• 27 Oct 2009 at 5:52 PM

Write-Offs: 10.27.09

By Bess Levin

$$$ Goldman Sachs: We’re The Good Guys [NYT]
$$$ Jamie Dimon promises not to go after top performers at Bank of America, Citi [AP]
$$$ Is Hank Greenberg So Bad For Starting An AIG 2? [NYM]
$$$ UBS To Align Bonuses With Business Performance Once UBS Is Profitable [Reuters]
$$$ Jefferies promotes Lorello to global head of IB [Reuters]

Comments (18)

  1. 1
    Posted by guest | October 27, 2009 at 5:58 PM

    UBS Sucks

  2. 2
    Posted by guest | October 27, 2009 at 5:58 PM

    UBS sucks.

  3. 3
    Posted by american bandersnatch | October 27, 2009 at 5:59 PM

    “I morally have an issue with people going against these companies that are hamstrung and making it worse,” – What happened to the Jamie Dimon that said what is best in life is “To crush your enemies, see them driven before you, and to hear the lamentation of their women.”?

  4. 4
    Posted by guest | October 27, 2009 at 5:59 PM

    That’s really shitty news for each of BofA’s 3 or 4 top performers…

  5. 5
    Posted by CoveredLong | October 27, 2009 at 6:02 PM

    What JD is really trying to say is:
    “Why pay top dollar to recruit their talent when they will just quit/be fired…at which point they’ll come beg me for a job which pays peanuts compared to what I would’ve had to pay to ‘lure them away’”
    …meanwhile he gets to take the moral highroad, win-win.
    -ZeroHedge

  6. 6
    Posted by guest | October 27, 2009 at 6:02 PM

    @4/ab It’s called “irony.” JD has a real knack for it.

  7. 7
    Posted by InfiniteGuest | October 27, 2009 at 6:34 PM

    It reads like Mr. Dimon is criticizing Treasury and supporting the FDIC. Meanwhile characterizing his rivals as “hamstrung.”

  8. 8
    Posted by guest | October 27, 2009 at 9:00 PM

    @7 – He owes the FDIC for handing him Wamu for $0. That Treasury deal was a fiasco – ended up paying $10/share for BSC.
    I’m waiting for Sheila Bair to become a “special advisor” or director at JPM. Paybacks.

  9. 9
    Posted by Jefferies Quant | October 27, 2009 at 9:26 PM

    I have been promoted to Senior Quant in charge of all Risk Model Data Import errors.

  10. 10
    Posted by Seaman Bodine II | October 27, 2009 at 9:52 PM

    I hate being the commie in the room, but GS was busy paying back the gov’t debt with greenbacks issued at par from AIG. And there’s the smallish issue of being a depositless bank holding company.

  11. 11
    Posted by guest | October 27, 2009 at 10:35 PM

    @8 Or disclose that she bought JPM in the low teens ala that most excellent market timer, Friedman.

  12. 12
    Posted by guest | October 27, 2009 at 10:41 PM

    he looks so regal in that pic.

  13. 13
    Posted by guest | October 27, 2009 at 10:47 PM

    if you got 16 billion from aig, 10 billion from us government, 10 billion from buffet, 25 billion from talf, and another 20 billion from fdic, just dissolve the december 2007 numbers, and you get free & unlimited shit from the fed bc you convert to a bank holding co (and you knwo the whole pipeline from your ‘contacts’, on 30 to 1 margin on that shit = 2$ trillion or so on margin…..you could do some serious damage on that shit eh bessie? salute
    -cg

  14. 14
    Posted by guest | October 27, 2009 at 10:57 PM

    @JQ congratulations!
    There is a very small chance I will get a much better job than you at some point in the future. My model says you should switch places with me.
    - another Former Lehman Quant

  15. 15
    Posted by guest | October 27, 2009 at 11:41 PM

    Is there anybody out there?

  16. 16
    Posted by guest | October 28, 2009 at 2:42 AM

    We need a clawback
    http://www.bloomberg.com/apps/news?pid=20601109&sid=a7T5HaOgYHpE
    “New York Fed’s Secret Choice to Pay for Swaps Hits Taxpayers”
    “One reason par was paid was because some counterparties insisted on being paid in full and the New York Fed did not want to negotiate separate deals, says a person close to the transaction. “Some of those banks needed 100 cents on the dollar or they risked failure,” Vickrey says.”

  17. 17
    Posted by guest | October 28, 2009 at 7:59 AM

    @1, too soon

  18. 18
    Posted by Joe Mac | October 28, 2009 at 8:33 AM

    But not @2?

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