Goldman Has No Indication Of SEC Settlement (Reuters)
“There’s no indications of anything at this point” on a settlement or its timing, President Gary Cohn told reporters on the sidelines of a conference in Montreal. “Our client franchise is very strong. We’ve built up a relationship with our clients over 140 years. We continue to service our clients, we continue to serve our client needs. Our clients are very loyal,” he said.
BP Plans To Defer Dividend After Pressure From Obama (Times)
BP is preparing to defer payment of its next dividend to shareholders by placing the money in an escrow account until the full scale of the company’s liabilities from the Gulf of Mexico disaster can be determined. BP board members are discussing a plan that would see the expected £1.7 billion second quarter payout, due to be announced on July 27, delayed until the crisis can be brought under control.
Democrats Clash On Derivatives Rules (WSJ)
House Agriculture Committee Chairman Collin Peterson (D., Minn.) said lawmakers should adopt the House bill, while Senate Agriculture Committee Chairman Blanche Lincoln (D., Ark.) and other Senate Democrats said the Senate measure should be the main plank of the bill. “End users … did not cause the financial crisis of 2008,” Mr. Peterson said. “A lot of them were the victims of it.” He said the Senate language was too complex and confusing.
Soros Says ‘We Have Just Entered Act II’ of Crisis (Bloomberg)
“The collapse of the financial system as we know it is real, and the crisis is far from over,” Soros said today at a conference in Vienna. “Indeed, we have just entered Act II of the drama.”
Ex-SAC Capital President Brian Cohn Said to Open Hedge Fund (BW)
Cohn, who left SAC at the end of 2007 for personal reasons, has named the firm Archeroak Capital Management. It’s scheduled to scheduled to begin trading equities by the end of the year and is based in Old Greenwich.
FBI To Target Mortgage Fraud (FT)
The FBI is preparing to arrest hundreds of people across the US as early as next week for offences including encouraging borrowers to falsify income on mortgage applications, misleading home owners about foreclosure rescue programmes, and inflating home appraisals, said two people with knowledge of the operation. An FBI spokesman declined to comment.
SEC Approves ‘Circuit Breaker’ (WSJ)
The New York Stock Exchange said it will begin a phased rollout on Friday. BATS Global Markets and Direct Edge also have said they expect to begin implementation Friday. The rule will be in effect on a pilot basis for six months. All exchanges will halt trading for five minutes in an individual stock when its price moves 10% or more, up or down, in the previous five minutes. The pause is designed to give traders time to catch their breath and assess whether a stock’s price change stems from a real shift in value or an unrelated market hiccup.
New York Bars Gear Up For World Cup (WSJ)
Where to get drunk and watch.
South African gamblers smoke endangered vulture brains for luck (Scientific America)
As the World Cup launches in South Africa this week, conservationists fear that gamblers looking for a little extra luck will turn to a source those of us in the West might not expect: the practice of smoking vulture brains.
Oil Spill May Corrode US-UK ‘Special Relationship’ (CNBC)
“The BP story is corrosive. It’s not going to last for months, but years,” Greg Valliere, from Potomac Research Group, said. “We don’t hate them, but the ‘special relationship’ the US and Britain has enjoyed for decades is fraying.”
Ex-Lehman Traders’ Hedge Fund Had Best Month in May by Shorting Equities (Bloomberg)
Omnix Multi-Strategy Fund, run by two former Lehman Brothers Holdings Inc. traders, returned 6 percent in May, when hedge funds globally posted the worst month since 2008.
So they SEC finally understands market structure?
what I really wanna know is if Kouwe is in work today, or is he gardening?
@2 dont worry I am sure he will track down your personal email addy and let you know.
Just what Old Greenwich needs. Another german money manager
What is a reverse inquiry, Mr. Tourre? Isn’t that where you BET AGAINST SECURITIES YOU JUST SOLD YOUR CLIENT? ISN’T IT???
“Special Relationship” ended when Prudential walked away from taking AIG Asia off our hands. BP is payback. We can collect the $35billion from them.
Unless the Brits let us win the World Cup match tomorrow, there’s no reason to relent.
Perhaps Soros, but let them keep up the kabuki until we’ve made our pile and bought our arms.
BP is gonna hand Barak the “keys” to BP USA, tell him where the broom cupboard and coffee machine is and say “see ya” with an over the shoulder wave.
re build in Europe and sell to RDS…. you mark my words
- the soothsayer guy who knows f**k all about Oil firms but knows when to cut his losses.
Rawhide in Chelsea is the only bar worth watching the World Cup in.
-The Gay Banker
@9: I like your analysis. We think that BP could merge with the Bureau of Prisons and become BEBOP.
~AIG Quant
@11 – Agree. The merger of the prison system with an endless supply of petroleum based jellies would allow the organization to synergize backwards overflow.
-The Gay Banker
OOOOH BREAKING NEWS —– STOP PRESS ———-
“one less name in the contributers list”
BOOM BADABING.
Bess, you are a hard assed boss, Respect!
Act II is our heroine’s darkest hour.
Naughty hawk.
Any one notice who is missing from the contributors listing??? hmmmmmmmm?
mortgage fraud? but OB told us its Goldmans fault
Political correctness dictates some sympathy and compassion for the ethically challenged. Be strong Mr. Kouwe.
@16 Yaël Bizouati?
-Yaëlie
Time for Bess to speak. Is stalking a commenter a fire-able offense? Seems like it but we need some answers. Feel bad for the kid, although maybe I shouldn’t
let’s change track: tits
glorious, glorious tits
bring back Yael….. I liked her flair.
@22 Seemed to me as if she was only wearing the minimum acceptable amount of flair.
Great Caesar’s Ghost!
Could you imagine the look on Bess’ face when you lick her glorious clitoris?
Kouwe is no longer listed as a contributor! I won the $1 pool!
@25 Things got weird….
I got mexico by 1.5. Who wants the other side of that trade?
@26, the first “World Cup” jug of Long Island Iced tea is on you then.
If you get Bess to attend I will consider going halves with you.
(On the jug, of course…not Bess, whom I wouldnt share for all the alcohol in Ireland)
@25 – ummmmm…..huh?
@20 The person who said something in comments yesterday wasn’t the only one.
http://deadspin.com/5560737/wait-til-next-year-when-it-grows-out
Clearly, UBS does not suck.
As a BP shareholder, I am mad as hell that I won’t be getting my dividend check promptly. This decision will clearly be a public-relations disaster.
@32 That proves nothing: BNP analysts get tats.
kind of a lame ending for the kouwe character. definitely could have been more sensational…
Kouwe and Kneale are going to start there own fund, KKKapital.
Political correctness dictates some sympathy and compassion for the ethically challenged. Be strong Mr. Kouwe.
As a tribute to ZK, I offer my condolences in the form of plagiarizing @18.
Smoking endagered vulture brains is the new killing it.
Kouwe, please don’t stop the music, I just can’t refuse it, I like the way you do this…
10,103
For the next writer, lets get someone who knows nothing about finance but is funny. I know there has to be some wanna be comedy writer out there that can pick up finance topics.
@41 I am the guy for the job. My friends say I am very funny. I make them giggle by saying poopie and peepee a lot.
So Bess, please email me. You can get my email from the DNS server address I am writing this from.
“I make them giggle by saying poopie and peepee a lot.”
you do do that a lot don’t you?
It always amazed me the vitriol in these comments against the person providing them with one of the few sources of happiness in their otherwise pathetic lives sitting in front of screens gambling all day.
Go to hell.
Bess:
I like a gal who lays down the law. If I were not married, didn’t have kids, was 20 years younger, was better looking, was Jewish …. Oh, never mind.
@44 – Well, that was well written and punctuated. (Not!)
For a professional writer you have an unerring skill at completely fucking up both the sentences, and humour within them, that you try so hard to write.
I guess you won’t be asking readers for any “Linkedin” experience references then?
Have fun reporting on “Missing Cats” in the Hicksville Times in outer Wisconsin, looser.
@44 = Big bucket of dickchicken
@45/AB don’t kill your own sale.
@44 I don’t think this is you Kouwe but if it is…Nobody hated you, but you really just provided cookie cutter stories without any personal commentary or witty notes on the subject. We could have gone to dealbook or seekingalpha if we wanted that shit.
P.S. shouldn’t you be on Monster right now searching for a job…
@44 Dude the guy was canned from the Times for plagiarizing THIS blog, then made an (albeit veiled) threat to reveal a commenters work em. Neither one is cool.
@37 FTW
Barry,
Listen, Chap, we can clear up this whole BP misunderstanding overnight. How about loser of tomorrow’s match has to clean up the spill?
Call me.
Nigel
Well, 49, I’m sorry I wasn’t “witty” enough in my articles, not that it mattered given you probably only read posts with pictures of tits like most of the degenerates.
@53 – NTTAWWT, right?
You know, the grammar is bad enough that 44/53 could actually be him . . .
@55, is the grammar bad, or is it poor?
Right, my grammar is horrific. This coming from a bunch of Orientals fresh off the boat to run quant models all day.
@57 Stop making this situation worse for me. I already have enough problems in my life. My mom is a slut, I’ve was caught plagiarizing, I have a fat face and I’m a dickchicken.
Leave me alone qq
for the record, the term “dickchicken” is not even remotely funny
@59 thanks for sticking up for me; friend ;)
@60 please don’t confuse my disliking a word with liking you.
now please go kill yourself
Haha, @59 said dickchicken. What a dickchicken.
I thought Kouwe was getting good :(
My head hurts
I can’t believe none of you jumped on me about using the term Orientals.
Dickchicken is not funny.
Smoking endangered vulture brains? Now why didnt I think….what was I saying, again?
-Jimmy Cayne