Re: the previously rumored cuts at BarCap, expected to supposedly affect 7% of the global headcount: Continue reading »
Archive for August 2010
Woman In Mark Hurd Case Regrets Dismissal (WSJ)
The woman at the center of the ethics scandal that cost Mark Hurd the top job at Hewlett-Packard Co. identified herself Sunday as Jodie Fisher, a 50-year-old sometime actress whose film credits include “Intimate Obsession” and “Body of Influence 2,” plus reality show “Age Of Love” Ms. Fisher, whose June 29 letter accusing Mr. Hurd of sexual harassment triggered a board investigation, said through her lawyer that she was “surprised and saddened that Mark Hurd lost his job over this. That was never my intention.”
Goldman Sachs Lost Money On Ten Days In Second Quarter (Bloomberg)
Losses on Goldman Sachs’s trading desks exceeded $100 million on three days during the period that ended on June 30, according to a filing today by the New York-based company with the U.S. Securities and Exchange Commission. Today’s filing also shows that the firm’s traders generated more than $100 million on 17 days during the quarter. Of the 65 days in the quarter, Goldman Sachs traders made money on 55 days, or 85 percent of the time.
US to pay big sums for Wall St tip-offs (FT)
New US whistleblowing incentives within the Dodd-Frank financial reform act – that could net informants multimillion dollar pay-outs – are likely to generate a surge in allegations against US-listed companies and Wall Street banks, lawyers say. The SEC is expecting a sharp increase in tip-offs from senior employees and third parties prompted by potential seven-figure bounties. “The scale of the awards reflects the high quality of whistleblower we hope to get – people within a company, broker or other regulated firm that we might not have heard from before,” Stephen Cohen, an SEC official, told the Financial Times. “We’re expecting a tremendous response.”
AIG Faces Fed Scrutiny as Buffett’s Bets Spared by Dodd Law (Bloomberg)
The Dodd-Frank Act could “materially and adversely affect AIG’s businesses” and hurt cash flows and credit ratings, the New York-based firm said Aug. 6 in a filing. The Federal Reserve may be the bailed-out insurer’s regulator if a new risk watchdog determines that an AIG failure could threaten U.S. economic stability, the firm said.
Freddie Mac Asking For More Help After Big Loss (AP)
Freddie Mac says it lost $6 billion, or $1.85 per share, in the April-to-June period. That takes into account $1.3 billion in dividends paid to the Treasury Department. It compares with a loss of $840 million, or 26 cents a share, in the second quarter a year ago. The company is asking for $1.8 billion in additional federal aid. Continue reading »
$$$ SAC Capital reported a 3.7 percent gain in July, according to an investor. [Reuters]
$$$ Fired Fannie Contractor Alleges She Was Blackballed [WSJ]
$$$ Dan Loeb, You’re Boring Me [II]
$$$ Does Citibank’s S. Larson Really Exist? [WSJ] Continue reading »
This interview is mostly unintelligible on LD’s end but: “Go to the website– Nails Investments– and it says 160 wins, zero losses. You can’t say that unless it’s true. Otherwise they’ll put you in jail.” Also: “Yeah we have clients but we lost them all.” Plus: “Jim Cramer is the only one that’s been right.” And: “You mess with the Nails, you get the hammer.” Continue reading »
First, Phil Falcone’s Harbinger Capital is launching a Pan Asia fund next month that will “focus on special situation opportunities.” The vehicle already has $500 million from “one large investor” but is still open and willing to accept your money. Get in at the ground floor. And second: Continue reading »
So this just happened: Continue reading »
Meet Carrianne Howard. She’s the woman pictured at left in red. Some of you may not recognize her but if we took away the dress and diploma, that’d probably jog the memories of those who’ve spent time at the Lido Cabaret, a topless club in Cocoa Beach, Florida. That’s where the 26 year-old now works, for $400 to $1,000 a week, where she landed after a stint doing “adult web chats.”
It’s not the career trajectory Howard, 26, envisioned for herself, when she enrolled at the Art Institute of Fort Lauderdale, and had her parents plunked down $70,000 in tuition and fees for her to earn a bachelor’s degree in game and art design and, per usual, there’s one person or group of persons to blame. Goldman Sachs. Continue reading »
Here’s one: how many times have you watched Charlie Gasparino break a story and wonder to yourself, “How does this guy do it? Where does he get these stories? Who are his sources? How does he get them to crack?” Whether it’s the Goldman prop situation, Jimmy Cayne’s uromysitisis condition or Dick Fuld’s inability to post bail after getting arrested for going ape-shit on a CostoCo employee, Gaspo’s always got it. Is it that Chaz:
a) Has put in quality time with this broad, who knows all?
b) Leaves threatening voicemails on people’s machines, suggesting if he doesn’t get the story, he’ll break off their cojones and boil them in motor oil, which typically motivates them to give him the dirt?
c) Tails Andrew Ross Sorkin to his source meetings, waits for him outside and proceeds to rub a chloroform soaked rag on ARS’s face, steal his notes and make a mad dash for Elaine’s, where no one will ask questions?
d) Has an army of San Pietro bus boys on payroll who report back anything they heard from the movers and shakers dining at the restaurant after their shift?
e) Has realized that it’s the interns in every organization who hold the secrets, and to that end has endeared himself to the ones at the major banks by taking them out for drinks at Tropix, his favorite joint in Rego Park, where they have a lax policy on underage drinking?
This morning, Charlie revealed the answer. Continue reading »
“Where am I going to be in a year? Let’s put it this way, I’m going to be living the dream.” Hint: known for his deep in the money calls, this person has been described as one of the greatest minds on Wall Street, who in addition to his market moving prognostications, is known for his love of private flying and fear of indoor plumbing. [CNBC]
Robert Benmosche Expects Government To Be Out Of AIG’s Hair Soon, Taxpayers To Get Their Money At Some Point
By Bess Levin
It pales in comparison to the insurer’s biggest news of the summer but exciting nonetheless. Continue reading »
Performance for Kensington and Wellington:
July 2010: +4%
YTD: +1%
