Archive for December 2009
This holiday season, Deutsche Bank employees are coming to the aid of their own in the U.K. (and presumably France, as well). In a heartwarming show of solidarity, Deutsche Bankers one and all will feel the pinch of the Franco-British tax on banking bonuses.
That they’ll be doing it against their will….
The decision to “globalise” the pain of the British 50% one-off tax on banking bonuses this year will certainly ease the burden on British Deutsche Bank employees and impose it on those who work elsewhere, including in Germany, which has decided not to follow its European compatriots in the tax.
FINRA Probes Wall Street Trade Huddles (WSJ)
The regulator recently sought information from Citigroup, JPMorgan, Morgan Stanley and other firms, including details of any meetings where unpublished research opinions or trading ideas were disclosed to nonresearch employees or clients.
Fears Over Bank Reserves Overblown (Reuters)
Everybody can apparently chill: Concerns over the surge in excess reserves in the U.S. banking system and its potential to fire up inflation are “largely unwarranted,” according to two New York Federal Reserve economists, Todd Keister and James McAndrews.
Judge Sets January 2011 Trial in Stanford Case (AP)
Also, this is nice to hear: Stanford, 59, who was unshaven and wore a green prison jumpsuit, looked healthier than the last few times he’s been in court.
How Tiger Protected His Image (WSJ)
The National Enquirer had pictures of Tiger and a waitress in a church parking lot, so in exchange for killing the story, Woods did a photo-shoot and interview with Men’s Health (owned by the same parent company as the Enquirer). This made Golf Digest, who thought they were the only ones getting a piece of TW’s shit, very angry!
Legal Fees Mount In Madoff Liquidation (NYT)
A judge approved the payment — nearly $21.3 million for the Baker & Hostetler firm and about $800,000 to trustee Irving Picard — Thursday in federal bankruptcy court in Manhattan. It follows initial payouts of $14.6 million and $760,000 in July.
Roubini: 6 More Months More Months Of Carry Trade (Reuters)
“A correction might occur, but the risk of a correction is more in the medium term than in the short term,” Roubini said in an event organized by the Council of the Americas.
Last Days of BofA’s Hunt For a CEO: Pay, Politics (WSJ)
Bob Kelly wanted $20 million to buy out unvested Bank of New York Mellon shares and options, plus $15 million to $20 million in annual compensation as chief executive. This was going to be a problem with the Comp Cop.
What this joyous news you hear? Dubai has added itself to a small but fierce list of people who have pledged not only to not judge Tiger Woods’ life choices, but to stick it out with him in his time of need. Maybe it’s because Dubai knows what it’s like to be publicly humiliated, or because the Big D feels it has some wisdom to impart on those who’ve (probably) contracted several strains of the clap. WHO KNOWS. Doesn’t really matter why. The point is that like Ken Lewis, Dubai is not ashamed to have its name associated with T Dubs.
Not even this guy could do a worse job than Tim Geithner.The U.S. and global economies have “turned a corner,” according to Federal Express.
The highly-regarded economic study board and shipping company says we’re all going to be alright, because they shipped a freakin’ ton of stuff on Monday. Their own numbers don’t seem to bear out the optimism, but who cares about 30% drops in profit when you can offer assurances that our long international nightmare is over?
Unless you’re British. Your country still sucks.
FedEx Sees Economy Gaining Strength [WSJ]
Just saw old Raj x2 at John Allan’s in midtown. He got his hair washed before me. Guess we know he hasn’t skipped town yet.
Abu Dhabi’s isn’t the only government that doesn’t want to take a huge bath on its Citigroup investment. But fortunately for Little Tim Geithner and the Treasury Boys, they don’t have to go to court to keep that from happening. They just have to hold their breath (and their 34% stake in Citi).
Seems the Treasury forgot that when a company has to flood the market with more shares in order to repay its gigantic TARP loan, the value of everyone’s shares goes down. A lot. Including those of the people who made the gigantic TARP loan.
To the 300 of you who’ve emailed asking how it’s possible that we haven’t mentioned that story yet, I’ll give you two guesses BUT YOU’LL ONLY NEED ONE.
“Another unique characteristic about Brian is that he actually wanted the job.”
That’s Ken Lewis introducing Brian Moynihan to the Bank of America troops. So many questions at this time: Is this the side of KL Dick Bové always told us about but that we’d never seen for ourselves ’til this point? What time did the Boone’s start flowing this morning? Will Lewis address the claim that B-Moy’s “not even in the same league as Vikram Pandit”? Is he going to elaborate on that first meeting with Moyns “in the corporate apartment”?
Yesterday, Time named Ben Bernanke Person of Year. This news didn’t sit right with country reporter Charlie Gasparino. Any old hobo would’ve been a better choice, but as luck would have it, Chaz has someone in particular in mind, who is more deserving of the award. And that, CG says, is Charlie Gasparino.