UBS Swings To A Loss On Charges (WSJ)
Net loss of 564 million Swiss francs ($552.9 million), compared with a net profit of 283 million francs a year earlier. But the tax evaders are not defeated: Chief Executive Oswald Gruebel was cautiously optimistic about the bank’s prospects next year. “Having stabilized the bank’s financial condition and resized the business, I expect to see further progress in future quarters, particularly in 2010,” he said.
Berkshire Hathaway Inc. to Acquire Burlington Northern Santa Fe Corporation for $100 Per Share in Cash and Stock (BusinessWire)
It’s not just about having a well-maintained rail system and women with huge cans operating it: “Most important of all, however, it’s an all-in wager on the economic future of the United States,” said Mr. Buffett. “I love these bets.”
Bank of America’s Next Chief Executive May Be Based In New York (Bloomberg)
Now that they’ve taken “living in Charlotte” out of the job requirement, will someone take this gig?
Fed Tells Bank To Adopt Pay Rules Early (FT)
The Beard suggests everyone get in line NOW: “The Federal Reserve told big US banks on Monday that draft pay guidelines aimed at curbing excessive risk-taking will have to be followed in this year’s round of bonus payments, even though the rules do not officially come into force until 2010. In meetings at the regional offices of the Fed, regulators told chief executives of the nation’s 28 top banks that they had until February 1 to prepare a written analysis of how their compensation practices meet the guidelines, according to some of the attendees.”
Julian Robertson, Emil Henry Announce Formation of Infrastructure Private Equity Firm (Reuters)
Henry explained, “There are many small and medium-sized infrastructure businesses that are outside the focus of larger infrastructure investors and strategic buyers. With the credit market dislocation and diminished role of debt capital providers, we believe many of these businesses` growth prospects are constrained by their capital needs. We seek to fill that gap.”
RBS, Lloyds Get $51 Billion In Second Bailout (Bloomberg)
BREAKING NEWS: “There is now a very fine line between RBS being nationalized,” said Danny Gabay, director of Fathom Consulting in London and a former Bank of England economist.
Posted by guest , Nov 03, 2009 7:48AM
Only good news this morning is that the Phillies won last night.
Posted by guest , Nov 03, 2009 7:52AM
@1 you suck.
UBS Sucks is the only good news.
Posted by guest , Nov 03, 2009 8:03AM
Was Jay-z dining w/ the Russian billionaire?
http://www.businessinsider.com/jay-zs-astronomical-hamptons-dinner-2009-11
The link has his name in it..
Posted by guest , Nov 03, 2009 8:04AM
blodget@3 linked to in write offs, thanks for keeping up.
Posted by guest , Nov 03, 2009 8:05AM
that's right my little UK bitches-- i own your asses.
-the queen
Posted by guest , Nov 03, 2009 8:06AM
being British is the new killing it.
Posted by guest , Nov 03, 2009 8:10AM
BREAKING: Award-winning journalost Charles Gasporino's latest book, The Burnout, is released today to rave reviews and record sales.
Posted by guest , Nov 03, 2009 8:24AM
@7 what's a journalost?
Posted by Konrad , Nov 03, 2009 8:36AM
Buffett's deal values BNI $44B. That includes the 25% of the company he already owns plus $10B in debt. Still, you gotta love a man who can plop down $22B in times like these. The analyst consensus is that his cock is at least 3 feet long.
Posted by guest , Nov 03, 2009 8:36AM
Hi guys ;)
-Greg
Posted by pfluger , Nov 03, 2009 8:44AM
If da BofA guys move da headquarters to Rego Park, I'm interested. Udderwise its no deal.
-cg
Posted by guest , Nov 03, 2009 8:50AM
@11 After reading JC's comment yesterday, Charlie (which you so thoughtfully passed on), I thought you should be in the reporters' hall of fame. Being that there isn't one, I think you should start one sos you can be in it.
Posted by Joe Mac , Nov 03, 2009 8:55AM
I'll consider the BAC/ML job after today.
J Corzine
Posted by guest , Nov 03, 2009 8:56AM
@9
Did you stay up all night giggling and dreaming? Freak.
Posted by guest , Nov 03, 2009 8:58AM
Good lord does UBS suck
Posted by guest , Nov 03, 2009 9:01AM
The lucky pervert strikes again, finally fulfilling his boyhood fantasy of riding the rails pantsless and waving to all the pretty girls.
In America, perverts can win.
Posted by guest , Nov 03, 2009 9:18AM
This is a wonderful website!
Mrs. Shazam
Posted by pfluger , Nov 03, 2009 9:21AM
@12: Thank you for taking the time to recongize my greatness as a world class financial journalist.
You know what -- the Navy is gonna name their next modern battleship after me and sail it right into NY Harbor. It will be the USS Gasparino, and it will have huge guns, just like me.
-cg
Posted by guest , Nov 03, 2009 9:24AM
He looks so old man's B.O. in that pic.
Posted by guest , Nov 03, 2009 9:25AM
What's H O R S E Y C L O P S up to these days? Haven't heard from her in a while.
http://4.bp.blogspot.com/_Kl7yL_h95qc/SaCl8PzlwjI/AAAAAAAANZ8/xLvSgxvkl48/s400/Laura+Pendergest-Holt.jpg
Posted by guest , Nov 03, 2009 9:47AM
Somebody is gonna make a nice living IPOing the rag-tag "conglomerate" that is Berkshire after the old man kicks the bucket.
Posted by guest , Nov 03, 2009 10:05AM
@21 fail. don't use words you don't understand.
Posted by guest , Nov 03, 2009 10:08AM
RBS sucks?
Posted by guest , Nov 03, 2009 10:27AM
The economy is going to be hotter than a four-story cat house on coupon night one of these days and I'm going to be all over it like banana oil on a latina ass.
~You-Know-Who
Omaha, NE
Posted by guest , Nov 03, 2009 10:52AM
In related news, RBS employees are staging a mass game of freeze tag on I-95 at 1:00pm.
Posted by guest , Nov 03, 2009 10:52AM
In related news, RBS employees are staging a mass game of freeze tag on I-95 at 1:00pm.
Posted by guest , Nov 03, 2009 10:53AM
@25/26 that would make work at RBS worth it.
Posted by guest , Nov 03, 2009 10:53AM
In related news, RBS employees are staging a mass game of freeze tag on I-95 at 1:00pm.
Posted by Anal_yst , Nov 03, 2009 11:39AM
@9
Don't ya think with Buffets influence/image he coulda took this thing out (especially considering the big existing stake) for less premium? "all-in bet on America" my ass, guy is the best in the business at masking his true thoughts with folksy, rah-rah rhetoric.
Posted by Konrad , Nov 03, 2009 2:48PM
Anal_yst: @9 here. Dunno about the premium, but you have to be pretty cynical to think Buffett is "masking" his true thoughts here. If he's not plain-spoken, no one is.