The AP, which obtained the Treasury Secretary’s phone records under the FOIA says no, “there is nothing inherently wrong” with it but one does get sense the newswire thinks it’s dirty. Which seems kind of silly, since there’s a perfectly logical explanation for why T. Geith had “at least 80 contacts” with the former group of CEOs in his first seven months on the job and only three apiece with the other two. Lloyd is TG’s future boss who he’s gotta keep happy. Jamie Dimon is a hot piece of ass whose name is good to drop in meetings with the President (“Oh yeah I was just talkin to Jamie earlier, we talk all the time”), and Pandito is TG’s problem child who he’s trying to keep out of reform school (“You fuck anything up lately? Okay good, talk later. I rue the day I believed her mother when she said she was on the pill.”). As for Lewis, let’s get real for two– how often do you want to talk to the guy who mostly just breathes deeply into the phone and needs to be reminded constantly who he’s speaking with? With regard to Mack– I think we all know what the deal is there (nobody tells this Treasury Secretary to go fuck himself! Or everyone does! It’s one or the other). This, however, we cannot explain:
Archive for October 8th, 2009
Is There Something Wrong With The Fact That Tim Geithner Talks To Blankfein, Dimon and Pandit All The Time And Rarely Checks In With Mack or Lewis?
By Bess Levin
Given last year’s results, there is at least a chance that Bank of America’s risk management policies are undergoing a bit of an overhaul these days. There were clearly a variety of areas in which standards were either too lax or too ambiguous. However, there was at least one thing BAC was adamant and crystal clear about preventing: the reckless, unauthorized display of flags on bank property. The woman responsible for removing American flags that were part of a funeral procession for a Marine from the grounds of a BofA branch wants the world to know that where there is law at the bank, employees follow it to the letter.
Today’s your lucky day! Very supposedly, the PR firm that represents the purveyor of Frosties is sending a girl dressed as Wendy around to the “sell-side guys” who cover the company and is handing out $25 gift cards as we speak. Apparently she’s been to Neuberger Berman already, is on her way to JPMorgan and “has plans to make all the stops.” No idea who thought this would be a good idea but obviously the genius of this stunt will soon reveal itself. Her name is Melissa. Enjoy.
People better start paying attention to Tim Geithner’s premonition about the US turning into a nation of savers. Not because they’ve learned their lessons about spending what they don’t have. But because when taxes go up, they may be going up by a little more now thanks to the FHA. Who would have guessed that the quadrupling of mortgages insured since 2006, approved without credit score standards and requiring as little as 3.5% down, could lead to trouble? But the impossible happened and now the FHA may need to turn to taxpayers for a $54 billion bailout. The problem looks pretty serious. So serious in fact that the FHA has taken drastic steps to stop the bleeding.
GS, JPM Profit Probably Rose as Citigroup Lost Again (Bloomberg)
Incredible, isn’t it? If you thought that was breaking, get a load of this: “We’re seeing a bifurcation of the banking industry between the haves and the have-nots,” said Matt McCormick a banking-industry analyst at Bahl & Gaynor Inc. in Cincinnati, which manages $2.5 billion.
German Probe Won’t Target Deutsche Bank Executives (WSJ)
A formal criminal investigation has been opened in the case of the DB shareholder who was spied on, though the probe doesn’t target the bank’s chairman, chief executive or other management board (supposedly this was the job of lower ranking staff).
BofA To Face 12 Angry Taxpayers In Trial (NYP)
The SEC has demanded a trial by jury in the Merrill losses case.
No Longer A Vik-Tim (NYP)
This is an article based on Vikram Pandit getting a passing grade from the consulting company brought in by the FDIC. Here’s how it starts: “Citigroup CEO Vikram Pandit has gone from goat to hero.”
Coke Didn’t Make America Fat (WSJ)
An essay, by the CEO of the Coca-Cola Company. (“If we’re genuinely interested in curbing obesity, we need to take a hard look in the mirror and acknowledge that it’s not just about calories in. It’s also about calories out.”)
Bill Ackman’s call hurts Realty Income Corp. (Reuters)
“Word just gets around on what he says and what he is thinking, and I can’t think of another reason why that stock is down so much today,” said Richard Moore, analyst at RBC Capital Markets. Moore did not attend the conference in Texas but heard about Ackman’s call from sources.
In Merrill’s Failed Plan, Lessons for Pay Czar (NYT)
Keep a close eye on employees who might be risking it all in the pursuit of a fabulous office.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
