$$$ Greenspan Says Fed Isn’t To Blame For Housing Bubble [WSJ]
$$$ Freddie Mac Investigated by TARP After Suicide [Gawker]
$$$ NY trustee sues again in Madoff case [AP]
$$$ Update: The Noel family has NOT been kicked out of the Round Hill Club, as was previously reported. Happy day! [Daily Intel]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
So…Greenspan is saying that the Fed controls only the overnight rate and not long-term rates.
So why is Bernanke buying long-dated Treasuries?
I would like to think the guy is just senile but he knows full well he destroyed lots of people’s lives when he was living like a rockstar on the DC party circuit for keeping rates at zero.
But the Noels have been kicked out of Greenwich society despite their rebuttal of the fact.
Greenspan is still my hero.
Cam’ron is my president.
Cost of Auto Bailout: $100B
Cost of Freddie/Fannie Bailout: $400b
Cost of AIG bailout: $190B
Cost of Bank Bailout: $750B
Guarantees by Federal Reserve, Federal Government and Treasury: $11.5T (includes the $5.3T of mortgages owned or guaranteed by fannie/freddie)
Soverign default by the USA: PRICELESS
There are somethings money can’t buy. For everything else there is Geithner, Summers & Bernanke
ponzirific
That is very misleading.
“CFO was investigated by TARP”
That isn’t what happened. They were investigating the COMPANY not any SPECIFIC person. It would have been more accurate to say this.
“Company where CFO worked was investigated by TARP.”
This is an attempt by people in the government to make implications about someone who isn’t here to defend himself.
Quickly: is prime brokerage front or back office?
@7 mid-office (seriously)
http://www.youtube.com/watch?v=KGz74Abberc
SnatchMan!
http://snatchman.mybrute.com/
@8
fail. middle office is ‘ops’ (e.g., clearing trades). back office is finance & accounting (i.e., everyone who works for the CFO).
@ 7, 8
PB is part of S/T/R, so it’s front. they are essentially sales reps for HFs.
@11- back office is finance? are you a ‘tard?
Copernicus @ 12
[sigh] would it help if I pronounced it FIE-nance, and not FIH-nance (as in corp fin)? yes, Finance, or F&A, is bean-counting (general ledger shit), tax, controlling, etc. of course, corp. fin. (e.g., equities/debt) is different, and front-office. if you’ve ever worked at a burst-bracket bank (like me) you’d know this.
try to keep up.
@7 – Depending on how you define front/middle/back office, PB is all 3. Some would say that salespeople who sell PB services to hedge funds are front office. Middle office would include things like risk management, margin, corporate action processing, etc. Back office would be the clearing and settling aspect.
M&A is middle office, cuz they do the modeling bitch work for the client-facing industry groups, which are front office.
@15 – good point. that’s why the m&a group is always the first to go when banks “right size”. they don’t produce revenue and most bankers worth their weight in salt can do the modeling themselves…
Joe Weisenthal just had his clip on PBS Frontline’s program on Madoff.
If I told people that Bess Levin was also featured, would that cause WGBH’s web servers to catch on fire due to the extra traffic for the web replays?
–Calgary Schmooze
@17- sure, but it’s not true so…you just wasted our time.
@cs- no one cares about joe weisenthal.
@4 FTW!
Haha cluzo, I was just joking when I typed that. People always argue about what fits into BO and MO like a bunch of bean-sorting accountants; as if it matters. But, from your perspective, there is something there about product groups hahaha.
@7
14 is correct. Sales, Trading, Research are all front office. PB is front/middle, not too much in the back.
@22 (and @7 / #14)
semantics – the only revenue stream falling at a faster rate than PB is Spellbound Massage return customer discounts
How the fuck do the Noels have any $$ left? Seriously, like the Gubment didn’t freeze all of their shit in a heartbeat?
@15, 16, 21
Cluzo, you just exposed youself as dumbshit…clearly you don’t know IB proper (it sucks, but that’s not the point).
M&A is not ‘always the 1st to go’; non-producing MDs broadly are. ‘they dont produce rev’ = greatest epic fail on DB in a while. your point about ‘doing the modeling themselves’ is a comment of crack whore proportions; the RMP-exectution model is apparently beyond your comprehension.
didja go straight from b-school to a S/T gig, with no cap markets exp? engineer?
@25 – new to the site or just read books about investment banking. exactly how long have you been in “banking”? do you even know who DLJ was? perhaps you need some “exposure”…when you produce some revenue get back to me, for now I believe you have some comps or a pitchbook to finish (don’t want your assoc to stay up all night waiting do you?).
Eliot Spitzer is back, was on the Rachel Maddow show and has recently been on MSNBC. Guess he has decided to have his say apparently he said “the risk was transferred from the banks to the taxpayer”
@25, humor doesn’t translate well online. Can’t speak for cluzo (though I think he was being sarcastic too), but my comments were not made seriously. At all.
@28 – I was half joking but the logic remains, you either produce revenue or you work for someone who does (and @25 is still an a$$hat)…s&t is a bunch glorfied day traders
@ 28
cluzo was being serious, he makes these kinds of mistakes often (misreading a joke / making way off base comments… I dubbed him “Inwestorclueless” in the past), as if he’s quite ‘green’, or a diversity hire (Goldman San Fran was notable for the latter).
@ Clueless: “do you even know who DLJ was?” is a pathetically sell-side sycophant thing to say. Hopefully BofA will stay open long enough to rescue you from the pending Shittygroup breakup…
–PE (ex-banking, S/T)
@ 29
half-joking = half-retarded. M&A MDs don’t work for the industry guys, dumbass, they produce revenue and work in tandem with the industry guys.
seriously, do yourself a favor and shut up, or at least buy an effing vault guide or something (they still have those, no?).
i am a back office manager at a bunge bracket firm, what is a trade?
The Gay from Delaware
Has anybody ever heard of a guy named Porter Stansberry? I just met him in Pasadena, and he seemed to know quite a bit but was really full of himself at the same time.
@ 33
remember: if you can’t spot the fool in the room…
a quick google search shows that he runs a bucket shizzop, sec complaints, etc. he was oozing slime, and you thought he “seemed to know quite a bit.” at least you u caught that he was full of himself; go with that feeling.
@33
I know lots of fucktards like that. Buyer beware.
@31 – you need to save yourself from future embarrassment, go back to yahoo. if you could read (and comprehend) you would realize the idiocy of your comment. I said M&A groups – if you’re (note: not “your”) in an industry group, you can’t be in an M&A group. try reading monkey business again. then join the other a$$clown who is @30 who thinks the corp dev group he works in at metlife is private equity.
@ 36
boy, you are such a fucking idiot all i have to do is wait for you to expose yourself. let me slow down and explain your fallacious logic:
1. you said “the m&a group is always the first to go when banks “right size”. they don’t produce revenue and most bankers worth their weight in salt can do the modeling themselves” right, dumbfuck (again, you said that, right, dumbfuck?)? none of this is true: they’re not always the 1st to go, they *do* produce revenue, and the latter portion doesn’t even make sense. the previous poster was *joking*, you idiot!
2. then you said “you either produce revenue or you work for someone who does”, no? (take a second to think). again, you’re implying that M&A MDs (again, think about this) don’t bring in revenue, and that they “work for someone who does”, ostensibly industry guys. This is retarded beyond comprehension. We’ll also leave alone your ebonics-laden comment “s&t is a bunch glorfied day traders”
seriously, wtf do you do? “gen mgmt” at shittybank? in case you missed it: M&A bankers bring in revenue.
– 31
Which office makes up all those shitty prospectus booklets that seem to be made of asswipe paper?
Give TGFD some news I can use; all this Front/Back/Middle-office nonsense notwithstanding, of course.
Thanks.
The guy from Delaware
Oops! “guy” should be “Guy” in my #38.
The Guy from Delaware