Is your boss the type to JUST BLATHER ON as though anyone gives a shit re: what he has to say because what? His name/initials are on the door? As you can’t very well just get up and leave or whip out the wrap it up box, you’re probably looking for new and inventive ways to describe his painful monologues/speeches to your colleagues and friends. To that end, might we suggest “ball-achingly indulgent”? Continue reading »
Archive for July 2010
Kurt Russell and Maria Bartiromo talk shop while Goldie Hawn wanders the room. [NYSD]
The massage enthusiast’s year-long house arrest has come to an end today (it was preceded by jail time), The Daily Beast informs us with the no-frills headline “Billionaire Pedophile Goes Free.” What will Epstein do with his freedom? Will he head to Dubai, as has been suggested? Will he make the trip out to Beamers, where there’s a reasonable assurance the girls are over 14? Will he remain in Palm Beach, having come to appreciate the asses o’ octogenarians? I don’t know. I’ll tell you what I do know, though. There’s only one way to commemorate this occasion. And I think you know what I’m talking about. Continue reading »
Morgan Stanley Swings To Second Quarter Profit
(MarketWatch)
The bank said earnings for the quarter came in at $1.58 billion, or $1.09 a share, compared to a loss of $1.26 billion, or $1.10 a share, in the year-ago period. On an adjusted basis, profit in the latest quarter was $1.44 billion, or 80 cents a share. Quarterly net revenue at Morgan Stanley rose to $7.95 billion, up 53% from a year earlier.
Wells Fargo Earnings Rise 12% (WSJ)
The company reported a profit of $2.88 billion, or 55 cents a share, compared with $2.58 billion, or 57 cents a share, a year earlier. Shares outstanding rose 17%. Revenue declined 5% to $21.39 billion.
Tiger Management Sowing Seeds Of Growth (WSJ)
Julian Robertson is considering reopening Tiger, a launching pad for young money managers, to the outside world. Mr. Robertson has beefed up Tiger’s management ranks as part of a potential expansion that could involve creating a “seeding” fund or a fund of hedge funds for outside investors. In a seeding fund, Tiger would allow outside clients to come in alongside Mr. Robertson and his team to help fund new or early-stage hedge-fund managers in exchange for a slice of their business. A more-common fund of funds would collect outside investors’ money and dole it out to Tiger-seeded managers, who would in turn invest it. This month, Mr. Robertson hired a former Goldman Sachs Group Inc. executive, John L. Townsend III, as operations chief, and promoted the youngest of his three sons, Alex Robertson, to managing partner.
Mafia Money-Laundering Profits Swell in Credit Crisis (Bloomberg)
“The crisis has given organized crime room to thrive because access to credit has become more difficult,” said Anna Maria Tarantola, the central bank’s deputy general director, in a July 12 interview in her Rome office. “Whoever holds large amounts of cash, like crime groups, can make investments that aren’t possible for others. They can now invest in fully legal businesses.” Organized crime groups boosted their revenue by 4 percent to 135 billion euros ($174.6 billion) last year, according to estimates from Rome-based anti-racketeering group SOS Impresa. Continue reading »
$$$ Matthew Goldstein: “Jason Ader, a former hot-shot casino industry analyst turned wealthy hedge fund manager, is rolling the dice, hoping to become a community banker in Las Vegas.” [Reuters]
$$$ The Perfect M&A Resume [FINS]
$$$ Fannie Mae Employees Received 153 VIP Loans [WSJ]
$$$ Playboy Launches New Safe For Work Website, Which Reportedly Blows [CNBC]
Jamie and Lloyd weren’t invited (not that they’d slum it at something like this anyway), and James Gorman, Robert Wolf, Brian Moynihan and Bob Diamond declined to attend having other plans but Vikram will be there, Mr. President! With bells on! Continue reading »
Gordon Dickson was once Bank of Scotland’s risk officer. His career spanned several decades and made him a nice chunk of money. Then the crisis happened, the shares he’d bought over thirty years collapsed, he fell into a depression and declared he wanted nothing to do with this godforsaken industry. But he needed to find meaning in something and he needed a source of income (having previously relied on dividend payments that were no longer). And that’s when he turned to pirates. Continue reading »
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