Archive for July 2010
As you may recall, a couple months back, a managing director at UBS was pulled over in Connecticut and charged with a DUI (he also had an unlicensed firearm on him, for good measure). At the time, the man for some reason felt compelled to tell the cops that a) he worked in the financial services industry and b) he was coming from Beamers Cafe, Stamford’s premier strip club. As I read the story, a coupla things became clear to me: 1) that guy likes to party and 2) that the cultural relevance of this institution to Wall Street North could no longer be ignored. You may also recall that I proceeded to announce a DealBreaker Field Trip to said establishment, and invited some people from CNBC to come with. The field trip is still on. However, I decided I couldn’t just take you a strip club without scouting the location first and having an idea as to what we could expect, you know? Rather, performing some on-site due diligence ahead of time was necessary. Last night, I did just that. Continue reading »
Brad Hintz, for instance, is so pumped he might very well throw his back out.
Bank of America Merrill Lynch said it upgraded its rating on Goldman Sachs to “buy” in a note to clients following the agreement yesterday. The settlement is “palatable” and the “probability of further action against Goldman Sachs” is much lower, said analysts led by New York-based Guy Moszkowski in the note. “I’m jumping up and down and telling my dad to buy it,” Brad Hintz said of Goldman Sachs’s stock.
Goldman Sachs ‘Victory’ Ushers Change For Wall Street [Bloomberg]
Bank of America’s profit slips, but tops estimates (MarketWatch)
The bank posted second-quarter net income of $3.12 billion, or 27 cents a share, down from $3.22 billion, or 33 cents a share, from the same period last year. That compares with analysts’ consensus estimate of 22 cents a share, based on estimates compiled by FactSet Research.
Citigroup Net Income Falls 38%, Beating Analysts’ Estimates (Bloomberg)
Second-quarter net income was $2.73 billion, down from $4.39 billion in the same period a year earlier, New York-based Citigroup said today in a statement. The per-share profit was 9 cents, exceeding the 5-cent average estimate of 18 analysts in a Bloomberg survey. “Citigroup, despite the turbulence in the markets, appears to have turned the corner and its plan is on track,” said James Ellman, a former Merrill Lynch & Co. bank-stock portfolio manager who is now president of San Francisco-based hedge fund Seacliff Capital.
Fabulous Fab to File Response to SEC (WSJ)
Fabrice Tourre, the only Goldman employee named as a defendant in the civil-fraud charges leveled against Goldman Sachs, is not close to settling his own case with the government, a person familiar with the matter said. The 31-year-old banker will file Monday a response to the SEC’s charges of misleading investors from his role in creating complex mortgage-linked investments, the person said. That response is expected to show that Tourre is willing to take the case to court in an effort to clear his name, the person said.
RBS May Seek More After $100 Million Goldman Payout (Reuters)
RBS said on Friday it would “carefully consider all of its options” after Goldman agreed on Thursday to pay it $100 million as part of a $550 million settlement of civil fraud charges over how it marketed the subprime mortgage product. German bank IKB, the other big loser on the transaction, will be paid $150 million under the settlement, recovering all of its loss.
Juncker:No catastrophes from stress tests seen (Reuters)
“I am not expecting any big catastrophes,” the chairman of euro zone finance ministers told Austrian newspaper Kurier. “But there cannot be any glossing over, the tests are based on reality,” he said in an interview. Continue reading »
$$$ Goldman Sachs: Bombmakers bombarded [The Economist]
$$$ Waco stripper found guilty of punching, biting fellow stripper during argument [WT]
$$$ Penthouse Owner Makes Competing Bid for Playboy [CNBC]
$$$ Greenspan Says Congress Should Let Bush’s Tax Cuts Lapse [Bloomberg]
Unfounded speculation encouraged at this time.
Update: And it’s Goldman learning 550 million “lessons.” Continue reading »
And hey, guess what else?! At least one person on earth has read the whole thing! [via DI]
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
