Show us on the doll where Jamie Dimon touched you.
Those of you who’ve been keeping up with Nails’ Travails are well aware of the fact that his current financial situation? Is not fault of his own. There is someone to blame however, and that someone, LD has said many times, is JPMorgan. It is JPMorgan née Washington Mutual who caused Lenny to lose millions due to “predatory lending” and it is JPMorgan who should be losing sleep at night over the fact that Nails lives in the back of a Chevelle and can no longer afford to fly private. And if you thought he was kidding, think again. Continue reading »
The problem this time around, according to ML? Was that “most of the dicks were stupid.” Stewart’s two cents: “The entire financial market was a bunch of George Costanazas, telling lies they believed.” (And banging their cleaning ladies on the desk, do not forget that.) Also, note the cat-calling for Einhorny from the audience. Nice to see others finally getting on board.
I'll give you 3 guesses who taught me this move but you'll only need one.
As I’m sure many of you know, it’s not atypical for someone with a long and storied career on the Street to look back and reflect. They’ve earned the right and its likely that if any of the young whippersnappers cared to listen, they might learn something themselves. Shia LaBeouf is no different. As someone who spent months trading his online brokerage account, bonded with the Charles Schwab guys (Encino branch) and taken several meetings with employees of Goldman Sachs, all in preparation for his (fake) career, he’s figured out a thing or two. And now he wants to share it with you. Continue reading »
Fuld privately believes that the report by examiner Anton Valukas provides proof that he did nothing illegal as he steered Lehman through a financial mess that ultimately led the firm to file the largest bankruptcy in US history, according to sources familiar with the matter [...] But while Valukas in the report said that the Lehman estate has “colorable” claims against Fuld, former CFO Erin Callan, and other members of the financial team for not disclosing its use of the Repo 105 transactions, people in Fuld’s camp think differently. They say that if after poring over reams of documents and sifting through millions of e-mails, Repo 105 is the strongest example of Lehman’s supposed shenanigans, Fuld & Co. are in good shape.
In related news, Joe Gregory is looking for a job, if anyone knows of any opportunities.
CIT Posts $1 Billion Quarterly Loss (NYT)
The U.S. company said in a regulatory filing that it would not return to profitability in 2010 under regular accounting rules. But it added that new, post-bankruptcy accounting measures would bring it back into the black this year.
Nomura Revamps Group Structure (WSJ)
Nomura Holdings Inc. has admitted a foreigner to its top decision-making committee in a bid to globalize the Japanese firm and retain former Lehman Brothers bankers, people familiar with the matter said. Nomura has restored former Lehman Brothers executive Jasjit “Jesse” Bhattal to a position of power and revamped the structure of its organization to help stem a wave of defections in recent weeks.
Deutsche Bank, JPMorgan, UBS Are Charged With Derivatives Fraud (Bloomberg)
Prosecutor Alfredo Robledo alleges the London units of the four banks misled Milan on the economic advantage of a financing package that included the swaps and earned 101 million euros in hidden fees.
Major Dutch fund ABP sues BofA over Merrill (Reuters)
“Prior to the merger date, BofA appear to have had knowledge of record quarterly losses Merrill was facing. The losses were expected to exceed $15 billion,” ABP’s assets manager APG said in a statement on Wednesday.
Jim Rogers Sizes Up Two Global Bubbles (CNBC)
“The euro will probably break up in the next 15 to 20 years,” Rogers said in an interview. “Don’t get me wrong, I own the euro. We’ve had currency unions in history, they didn’t survive, this one won’t survive either,” he explained.
Rachel Maddow Questions Geithner About Role At New York Fed: ‘Where Were You?’ (HuffPo) Continue reading »
$$$ “He was dismissed for being too successful in that role because the provisions in his contract were considered by the bank to be too generous.” [FT]
$$$ Chris Dodd’s Financial Reform Bill Is A Road Map Leading Directly Into The Next Crisis [BI]
$$$ Jack Grubman to Sell Townhouse for $19.6 Million [NYO]
$$$ Hedge Funds Fail When ‘Rock Stars’ Are In Charge [Bloomberg]
One sick fuck.
“To put it in the crudest possible way, these firms have to be smaller and less profitable,” Lewis told Reuters. “If they were regulated properly and the rules of their game were sane, it would be less profitable to be a trader at a big Wall Street firm … It is really a war over money.”
Earlier: Michael Lewis: “No Intelligent Person Who’s Sitting On Wall Street Can Think Of Themselves As Anything But Overpaid”
Charlie Gasparino reports that his sources are telling him Lloyd Blankfein and Goldman Sachs are so despised the world over that they get “75 to 100 pieces of hate mail in a single day.” Chaz wanted to give us a specific number, but doing so would’ve given away the fact that he himself has been the one faithfully clipping letters from newspapers and magazines each night to send LB variations on “you got some stugots not callin’ me back, Lloyd!” (“you better fuckin’ call me back, Lloyd!” and “do not test my patience Lloyd or I’m gonna make a bank holding company out of your stugots, LLOYD!”). So, a range of 75-100 it is. Continue reading »
Ugh, this guy.
The first thing is please don’t forget to sign up for Mark’s daily newsletter. The second, which you’d think would be abundantly clear but apparently not: these guys are victims! Yeah, they were Bernie’s second and third in command at Ponzi Nation but victims! Victims “of their father’s terrible crimes.” Victims of his scam. Victims of the DNA he passed on their way. VIC-TIMS. Victims. Owing to their victim status, the boys have submitted a filing with the U.S. Bankruptcy Court, Southern District of New York, requesting that all complaints against them be dropped. Because it’s just not fair.
Ex-Lehman Brothers Execs Tickled By How Bent Out Of Shape Everyone Is Getting Over Firm’s Use Of Repo 105
By Bess LevinOnce Chuckles got a second to catch his breath, he wanted to get one thing straight. He’s not laughing with you, he’s laughing at you.
It’s such a NBD that I don’t even know why we’re talking about it. But while we’re on the subject? If you thought Lehman was bad? Maybe you should stick your nose in Goldman’s business. That shit will haunt your dreams. It’s like Saw over there. Continue reading »
Tags: a real gas, Dick Fuld, Erin Callan wouldn't get off her bike to comment, giggles, Lehman Brothers, mouth-breathing reporters, whatever, yeah yeah yeah, yukking it up