$$$ Will a Yankee Win Favor Wall Street’s Bulls? [Dealbook]
$$$ Rodgin Cohen On The Decade’s End [The Deal]
$$$ Former Merrill Banker Helped Evercore Score Railroad Deal [WSJ]
$$$ Roubini Says Rogers’s Forecast of $2,000 Gold ‘Utter Nonsense‘ [Bloomberg]
$$$ Will an ex-Bear guy win the World Series Of Poker? [Time]
Archive for November 2009
Daily Intel got its hands on some amazing money shots of John Paulson, circa age 14. Click here to see him with the rest of the gang at Junior High 194. While we’re on the subject: if you happened to attend middle school in Great Neck 40ish years ago, and keep a scrapbook, CALL ME.
As previously mentioned, it seems Charlie Gasparino has some (cheapskate) fans in New Canaan, who lined up to get their hands on his new book, Up In Smoke, the second it was available at their local library. Now our attention has been directed to the fact that he’s got some rabid followers in Greenwich: every copy of his tome has been checked out or reserved in the last 24 hours. Now, obviously, we wouldn’t dare suggest that the entire state of Connecticut wasn’t waiting with bated breath to read (but not pay for) the definitive book on the crisis. But does this not seem a bit suspect? Clearly if a certain hedge fund manager wanted to keep this from his people, he’d simply have his air force bomb the libraries. But I’m not yet convinced something isn’t up. In related news sure to chap some NYT hide, our New Canaan librarian correspondent informs us of number of copies ordered for the various financial crisis titles:
The Sellout/ Charles Gasparino= 16
House of Cards/ William Cohen = 8
Street Fighters/ Kate Kelly = 1
Colossal Failure / Lawrence McDonald = 2
Too Big To Fail / Sorkin = 2
Nomura Banker Not Amused By Being Told She Was Better Suited For Housework, Boss Referring To Her Rack As “Knockers”
By Bess Levin
Kidding, no one would ever use a term like that in the office. What the guy actually called them was “honkers.” As previously discussed, Nomura’s acquisition of Lehman’s internal operations has not gone as smoothly as everyone had hoped. The Lehman employees are very difficult, all but refusing to submit to their new employer’s way of doing things. Particularly the womenfolk. They spent the summer slutting it up in sleeveless shirts, and, despite being told, pointblank, that women exist to serve, they still just seem to not get it. So I guess it shouldn’t come as a surprise that they’d raise a ruckus over pretty standard business practices like having their jugs referred to as “honkers” in front of colleagues, and it be suggested that their time would be better spent tidying up the house. What’s next, panties in a bunch over being told to get back in the kitchen? And is “bazonkas” not okay anymore? (Serious questions.)
Maureen Murphy, 30, alleges that one woman trader had her breasts referred to as “honkers” during a meeting. She also claims that a male colleague at the bank said women “belonged at home cleaning floors”.
The headline in the Financial Times blares, “Job data welcomed as markets await Fed.”
What job data, you might ask? Well, the great news that another 203,000 Americans lost their jobs last month.
Yes, yes, we understand that it’s the smallest number of job losses ADP has had to offer in a year-and-a-half. But the report was still a good deal worse than analysts expected. And it certainly offers some indication that the economic recovery–such as it is–hasn’t quite trickled down just yet.
But wait, there is some more good news from the ADP report: “Employment… is likely to decline for at least a few more months.”
From our Southern Connecticut librarian mole:
The New Canaan Library had 16 copies of Charlie Gasparino’s book ready to rent yesterday. Half of them are already checked out. He’s coming here to speak at the end of the month.
From a none too pleased employee of the Queen:
RBS in Stamford got the conference call after the “Oh, we’re taking more money from the UK government” news yesterday. (No one understood we why needed more money.) Anyway, since in 2008 the bonuses were deferred until June 2010 (and then, only 1/3 was getting paid out, and then, only in paper), now 2009 will not be paid until June 2010 (typically it was March of the following year)…and they are “unsure” if it will be ANY cash at all. It would be paid in RBS debt. Everyone is extremely unhappy.
So now, the last time (RBS) Greenwich Capital people got paid a bonus was March 2008 (for calendar 2007) and the next time we’ll get anything will be June 2010. Base salaries only for what will be over 2 years. There has been more than 1 personal bankruptcy filing by employees (traders).
And here’s what he’s doing about it:
New York Attorney General Andrew Cuomo filed antitrust charges against Intel Corp., alleging the company threatened computer makers and paid huge kickbacks to stop them from using competitors’ chips.
The attorney general alleges Santa Clara, Calif.-based Intel violated federal and state antitrust laws, according to a statement released Wednesday. Intel wasn’t immediately available to comment.
The suit alleges that for several years, Intel sought to maintain its dominance of the computer-chip market by paying billions of dollars in kickbacks to computer makers under the guise of “rebates.” The suit also alleges Intel threatened computer-makers–including Hewlett-Packard Co., International Business Machines Corp., and Dell Inc.-with retribution if they marketed products with chips made by competitors.
The full complaint is here.
Central Bank and Financial Services Authority of Ireland headquarters, DublinLast year, we learned what happens when a small island in Europe filled with people who talk funny bets the farm on the financial services industry. Are the Irish next?
Lovely emerald Eire, the European economic miracle of the last few decades, has run into some hard times. GDP is down almost 10% this year, while the country’s debt is projected to soar by the end of next year to actually exceed GDP. And now, the indignity of a credit rating cut.
Never averse to kicking when the opponent is down, Fitch Ratings has slashed Ireland’s creditworthiness by two whole grades, to double-A-minus, whatever the hell that means. The other two ratings agencies may join in beating a dead Celtic Tiger, as both Moody’s Investors Service and Standard & Poor’s have a negative outlook on Ireland.
Ireland lost its coveted triple-A rating in April.
