Bondholders Plan CIT Rescue (WSJ)
An agreement was reached last night to secure $3 billion in 11th hour financing that will keep the lender out of bankruptcy court, Jamie Dimon and Lloyd Blankfein having apparently backed out after the vino wore off.
In Washington, One Bank Chief Still Holds Sway (NYT)
Jamie Dimon hosting a JPM board meeting in the District today with a special guest appearance by Rahm Emanuel, who JD reportedly "phones or e-mails at whim" to shoot the shit, mostly.
Cuomo Says Schwab Faces Fraud Suit (WSJ)
The Attorney General sent a note to Chuck on Friday putting it out there that his office has big plans to sue the online brokerage over sales of auction-rate securities due to a couple of emails among Schwab brokers indicating they had no idea what they were selling and then perhaps deliberately neglected to notify clients that the market was driving off a cliff and bursting into flames.
Charles Schwab Denies Cuomo's Fraud Allegations (Reuters)
"The Attorney General's allegations are without merit," Schwab said in a statement on its website. "They unfairly lay blame on our company for an illiquid market and improper behavior by the large Wall Street firms that created and then, despite their obligations, stopped supporting Auction Rate Securities." Ball back in Andy-boy's court.
Delta Air Courts NYC Fliers 'Nobody Owns' With Yankees, Mojitos (Bloomberg)
In an attempt to dominate the JFK, LaGuardia, Newark Liberty scene Delta is trying to lure in drunks and A-Rod lovers.
Swiss Minister To Meet With Clinton Ahead of US Deadline (NYT)
Who has the upper hand here? Hil has a weakness, and can be seduced by, those jumbo-sized Toblerones, a case of which could be available, should the US drop this pesky tax business, but the Swiss are pussies and (probably) quaking in their boots thinking about coming face to face with the Big C.
RBS Loses 700 Top Traders (CNBC)
You'd think the honor of working for, with the possibility of a chance to meet, the Queen would be enough to make up for zero-ish dollar bonuses but apparently the firm's top investment bankers are easily lured by other shops' offer of a year's salary in cash as a signing bonus.
Posted by guest , Jul 20, 2009 8:20AM
where can I get myself one of those gay looking umbrella holders?
Posted by guest , Jul 20, 2009 8:21AM
did someone order a gay looking umbrella holder?
-ken lewis
Posted by guest , Jul 20, 2009 8:22AM
who wins this round of celebrity death match: dimon v. rahm?
Posted by guest , Jul 20, 2009 8:25AM
Delta thing might make sense if you throw in one more verb.
Posted by guest , Jul 20, 2009 8:30AM
@1
Greg Michaels at your service.
Posted by guest , Jul 20, 2009 8:31AM
@4 and what would that be?
Posted by wcburrs87 , Jul 20, 2009 8:35AM
I once had an umbrella made from the sack of a white elephant.
JT
Posted by guest , Jul 20, 2009 8:38AM
I met, and fucked, the Queen. Still didn't make up for the $0 bonus this year, though she was really something in the sack.
-RBS banker
Posted by guest , Jul 20, 2009 8:42AM
"J.P. Morgan would have considered lending if CIT were first to seek bankruptcy protection, but the bank "couldn't get comfortable with a deal outside (bankruptcy) court," said one person familiar with the matter."
read "couldn't get comfortable if Maiden Lane IV didn't take the she-it"
Posted by guest , Jul 20, 2009 8:46AM
-@9
-and the problem with that is? Or you just want JPM to pick up a few hits to its balance sheet for no upside?
Posted by guest , Jul 20, 2009 8:49AM
UBS Sucks
Posted by guest , Jul 20, 2009 8:54AM
So clearly The Blank and The Nickel and Dimon were staging a pretend rescue to hide the fact that they were really celebrating the grace and favor blockbuster earnings they have been selected to receive.
Posted by guest , Jul 20, 2009 8:58AM
@10-- You're right, I should go back to Yahoo finance. Privatize profits, socialize losses!
Posted by guest , Jul 20, 2009 8:58AM
@12 shut your mouth.
-lucas van praag, gs communications
Posted by guest , Jul 20, 2009 9:06AM
The level of commentary on this site is so base. i wish you all would step back and reflect on your motivation to be so destructive.
Posted by guest , Jul 20, 2009 9:07AM
@15 fuck off
Posted by guest , Jul 20, 2009 9:08AM
@10 it's ok to force BAC to do it, to the point of being threatened by the Treasury and Fed, but not JPM?
Posted by guest , Jul 20, 2009 9:08AM
@15 this comments this morning are extremely tame as DB goes. what in particular set you off, princess?
Posted by guest , Jul 20, 2009 9:08AM
Shorter Chuck:
We just sell this stuff.
Posted by merkin capital partners , Jul 20, 2009 9:11AM
Who saw the erin andrews video friday? They were real, and spectacular.
Posted by guest , Jul 20, 2009 9:13AM
@ 16, I rest my case. - @15
I am done with this.
Posted by guest , Jul 20, 2009 9:18AM
Royal Bank of Shit
Posted by guest , Jul 20, 2009 9:19AM
@21
thanks for quitting, pussy.
Posted by guest , Jul 20, 2009 9:31AM
People in Hollywood would always say that Nancy Reagan gave the best head. Thoughts?
Posted by guest , Jul 20, 2009 9:32AM
@15 http://en.wikipedia.org/wiki/All_your_base_are_belong_to_us
Posted by guest , Jul 20, 2009 9:38AM
@23
I gunna shit in yer mouf.
KL
Posted by guest , Jul 20, 2009 10:16AM
@26
like i did to your sister? won't work with me mate.
Posted by KevinB , Jul 20, 2009 10:29AM
From this week's New Yorker magazine, Jimmy Cayne on Tim Geithner:
"The audacity of that prick in front of the American people announcing he was deciding whether or not a firm of this stature and this whatever was good enough to get a loan. Like he was the determining factor, and it’s like a flea on his back, floating down underneath the Golden Gate Bridge, getting a hard-on, saying, “Raise the bridge.” This guy thinks he’s got a big dick. He’s got nothing, except maybe a boyfriend. "
Posted by guest , Jul 20, 2009 10:47AM
@28 wtf are you talking about? that was in william cohan's book, and it came out months ago.
Posted by guest , Jul 20, 2009 11:11AM
I'm a trader and I'd love a year's salary as a "singing" bonus.
Way to go, CNBC!
Posted by KevinB , Jul 20, 2009 12:04PM
@29 - I don't read William Cohan; I do, however, read Malcolm Gladwell, who included the above in his latest essay.
Posted by guest , Jul 20, 2009 12:06PM
@31 do you read dealbreaker?
http://dealbreaker.com/2009/03/jimmy-cayne-geithner-got-wood.php