Goldman Denies It Will Pay Out Huge Bonuses (NYDN)
I mean, it will, but the issue here is that we don't know if they'll be record-breakingly big just yet. We can certainly make guesses, though, which you should feel free to do at this time.
U.S. credit rating a "solid triple-A," Says Moody's (Reuters)
But it could be at risk for the d-word. "Either our assumptions in terms of debt reversibility prove to be wrong. That is, in fact the U.S. government is unable to bring public debt back to a downward trajectory," Pierre Cailleteau, team managing director of Moody's Sovereign Risk Group said.
Three Banks Suspend TARP Dividends (WSJ)
At least three cash-strapped banks have stopped paying the government the dividends they owe: JPM, GS, MS. No, just messing. Jamie Dimon would sell his liver if need be. The banks are pacific Capital Bancorp, Seacoast Banking Corp, and Midwest Banc Holdings.
Buffett Boy Raises $2 billion (FT)
Byron Trott, AKA "Buffett's banker," has raises a nice chunk of change for his new firm, BDT Capital Partners. For those interested in getting in on that, BDT will "maintain a close relationship with Goldman," Trott's former employer.
A Transplant That Is Raising Many Questions. You Know The One. (NYT)
Doctors say there is "little opportunity" to cheat the system when you need an organ, but the Times apparently remains unconvinced that Mock Turtleneck didn't do just that.
What Has the World Bank or IMF Ever Gotten Right? (Infectious Greed)
Paul Kedrosky would like to know.
No Jobs On Wall Street Mean Graduates Can Have A Social Conscience Now (Bloomberg)
Nationally, 27 percent of about 1.6 million graduating seniors plan to work for nonprofit groups or governments, an increase from 23 percent in 2008.
Settlement Anticipated In UBS Case (NYT)
"The Justice Department may drop a closely watched legal case aimed at forcing the Swiss bank UBS to divulge the names of 52,000 wealthy American clients suspected of offshore tax evasion, a United States official briefed on the matter said Monday. The move, which would halt an unusually aggressive effort to force Switzerland to lift its veil of banking secrecy, could happen by mid-July."
Changes At Harvard Management Company (WSJ)
"Harvard is considering several moves designed to improve its ability to stay liquid. It may increase the size of its internal trading operations, which currently represent about 30% of total assets versus money with outside managers, in part to maintain greater control in times of crisis, according to a person familiar with the matter."
Sumitomo Trust Finance to Start New Japan-Focused Hedge Fund (Bloomberg)
The Tactical Equity Concepts-Japan Fund get underway June 29 with 10 billion yen ($105 million) of seed money from parent Sumitomo Trust & Banking Co.
Posted by guest , Jun 23, 2009 6:24AM
Milk and cookies, Bess. Fixes all insomnia.
Posted by guest , Jun 23, 2009 6:25AM
Oh, and UBS Sucks. Just thought I'd remind everyone.
Posted by guest , Jun 23, 2009 6:29AM
@2 I admire your commitment to the cause.
Posted by guest , Jun 23, 2009 6:30AM
@1- London?
Posted by guest , Jun 23, 2009 6:34AM
@4 Connecticut. Will be leaving for the office in about an hour.
Posted by guest , Jun 23, 2009 6:39AM
BLANUS!!!
Posted by guest , Jun 23, 2009 6:42AM
@3 UBS shout-outs are cathartic.
Posted by guest , Jun 23, 2009 6:52AM
Since when does working for the government get lumped in with having a social conscience and working for a nonprofit?
Posted by guest , Jun 23, 2009 7:16AM
How are those banks not already seized by She She? Maybe T.G. is firing a bullet in her general direction?
Posted by guest , Jun 23, 2009 7:28AM
The recession is helping drive graduates into service, Marx said. That’s “partially because they want to, and partially because they’re not going to have a choice but to find alternatives,” he said. “Investment banking jobs aren’t going to come courting.”
So basically these are the wall street rejects.
Posted by guest , Jun 23, 2009 7:57AM
Seriously, these schmucks at Amherst can't find any jobs in finance and are doing this bs work to get into Wharton MBA (writing a nice essay how they improved their communities, etc). Why would anyone at Wall Street hire an Amherst graduate over Wharton, NYU, Columbia or UChicago, etc business major?
Posted by guest , Jun 23, 2009 8:16AM
@ 11, well one thing you can say about Amherst is that there are a lot of BLANUSes there.
Posted by wcburrs87 , Jun 23, 2009 8:22AM
@11, I agree. It's hilarious. Kids can't get jobs so they go work for the government and they say it's because they had a choice? Balls I say.
Posted by guest , Jun 23, 2009 8:28AM
@11 it's hilarious that you think nyu and chicago are more prestigious than amherst.
Posted by guest , Jun 23, 2009 8:29AM
CT@4 what in god's name were you doing up?
Posted by guest , Jun 23, 2009 8:32AM
@1/4- stevie?
Posted by guest , Jun 23, 2009 8:39AM
@14, so true. Although, i have found it distressing over the years the # of hires from subpar schools while rejecting liberal arts majors from HYP
Posted by guest , Jun 23, 2009 8:39AM
@10 it's not just them; the harvard kids were all "we're relieved to not have to work on wall street." basically it's every 22 yo brat.
Posted by guest , Jun 23, 2009 8:45AM
is goldman's chief economist the guy from hogan's heroes
Posted by guest , Jun 23, 2009 8:46AM
@19 joe cohen? yes.
Posted by guest , Jun 23, 2009 8:51AM
#20 i was referring to sgt. hatzius. JC does wear underwear with dickholes in them however
Posted by guest , Jun 23, 2009 8:56AM
@20 goldman's chief economist = abby joe cohen
Posted by guest , Jun 23, 2009 9:01AM
AJC is Sr Investment Strategist
Jan Hatzius is Chief US Economist
Posted by guest , Jun 23, 2009 9:13AM
@22.... try again. chief economist = jan hatzius
Posted by Anal_yst , Jun 23, 2009 9:17AM
ACJ haunts my wetest dreams
Posted by guest , Jun 23, 2009 9:22AM
I am kind of sad Jon and Kate's divorce wasnt covered in the opening bell. (tear)
Posted by guest , Jun 23, 2009 9:25AM
Ed McMahon just died
Posted by guest , Jun 23, 2009 9:28AM
Jon and Kate's divorce is a feel good story that has no place on Db.
Posted by guest , Jun 23, 2009 9:42AM
11 Lets face it: Wall Street work is not that difficult. In banking you learn the drill and then you repeat it 1000x. You need some smarts, but the more important thing is to be articulate, engaging, good under pressure, team player, etc, etc. There's no reason to think HYP people have a leg up on those skills. I'm not saying Staten Island CC is acceptable. But its just silly to think that someone from say Amherst is unworthy.
Posted by InfiniteGuest , Jun 23, 2009 9:44AM
@11 Amherst had an in with #3 ML.
Posted by guest , Jun 23, 2009 9:49AM
@11 apparently has never heard of Merrill Lynch.
Posted by guest , Jun 23, 2009 10:40AM
@29
for banking maybe yes but for P-to-tha-E
no fucking way.
PEBaller
Posted by guest , Jun 23, 2009 11:19AM
baby boomer baby bubble