True or false: all the Apple/iPhone craziness has left you confused re: how to play this trade. You don’t know which analysts to trust and what you could really use is a sober voice of reason to tell you what to do. Well, today’s your lucky day. Rush Limbaugh has decided to share his formidable market savvy with the masses. Continue reading »
Archive for July 2010
Pack your bags, Timbo. It’s been real. In other good-for-Vickles news, analyst are predicting that Citi will post profits of of a whole nickel per share tomorrow, in which case you can probably expect something like this to go down in the C-suite in about 18 hours. Continue reading »
Go with me on this. Continue reading »
A former hedge fund manager was beaten by his wife with a full bottle of wine following an argument this weekend. Susan Van Cook was arrested on Sunday, after Greenwich Hospital notified Rye, N.Y., police that her husband sought treatment for his injuries, which included a bite on the forearm. Joseph Van Cook, who was found to have late-traded mutual fund shares while working at Pritchard Capital Partners, required three staples and several stitches. “It was supposedly a full bottle of wine” Susan Van Cook used to hit her husband in the head, Lt. Joseph Verille of the Rye police told the Journal News.
Police: Hedge Fund Manager Assaulted By Wife With Wine Bottle [FINalternatives]
Reach: Rewarding Achievement is an educational non-profit started three years ago which helps prepare disadvantaged high school students prep for their AP exams. The program tutors roughly 3,700 kids in 31 New York schools on the weekends and awards them cash prizes of $500 for scoring a 5, $400 for 4′s and $300 for 3′s. So, that’s nice. Humanity and whatnot, helping people less fortune and so on and so forth. Having said that, as you may know, it’s not enough to just “support” these groups in theory. They need money and you need to give it to them. Fundraisers are of course a typical way of raising cash, but if you want to attract the ladies (which Reach does, women hedge fund execs being their target donors), you’re going to have to do a lot better than the standard scotch/cigar/poker night. Enter Ji-mei Ma, the event’s chairwoman and head of product marketing and client development at Nebula Capital Management.
“A lot of women don’t play poker, and women prefer to spa,” said Ji-mei Ma. So she went with champagne and spa treatments [and] called the fundraiser Bubbles and Bling.
Like fish in a barrel amiright? And speaking of fish… Continue reading »
JPMorgan’s Earnings Surge 76% (MarketWatch)
The bank said Thursday that its second-quarter profit jumped 76% as results were boosted by a $1.5 billion reduction in the group’s loan loss reserves. JPM posted earnings of $4.8 billion, or $1.09 cents a share for the quarter, compared to $2.7 billion, or 28 cents in the same period last year. “Although we are gratified to see consumer-lending net charge-offs and delinquencies decline, they remain at extremely high levels and therefore returns in our consumer-lending businesses are still unacceptable,” said Jamie Dimon.
Dick Bové: JPMorgan Results ‘Not a Good Number’ (CNBC)
“On the whole this number [$25.6 billion in revenue] is not a good number… it’s here because they’ve taken money out of reserves and put it into earnings,” Bové said. “Trading was devastating,” the analyst added
AIG Chairman Resigns After Dispute With CEO Benmosche Over Stalled Divestiture Of An Asia Division (Bloomberg)
Golub’s departure will increase Benmosche’s influence, said Gary Wolfer, senior vice president and chief economist at Univest Wealth Management & Trust Services. The resignation “clears the deck” for Benmosche, said Wolfer. “Having a clearer field, it’s going to be the Benmosche Show going forward.”
AIG’s `Turnaround Kid’ Miller Gets Challenge at Rescued Insurer (Bloomberg)
Miller was named AIG’s chairman yesterday. A restructuring specialist, he has overseen the bankruptcy of Delphi Corp., once the largest U.S. auto-parts supplier, and helped Chrysler Corp. return to profitability after taking government loans in 1980. He’s been chief executive officer at Waste Management Inc., Federal-Mogul Corp. and Bethlehem Steel Corp. (BTW, he gave himself that nickname, “The Turnaround Kid,” which is against the rules.)
Goldman, SEC Discuss Catch-All Settlement (WSJ)
The two parties recently held discussions about a possible settlement to simultaneously resolve the fraud lawsuit against Goldman and some of the agency’s lower-profile probes of the Wall Street firm’s mortgage department.
ABA ISSUES DETAILED ANALYSIS OF FINANCIAL REGULATORY REFORM BILL (ABA)
“The Dodd-Frank Wall Street Reform and Consumer Protection Act is unprecedented in scope and will usher in a new era of financial services regulation,” said Edward L. Yingling, ABA president and CEO. “Unfortunately, legislators took a ‘while-we’re-at-it’ approach during the bill’s journey, imposing unrelated new restrictions on traditional banks that were more victim than villain in the financial crisis.”
Deputy Doom: World At Risk Of Falling In On Itself (CNBC)
“If we slide into deflation – the likely fate of the developed market – a Japan-style outcome will become inevitable,” Arun Motianey, director of fixed income strategy at Roubini Global Economics, said. “In Japan, the BoJ has lost the ability to create inflation and is condemned to deflation. Central banks may now need to talk about the necessity of inflation…before it is too late.” Continue reading »
$$$ Roubini Says Obama Should Address Nation as Adults [Bloomberg]
$$$ Eleven Banks Will Fail EU Stress Tests: Strategist [CNBC]
$$$ Grant On Potential New Federal Reserve Governors [Bloomberg]
$$$ SEC Delves Into ‘Proxy Plumbing‘ [WSJ]
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