Archive for March 2010

Chaz corroborates our theory and adds: “Corzine was noticeably nervous. He kept looking at me, looking down, looking away. Then he finished his meal and then darted for the door– I’m telling you, he ran.”

In January, Kendrick Wilson III joined BlackRock as a vice-chairman, which is why he’s the subject of a Bloomberg profile today. Forty some odd years ago, he was nicknamed “Wildcat” by his undergrad chums at Dartmouth, which is why he’s the basis for the lead character in an upcoming erotic novel about life in the Ivies. And 16 or so years ago, he was the peacemaker in a “shouting match” between Larry Fink and Stephen Schwarzman, which is what we’re going to investigate right now. Read more »

The Post writes today that Jon Corzine’s dinner at Elio’s the other night was ruined by the presence of Charlie Gasparino. Supposedly, because of an appearance on CNBC a few years ago in which Chaz “sandbagged” the then governor of New Jersey over raising taxes, JSC is absolutely terrified of CG. Apparently the mere mention of Gasparino’s name, and the no-holds barred journalism that comes along with it, sends shivers up Corzine’s spine and being in the same room as the take no prisoners reporter results in the new MF Global chief doing some serious quaking in his boots. Read more »

  • 30 Mar 2010 at 12:15 PM

Brian Moynihan Wins Over Harshest Critic

When Ken Lewis first announced he was retiring from Bank of America last fall, Rochedale Securities analyst Dick Bové absolutely lost her shit. She knew there was nothing voluntary about this forced retirement, and that her man was being cut down in his prime. Her friends told her not to get involved, that it would emasculate Ken and just make things worse, but she couldn’t help it– she couldn’t even see straight she was so mad! I mean, really! The “success” of Bank of America was “due to the brilliance of Ken Lewis as a visionary and tactician.” And now they were going to push him out?? The guy who “no other banker in this country can equal in achievements but wishes s/he could”?? I’m sorry, no, she did not accept that. Read more »

He was just doing it out of the kindness of his heart. And the tightness in his pants. Read more »

Opening Bell: 03.30.10

RBS Fined for Breaching Competition Law (WSJ)
£28.59 million ($42.8 million) for colluding with Barclays on loan pricing, in one of the largest U.K. fines against a single company and the largest for a bank.

The Issue of Liquidity Bubbles Up (NYT)
Andrew Ross Sorkin ate cookies with Tim Geithner on Friday and they talked about liquidity.

Hawaii takes steps toward legalizing cockfights (NYDN)
Just putting it out there.

RBC Capital Aims To Be Among Top Ten US Investment Banks (Bloomberg)
“Our goal over the next two to three years is to be top 10 in the U.S. market,” said Blair Fleming, who heads the U.S. investment-banking unit of Royal Bank of Canada in New York.

Elizabeth Warren: Half of Commercial Mortgages to Be Underwater (CNBC)
As a result, the economy will face another “very serious problem” that will have to be resolved over the next three years, she said, adding that things are unlikely to return to normalcy in 2010.

RNC Fires Staffer Over Bar Tab (WSJ)
Apparently this sort of thing is frowned upon: “The Republican National Committee said Monday that it had fired an employee involved in running up a bar tab of nearly $2,000 at a risqué Los Angeles-area nightclub that was later charged to the committee. The announcement came after a political Web site reported that the RNC’s February financial filing showed it had paid the bar bill at the club, Voyeur. The item in The Daily Caller caused a small tempest and threatened to become a distraction for RNC Chairman Michael Steele, whose leadership and spending decisions have been criticized by party officials and rank-and-file members.” Read more »

  • 29 Mar 2010 at 5:30 PM

Write-Offs: 03.29.10

$$$ Citi Expands Hedge Fund Business [FT]

$$$ Robert Moffat Pleads Guilty in Galleon Group Case [BW]

$$$ Julie Mehretu’s Mural For Goldman Sachs [New Yorker]

$$$ The Masculine Mystique [WSJ

Gird your loins.