July 2010

  • News

    Opening Bell: 07.21.10

    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 […]

    / Jul 21, 2010 at 9:30 AM
  • News

    Write-Offs: 07.20.10

    $$$ Matthew Goldstein: “Jason Ader, a former hot-shot casino industry analyst turned wealthy hedge fund manager, is rolling the dice, hoping to become a community banker in Las Vegas.” [Reuters] $$$ The Perfect M&A Resume [FINS] $$$ Fannie Mae Employees Received 153 VIP Loans [WSJ] $$$ Playboy Launches New Safe For Work Website, Which Reportedly […]

    / Jul 20, 2010 at 6:07 PM
  • News

    Vikram Pandit’s Social Calendar Totally Open To Attend Obama’s Financial Reg Signing

    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!

    / Jul 20, 2010 at 6:00 PM
  • News

    Former UK Banker, Ashmed Of Past Life, Finds Meaning In Dressing Up As Pirate

    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 […]

    / Jul 20, 2010 at 3:13 PM
  • News

    Kenneth Feinberg To Inform Banks Whether Or Not He’ll Be Going After 2008’s Bonuses By The End Of The Week

    According to Charlie Gasparino, execs at Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America and Citi should gird their loins for the Compensation Cop to either announce that he’ll be clawing back their hard earned bonuses or to admit that he was just messing around, though they should really have seen the looks on their […]

    / Jul 20, 2010 at 2:50 PM
  • News

    A Bunch Of Wall Street Professionals Will Be Smashing Each Other’s Faces In For Your Entertainment (Charity As Well) This Evening

    Tonight is the annual Corporate Challenge Boxing tournament, and beyond the fact that the event is for charity, $55 seems like a pretty reasonable fee to be at least mildly amused at the sight of your “colleagues” taking to the ring. Some of the participants include the son of a former Vice-President and a couple […]

    / Jul 20, 2010 at 12:20 PM
  • News

    Unfounded Rumor Of The Afternoon: Cuts A-Comin’ At Credit Suisse?

    Prop trading at Credit Suisse plans to cut around 30% of traders in the near term.

    / Jul 20, 2010 at 12:00 PM
  • News

    What Are You Doing, Lloyd? Are You Scratching?

    Chicken pox outbreak at first day of GS training yesterday. New trainee sent home sick, announcement made to analyst class that chickenpox was the cause and they should come forward with any signs of illness to prevent further infection.

    / Jul 20, 2010 at 11:18 AM
  • News

    Here Are Some Current IR Girls And Someone Who’d Like To Become One With Your Help

    This is the list of IR ladies. Read it and let us know what you think, but in doing so, try not to be so much, what’s the word? Like yourselves.

    / Jul 20, 2010 at 10:38 AM
  • News

    Opening Bell: 07.20.10

    Goldman Sachs Reports 2010 Second Quarter Earnings Per Common Share of $0.78. Excluding the Impact of the U.K. Bank Payroll Tax and the SEC Settlement, Earnings Per Common Share were $2.75. (GS) Revenue of $8.84 billion, conference call at 11am. Fabrice Tourre Denies Charges (WSJ) The 31-year-old Goldman vice president, in a court filing late […]

    / Jul 20, 2010 at 8:30 AM
  • News

    Write-Offs: 07.19.10

    $$$ With a sharp wit and a sharper tongue, Mr. Hendry, a plain-spoken Scot, has positioned himself as the public contrarian thinker of this city’s very private hedge fund community. The euro? It’s finished, Mr. Hendry proclaims. China? Headed for a fall. President Obama? “If there was a way to short Obama, I would,” Mr. […]

    / Jul 19, 2010 at 5:30 PM
  • News

    Someone Is *Really* Pissed At RBS

    So, some things happened this weekend and it’s all really crazy and wow I can’t even get into it I’m shaking so hard even hearing it second hand. I’m just going to let the victim speak for himself. Promise me you’ll brace yourselves, okay? It’s that bad.

    / Jul 19, 2010 at 3:23 PM
  • News

    Dear Ping Capital Investors

    Names were taken and asses were kicked or had some other stuff done to them last month.

    / Jul 19, 2010 at 2:55 PM
  • News

    Area Man Predicts Goldman Sachs Will Take Away Nothing From Its Punishment

    In announcing the SEC’s settlement with Goldman Sachs last week, Division of Enforcement director Robert Khuzami said that the $550 million settlement should serve as a “stark lesson” to the bank and the rest of Wall Street. And while it’s rare for a settlement with the Commission to include an admission of having fucked up, […]

    / Jul 19, 2010 at 1:41 PM
  • News

    Bonus Watch ’10: UBS

    Last Friday, a junior rainmaker at the house tax evasion built suggested a raw deal was being dealt to first years re: bonuses, with top buckets taking home $55k. Today, one of his colleagues suggest such is not the case.

    / Jul 19, 2010 at 12:51 PM
  • News

    Rebellion Research Takes Pitch To CNBC

    [via BI] Meanwhile, Erin Burnett catches up on Minesweeper. Earlier: Who Wants to Become A Rebellion Research Investor?

    / Jul 19, 2010 at 11:24 AM
  • News

    Ruth Madoff Seeking Redemption In Boca

    When Bernie Madoff confessed to his $50 billion Ponzi scheme, he didn’t just ruin his own life– he took his wife Ruth’s down with him. Though she has never faced charges and will never go to jail for it, Ruth Madoff has paid dearly for her husband’s decision to run a pretty sizable scam and […]

    / Jul 19, 2010 at 11:00 AM
  • News

    Opening Bell: 07.19.10

    Obama’s Bull Market Intact as Midterm Gridlock Signals Gains (Bloomberg) The Standard & Poor’s 500 Index has surged 48 percent on average starting in the second year of each U.S. presidential term, measured from its lowest level through the high the next year, according to data going back to 1928 compiled by Bloomberg. That compares […]

    / Jul 19, 2010 at 9:30 AM
  • News

    Write-Offs: 07.16.10

    $$$ John Paulson’s Reversal Of Fortune [Fortune] $$$ Charlie Gasparino: Lloyd Blankfein’s Days Are Numbered [HuffPo] $$$ North Haledon, a northern New Jersey suburb where the median family income is 162 percent of the U.S. average, had its debt rating cut amid concerns that the state’s new 2 percent property-tax cap will strain borough finances. […]

    / Jul 16, 2010 at 6:33 PM
  • News

    Beamers Cafe: “Not Some Fly By Night Organization”

    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 […]

    / Jul 16, 2010 at 4:10 PM
  • News

    Some Analysts More Amped Than Others About The Goldman Sachs Settlement

    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, […]

    / Jul 16, 2010 at 12:25 PM
  • News

    Bonus Watch ’10: UBS

    FYI, someone is not happy with how you’re running this joint, Mr. Grübel!

    / Jul 16, 2010 at 11:30 AM
  • News

    Opening Bell: 07.16.10

    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 […]

    / Jul 16, 2010 at 9:30 AM
  • News

    Write-Offs: 07.15.10

    $$$ Goldman Sachs: Bombmakers bombarded [The Economist] $$$ 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]

    / Jul 15, 2010 at 5:30 PM
  • News

    What Will The SEC’s “Significant Announcement” At 4:45 Be?

    Unfounded speculation encouraged at this time. Update: And it’s Goldman learning 550 million “lessons.”

    / Jul 15, 2010 at 4:00 PM
  • News

    Senate Goes 60-39 In Approval Of Financial Reform Bill

    And hey, guess what else?! At least one person on earth has read the whole thing! [via DI]

    / Jul 15, 2010 at 3:07 PM

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