Senate Probes Banks For Meltdown Fraud (WSJ)
Among others, Goldman Sachs and Deutsche Bank have been subpoenaed to see if bankers “had private doubts about whether mortgage-related securities they were putting together were as financially sound as their public pronouncements suggested.” What do we think the answer is to that one, gang?
Tax Evaders Flock To IRS To Confess Their Sins (WSJ)
Tim Geithner, you are not alone! “Last week we had 400 [applicants] — four times as many as in all of last year,” said IRS spokesman Frank Keith.
UBS and US Government Disagree On Progress Of Case (NYT)
Speaking of not paying taxes: A lawyer for UBS told Judge Alan S. Gold of United States District Court in Miami during a conference call that the Swiss are nearing a settlement out of court; a lawyer for the Justice Department asked, watchu talking about Willis, and said he wants to go ahead with a scheduled minitrial on Monday.
Citigroup ‘Moving Extremely Fast’ on Asset Sales (Bloomberg)
“Our costs are down by about 25 percent, our assets are down by close to 25 percent, our risk is down more than that and so we continue to turn the company around,” Pandit said. “We are moving our asses on fixing this thing like you wouldn’t believe.”
Goldman Sachs Hatred Might Cost You Your Bonus (Bloomberg)
Apparently all the bitching about 85 Broad got Barney Frank to crack some skulls?
Congress Aims For More Accountable Corporate Boards (Reuters)
“There are far too many cases recently where boards of directors, not just regulators, were asleep at the wheel, or even complicit in practices that caused great harm to our economy,” Schumer said at the hearing, before running out to wage war on texting while driving.
Judging High Frequency Trading (Reuters)
“Is HFT a good thing or a bad thing, from a liquidity perspective?”
And You Thought The Days Of Golden Parachutes Were Over (NYDN)
Incoming MTA chairman Jay Walder could get a $850,000 golden parachute if he quickly gets ousted from his post.
Central Park Tree Tragedy (NYP)
A Google engineer is in a coma after a branch snapped and hit him on the head yesterday.
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the mta is more evil than goldman sachs
@1 fight the man, take black cars.
One parkgoer who watched the cleanup said she never imagined danger would come from above.
“Of all the things to happen to you in Central Park,” she said, “I don’t think anyone ever worries about getting attacked by a tree.”
if you had to: maria bartiromo or sue herera?
@4 if you had to Maxine Waters or Liz Warren?
@naked are you kidding? liz warren’s a closet hottie librarian. lz all the way.
@naked you should’ve asked, maxine waters or barney frank. you know that.
@6 with all due respect, and I do mean with all due respect starting off a cocktail party conversation with “I fucked Liz Warren” doesnt have the same gravitas as “I stuck it in Maxine Waters butthole”
Brrr….that photo of Maxine from yesterday still haunts me. I don’t think I can ever get it out of my system. Thanks a lot, DB!
Greg – I’ve got a lot of meetings today with the other Fed governors, so let me just say in advance that all of your posts today will be lame, will be rehash of widely circulated stories, will offer no fresh perspective, will have few pictures, will be devoid of wit or personality and in general be a waste of space to post and a waste of time to read.
Maxine’s next stop: http://www.baltimoresun.com/topic/arts-culture/culture/national-great-blacks-in-wax-museum-PLTRA0000139.topic
Mmmmmm warm, wet… WAXINE
Anyone here practice HFJO&C?
@naked the pt was maxine and barney is a tougher call than maxine and liz.
So the rumors about the hygiene of female traders in Boston is true?
About time for Citi to dump that shit. Remember for a time when they lifted every offer without regard to cost?
UBSucks. You heard it here first.
@6 – so true – I’d go for Ms. Warren like a hog after corn on a cool fall day.
@6 – so true – I’d go for Ms. Warren like a hog after corn on a cool fall day.
Bartiroma
@6 – so true – I’d go for Ms. Warren like a hog after corn on a cool fall day.
worry for the triple
worry for the triple
I said do you speak my language, he just smiled and gave me a Vegemite sandwich
@12
HFJO&C champion here
FWIW Tyler Durden actually kicked off the HFT discussion with an oblique, alarmist post last spring about quant deleveraging.
@24
Yeah, Tyler is they guy who short the Obama Portfolio and got terribly burned. He’s more unhinged now. Thos HFT discussions have been going on in the industry much earlier than there was a ZH blog (Jan. 2009).
Anyway, ZH is a front for a group of traders who don’t like the spreads they are getting today with the trading platforms they can afford. It was publishing well thought out analysis at the beginning, probably written by some insiders on one side of the issues. Now, after EP joined, it’s becoming a wingnut refuge from the Yahoo Financial Message Boards. That means it’s steadily losing its credibility and has to rely more on self-promoting gimmicks.
@25, 24. Nice analysis of ZH.
Program trading has been a topic of interest for more than 20 years. The quant unwind Tyler Durden was freaked out about a few months ago sort of had already happened in August 2007, plus, there was a pretty horrible fire sale taking place in some pockets of FI at the time, nothing to do with evil algorithms. So, yeah.
Also I doubt Wilmott reads ZH.
Still, the current hand-wringing over the two-tiered market model in general and liquidity in particular grew out of that post. In a roundabout way.
It looks like Grichaels has taken over the Opening Bell today. Sad.