Indian Billionaires Step Into Spotlight (WSJ)
Over the past few decades, the Ruia brothers (Ravi and Shashi) have built Essar Group from a small construction firm into an industrial force, with $15 billion in annual revenue from steel, shipping and telecommunications. That’s put them in the rarified league of families whose conglomerates dominate Indian industry, including the Ambanis, whose interests range from oil to financial services; the Birlas, with a portfolio spanning cement to mobile phones; and the steel- and auto-making Tatas. Ravi and Shashi Ruia even share superstitions. They believe 13 is their lucky number because the conglomerate’s fast growth began when its headquarters was on the 13th floor of a Mumbai office tower.
Ellison Says HP Ouster of Hurd Like Apple Firing Jobs (HP)
In a letter to the New York Times, Ellison said, “The HP board just made the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago.”
Merrill’s Risk Disclosure Dodges Are Unearthed (NYT)
Barely visible to any but a few inside Merrill, Pyxis was created at the height of the mortgage mania as a sink for subprime securities. Intended for one purpose and operated off the books, this entity and others like it at Merrill helped the bank obscure the outsize risks it was taking…“It’s like the parable of the blind man and the elephant: you had some people feeling the trunk and some the legs, and there was nobody putting it all together,” Gary Witt, a former managing director at Moody’s Investors Service who now teaches at Temple University, said of the situation at Merrill and other banks.
Where Will Hurd Go Next? (Fortune)
Open to ideas on this one.
Waters’ Ethics Charges Cite Role of Waters’s Grandson (WSJ)
At issue is whether Ms. Waters (D., Calif.) violated congressional ethics rules by urging the Treasury Department in October 2008 to give $12 million in government bailout funds to a minority-owned bank in which her husband owned stock. Documents released Monday by the House ethics committee showed Ms. Waters had few personal contacts with the bank, Boston-based OneUnited Bank. Ms. Waters personally arranged for a meeting with officials from the Treasury Department and bank executives. But subsequently, Mikael Moore, her chief of staff and grandson, handled most of the communications in the fall of 2008 between Ms. Waters’s office and bank officials.
‘Breaking the Buck’ Was Close for Many Money Funds (WSJ)
From August 2007 to December 2009, at least 20 firms that manage such funds in the U.S. and Europe pumped more than $12 billion combined into their funds, according to the Moody’s Corp. unit. The lifelines included purchases of troubled securities and capital contributions.
THIS IS BULL SHIT (Video) (NYP)
Footage of new DB obsession/prospective AQR employee (please?) Steven Slater being arrested (clip after the jump).
I mean… (NBCNY)
“Police sources said that when authorities found Slater he seemed to be in the midst having sexual relations.”
For BP, a $3 billion start as end is in sight (WaPo)
A relief well being drilled by BP is on track to start a definitive “bottom kill” shutdown of the crippled Gulf of Mexico well this week, unless an approaching weather system disrupts the timing, the top U.S oil spill response official said.
KKR Pulls Plan to Sell Shares as Second-Quarter Profit Falls (Bloomberg)
Economic net income fell to $433.1 million in the second quarter from $613.5 million a year earlier on a pro forma basis, KKR said Monday. Fee-related earnings climbed to $63.3 million from $53.3 million.
It was chipping the polish on his manicured fingers that set Slater off. His favorite is OPI nail color “Over The Taupe.”
Erectile Dysfunction also makes me go to work before 8 Bess.
Hurd is just the man to straighten out the SEC.
And that’s why women should not be allowed to fly (or vote)…
If he was really thinking he would have hijacked that baby to P-town or Fire Island….
“I cannot picture him sliding down a chute!”
Now thats the way to quit your job!!! This guy is awesome!
If you ever see this guy at a tavern, or if you ever just seem him at all, punch him in the face so he knows its you.
Apparently he was having make-up sex with an inflatable.
In soviet russia . . . ah, whatever
Meredith Whitney pounding you in the ass just before you quit your job is the new killing it.
SS (pre-flight): I really wanna leave my mark this time, you know, I
wanna walk away from JetBlue with people saying ‘Wow! Now that guy got canned!’
I’d like to know more about this big-shot who told Slater to fuck off, and find out whether or not he knew he was flying on Jet Blue.
dump hpq and buy the stock of the company that hires hurd! there are plenty of top tech companys who need his skills..a few microsoft,yahoo and dell
Bess –
I don’t want to tell you how to run your show around here, but you can’t let AQR (or anyone else, for that matter) steal Slater from you. Guest columnist?
@14 OK I’ll do that! you fucking prick. go back to yahoo finance.
plang=guy Steve Slater was banginging when he was arrested.
@14 BRILLIANT!! (Guiness commercial voice) and I agree with @16 – go crawl back into your cube and jerk one to Hurd – you scumbag
Bigger baller: Steven Slater or A.C. Slater?
http://ftalphaville.ft.com/blog/2010/08/10/310061/digging-into-goldmans-trading-losses/
Digging into Goldman’s trading losses
“The bank says it’s because the system upgrades originally sped up the market data feed for other participants to two to three milliseconds, but not for DMMs, whose data feed into their ‘capital commitment schedule‘ (CCS) was 60 milliseconds behind the NYSE’s common customer gateway.
That, they say, ended up being a considerable disadvantage for the DMMs, of which there are only five: Goldman Sachs via its ownership of Spear, Leeds & Kellogg Specialists, Barclays Capital, Kellogg Capital Markets, Bank of America Specialist and recent addition high-frequency player Getco.
In June 2009, the feed for DMMs was sped up to 30 milliseconds behind the NYSE’s common gateway. The May changes referenced by Goldman, meanwhile, supposedly sped these DMM processes up to just 10 milliseconds behind. But even that, in Goldman’s opinion, remains a considerable disadvantage versus regular participants or supplemental liquidity providers.”
Breaking merger announced to form what may be the new top shop: SAC Slater
To anyone who’s fed up with their job and thinking of making a Slater-style exit:
Ummm, it’s a good idea to check your bank account first. If your financial condition is such that you can’t make $2500 bail, better think long and hard about whether your job is *really* making you more miserable than spending 24/7 at Rikers.
Stevie-boy will soon be consumed with futile fantasies about being back on those JetBlue flights.
To resurface after jail time as a motivational speaker.