steaming mad about all this (“I’m just sick and tired of it”), and you know what he’s going […]

    / May 29, 2009 at 9:00 AM
  • News

    Opening Bell: 05.29.09

    Dutch Introduce Driver’s License For Banking (CNBC) “Getting a proper business education at a good school and finding a job in the banking industry was already hard enough — but now, in the Netherlands, you’ll have to pass a government test to keep it. The Dutch finance ministry confirmed Thursday that it intends to implement […]

    / May 29, 2009 at 8:10 AM
  • News

    Write-Offs: 05.28.09

    $$$ Why GM Can’t Be Saved [Deal Journal] $$$ Bing Aims To Take On Google [WSJ] $$$ Man Issues Fee Warning After Assets Drop [FINalternatives] $$$ Even Bloomberg Openly Ridiculing Tim Geithner Now [ZH]

    / May 28, 2009 at 5:15 PM
  • News

    Jeff Macke Will Be Back

    Sooner, rather than later, it seems! The Fast Money contributor apparently wrote on Minyanville just now that he’ll be back in action Monday, in post entitled “People Say I’m Crazy…” (which we can’t see, lacking a login, so those who can should get in touch). The “crazy” is presumably a reference to this appearance on […]

    / May 28, 2009 at 4:48 PM
  • News

    CNBC: Eric Dinallo Outtie July 3

    The Superintendent of Insurance for New York State (and frequent Squawk Box guest!) will resign in July, at which time he’ll become a visiting professor at Stern, and possibly mull over running for Attorney General. (Glowing) press release from the Governor, via NYDN: “Since January, 2007, when he was appointed as Superintendent of the New […]

    / May 28, 2009 at 4:17 PM
  • News

    David Einhorn Is Optimistic The Obama Administration Can Fix This Thing, Provided It Changes Everything It’s Doing

    Sure, the Greenlight founder is disappointed with Obama and Co, which he believes is “following the same path as the Bush administration,” as it attempts to bring us back to the heady days of 2006 (“by propping up asset prices and reflating the popped credit bubble, subsidizing bank creditors and shareholders, and delaying needed bank […]

    / May 28, 2009 at 3:52 PM
  • News

    U.S. v. U.K. Cagematch Continues

    Just in case you had not yet gotten your fill of the Cross Pond Classic, another event is introduced: The 400 meter stress-test hurdles. GO! Analysts Olivia Frieser and Andrea Cicone concede the test is a “real one”, in so far as the parameters – 12 per cent unemployment, 50 per cent fall in house […]

    / May 28, 2009 at 3:16 PM
  • News

    You Can Take Your Bull’s Eye And Shove It!

    Target Corp.’s shareholders have re-elected the company’s slate of directors, rejecting a hedge fund’s alternate slate, according to preliminary vote totals. The head of Pershing Square Capital Management has argued that the struggling retailer needed new perspective, especially in the areas of retail and real estate so it can better compete with rival Wal-Mart Stores […]

    / May 28, 2009 at 3:03 PM
  • News

    Carlyle To Suck It (Natashas To Saturate Available Credit)

    The Vuitton, Versace, Gucci, and Dior bags will have to wait, or slip into a slipping revolver, we suspect, as Carlyle group finally admits it got tagged. Takes a lot for a private equity firm to admit to such things without lots of excuses about being on the left side of the “J curve.” We’re […]

    / May 28, 2009 at 2:30 PM

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