Apparently it’s necessary.
From: Morgan Stanley (Security)
Sent: Friday, July 02, 2010 1:05 PM
To: All
Subject: Bear Sighting
Archive for July 2010
Adam Sender Displays Art Around Office Other Hedge Fund Managers Wish They Had The Stones To Put Up
By Bess Levin
Put it on the trading floor, or better yet, the lobby and that’ll send a message (“This is how it’s gonna be. You have been warned, so don’t come crying to us when your PM busts out a collar.”).
The art in Aibel (Sender’s curator)’s office at Exis Capital veers into the risque. A photograph by German artist Thomas Ruff depicts a blurry woman in lingerie towering over a man on a leash crawling beside her. Aibel joined Sender in 2006, working alongside curator Todd Levin, who spearheaded Sender’s collection from 1998 to 2008.
Adam Sender Dresses Up Hedge Fund Rooms With Ruscha, Dan Flavin [Bloomberg via BI]
Make This The Follow-Up To A Serious Double Down Contest And Then Maybe We’ve Got Ourselves A Challenge
By Bess LevinSo it being a 3.5 day weekend and all, I’m not sticking around much past 1PM but it’s been asked that I share the following, going down at a hedge fund that shall remain nameless. Will post updates until I have to leave.
10:30: Slow day on the desk…new guy is attempting 500 pushups during market hours. So far he has done 50 with 450 to go. The last ten were kind of tough. He’s not in very good shape. We are starting to take bets on when he breaks. Thinking around the 250-300 range.
Goldman Defends AIG Deals (WSJ)
Documents released by the panel showed Goldman repeatedly valued these securities lower than rivals did, demanding additional money from AIG, which was insuring against losses in the securities. These and other banks’ collateral demands strained AIG, which was bailed out by the U.S. government in September 2008. At the time, Goldman had placed a trading bet with the firm’s money against the mortgage market. Lower valuations, or “marks,” would have made that bet more profitable. Goldman executives defended their practices. “Our marks were based on actionable prices, informed by market information from comparable transactions,” David Lehman, a Goldman managing director, told members of the Financial Crisis Inquiry Commission.
AIG CEO and chairman to work out differences (Reuters)
Benmosche told the board at a meeting last week he wanted Golub to leave the company and would himself resign if that did not happen. The issue for Benmosche was that if the board were making such decisions, what was he doing as chief executive, the source said, declining to be named because these talks are private. The two sides had to work that through, and there is “a conciliatory direction now,” the source said, adding that everyone was dedicated to paying back taxpayers.
BP’s Relief Well for Plugging Oil Leak Is Ahead of Schedule (Bloomberg)
This deserves a pat on the back.
Energy Hedge Funds Close After Investor Withdrawals (Bloomberg)
At least six funds managing more than $158 million shut in the first half, including four in May and June, according to data compiled by Bloomberg. London-based Rampart Capital LLP succumbed after failing to reach “critical mass” within nine months of opening, according to Chief Investment Officer Marcello Romano.
Some NY Hedge Fund Execs May Escape New Tax (Reuters)
Hedge fund executives who commute from Connecticut or New Jersey to offices in New York might escape having to pay income taxes on their investment profits after all, Governor David Paterson said Thursday. Another way of extracting more money from the ultra-rich — halving the state’s charitable deduction to 25 percent for people whose yearly incomes top $10 million — also might fall by the wayside, the Democratic governor told WOR radio. “It might be far more responsible for us to revisit that issue, particularly about the hedge fund managers, because according to Mayor Bloomberg, and he told me this yesterday, all they have to do is basically change their addresses,” Paterson said. Continue reading »
$$$ After Banner Year, Buffett Hands Gates Berkshire Stock [FBN]
$$$ Jamie Dimon’s summer reading list [BI]
$$$ Local Actress Catches Break Thanks To Russian Spy [DI]
$$$ Phil Angelides: Goldman Sachs’ Credibility in Question [CNBC]
The buyer was not identified but there are probably only a handful of people with a) the cash on hand b) a serious interest in Hirst’s work c) a burning itch for a hot pink little number to tool around the streets of CT in…
Man-whore prima-donnas who refuse to eat turkey unless its on a club sandwich, carriers who get in the way of them and their new iPhones, and minions of God, who can’t help the fact that they kick ass at making it rain ka-ching! on your face. These dislikes translated to Nike (which stood by Tiger even after the sandwich incident), AT&T, and Goldman Sachs apparently being the most hated companies of the year. [CNN Money]
Anna Chapman, the Russian spy and former Barclays “slave,” who also claims to have been employed by Warren Buffett and may have tapped Dr. Doom’s ass, works her latest mark. [via NYP]
June performance. Continue reading »
And in case you were wondering, the answer is yes. Facilitate does translate loosely to “reach-around.” Continue reading »
