Goldman Sachs could be largely unaffected by financial overhaul (LA Times)
Recently, top Goldman executives privately advised analysts that the bank did not expect the reform measure to cost it any revenue. “The statement was perhaps surprising in its level of conviction,” Guy Moszkowski wrote in a note to clients, “but we’ve learned to take such judgments from GS very seriously.” Richard Bove said he had changed his view of the law’s effect on Goldman. “I thought this company was going to be really harmed by this bill; now I’ve figured out that it’s not going to happen,” he said. “They should win big here.”

Barclays Capital to slash jobs in cost-cuts (FT)
Barclays Capital is planning to cut up to several hundred employees following a sharp fall in market activity in the second quarter. Sources close to the bank say that the job losses, which could be announced as early as Wednesday, will be spread across back office and administrative functions that support BarCap businesses such as sales and trading.

H-P Board Surprised Hurd Didn’t Go Quietly (WSJ)
In the days before his resignation, according to a person familiar with the matter, Mr. Hurd hired Sitrick & Co., a Los Angeles-based firm known for handling crisis communications for high-profile individuals, including former H-P chairman Patricia Dunn and celebrity Paris Hilton. H-P’s directors “hoped he would move on,” said one person familiar with the situation, adding that the board prefers to focus on “protecting the brand and taking the higher ground.”

Hurd May Find Job In Private Equity, Recruiter Says (Bloomberg)
“There is a market for talented people,” Steven Kaplan, a professor at the University of Chicago Booth School of Business said in an interview. “As long as he didn’t do anything beyond what we know now has happened — that he messed up his expenses and it was a one-time mistake, and not fraud or something worse — he will be very attractive to private equity.”

The Playboy Spread of Jodie Fisher, the Woman Who Took Down HP’s CEO (Gawker)
If that’s something you’re interested in.

Investors pull $3.7 bln from hedge funds in June (Reuters)
After adding $4 billion in May, after having pulled out $3.4 billion in April.

GM Expects Biggest Profit In Six Years (WSJ)
Light bulb time: “If you can make products people want to buy and they pay you more than they used to, you are going to make a lot of money,” said David Whitson, an auto analyst with Morningstar. Continue reading »

$$$ Paul Krugman: “The FOMC has spoken. What’s my reaction? The Fed’s current policy is grossly inadequate, logically bizarre, and slightly — but only slightly — encouraging.” [NYT]

$$$ Yet another reason to pick Beamers, where shit like this would never happen. [Greenwich Time]

$$$ What Not To Do When Blowing The Whistle [FINS] Continue reading »