For Gorman, A Test Of His Leadership (WSJ)
Mackettes, your new Aussi overlord wants you to get up in his face and mix it up: “He is very straight with people, and you always know where you stand,” said Gregory Fleming. During a speech at Merrill, Mr. Gorman told a group of investment bankers not to be shy about approaching CEOs. “They will always have time for you if you have a good idea,” Mr. Fleming recalls him saying.
The Fall Of Mack (NYP)
Noted mean girl Dick Bové had this to say of the Knife stepping down: “[Mack] zigzagged so many times and he increased the instability in a company that was already reeling from instability.” She also doesn’t know why Phil Purcell wasn’t seriously considered as a successor.
Prosecutors Are Poised To Impanel AIG Grand Jury (WSJ)
Joe Cassano is focus of probe as authorities try and find a distinction between ‘criminal’ and ‘idiot.’
Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple (LATimes)
So this happened, in an admittedly pretty sweet house: Neighbors said the family of [Cheronda Guyton, a Wells Fargo senior vice president who is responsible for foreclosed commercial properties] spent long weekends at the home and had guests over, including a large party the last weekend of August that featured a waterborne arrival. “A yacht pulled up offshore, with one of those inflatable dinghies to take people back and forth to the shore,” said Roman’s wife, Elaine Johnson. “About 20 people got taken over in the dinghy.”
SEC Vows To Reorganize Unit To Head Off Fraud (AP)
You already knew the regulator was deadly serious about getting things right this time, what with the founding of Fraud College, and now Robert Khuzami, the head of the S.E.C.’s enforcement division had this to say: “We intend to learn every lesson we can,” he said. “There are no sacred cows.”
Archive for September 2009
$$$ Jim Chanos wants to educate you about short-selling. [HFF]
$$$ America’s Only Growth Industry [Cityfile]
$$$ Dollar Dominatrix: 39th most powerful woman in business. [Fortune]
$$$ Dan Loeb cares about the children [PDF]
$$$ Geithner: Bailout Programs Are Shrinking [NYT]
$$$ Jellyfish tossing helps land Madeira Beach man in jail [St. Petersburg Times]
With Chris Dodd keeping his seat as Senate Banking Committee Chair, the players for the battle royale on regulatory intrusion are set. When not explaining his Countrywide-related actions to the Senate Ethics Committee, the good senator has made good sport out of arguing that when it comes to financial markets, government he knows best. Still, given the might of Wall St. lobbyists, some may doubt Dodd’s ability to seal the deal and tighten the regulatory vice. For those that do, Barney Frank has a thought experiment for you to run.
“Let me ask you this: Do you think Chris Dodd is a stupid guy?…Why would he then stay with the Banking committee rather than the HELP committee if he didn’t think he had a very good chance to get this legislation through? So I really think people ought to take that as a very good sign that it’s going to happen.”
The guy has already beaten an ethics investigation and dodged cancer this year. No batter has won the triple crown since 1967 and between Albert Pujols and Chris Dodd, Pujols seems to have a better chance at completing his trifecta.
In the wake of the economic crisis, the naysayers have been coming out of the woodwork proclaiming that the days of the US as an economic superpower are numbered. Some have theorized that the emerging markets will, collectively, grab the torch and lead the way forward. With their commodity-rich economies set to prosper, increased cooperation between the likes of Russia and Venezuela cannot be taken lightly. On his current visit to Moscow, Chavez warned of the coming turning of the tide by saying “The empire of the Yanks will fall this century, and I am not talking about the end of the century but in the next decades”. But while many here may dismiss the economic threat posed by this budding relationship, Chavez himself showed what’s possible when this dynamic duo works together.
Lehman Brother’s made for tv movie now available in the US. Pretty good so far except for the following insult of a casting call to our main man Jamie Dimon, who anyone with eyes knows is about a million times better looking than this chump/candidate for Men Who Look Like Old Lesbians:
The direction they went with Vikram is just good comedy:
To a certain extent it’s understandable how over a quarter million people have fallen victim to stimulus-based scams. When it appears as though the government can perform spectacular magic tricks by making stimulus money appear out of thin air, people can be forgiven for thinking it’s all part of a master giveaway plan.
A Web site featured a photo of President Barack Obama and Vice President Joe Biden offering “free government money,” and a postcard promised cash that consumers could use at their discretion for bills, travel, education or health care…Last week, the “Grant Writers Institute” was shut down under the FTC’s effort for falsely claiming consumers were eligible for grants from the stimulus package, (FTC Chairman Jon) Leibowitz said. Telemarketers working for the outfit told consumers they were eligible for $25,000 stimulus grants and pitched $59 books on how to win funds, he said.
But before you go on thinking the government is going to pay your ConEd bill, the FTC Chairman attempted to clarify the matter once and for all.
“The federal government does not award grants to individuals to pay personal expenses or bills,” Leibowitz said. “Nor does the government award money for leisure travel.”
For that benefit, you need to be elected to office first.
It’s been months since their last appearance, i.e. they’ve had loads of time to come up with good material, and the best they can do is “We needs jobs” and “Where’d our money go?” What kind of unimaginative fucks do they have running this operation? You’re on camera, ladies! Work it or someone else will. Assuming the girls came prepared with extra paper and Sharpies, let’s do them a solid and step it up with something better. I’ll start:
* Where’s the money, Lebowski?
* I’m gonna fuck you ’til you love me, Geithner
* Show us your tax returns, Tits
* F/M/K: Vikram/Lewis/Tyson and why
* A series of cards reading “What” “are” “you” “doing” “after” “this” “Liz?”
* Timmy, tell me how my ass taste! — Paulson
* You LIE!!!
Now you go.
Update: A real time submission: “Would you be happy to walk us through it again?”
Update II: Is today the day Geithner fucks some congressmen up? Because it sounds like he’s two clarify-this-for-me’s away from choke holds.
Update III: This is the best suggestion so far, the rest don’t even come close: “Mary Jo kopechne was given more help than this”
In theory, one of the lessons from the financial crisis was that taxpayers should not be on the hook for the reckless actions of others. With that in mind, Chicago politicians voted unanimously today to hand the bill for any cost overruns associated with the 2016 Olympics to its residents, should the Windy City win the bid. As overspending for host cities has almost become an Olympic sport itself, Mayor Richard Daley would rather take his chances on being able to control construction costs in Chicago than be left behind in the hunt for the games.
The 49-0 vote also put an end to a rare moment of vocal council dissent this summer when Daley promised IOC officials the city would give a blanket backing against any Olympic shortfalls.
The mayor previously had taken a hard line against agreeing to such a provision, suggesting that the city’s liability would be limited to $500 million. But Daley’s switch came after Chicago was the only one of the four finalists without a full government guarantee.
Based on this, it appears there’s another lesson from the crisis that has yet to be learned. While people in Montreal undoubtedly enjoyed reliving those memorable weeks in the summer of ’76 for the 30 years they were paying for Olympic Stadium, taxpayers in Chicago may not be so interested in funding short term gains in the long term.
Update: 9/37 items have been consumed including both the Pop Tarts, one bag of the Animal Crackers, and the Famous Amos cookies. Challenger is going for a run at lunch to burn some calories and keep the metabolism going strong. When asked how the contestant was feeling thus far, the response was: “I love candy.”
Update II: From the front lines: The “lunchtime run” gambit paid off in a big way as he downed over 10 items within an hour’s time. He’s up to 21 items consumed and nearly 5,000 calories deep. That being said, he’s currently wearing a “thousand-yard stare” and looking pretty bad. In a stunning turnaround from the typical Detroit modus operandi, he may fail despite “giving it his all.”
Update III: Outcome: FAIL. “He pressed on during the last hour, but looked and acted like a man defeated. He was offered a bargain: he would win a smaller prize (10,000 shares of Old Carco LLC) for finishing off tomorrow what he had left uneaten; he backed out of that challenge as well.”
Earlier: Nothing To Fear: Steve Rattner Will Drag This Lil’ Fella Across The Finish Line
Jim Rogers has told the Financial Times he wants more banks taken out back and shot, or left to die on the side of the road like Lehman, which was the only thing the government has ever done right. Who will step up to the plate?
We need some more Lehmans so we can get out of this. Over the past 20 years Messrs Greenspan and Bernanke introduced crony capitalism to the West which is leading to a lost decade[s]. Market fundamentals are that failures should collapse and be replaced by creative new forces rather than being propped up as zombies. Financial institutions have been failing for centuries and the world has survived. Had the central bank allowed the failure of Long Term Capital Management to run its course, Lehman, Bear Stearns, et al would still be here.
Page Six has a follow-up to yesterday’s story regarding partner managing director Richard Kimball Jr and the neighbors in Southampton whose summers he ruined by not even once considering inviting them over when he was having company. Apparently the bank was “not pleased” with the item. Because it attracted unwanted attention at a time when GS is trying to lay low and just be regular Joes? No! Because it failed to really express just how much puss Kimballer slayed through Labor Day. If you’re going to write about the Masters of the Universe having sex parties in the backyard, at least make it halfway realistic. Place Lloyd at the scene. Throw in his wife. Have eyewitness accounts of 16 year-olds rolling around in sticky fifties. This shouldn’t be that difficult, and yet, more than 24 hours after the fact, LB has received nary an email from friends asking “did you really mount a Sybian machine out East?” Failure all around.
