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Chase bank will lose ample assets if it cans the “too hot” Debrahlee Lorenzana. Customers at the bank’s Williamsburg, Brooklyn, branch said yesterday that they’d take their business elsewhere if Chase fires her for talking about her lawsuit against her previous employer Citibank. “It’s bad and it’s not fair. She should be allowed to talk, and if Chase fires her, I will stop banking with them,” said Annie Borow, 79, of Bushwick.
As you may have heard, the Financial Crisis Inquiry Commission is none too pleased with Goldman Sachs. First, the bank didn’t turn over requested documents as quickly as Chairman Phil Angelides and his wingman, vice-Chair Bill Thomas asked for them. Then the slippery little devils dumped twenty million pages on the commission’s asses. Somewhere in that pile of crap is probably the information the FCIC is looking for but Christ on a crutch it’ll be Labor Day before they get through the damn thing! I mean really! Some of us wanted to wrap this up and have that den of sin shut down before the Fourth. You know, so they could enjoy the long weekend without it hanging over their heads. But you know what? No, it’s cool. No one’s gonna get angry here because Goldman Sachs actually did Angelides and Thomas a favor. Because this little stalling tactic can only mean one thing. Continue reading »
Senator Carl “Shitty Deal” Levin has blasted the Swiss government for withholding the names of certain UBS clients suspected of opening Swiss bank accounts to evade U.S. taxes. The Swiss lower house voted today to reject a U.S.-Swiss treaty that would have forced UBS to turn over 4,450 out of the 52,000 UBS clients Uncle Sam suspects of tax evasion.
“Rejection of the treaty is an international embarrassment that can be laid at the feet of Swiss legislators who are willing to continue to allow their banks to facilitate U.S. tax evasion,” Levin said in a statement. Continue reading »
According to Charlie Gasparino, in between telling Debrahlee Lorenzana to zip the lip, the CEO of JPMorgan’s had another broad to deal with. This time the topic wasn’t about mouth-running or Citi or asses or Vikram but it got just as wild.
FOX Business has learned that JPMorgan officials, all the way from lobbyists to the firm’s CEO, Jamie Dimon, have been working overtime to soften the financial regulation because of its implications for the big bank. At one point Dimon even got into a heated exchange with the U.S. Senator from New York, Kirsten Gillibrand.
Jimmy Lee, JPMorgan’s legendary dealmaker, just finished up on CNBC’s new show, Strategy Session. Not only did he say the credit markets “are wide open,” but he said up to $10 billion in debt is now available for a big LBO, provided it sits on top of about $5 billion in equity and is, of course, the right kind of company. That jibes with what Carlyle Group’s David Rubenstein told the Washington Post earlier this week.
Over the weekend, Debrahlee Lorenzana was warned by her new employer, JPMorgan Chase, to can it with the interviews re: being fired from Citi for allegedly being too hot to handle. Supposedly, the order came directly from the top. Defying James Dimon, Lorenzana and her lawyer, Jack “Get a load of these” Tuckner, appeared on a whole buncha talk shows, including the CBS Morning Show, where they were asked about being told to put a sock in it, and if they were worried Lorenzana was in danger of losing another job. Hell no they’re not. Sorry, but this isn’t about JPMorgan, this is about DL’s scorching tits and rockin’ ass, Tuckner essentially said, and you want to know something else? Dimon and his henchmen are “bullying” his client. If they want to fire her, by all means, go right ahead. Maybe manhandle her on the way out like he knows you’re just dying to. Jack will just add you to the list of banks he’ll be taking to the cleaners. Anyone else want to sack Lorezana’s exquisite breasts? Lloyd? Continue reading »
RBS CEO Stephen Hester recently stated that rebuilding an investment bank from a pile of rubble is a nearly impossible task but if anyone can to it, it’s him. He’s got a plan, a five-year plan in fact, for doing so and you know what that plan doesn’t involve? Sending any of his employees or clients out to enjoy a little football and maybe some drinks. Between you and me, it’s not something Steve-o wants to do but apparently buying a few mill in tickets what with the whole assholeway being ownedway by the axpayertay wouldn’t look good, according to one killjoy (“If a bank was buying $6 million to $10 million (of hospitality) for an event before 2007, and they get state support today, they can’t come to the World Cup and get tickets,” Peter Csanadi said in an interview. “They just can’t do it.”) But turn those frowns upside down because guess what? The World Cup is coming to RBS! Continue reading »
Just as CNBC gets ready to premier The Last Days of Lehman Brothers, we learn from Roddy Boyd that the still-delusional Dick Fuld appears, at least on the surface, to be plotting a comeback. The disgraced Gorilla has, since May 6, has kept his Finra license at a tiny brokerage firm called Legend Securities.
Never heard of Legend? Neither has most of Wall Street. Continue reading »
Lampert May Avoid Obama Tax Increase With $829 Million Hedge Fund Payout (Bloomberg)
ESL and affiliates distributed about $829 million of stock in Sears Holdings Corp., AutoNation Inc. and AutoZone Inc. to him on June 2, according to regulatory filings. The fund is scheduled to transfer more shares in the retailers to Lampert by the end of July. By taking direct ownership of the shares, Lampert would be taxed at the capital-gains rate of 15 percent when the stock is sold, rather than the ordinary income rate of 39.6 percent that his fund would have to pay under the bill, according to Robert Willens, whose New York-based firm analyzes tax and accounting rules for Wall Street clients.
Bernanke Economy Seems On Track (WSJ)
“There seems to be a good bit of momentum in consumer spending and investment,” Mr. Bernanke said at a dinner hosted by the Woodrow Wilson International Center for Scholars. “My best guess is we’ll have continued recovery, but it won’t feel terrific.”
Robert Prechter: Gold could fall 40 percent from peak (Reuters)
Prechter said at the Reuters Investment Outlook Summit in New York that recent readings of gold market psychology showed a 98 percent bullishness in the metal, the highest ever recorded for any physical commodity. He said, however, that technical momentum was stalling for gold as the rate of increase had peaked in 2006, and that each subsequent rally since then has risen at a slower rate. “That is not a guarantee of change but a sign that one is likely…In terms of timing, the time to get excited about gold was back in 2001 when no one wanted it, and now everyone seems to want it, so I don’t.”
FCIC Rip Goldman Sachs’ Paper Chase (NYP)
“This has been a very deliberate effort over time to run out the clock,” said FCIC Vice Chairman Bill Thomas. A fired-up Thomas yesterday said the commission has no intention of giving Goldman a chance to make itself look cooperative. “I’m not interested in providing [Blankfein] with a public forum to sound reasonable when in fact [Goldman's] behavior has not been.”
Macquarie Faces Top-Level Exodus (FT)
Analysts and people close to the bank said some top staff were assessing whether to jump ship after being told last month that their bonuses would be six-figure sums rather than the hoped-for seven figures. “Macquarie is in a horrible situation,” said Brian Johnson, a banking analyst at CLSA, the Hong Kong-based brokerage, and long-time Macquarie bull. “There is a war for talent and we are in an environment where some bulge bracket firms have doubled their managing directors’ base pay.”
Hayward Moves Into Obama Line Of Fire (FT)
Obama said that if he were in charge of BP, the chief executive, “wouldn’t be working for me after any of those statements” (the ones when Hayward said he just wanted to kick back and relax but can’t ’cause of this whole spill thingy).
Banking Veterans To Offer Fund With Cut-Rate Fees (Globe And Mail)
East Coast will charge no management fee for initial investors who put money in before July 1. After that, the fee will rise, but still be “very aggressive” and remain under 2 per cent, Mr. Schumacher said. “We think 2 and 20 is ridiculous,” he added.
Blackwater Seeks New Owner (NPR)
Make them an offer. Continue reading »
$$$ New Details On Limo Driver In Hedge Fund Fraud [Crain's]
$$$ Morgan Stanley to shutter 300 offices, slash up to 1,200 jobs [FBN]
$$$ Goldman Sachs Deserves Scrutiny by Regulators in Bloomberg Subscriber Poll [Bloomberg]
$$$ BofA to Pay $108 Million in FTC Case [WSJ]
Dispatches from tax evasion HQ:
UBS US Wealth Management is having a round of layoffs to complement the previous layoff in March.
