Cuts going down circa now. Read more »
Archive for September 2010
Who wants a nice ski lodge? Anybody interested in a place on the beach? Today’s your lucky day. Read more »
As many of you are aware, some intimately, the right to get smashed on the ride home is one fiercely cherished and defended at all costs by Team CT Commute. It was something Metro North officials tried at various points over the last couple years to take away to no success. “They’ll have to pry this Tall Boy from my kung-fu like grip,” more than a few people slurred, getting confrontational. It also wasn’t enough to simply be able to purchase booze on board, but highly necessary to have the space to “stand around and talk,” mix it up with fellow financial services hacks and make new “business contacts,” rather than sit at banquette-style tables with some asshole you already know from work, a war currently being fought as designs for new cars and their bar cars are finalized.
Strangely, though, we’ve never discussed what exactly one is pounding in the 39 to 55 minutes you have before getting off. Luckily, the Times has investigated the situation. Read more »
Hint: You don’t get the designation “noted” hooker fucker for a one time job. Read more »
For more than a year, the bearded man consuming a shrimp salad at an Upper West Side cafe has been a prophet of doom, warning that the economy could slide into a “third depression” unless our leaders come to their senses and follow his advice. “I felt like a really lonely voice,” says Paul Krugman, an unknotted blue tie draped around his neck. “It’s been really frustrating.” But he keeps hammering away, demanding action in one New York Times column after another, hoping “to establish a counter-narrative against what everyone else is saying.”…In person, Krugman is several shades warmer, grousing about jet lag and delays in renovating the $1.7 million co-op he recently bought on Riverside Drive. “He’s very sweet,” says fellow Times columnist Gail Collins. “I’ve never heard him yell or get teed off at somebody.”
JPMorgan Targets WaMu Funds (WSJ)
In a series of previously undisclosed letters sent to the FDIC, the nation’s second-largest bank by assets warned it could seek billions in legal protection from the FDIC receivership that liquidated the Seattle-based thrift two years ago, people familiar with the situation said. To the FDIC, the J.P. Morgan letters amount to more than $6 billion in claims, which would dwarf the $1.88 billion J.P. Morgan paid the receiver in September 2008, according to people familiar with the situation.
Ken Fisher Dubs New Normal `Idiotic,’ Sees `Great’ Decade Ahead (Bloomberg)
The next decade will be as good for investors as the 1990s, said Ken Fisher, the billionaire chief executive officer of Fisher Investments Inc., dismissing notions that developed economies face below-average growth. Fisher said the concept of a “new normal” is “idiotic,” pitting him against money managers including Mohamed El-Erian, the CEO of PIMCO. “We are chimpanzees with no memory,” Fisher said at the Forbes Global CEO Conference in Sydney. “The next 10 years are going to be just as good as the 1990s. The problems in this current environment we think are so different, and so new and so unique. It’s the same stupid old normal we’ve always had. We’ve got a great future.”
Bank Regulators Delay “Too Big To Fail” Reform (Reuters)
They just need a little more time.
Man Group Sees Pre-Tax Profit Down 55% (MarketWatch)
The UK hedge fund manager estimated that its fiscal first-half pretax profit fell 55% to $135 million due to lower management fees and higher one-off costs. The firm said funds under management at the end of September stood at $39.5 billion, compared to $38.5 billion at the end of June, as gains on investments and a boost from foreign exchange rates more than offset $600 million of net withdrawals during the period. “The last six months have seen further mixed macro signals across global economies and continued uncertainty in markets,” said CEO Peter Clarke.
Moelis Said to Plan Acquisition of Gracie Credit to Add First Hedge Fund (Bloomberg)
The $2 billion Gracie, headed by founder Daniel Nir, will operate independently of Moelis. The deal price wasn’t known.
Brazil In “International Currency War,” Says Prime Minister (FT)
“We’re in the midst of an international currency war, a general weakening of currency. This threatens us because it takes away our competitiveness,” Mr Mantega said.
Genius Gets Its Own Reward (WSJ)
A honey-bee breeder, a jellyfish scholar, a stone carver and an Emmy-winning screenwriter were among 23 people awarded $500,000 “genius” grants Tuesday by the John D. and Catherine T. MacArthur Foundation. While most aren’t well known outside their fields, this year’s crop includes David Simon, the Baltimore author and screenwriter responsible for such popular shows as the Emmy-winning HBO television series “The Corner,” as well as HBO dramas “The Wire” and “Treme.” Read more »
$$$ Galleon Defendant Danielle Chiesi Seeks Suppression Of Statements [FINalternatives]
According to Charlie Gasparino, “there will be fairly significant cuts” if “the fourth quarter mirrors the third quarter.” Read more »
“I don’t think LaBeouf’s character [who attempted to raise capital for an alternative-energy company] was unrealistic from a personality standpoint. More Wall Street people than you’d think have that kind of beneath-the-surface idealism.“– Anonymous Goldman analyst, in a conversation with Dealbook discussing how “real” things are in Money Never Sleeps. The same financial services employee noted that “there were too many ties” and said he thought “the percentage of scenes that Jake wasn’t in the office was way off.” [Dealbook via DI]