Bank of America Reports 25% Profit Drop (MW)
First-quarter net income was $3.2 billion, or 28 cents a share, versus $4.2 billion, or 44 cents a share, a year earlier, Bank of America said. Revenue at the bank fell 11% year-on-year to $32 billion, driven by what it said were the absence of credit-related gains on Merrill Lynch-structured notes that it had enjoyed last year, as well lower mortgage-banking volume and income. First-quarter provision for credit losses was $9.8 billion, down from $13.4 billion in the first quarter of 2009. But despite the drop, the results outpaced analyst estimates. Bank of America was expected to make 9 cents a share, according to the average estimate of analysts surveyed by FactSet Research.
Geithner Won’t Call For Derivatives Ban (WSJ)
Mr. Geithner, in a letter to Senate Agriculture Committee Chairman Blanche Lincoln (D., Ark.), said new financial rules must create restrictions on how over-the-counter derivatives are traded “in order to curb abuses that were at the very center of the financial crisis.” But he notably stopped short of endorsing a proposal from Ms. Lincoln to force large banks to spin off derivatives trading businesses entirely.
Goldman Director To Step Down (WSJ)
Rajat Guptatold Goldman Sachs Group Inc. in March he wouldn’t stand for re-election as a director, after receiving notice from prosecutors that they were reviewing recorded conversations between him and Galleon Group founder Raj Rajaratnam, people close to the matter say.
NY Democrats Antagonizing Their Backers On Wall Street (Reuters)
“Schumer is a bit of an anathema because sometimes he’s with us and sometimes he’s against us,” said one financial industry lobbyist who declined to be identified in order to preserve friendly relations with New York politicians.
Goldman Real Estate Fund Lost 98 Cents on the Dollar (FT)
Whitehall Street International, Goldman Sachs’ international real estate investment fund, has lost almost all of its $1.8 billion of equity following soured property investments in the U.S., Germany and Japan, according to the fund’s estimates.
Arrested in Shoeshine Arsons, and Back Out Shining Shoes (NYT)
The gentlest-looking person on an otherwise sharp-elbowed stretch of 42nd Street on Thursday seemed to be a short, sweet-faced man of 71 years, hunched over a little wooden shoeshine box. The man, John Swain, wore a cardboard sign around his neck, with the words “Shoe Shine” stenciled in black lettering. There he was, fresh from his arrest the day before on charges of burning down a nearby shoeshine stand — twice. There he was, back out there offering shines for $4 apiece. “Yep, that’s me,” Mr. Swain said when showed a photograph of himself in the morning newspaper, along with an article saying he was accused of setting fire to a three-seat stand near Bryant Park on March 22, and then torching a replacement stand on April 6.
2 Charged in International Tax Evasion Scheme Said to Involve HSBC (NYT)
The property developers — Mauricio Cohen Assor and his son, Leon Cohen-Levy — were taken into custody in New York, a day after they were jointly charged in a criminal complaint filed in Federal District Court in Fort Lauderdale, Fla., court papers show.
Jay-Z clubs Papi with suit (NYP)
J hit David Ortiz with a $5 million-plus suit yesterday, claiming the Boston slugger apparently liked Jay-Z’s 40/40 Club so much, he decided to open his own. The Manhattan federal court filing accuses Ortiz and his sister, Albania Ortiz, of trademark infringement, unjust enrichment and “false designation of sponsorship” in connection with the “Forty Forty” nightclub they opened in the Dominican Republic last year. The suit also charges them with “cybersquatting” for running a Spanish-language Web site at www.fortyforty.net.
Lehman Wins OK To Create Asset Management Company (Reuters)
“I’ve never seen anything quite like this,” U.S. Bankruptcy Judge James Peck said at a court hearing.
Ash-Cloud Flight Disruptions Intensify in Europe, Will Extend Into Weekend (Bloomberg)
As many as 15,000 flights may be lost in the region today, or about half the usual timetable, according to Brian Flynn, operations chief at Eurocontrol, which oversees the region’s flight paths. That’s up from 8,000 cancellations yesterday.
wow, first we have a retarded mark haines on this mornign, now james cameron sputtering nonsesne. is it retard day on cnbc?
@1 I believe what you would call “retard day” on any other network is just “a day” at CNBC, no?
Isnt there some way to work female breasts into these headlines?
-Quant who digs chick sweater meat
A Lehman risk manager and an AIG quant are sitting together on a late night flight from New York to Moscow when the pilot announces, “Ladies and gentlemen, our number 1 engine has shut down due to volcanic ash intake as a result of the Iceland volcanic eruption. Since our 797 aircraft has 4 engines, we can make it safely to Moscow but it will take us about 30 minutes longer. Thank you.”
“Shit” said the AIG quant.
“Fuck” said the Lehman risk manager.
A few minutes later the pilot announces, “Ladies and gentlemen, our number 2 engine has shut down due to volcanic ash intake as a result of the Iceland volcanic eruption. Since our 797 aircraft has 4 engines, we can make it safely to Moscow but it will take us about an hour and 20 minutes longer. Thank you.”
“Mother fucker!” said the AIG quant.
“Fuck me to tears..” said the Lehman risk manager.
Shortly thereafter, the pilot made another announcement, his voice quite tense, saying, “Ladies and gentlemen, our number 3 engine has shut down due to volcanic ash intake as a result of the Iceland volcanic eruption. Since our 797 aircraft has 4 engines, we can make it safely to Moscow but it will take us about 2 and a half hours longer than originally planned. Thank you.”
The AIG quant leaned over to the Lehman risk manager and stated, “Damn…If we lose that number 4 engine we’ll be up here all fucking night!!”
lol yesterday the Goldman director was completely innocent and today he is stepping down?
Where is the Rick Santelli guy?
It would be nice to keep NY Democrat, but it’s more important replace the Senate leadership while we have the chance. Schumer is a sunk cost. Maybe Spitzer. That would be fun.
i think we’re missing one major headline – the dupre issue of playboy! worth it for me. i was wondering why those tits never got old, and now i know why.
Effective Date @ 8: Glad you came out of the coma!
@8 you mean the one we already discussed, like 2 days ago?
Bess- Any post on chuck “the schmuck” shumer? I think he would make for good fodder this friday AM! He wrote an OPED in the Post this morning about how sticking his cock in the asshole of WS is really for the best. Maybe i summed the article up already…
@9/10 – that was just the teaser. today’s the full pictoral
Not standing for re-election is what Jesus would do.
http://www.nypost.com/p/pagesix/cute_voice_fitty_Q94bZAa4LvHJ0WXhmNWtRO
A gay man will soon be killed, this is why.
Was that wrong?
I KNEW IT…AND YOU THOUGHT I WAS CRAZY BECAUSE I TYPE IN ALL CAPS AND LIVE IN MY MOM’S BASEMENT
shutup LB, just let lucas do his job
@14 shouldnt be a shocker….Remember when actually inserted a short singing part in Eminem’s “Crack a Bottle”? Soooo gay
@14….I’m not getting sucked into that kind of discussion. Sure you can try to reach around and start a discussion through some sort of back door way but I will not be blown away by your creativity. I can’t be led like a deer to corn. Hole up in your office and see what clever ways you can use to start that sort of discussion. I am thirsty and I think I’ll have a DP.
@19 = BHO
NY Democrats Antagonizing Their Backers On Wall Street (Reuters)
“Schumer is a bit of an anathema because sometimes he’s with us and sometimes he’s against us,” said one financial industry lobbyist who declined to be identified in order to preserve friendly relations with New York politicians.
Shouldn’t anathema be changed to enigma?? just sayin’
@21 Freudian slip?
The SEC just took a large Kouwe on Goldman
@21 – maybe they mean “enema”? I mean, who doesnt dig one now and again?
@21 i just think its amazing that WS still gives money to the DEMS. I really do not see the benefit to them or anyone for that matter. maybe its the guilt?
WAKE UP WS/NYC!!!!!
@25 All politics aside, it’s nice to have a one-party state. Unless you want new legislation to get passed.
wow….you call people retarded just because you don’t like them? how offensive is that, especially to people with special needs.