February 2010

  • News

    Ex-Merrill Employee Who Stole Money From The Bank, Bought Ferrari Had Good Reason To Do So

    Reason number one that Steven Mandala not only helped himself to $780,000 from the firm, but lied to get the job in the first place: he’d obviously tasked himself with testing MER’s due diligence and background checks on prospective employees, which he rightly assumed were not up to snuff: Mandala, who earned about $100,000 annually […]

    / Feb 17, 2010 at 10:45 AM
  • News

    Opening Bell: 02.17.10

    Ex-banker Steven Mandala steals $780,000 from Merrill Lynch, buys Ferrari (NYDN) Oh no he di’int! “The money went into his parents’ checking account to purchase the sports car,” Korenstein said. “He purchased the Ferrari, drove the Ferrari, but it’s registered to his father’s name.” Fox Business lures Gasparino away from CNBC (WaPo) “I always wanted […]

    / Feb 17, 2010 at 8:20 AM
  • News

    Volcker Loves Volcker Rule

    Got to give it up for Volcker, who, despite growing uproar against his proposed eponymous rule, is soldiering on, saying it’s the best thing that ever happened since well, ever. Volcker is however getting increasingly frustrated and said he is “very disturbed” by the level of dysfunction in Capitol Hill and the Senate, and basically, […]

    / Feb 16, 2010 at 1:28 PM
  • News

    Bomb Explodes In JPMorgan Athens Office

    Bomb was preceded by a warning phone call to an Athens newspaper. So far, no known death or injuries.

    / Feb 16, 2010 at 1:25 PM
  • News

    Dick Bove: Bravo, Jamie Dimon

    Bove has a newfound love interest: Jamie D. and we hope this will help him heal the Ken Lewis wounds. In a report today, Dick praises JP Morgan’s acquisition of some of RBS Sempra’s assets, not only because it makes sense business-wise, but mostly because it shows Jamie’s guts and manhood. I believe that Mr. […]

    / Feb 16, 2010 at 12:49 PM
  • News

    Undercover Brother: Will Vikram Take Up The Challenge?

    On the popularity Undercover Boss, wherein CEO’s of various companies “slip into the ranks” of their company alongside entry level employees to get a little taste of how the other half of their firm lives, Vikram Pandit has been nominated to appear on an episode of the show. Obviously, seeing Pandito pose as a first […]

    / Feb 16, 2010 at 12:02 PM
  • News

    Janet Tavakoli: The Credit Crisis Was A Massive Ponzi Scheme

    Watch CBS News Videos Online

    / Feb 16, 2010 at 11:17 AM
  • News

    Hank Paulson Not Loving The Volcker Rule

    Hank Paulson is making the media rounds and yesterday it was the New York Times’ turn. In a 1040-word long op-ed/sales pitch for his new book, the former Treasury Secretary argues that while financial reforms are urgently needed, Obama’s Volcker Rule proposal suck and won’t work.

    / Feb 16, 2010 at 10:48 AM
  • News

    Nassim Taleb Has Some Thoughts On CNBC

    [via BI] This was worth emerging from his self-imposed quiet time to say. Earlier: Nassim Taleb Has A Short Idea For The Homo Sapiens Of The World

    / Feb 16, 2010 at 10:34 AM
  • News

    Sleep Where Ken Lewis Hath Slept

    In the market for a place to call home in Charlotte, North Carolina? Want a place filled with memories and a wet bar where many a Boone’s cocktail was stirred? Fantabulous news– Ken Lewis is trying to sell his house. The 7517 Morrocroft Farms abode comes with 4 bedrooms, five fireplaces, a patio, a porch, […]

    / Feb 16, 2010 at 10:10 AM
  • News

    Opening Bell: 02.16.10

    Barclays Net Profit Doubles (MarketWatch) The bank said that its 2009 net profit more than doubled to 9.39 billion pounds ($14.73 billion) from 4.38 billion pounds a year earlier, due to gains from the disposal of Barclays Global Investors. The bank said pretax profit, including a 6.33 billion pounds gain from BGI, rose 92% to […]

    / Feb 16, 2010 at 8:15 AM
  • News

    Opening Bell/Closing/Holiday Bell: 02.15.10

    Charlie Gasparino Expectede To Join Fox Business (TVNewser) If you’ve been missing your Jabroni Pony, great news: after taking the last few months off to work on his pecs, Gasparino is back (*full accounting of CG’s new weight room/sauna routine coming this week). ALSO: it’s possible he’s going to grow the stache for his debut […]

    / Feb 15, 2010 at 10:45 AM
  • News

    Write-Offs: 02.12.10

    $$$ Algo-Theft Case Against Ex-UBS Employees Dropped [TM] $$$ Dope farm discovered in old branch of Natwest [DM] $$$ Chipotle Execs Now Buying Every Nice Village Apartment [Curbed] $$$ Lehman donates its leftover Vineyard Vines ties to the Salvation army [PDF]

    / Feb 12, 2010 at 5:15 PM
  • News

    Raj Rajaratnam Needs A Place To Crash In The City

    Raj Rajaratnam (and lady friend Danielle Chiesi) know that there is “not even a chance” they will do one day in jail, because they’re innocent, and didn’t do anything wrong. Given. Still, Raj-Raj has to pay some lawyers to prove it, and representation does not come cheap. That presumably has nothing to do with the […]

    / Feb 12, 2010 at 4:21 PM
  • News

    Andrew Ross Sorkin, Roubini, Malpass Chitchat About Greece

    They all agree it sucks. But which one sounds the smartest saying it?

    / Feb 12, 2010 at 4:10 PM
  • News

    Sam Zell Pisses Off Denim-Haters

    Sam Zell got himself in a bit of a pickle the other day, for the grave offense of wearing jeans (Jeans! They’re for peasants!) to the Union League Club. Because of his choice of pants, Zell, who was coming to give a lecture on the outlook of real estate, was barred from entering. Organizers thankfully […]

    / Feb 12, 2010 at 3:27 PM
  • News

    Marc Spilker To Leave Goldman Sachs, Start Hedge Fund With Seed Money From Jim Chanos

    I’m kidding, but seriously: the departing head of Goldman Sachs Asset Management (whose gig is being taken over by Edward C. Forst) is going to have a lot of time on his hands for stuff like unorthodox landscape architecture and now that he’s retired, will really want to “maximize [his] beach enjoyment.” Uncle Jim might […]

    / Feb 12, 2010 at 2:40 PM
  • Banks, News

    Remember To Recycle (The Old Banks)

    What is one supposed to do with all the failed banks? Buy them and create a new, prettier one! Former BofA and Wachovia execs are doing just this and are seeking $1 billion to fund their mega-bank, the Blue Ridge Bank N.A., to be based in Charlotte. And they’re hiring!

    / Feb 12, 2010 at 2:25 PM
  • News

    Citi, Community Organizer, Love Giver, Neighborhood Rescuer, Therapist

    Ok people, time to stop bitching about Citi and its desire to conquer (destroy) the world with its uber-derivatives. Those people have souls. They just launched a pilot initiative that will allow people to remain in their foreclosed homes for six months in six states and they would like the Blankfeins and Dimons of the […]

    / Feb 12, 2010 at 1:55 PM
  • News

    John Thomas Financial CEO, Defender Of Equal Rights For Wall Street, Most Likely Has Another Issue He’d Like To Address

    A few weeks ago, John Thomas Financial CEO Thomas Belesis demanded respect for a group of people, the denizens of Wall Street, who, while labeled “different” from the rest of society because of their alternative professions, are still human beings who deserve to be treated fairly. Belesi did so by organizing a rally on his […]

    / Feb 12, 2010 at 1:45 PM
  • Communiqués, News

    Lee Ainslie’s Advice For Weathering The Ups And Downs Of The Markets And Life

    Before losing your cool, take a TO to ask yourself the following: “3-2-1, 1-2-3, what the heck is bothering me?“. Also, don’t overeat (like someone who recently made partner at the firm), ’cause no one likes a fattie.

    / Feb 12, 2010 at 12:55 PM
  • News

    Houston Investment Bank Skeptical Of Cash Money Records Founders’ Foray Into Energy Business

    As noted earlier this week, Cash Money Records founders (and brothers) Bryan “Birdman” Williams and Ronald “Slim” Williams are trying their hands at the energy business, with the launch of Bronald Oil & Gas LLC (Bronald = Br(yan) + (R)onald). This has prompted some haters to wonder aloud whether or not this is some sort […]

    / Feb 12, 2010 at 12:44 PM
  • News

    Greek Prime Minister Not Impressed

    The Greek Prime Minister George Papandreou is not too pleased with the EU’s pledge of some sort of help yesterday, which lacks any concrete measures. Papandreou’s response came down to, “thanks guys, but too little, too late.”

    / Feb 12, 2010 at 12:17 PM
  • News

    What Is This 30 Rock Parody Of CNBC Missing?

    [clip via Business Insider] Can anyone put their finger on it? Caruso and Cabrera, ideas?

    / Feb 12, 2010 at 11:26 AM

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