Barney Frank just delivered a speech at Compliance Week’s annual conference in Washington D.C. and he seems to have confirmed what Goldman Sachs analysts told us yesterday – new legislation that forces banks to spin-off their derivatives business probably won’t make it into the final financial reform bill. Continue reading »
Archive for May 2010
Request Number One: Challenge him to a game of your choice. Nok Hockey, tennis, jacks, Crossfire, fire ball, ping pong, rock paper scissors, mud-wrestling, Egyptian Ratscrew, kick ball, something weird and exotic with ever-changing rules you just made up on the spot. Doesn’t matter what it is, the important thing is that you underestimate him, smirk and think to yourself “this should be good.” Then watch as he flips you and your expectations on your back.
Geithner is a “sports nut and is up for playing or trying any sport someone suggests,” said Treasury spokesman Andrew Williams. “A lot of folks have underestimated Secretary Geithner in a lot of ways, and the basketball court’s one place where he’s been underestimated,” said U.S. Representative Rick Larsen, 44, a Washington state Democrat who played with Geithner and President Barack Obama at an Oct. 8 game at the basketball court on the White House’s South Lawn. He said he and Geithner covered one another during much of the game. “He definitely is a credible basketball player, one that you would choose to have on your team,” said Representative John Shimkus, an Illinois Republican who also played in the after-work contest. He has “good ball-handling skills” and he’s fast on the court, Shimkus, 52, said in an interview.
Request Number Two: caption this photo: Continue reading »
Personally I never gave it much thought, though having been confronted by the question and taking the last five minutes to scrutinize TG’s mane, I’d have to say no, I don’t think he does. It’s not bad hair but if we’re being forced to judge, here goes: thickness (one of the most important factors) seems to be average and it looks kind of dry and damaged. Certainly nothing that screams “run your fingers through me.” Admittedly, though, we haven’t examined it up close and one person who has claims it’s something to write home about, and even a source of envy. Continue reading »
We knew Leo Hindery, private equity investor, founder of the YES Network and staunch Democrat, was not a big fan of Wall Street. But his latest column on regulatory reform basically blames financiers for, well, just about everything.
. . .the profit-driven, greedy, selfish institution that with its unbridled compensation practices and current light-touch regulatory regime is, I truly believe, behind almost every major societal and economic ill that has befallen the United States since 1980.
Damn, Leo, that’s harsh. But he goes on. Continue reading »
No longer forbidden fruit.
Ugh, the recession. How much of a bitch was that thing? People lost their jobs. Others lost their homes. You didn’t get to buy luxury cars for fear of looking like a dick. Didn’t see that private hell splashed all over the news but just because there were no rallies and only a handful of support groups doesn’t mean the pain wasn’t real. Oh god, those were some tough times. But guess what? Our long national nightmare is over! That Aston Martin Vantage Coupe? You can get it now!
Trader Craig Poler couldn’t hold out any longer. Browsing at the Miller Motorcars dealership in Greenwich, Connecticut, he spotted the $130,000 Aston Martin Vantage Coupe he had been dreaming about for months. “The second I saw it I knew I was going to buy it,” said Poler, 48, who trades oil and petroleum products. “I’ve wanted one for a long time, since I started seeing them in London when I went on business.” Poler, who chose a “deep, dark gray” 2010 Aston Martin Vantage Coupe, said although consumption isn’t back to where it was three years ago, people are becoming less reluctant to splash out on expensive cars and other luxury merchandise. “Some people were affected by the recession and others weren’t going to buck the trends in their social circles,” he said of the cutbacks. “Up until about six months ago you were an a-hole if you bought fancy toys.”
Now? You’re all good! You want a Ferrari? Go for it. No one’s gonna judge. Continue reading »
Jamie Dimon Broadly Optimistic On Reform (Reuters)
“We’ll end up with something better than what we had before,” he said last night at the Japan Society’s Annual Dinner in New York, although he added that he is not expecting perfection. Paul Volcker introduced Dimon, 54, as a man “at the top of his game” and said under his leadership JPMorgan “maintained stability throughout the crisis.” “I’m also proud to call myself a banker,” Dimon said.
Senators Pick Financial Bill Conferees (WSJ)
U.S. Senate leaders are expected as soon as Tuesday to appoint seven Democrats and five Republicans. Senate Banking Chairman Christopher Dodd (D., Conn.) and Agriculture Chairman Blanche Lincoln (D., Ark.) are expected to play a key role for Democrats, while Sens. Richard Shelby of Alabama and Judd Gregg of New Hampshire are anticipated to be among those representing the GOP.
Germany Eyes Wider Short-Selling Ban (Reuters)
A leaked Finance Ministry document said planned measures aimed at stabilizing financial markets would include a “ban on naked short selling of shares, including derivatives referring thereto.”
Four Regional Banks Make Initial Merger Pact in Spain (Reuters)
The agreement, which is being led by Caja de Ahorros de Mediterráneo and includes Cajastur, Caja de Extremadura and Caja Cantabria, aims to create a joint banking group to “strengthen solvency and assets of the participating banks,” the banks said in a statement.
Italian cabinet prepares austerity package (FT)
Italy’s cabinet is due to meet on Tuesday evening to approve an austerity package aimed at reducing the state budget deficit by €24bn over 2011 and 2012. Gianni Letta, cabinet under-secretary, warned that there would have to be “tough sacrifices” for Italy to avoid following Greece into crisis. The emergency budget measures aim to bring the deficit below 3 per cent of gross domestic product by 2012 from 5.3 per cent last year.
Geithner Confident About China’s Currency Reforms (CNBC)
“I think China’s economy looks very strong,” Geithner said. “They’re very committed to reinforcing growth, strengthening domestic demand. That’s important for the US, China and the world.” Asked if he felt confident that China would revalue its currency, he said, “Absolutely. They’re going to look at what’s happening in the world. Their growth should come more from domestic demand, and raising incomes.”
BP hatches ‘top kill’ bid to plug oil leak (SMH)
The British oil firm’s chief operating officer Doug Suttles said the already-delayed operation would now take place Wednesday. He told CNN that the bid, using robotic submarines on the seabed, had a six or seven out of 10 chance of working. If the “top kill” effort fails, relief wells to divert the flow and allow the leaking well to be sealed will not be ready until August at the earliest, meaning tens of millions more barrels of crude could stream into the Gulf. Continue reading »
$$$ Sex Diaries: The Banker With “Catholic Guilt” [NYM]
$$$ Meet the Brother of BofA’s Brian Moynihan: A Catholic Missionary
$$$ Texas Rangers File For Bankruptcy, Owe A-Rod $25 Million [Bloomberg]
$$$ Where In The World Is Larry Summers? [Fortune]
Tilman Fertitta, the CEO of Landry’s Restaurant’s, has finally persuaded the board of the seafood chain, which also owns the Golden Nugget in Las Vegas, to accept his new takeover offer of $24 a share, or $1.4 billion. Fertitta’s latest bid is higher than his previous $21 a share offer and vastly better than his $14.75 per share bid back in November. Shareholders sued to block that takeover.
But, it appears the battle between Landry’s and its shareholders isn’t over yet. Continue reading »
Big hedge fund managers my be taking risk off the table, but Goldman Sachs remains bullish on the broader market and notes the recent pullback is totally consistent with a recovery. Goldman believes the S&P 500 will hit 1,300 by mi-year before pulling back to about 1,250 at the end of the year. Continue reading »
Things were going great and WB was thisclose to fulfilling his lifelong dream of performing an Angry Pirate in the Lincoln bedroom and then boom! Out of nowhere, The Oracle stops hearing from the guy. Jonathan Alter reports:
Warren Buffett, who had been in contact with Obama every week as the economy collapsed in the fall of 2008, found himself mysteriously out of touch with the new president. In late 2009, the billionaire told a friend that he’d not had a single one-on-one meeting with Obama since he became president. They did speak once on the phone. No one knew the reason Obama held him at arm’s length, though it likely had to do with Buffett’s $5 billion investment in Goldman Sachs and his large ownership stake in Moody’s, one of the ratings agencies Obama blamed most for the economic crisis.
