April 2010

  • News

    Having Made Some Money For The First Time In A While, Citigroup Higher-Ups Free To Focus On The Real Issues

    As you might’ve noticed, things are on the up and up at Citi. The firm actually turned a ($4.4 billion) profit, the government said it would remove its foot from Vikram’s ass, and hey, did you hear? The bank has nothing to do with the shit going down at Goldman. What’s more, Pandit is his […]

    / Apr 21, 2010 at 11:15 AM
  • Opening Bell

    Opening Bell: 04.21.10

    Morgan Stanley Tops Estimates (MarketWatch) MS reported income of $1.8 billion, or $1.03 per diluted share, from continuing operations applicable to Morgan Stanley for the first quarter ended March 31, 2010, compared with a loss of $17 million, or $0.41 per diluted share, for the same period a year ago. Net revenues were $9.1 billion […]

    / Apr 21, 2010 at 9:25 AM
  • News

    Write-Offs: 04.20.10

    $$$ Ex-Goldman Employee Surfaces In SEC Complaint [Reuters] $$$ Paulson Fund IPO Delayed After Goldman Sachs Charges [WSJ] $$$ Buy, Sell Or Hold (It In) [CNBC] $$$ Eliot Spitzer Seeking Acceptance [ATL] $$$ Goldman Sachs ‘Had Duty’ to Keep Paulson Bets Secret [BW]

    / Apr 20, 2010 at 6:10 PM
  • News

    Every Lie Told By “Gryphon Financial” Better Than The Last

    In its unending quest to prove something, for the second time today the SEC has ruined a good thing. First, it was a firm trying to raise money to get its sex-themed cruises off the ground. Now, it’s Gryhpon Financial, whose management team faces securities and wire fraud. The individuals possibly going away for up […]

    / Apr 20, 2010 at 5:45 PM
  • News

    Does Dick Fuld Know How to Answer Questions?

    Apparently not. The former Lehman CEO devolved into long soliloquies about the history of the bankrupt firm, took long pauses and seemed generally delusional in his testimony in front of the House Financial Services Committee this afternoon. Here’s a recap of Fuld’s bizarreness: The most peculiar answer: “We were risk averse,” Fuld says in response […]

    / Apr 20, 2010 at 5:40 PM
  • News

    SEC Nails Investment Firm For Failing To Tell Investors About The Strippers

    Listen. I get the SEC has to make up for their many, many past fuck-ups. And some people’s scams are actually worthy of being shut down, especially when whoever is running it is spending his/her ill-gotten gains on entirely selfish purchases that will make only them happy and no one else. But what of the […]

    / Apr 20, 2010 at 3:34 PM
  • News

    Goldman Sachs De-Registers Mr. Fantabulous In UK

    First off, nobody’s doing this because they’re mad at him. It should be reiterated that while Goldman did indeed strip Fabrice Tourre of something somewhat essential to working with clients, they only did so because he’s on his voluntary leave and won’t be needing it right now. He’s off in France, working through some stuff, […]

    / Apr 20, 2010 at 3:07 PM
  • News

    Judge Jed Approves Schottenfeld Settlement

    Federal District Court Judge Jed Rakoff has approved the SEC’s settlement with Schottenfeld Group, a trading firm that once employed three traders charged in the Galleon insider trading case. The settlement seemed shaky after Judge Jed requested more information from the SEC about how regulators came up with the $460,475.28 they say Schottenfeld needs to […]

    / Apr 20, 2010 at 12:55 PM
  • News

    Fab The Fantabulous Spending ‘Me Time’ In France

    As previously mentioned, the most Fantabulous banker at Goldman Sachs, Fabrice Tourre, took a completely and totally voluntary leave of absence yesterday from his gig at the bank’s London office. He reportedly took off for France soon after the news of his involvement in the scandal du jour broke, perhaps to weep into a pillow […]

    / Apr 20, 2010 at 12:32 PM
  • News

    Michael Douglas Is Ready For The SEC To Wake Up

    The noted investor has finally– finally!– weighed in on the Goldman charges.

    / Apr 20, 2010 at 10:45 AM
  • News

    SEC Nears Settlement in Pequot Insider Trading Case

    On the heels of the SEC’s action against Goldman Sachs, Wall Street’s top cop is nearing the conclusion of a high-profile insider trading case that has simmered for over five years. According to several sources close to the case, the SEC is in final negotiations to settle insider trading charges against Pequot Capital Management, over […]

    / Apr 20, 2010 at 10:20 AM
  • Opening Bell

    Opening Bell: 04.20.10

    Goldman Sachs Profit Doubles (MarketWatch) Goldman’s first-quarter net income rose to $3.3 billion, or $5.59 a share, from $1.66 billion, or $3.39 a share, in the year-ago period. The investment bank’s revenue rose to $12.78 billion from $9.43 billion. Wall Street analysts expected earnings of $4.16 a share and revenue of $11 billion, according to […]

    / Apr 20, 2010 at 8:00 AM
  • News

    Write-Offs: 04.19.10

    $$$ Citi Distances Itself From Goldman’s Troubles [NYT] $$$ Goldman Sachs Points to Magnetar Trades in Its Defense [ProPub] $$$ Gasparino: Blankfein In The Hot Seat [FBN] $$$ Team green: KKR, Carlyle partner with EDF [The Deal] $$$ Report Says SEC Missed Many Shots at Stanford [WSJ] $$$ Dick Bove: “There seems to be a […]

    / Apr 19, 2010 at 6:12 PM
  • News

    Caption Contest Monday

    [via Dealbook]

    / Apr 19, 2010 at 4:38 PM
  • News

    Dick Fuld Has Never Heard of Repo 105

    Dick Fuld plans to testify that not only did the infamous “Repo 105″ transactions play no part in Lehman’s bankruptcy, but they were so immaterial that he never knew about the accounting treatment until the bankruptcy examiner unearthed them. In his prepared testimony, a copy of which was obtained by Deal Journal, he said the […]

    / Apr 19, 2010 at 4:15 PM
  • News

    SEC Split 3-2 on Whether to Sue Goldman

    Looks like the SEC is as divided as Congress. The decision to file charges against Goldman was split right down party lines with the two Republican commissioners voting against the SEC’s staff recommendation to file suit. Update: Goldman shares up nearly 2 percent on the news.

    / Apr 19, 2010 at 3:07 PM
  • News

    Ashley Dupré On Love

    A few months back, Eliot Spitzer gave us some Real Talk on love. Now the other half of the duo, Ashey Dupré, has weighed in on the topic. Sayeth Ash: “If you’re in love with someone, you want to treat them like the five year old. You want to cater to them and love them […]

    / Apr 19, 2010 at 2:41 PM
  • News

    Sleep Where Shia LaBeouf (Pretended To) Hath Slept, For $13 Million

    In 2003, an unnamed 47-year old “financial services pro” bought a 6,250 square foot apartment in the Flatiron district. Recently he’s been thinking about putting it on the market, having decided that the fact that an actor (who once shared a sandwich with a couplea Goldman Sachs employees) spent a couple days there will really […]

    / Apr 19, 2010 at 1:51 PM
  • News

    CNBC: Fabrice Tourre “Taking Some Time Off”

    According to Goldman, this was totally voluntary. The bank would like it to be noted that His Fantabulousness made this decision himself, he was not suspended, and he remains an employee of the firm.

    / Apr 19, 2010 at 1:01 PM
  • News

    Is A London-Based Investment Banker About To Make A Few Million Pounds Off Lloyd Blankfein?

    Almost three months ago, an absurd story appeared in the Wall Street Journal, which quoted an unnamed senior London-based investment banker, who’d said he’d bet a bunch of people at Davos a few million pounds that Lloyd Blankfein would be out as CEO of Goldman Sachs within two years. It was ridiculous! We thought so, […]

    / Apr 19, 2010 at 12:30 PM
  • News

    Goldman Issues Another Response, Sets Up Fab as Potential Fall Guy

    Goldman Sachs just released its most detailed response yet against the SEC charges. While it appears the firm is digging in for a fight, don’t count out an eventual settlement of the suit, most likely right before it goes to court. Goldman would probably rather pay the fine and move on rather than have all […]

    / Apr 19, 2010 at 11:35 AM
  • News

    Fabrice “Fab” Tourre Reeled In Clients With His Backhand

    What do we know about Fabrice Tourre, the only Goldman employee named-checked in Friday’s suit against Goldman? Save for the fact that he refers to himself as “Fabulous Fab” in emails to friends, not much, though the Daily Mail did uncover this photo of Mr. Fantabulous, I don’t know, jumping out of a plane? And […]

    / Apr 19, 2010 at 10:45 AM
  • News

    Caption Contest Monday

    Lloyd and Laura Blankfein sighting over the weekend, as “spotted” (i.e. stalked) by Bloomberg TV on the Upper West Side.

    / Apr 19, 2010 at 9:10 AM
  • Opening Bell

    Opening Bell: 04.19.10

    Citi Reports Net Income of $4.4 Billion; $0.15 Per Diluted Share (MarketWatch) “Citi today is fundamentally a very different company from what it was only two years ago,” said Vikram Pandit. “With its financial strength, strategic clarity, efficiency, world-class business talent, and unique global footprint, Citi is well positioned to benefit from the key drivers […]

    / Apr 19, 2010 at 9:00 AM
  • News

    Write-Offs: 04.16.10

    $$$ Goldman Sachs’s Further Comments on SEC Complaint: “We are disappointed that the SEC would bring this action related to a single transaction in the face of an extensive record which establishes that the accusations are unfounded in law and fact.” [iMarketNews] $$$ Katie Benner reports: The SEC Says John Paulson Won’t Be Next [Fortune] […]

    / Apr 16, 2010 at 6:00 PM
  • News

    THE MOST IMPORTANT GOLDMAN STORY OF THE DAY (Involves Complaints About A Steamroom)

    Fuck the SEC and its baseless charges. Screw the Rajaratman-loving director. That all pales in comparison and gravity to this. As you know Goldman has new headquarters. And guess what? Some people aren’t very happy. With the move comes a little good and a whole lotta bad. First, the good, sore consolation prizes in light […]

    / Apr 16, 2010 at 5:45 PM
  • News

    Dick Bové: Lloyd Blankfein To Go Down For The Dirt Nap

    In a remarkable (and uncharacteristic) show of restraint, the analyst did not nominate her main man, Ken Lewis, for the job. (But don’t think it’s not coming.)

    / Apr 16, 2010 at 5:30 PM
  • News

    Feds Wouldn’t Let Chiesi Take a Shower

    Not only did the F.B.I. fail to read Danielle Chiesi her Miranda rights before arresting her last year, they didn’t let the young lady take a shower and told her what clothes to wear before being perp walked in front of the national media.

    / Apr 16, 2010 at 5:08 PM

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