Maria Bartiromo: So you think Goldman is to blame for AIG?
Hank Greenberg: Oh yeah. And there’s more to come out.
Earlier: “We’re dealing with a jigsaw puzzle where all the pieces are not in the box. Bit by bit, we’re getting the pieces. The pieces are failing into place and the picture on the face of the puzzle is not a pretty picture.”
Archive for January 2010
CNBC would like you to know it will be airing a one-hour special on Sports Illustrated‘s annual swimsuit issue, on February 9 at 9PM, when Darren Rovell will interview a bunch of former SI models (Cheryl Tiegs, Carol Alt and Kathy Ireland), there’ll presumably be lingering close-ups of the cover at left, and, maybe, a behind the scenes look at the shoot. So, mark your calendars. Or, just watch actual porn. Do one of these two things.
Hey hey future Harry Markopoloses (Markopoloi?) of the world: the SEC wants to hear from you! Really! For serious! Yes, it’s true, back in the day (as recently as a year-ish or so ago), your kind was not welcome at the Securities and Exchange Commission. They would’ve told you to fuck off, get bent, S a D and so on and so forth.
Remember Paul Greenwood? He didn’t get as much press as some other managers running Ponzi schemes last year, but we always liked the guy, because let his freak flag fly. He wasn’t afraid to say, yes, I have an $80,000 collectible Teddy Bear, what of it, unlike some other frauds we can think of, who were, like, embarrassed for people to know about their decorative dolls. Anyway, P-dog is trying to sell his home in Westchester, which is why we now know that not only is he one of the biggest, most serious Bear Boys on the scene, but that:
Ex-Morgan Stanley Employee To Potentially Participate In Televised Cooking Competition
By Bess Levin
I don’t know why this is a story but for the pastry/reality TV loving Morgan Stanley employees in the group, prepare to muster some tepid excitement for one of your own: Bloomberg reports that Judy Joo, a girl who at one time worked for Morgan Stanley, might be on the UK edition of “Iron Chef.” Joo worked in fixed income research and derivative sales at the bank, before studying at the French Culinary Institute and then working as a pastry chef at Restaurant Gordon Ramsay. She’s also rumored to have once fed John Mack a Twinkie, while making the airplane noise.
As you’ve probably heard, it’s not that easy to get rich as an employee of Citi. Sadly, the days of the bank paying hundreds of millions for your shitty hedge fund are pretty much over, unless you’ve got something really special to offer them, in which case, let’s talk. Still, there are a few ways to score a decent chunk of change from the Big C, which we’ve been doing our part to share with you. Last week we discussed the John Havens case study. He’s the highest paid guy at that place, a title he scored by coming up with a revolutionary way for Citi to save tens if not hundreds of dollars each year. Today we’ve got another insider tip: show up late, get yourself fired, and let your former boss assault you on the way out.
As previously mentioned, one of the greatest things that went down at yesterday’s Financial Crisis Inquiry was the aggressive and plentiful display of Lloyd Blankfein’s mug. The stink eye, the scrunched face, it was all spectacular. Whether it was waiting for Bill Thomas to finish his magnum opus on email, preparing to cut a bitch, or looking at the guy at the other end of the table, knowing he wasn’t Ken Lewis but still having difficulty placing him, there it was. I don’t know if this is an intimidation tactic, if he needs to have his eyes checked, or if it’s involuntary, I just know we want, nay, need more of it in our lives, and would offer that Goldman would be wise to at least just consider introducing the Lloyd Cam, so we could have a live feed of this thing at all times. For now, we have this:
That’s right ladies, on this day, fifty-three years ago, a little Pandito entered the world. Obviously, Uncle Vik’s been gearing up for this thing since New Year’s (Citi spokesmen won’t say anything, but it’s the reason Vickles was conspicuously absent from yesterday’s panel, not wanting anything to upset him during “birthday week”), and in light of 52 being a tough one, we’ve got to do what we can to make the big 5-3 special. Pony rides? Given. A visit from a special lady, clad in leather, bearing whips and chains? It’s in the works. And I’m thinking, it’s finally the right time. For the Build Vikram A Zen Garden fundraiser. You know it’s all he truly wants, it’s only ten million, and the look on his face, raking that sand, would be all worth it. Other ideas for how we can really pull out all the stops are welcome at this time. The Prince is readying Vikram’s matching linen outfit (matching the horse, not his highness) for a lunchtime ride through the lobby as we speak. Get cracking.
Obama To Unveil Plan On Bank Taxes (WSJ)
If approved by Congress, the new tax — which the White House calls a “financial crisis responsibility fee” — would force about 50 banks, insurance companies and large broker-dealers to collectively pay the federal government roughly $90 billion over 10 years. Of the 50, about 35 would be U.S. companies and 10 to 15 would be U.S. subsidiaries of foreign financial firms. A senior administration official said the largest 10 institutions would pay about 60% of the tax’s total cost.
Goldman Sachs Readies Bonus Bonanza, Braces for Backlash (ABC)
A list of the ten Goldman employees expected, by ABC, to get at least $10 mill each. A Goldman spokesman said “the speculation about compensation is ill-informed and, frankly, pretty stupid.”
China dismisses Google’s threat to quit (FT)
Wang Chen, head of the State Council Information Office and deputy head of the Communist party’s propaganda department, said internet media “must live up to their responsibility of maintaining internet security”, including censoring content.
Forget Wind. Pickens Turns Focus to Gas. (NYT)
For the new effort, he has developed three television commercials with a toughened emphasis on national security. He is preparing to tour the country again to inspire his “army” of citizens to lobby Congress for tax incentives. He will not disclose how much he expects to spend on the effort this time.
Soros Fund Is Said to Plan an Office in Hong Kong (Bloomberg)
Soros Fund Management may relocate New York-based fund managers James Chang and Dai Jixin to Hong Kong.
Morgan Stanley and Goldman Sachs Fight for First (WSJ)
An actual article about the “fight” for who will release earnings first.
Twitter Can Be a Shareholder’s Best Friend (TBM)
Says Eliot Spitzer.
$$$ SocGen: we’re probably looking at a $2 billion write-down. [WSJ]
$$$ Patricia Cohen Tells Judge She’ll Pursue Her Case [Bloomberg]
$$$ Mike Mayo: Banks Are An ‘Industry on Steroids’ [CNBC]
$$$ Trader Monthly Editor-In-Thief Randall Lane Writing Memoirs [TS]
$$$ The FCIC Should Swiftly Summon Alan Greenspan [BW]
Senior bankers will get 5 percent to 15 percent of their bonus in cash, compared with about 50 percent at Bank of America last year, said the people, who declined to be identified because the talks are private. Junior bankers may get 25 percent of their bonus in cash, said two people familiar with the matter. The rest will be paid in shares and cash over time depending on the stock’s performance, the people said.
