June 2009

  • News

    Ruth Madoff Captured In Compromising Position

    Shredding evidence? Sneaking contraband to the husb? No and no. Something so much worse.

    / Jun 25, 2009 at 11:30 AM
  • News

    Mean Reversion Banking

    Based on the recent trend of slipping systemically critical labels under the front doors of financial institutions as easily as take out menus, the US is setting the stage for the era of average banking. The regulatory overlords seem hell-bent on establishing a landscape of average size banks making average size profits. However, as little […]

    / Jun 25, 2009 at 11:20 AM
  • News

    Live Blogging Bernanke On BAC

    10:05 According to prepared a statement from the Beard, the Fed acted with “the highest integrity,” he never told BAC management that action (like firing Lewis/killing him) would be taken if the MAC was invoked, and you bitches got nothing. 10:08 Rep. Edolphus Towns is getting kinky with his opening remarks. “It’s time to lift […]

    / Jun 25, 2009 at 10:00 AM
  • News

    The Proposal To Bring Back Buy-And-Hold

    Former IBM CEO Lou Gerstner is not making any new friends on trading desks. Gerstner bemoans Wall St.’s focus on short term trading rewards but goes one step further and offers a modest proposal to solve the problem. In his utopia, day traders would pay an 80% tax on gains, individuals holding investments for 6 […]

    / Jun 25, 2009 at 9:40 AM
  • News

    Barney Frank Wants Fannie Mae and Freddie Mac To Chill With The Lending Standards

    Related: “It’s You, You Big Fat Toad, YOU!”

    / Jun 25, 2009 at 9:05 AM
  • Opening Bell

    Opening Bell: 06.25.09

    Fed Emails Bash BofA Chief In Tussle Over Merrill Deal (WSJ) Earlier that day, Mr. Bernanke had weighed in on the threat to pull out of the Merrill deal: “I think the threat to use the MAC is a bargaining chip, and we do not see it as a very likely scenario at all,” he […]

    / Jun 25, 2009 at 7:37 AM
  • News

    Write-Offs: 06.24.09

    $$$ Judge defers ruling on Madoff restitution [Dealbook] $$$ KKR‘s latest plan to go public [marketwatch] $$$ Bankruptcy league tables [The Deal] $$$ 3 months salary or $10,000 cash [craigslist] $$$ “There will be people who think that Bernie can give them stock tips, but I don’t see anyone being his big pal,” said Levine. […]

    / Jun 24, 2009 at 5:27 PM
  • News

    Paulson To Join Bernanke At Bank of Amerillwide Hearing

    According to Bloomberg. Do you think Lewis will watch on TV? Or will it be too bone chilling?

    / Jun 24, 2009 at 5:10 PM
  • News

    What You Got?

    Guys, for some reason I’m having dinner tonight at an undisclosed location with, among others, Charlie Gasparino. The only question I have for him is “when will you make good on your promise to drop the pretense and appear on CNBC wearing a Champion sweatshirt with the sleeves cut off,” but is there anything you’d […]

    / Jun 24, 2009 at 4:20 PM
  • News

    Buffett: “You Can’t Make A Baby In A Month By Getting 9 Women Pregnant”

    Trust him, he’s tried.

    / Jun 24, 2009 at 3:57 PM
  • News

    Fairfield Greenwich Is Back In The Game, Under New Name

    Sure, Sciens Capital has supposedly taken over to make people feel less squeamish but according to an investor it’s business as usual (ixnay onay adoffmay). FGG has transferred management of their funds to Sciens who they seem to be representing as a separate party. However, Sciens seems to be basically a bunch of FGG guys. […]

    / Jun 24, 2009 at 3:56 PM
  • News

    Guessing Our Way Out Of Recession

    If the methodology used to determine the effect of government stimulus on employment is the new blueprint for important economic data, we are going to be able to guesstimate ourselves out of the recession. The Deputy Director of the White House Office of Management and Budget, Rob Nabors, has cautioned states that they will be […]

    / Jun 24, 2009 at 3:45 PM
  • News

    S&P Successfully Finds Somebody Worse Off Than They Are

    Ambac may have just suffered the ultimate humiliation- being told by a rating agency that their business model is completely broken and they have no real prospects going forward. The bond insurer’s shame spiral began last week when it couldn’t raise enough capital to launch a new muni unit and has now graduated to a […]

    / Jun 24, 2009 at 3:14 PM
  • News

    No New Information Has Emerged Re: Bernanke Threatening To Dump Ken Lewis

    Allegations that had been made prior to this afternoon: Bernanke and the Fed told Ken Lewis to keep Merrill’s losses in the lock-box or KL would lose his job/kidneys. Now, courtesy of Represenative Darrell Issa, we’ve got the exact same allegations, but with sinister turns of phrase like “inappropriate threats” and “cover-up.” He didn’t say […]

    / Jun 24, 2009 at 2:38 PM
  • News

    Lehman Scores A Victory From Beyond The Grave

    After happily watching Lehman free fall into bankruptcy and cherry picking the remains, Barclays is now on the hot seat for screwing Lehman a second time by overstating the liabilities it was assuming and later booking a $4 billion gain. Barclays capitalized on the fact that, unlike Lehman, it was not in bankruptcy and still […]

    / Jun 24, 2009 at 1:58 PM
  • News

    Elizabeth Warren Would Appreciate It If Citi Bought A (Taxpayer Funded) Clue

    So re: that report Citi will be raising base salaries to compensate for bonus shrinkage? TARP Congressional Oversight Panel chair Elizabeth Warren is not happy. She appeared on Bloomberg earlier today to say as much, and take issue with the claim that Vikram made a few months back on the Hill that he now understands […]

    / Jun 24, 2009 at 1:41 PM
  • News

    Getting To Know The Harness Fund

    So, former Fortress PMs Philippe Peress and Jonathan Ratcliffe are apparently starting a hedge fund, scheduled to launch sometime between July and August. Can’t say we’re particularly interested, given that our money is already locked up in Ball Gag Capital, but perhaps one or two of you might be? As of mid-June only $50 mill […]

    / Jun 24, 2009 at 1:02 PM
  • News

    Lessons In CMBS Semantics

    The CMBS lawyers involved with the Extended Stay bankruptcy must be having a field day with the tightrope walking real estate investor David Lichtenstein is doing to save his skin. Under a proposed bankruptcy restructuring plan, Extended Stay would see $4.8 billion in debt wiped out and Lichtenstein would be indemnified from $100 million in […]

    / Jun 24, 2009 at 12:47 PM

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