April 2010

  • News

    Write-Offs: 04.30.10

    $$$ Charlie Munger: One Firm Behaved Worst of All (Dick Fuld, Come On Down) [CNBC] $$$ Will John Paulson’s Deal With Goldman Sachs Cost Him His Seat On the Board of Spence? (Kinda Doubt It) [NYM] $$$ Goldman’s troubles may hurt money management unit [Reuters] $$$ ‘Cuddle hormone‘ makes men more empathetic [BBC]

    / Apr 30, 2010 at 6:15 PM
  • News

    MBIA Fraud Suit Against Countrywide to Proceed

    MBIA, the mortgage insurer that decided to back all those subprime securities underwritten by Countrywide and others, will now have its day in court. A judge ruled earlier this week that MBIA can proceed with its fraud claim against Countrywide (now Bank of America.) The insurer claims Countrywide lied when it told MBIA the mortgages […]

    / Apr 30, 2010 at 5:51 PM
  • News

    Bob Rubin: “Do you want to go upstairs and…cuddle?”

    Which former treasury secretary would you rather hear about sticking his tongue down a woman’s throat whilst placing his hands “everywhere sort of like an octopus”? Which former treasury secretary would you like to hear about coping with the stress of the financial crisis with a good spoon? If you said “anyone but Larry Summers,” […]

    / Apr 30, 2010 at 4:15 PM
  • News

    More Charges Coming for Madoff Cohorts

    Looks like Bernie Madoff’s right hand man, Frank DiPascali, is squealing like a pig to federal investigators, who are preparing criminal charges against two more Madoff employees. It’s unclear who the new charges are being brought against, but it appears Bernie’s two boys and his brother may have dodged securities fraud for now.

    / Apr 30, 2010 at 3:18 PM
  • News

    Wall Street Rants: “Go ahead and continue to take us down, but you’re only going to hurt yourselves.”

    An email apparently going around today. “We are Wall Street. It’s our job to make money. Whether it’s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn’t matter. We would trade baseball cards if it were profitable. I didn’t hear America complaining when the market was roaring to 14,000 and everyone’s […]

    / Apr 30, 2010 at 3:15 PM
  • News

    Caption Contest Friday

    [A participant in yesterday’s festivities, waiting downtown to give Lloyd a mustache ride. ] Yesterday’s Wall Street Protest: A Good Time Was Had by All [Daily Intel]

    / Apr 30, 2010 at 1:58 PM
  • News

    Why Was Goldman’s Structured Products Desk Trading Equities?

    That question came up in the hearing earlier this week in reference to an email sent by Josh Birnbaum, a former MD in Goldman’s structured products group. The email, sent in July 2007, sought authorization form senior management for the structured products desk to buy put options on a slew of competitors including Merrill Lynch, […]

    / Apr 30, 2010 at 12:51 PM
  • News

    Last Night, You Missed The Social Event Of The Year

    You also narrowly avoided being ambushed into having a conversation about tranny tits while waiting on line for the bathroom, so same diff, no diff. Tried to grab a beer at the Gin Mill Bar the other night, but with 100 members of the SEC inside (whose bar tab the taxpayer presumably covered), it kinda […]

    / Apr 30, 2010 at 12:45 PM
  • News

    DragonBack Manager In A Zen Place About Investors Running For The Exits

    Hong Kong-based hedge fund manager DragonBack Capital has seen a dramatic reversal in its fortunes over the last 12 months, with its assets plunging 85 percent to around $45 million amid continued redemptions from fund of hedge funds. Last year at this time, assets in the fund were at $316 million, falling to $187 million […]

    / Apr 30, 2010 at 11:45 AM
  • Opening Bell

    Opening Bell: 04.30.10

    Criminal Probe Looks Into Goldman Trading (WSJ) The investigation from the Manhattan U.S. Attorney’s Office, which is at a preliminary stage, stemmed from a referral from the Securities and Exchange Commission, these people say. The SEC recently filed civil securities-fraud charges against the firm and a trader in its mortgage group. Goldman and the trader […]

    / Apr 30, 2010 at 10:00 AM
  • News

    Write-Offs: 04.29.10

    $$$ How Much Did Lehman CEO Dick Fuld Really Make? Oliver Budde, former Lehman Brothers associate general counsel, says Fuld failed to disclose hundreds of millions in compensation. [BW] $$$ ACA became Wall St’s trash can, now haunts Goldman [Reuters] $$$ The Power of Lucky Charms [WSJ] $$$ Tiger Woods’ Tally: 121 kills [HF] $$$ […]

    / Apr 29, 2010 at 6:15 PM
  • News

    Mark Your Calendar: Next Greatest Hearing Of Our Time Comin’ At Ya May 5

    This is the one we’ve been waiting for. James Cayne and Alan Schwartz, who served as chief executive officers at Bear Stearns before the firm collapsed in 2008, will testify on May 5 along with former Securities and Exchange Commission Chairman Christopher Cox, the commission said today in an e-mail statement. Since recent events have […]

    / Apr 29, 2010 at 4:15 PM
  • News

    Protestors Storm JPMorgan Office

    A reader just sent us this photo, purported to be from 270 Park Ave. where angry protestors have pushed their way into JPMorgan’s headquarters. We’ll update as more info comes in. Not sure if they’re from Syracuse or not. Update: Apparently the protestors are from this group, which plans to stage some sort of big […]

    / Apr 29, 2010 at 2:29 PM
  • News

    Deutsche’s Ackermann: “Mistakes Were Made”

    Deutsche Bank boss Josef Ackermann spent last night in Washington chilling with Bono, Bill Clinton and other dignitaries at the Atlantic Council’s annual awards dinner. While he applauded the influential think tank’s “courage to give an award to a banker,” he acknowledged in his speech that bankers had made mistakes with financial instruments that were […]

    / Apr 29, 2010 at 2:13 PM
  • News

    Fuld Sighting. . .

    Former Lehman Brothers chief Dick Fuld was just spotted walking by himself in Times Square near 42nd Street. Is he looking for office space or just paying a visit to his old firm?

    / Apr 29, 2010 at 1:05 PM
  • News

    Citigroup Clears Up Confusion On SchnitzelGate, Is Yet To Make Grand Gesture

    A couple weeks ago, when the Schnitzel & Things food truck, purveyor of “thin, deep-fried cutlets,” was forced by the cops to leave its regular corner on 54th and Lex, the owners were pretty surprised. Particularly when they were told the alleged reason, which was that there’d been a complaint from inside the building, where […]

    / Apr 29, 2010 at 12:45 PM
  • News

    Lisa Maria Falcone Dances Like No One’s Watching

    When you’re the wife of a wealthy/powerful/prominent man, you have to be ever vigilant to follow the rules. You have to act a certain way, dress, a certain way, think a certain way. You don’t want to do anything that would potentially embarrass your husband and/or cause trouble for him professionally. For the most part, […]

    / Apr 29, 2010 at 12:18 PM
  • News

    Goldman Employees Scared Into Eating Lunch At Their Desks, Not Making A Spectacle Of Selves While Partying

    Thanks, Mary Schapiro. Because of you the men and women of Goldman Sachs can’t even leave the building for a sando out of fear someone will be listening in on their conversation re: the next client they’re going to give the old “GS surprise.” And don’t give me that crap about how they could find […]

    / Apr 29, 2010 at 11:00 AM

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