“It really helps people, it’s useful,” the former Federal Reserve Chief said today. So there’s that.
Archive for December 2009
Yesterday, the Washington Post treated us to an in-depth look at that $700 billion in rescue money being a number pulled out of Hank Paulson’s ass, and Neel Kashkari’s attempts to lose the weight he gained in DC while he lives in the woods and builds a shed. Now let’s take a peek at the absolutely epic slideshow that accompanied that story.
More bad news from the last recessing economy in the universe: The manufacturing sector simply refuses to grow.
It was flat in October, according to government statistics. And while we’re raining on the parade, let’s also note that manufacturing did even worse the prior month than we expected, with September’s industrial output numbers revised down.
Great news ladies and shemales of SAC– EIM founder Arki Busson, the smiliest financier around, has called off his engagement to Uma Thurman. Supposedly Busson’s major Madoff losses may have played a part in the split– Uma walked off in a “huff” about something– though it was reportedly AB who cut the cord. So, sad for the couple but fantastic for those of you hoping to put the perma-grin back on Arki’s face, by sitting on it. Will you be the one to make him look like this?
Regan had her twins early this morning. They’re two girls, named Elizabeth and Alexandra (the father is Barclays employee James A. Ben). Trish is expected to return to The Call in late January, and in the meantime, it’s possible, if you play your cards right, that Amanda Drury and her twins will come stateside to fill in.
Earlier: The Next Generation Of CNBC
American Banker has named Jamie Dimon the Banker of the Year, for obvious reasons. They include: running a bank that didn’t have its ass handed to it, being Obama’s favorite, allowing employees to celebrate the birth of Christ/awkwardly grope each other, general hotness, and not being the guy running the firm where they fertilize eggs in the basement for the sole purpose of destroying the embryos* (ixnay on the aldybay). Normally, we would be happy about any honor bestowed on the boy-toy CEO this one we cannot get behind, given that last year’s recipient was Ken Lewis, who put a curse on the thing. So thank you, AB, but no thanks. We’re good here. You can have this one back.
*One of the lesser known secrets to their success.
The current owners of Northern Rock today announced their plans for the nationalized bank. The former owners? There will be no compensation for their shares under their Christmas tree.
Andrew Caldwell, the independent valuation expert who’s been working through the Northern Rock mess for more than a year, is warning that investors in the bank are entitled to nothing for their shares. In a preliminary report, he concludes that there was simply no way the failing lender could repay the British government the £25 billion pounds it needed two years ago to stay afloat. Caldwell says it would have come up more than £5 billion short.
Pity.
Breath of sigh of relief, City of London: Alistair Darling promises he would never, ever do anything to hurt you.
Amidst reports that he’s planning to impose a one-off windfall tax on investment banking bonuses, the British Chancellor said he is “determined we do not do anything that undermines” London’s place as a major financial center. Careful readers will note that he did not deny that he’s planning to ask bankers to dig deeper into their smaller bonuses this year. In fact, he might say, it’s a matter of justice.
“There wouldn’t be a bank standing today if taxpayers in this country and in every other country hadn’t put their hands into their pockets to stabilize the banking system,” he (actually) said. So shut up and pay up, you ungrateful bastards.
Galleon Probe Stymied by Lack of Follow-Up, Ex-FBI Agent Says (Bloomberg)
Clumsy (or genius?) employees also didn’t help things: To monitor Roomy Khan, Intel set up a hidden video camera and obtained phone records that showed she faxed information to Galleon in New York, Atkinson said. The camera was ripped out by an employee, not Khan, after it was discovered, he said. “We would have liked to have gathered information for a longer time, but we weren’t able to do that,” he said. “That was a minor setback.”
Feinberg Said To Lift $500,000 Salary Limit For AIG Executives (Bloomberg)
At least for the five senior executives who were threatening to leave. Now they can stay, and continue doing a bang-up job running the best company in the world.
Bank of America Executive Under Scrutiny (NYT)
Andrew Cuomo has “concerns” about testimony given last month by Gregory Curl, the bank’s chief risk officer (and possible candidate for the CEO gig).
Morgan Stanley Shuffles Executives (WSJ)
CFO Colm Kelleher and veteran banker Paul Taubman will run Morgan’s institutional securities unit.
SEC Probing High Frequency Trading Strategies (Reuters)
And they’d like some public input, so don’t be shy.
Details Of RBS Pain Revealed By Treasury (CityAM)
Financial services secretary to the Treasury Paul Myners said the agreement provided a “much-improved” position for the taxpayer. “RBS will bear a much greater share of the burden, with the first loss increasing by £18bn. The bank will also pay the full operational costs of the Asset Protection Agency,” Lord Myners said.
Probe Extended In U.S. Insider Trade Case (Reuters)
A document filed in Manhattan federal court said prosecutors and defense lawyers “have consented that the continuance may be granted for the purpose of receiving and reviewing certain pre-indictment discovery and discussing dispositions in the case.”
Bailout Refund Is All About Pay, Pay, Pay (NYT)
Andrew Ross Sorkin has some reservations re: the BAC TARP repayment.
$$$ Financial News’ Rising Stars list includes a 22 year-old Goldman employee. [FN via Heidi Moore]
$$$ Confessions of a Corporate Spy [Details]
$$$ Wall Street Bars [BI]
$$$ Bankers Now Taking Jobs Away From Old People, High-School Students [Daily Intel]
Not because you think you passed (you probably didn’t?), but because it’s over and you don’t have to think about this thing again for a few months, at which time you’ll receive your results and either a) slit your wrists or b) decide to give up another million hours of your life for the next level, all in the pursuit of adding three little debatably valuable letters to your b-card (when you should really just add SMD and be done with it). Here’s freak-out boy’s recap of the day:
I took it in Boston, and let me tell you, it was rough. It all started with the setting: The Boston Convention Center, where a decent cup of coffee has never been heard of. There was a whole lot of people that had been up all night, obvi carrying formula sheets and what not. Everyone seemed to be in good spirits after the first half, except for the twitchy kid that sat next to me. I am pretty sure he was licking meth off pieces of tinfoil the whole time.
