October 2010

  • News

    A Tree Grows In Blankfein’s Brooklyn

    “I really like the idea that there is a flowering tree that’s blossoming here, indigenous to Brooklyn, rising out of an urban area,” Blankfein said yesterday in Bed-Stuy, while helping break ground on The Bradford, a low-income housing project financed by Goldman’s Urban Investments Group named for a type of pear tree that grows in […]

    / Oct 26, 2010 at 10:26 AM
  • Opening Bell

    Opening Bell: 10.26.10

    UBS Posts A Profit (MarketWatch) The bank posted a net profit of 1.66 billion Swiss francs ($1.71 billion) as it halted the outflow of cash from its private-banking arm, though shares in the group dropped on Tuesday as its investment-banking unit disappointed investors. The profit in the latest quarter compared with a loss of 564 […]

    / Oct 26, 2010 at 8:56 AM
  • News

    Write-Offs: 10.25.10

    $$$ BofA: Foreclosure Sales ‘Accurate,’ Moratorium Stands [CNBC] $$$ Paul Krugman: “Is it really possible that the CNBC-watching crowd doesn’t understand that right now a weak dollar is good for America?” [NYT] $$$ Todd Combs, the leading contender to manage Berkshire’s billions [Fortune] $$$ AIG says Benmosche has cancer [MarketWatch] $$$ “Our hope is that […]

    / Oct 25, 2010 at 6:15 PM
  • News

    Paul Krugman Responds To Reader Hate Mail, Ups His Noted Level Of Sass

    Presented without comment.

    / Oct 25, 2010 at 6:00 PM
  • News

    No One From Goldman Sachs Has Called Warren Buffett About Unwinding His Stake, Or So He Claims

    Late last week, it was reported that Goldman Sachs has been considering paying back the $5 billion bone thrown to them by Warren Buffett during the scariest part of the financial crisis. It was very kind of him and all and they’re eternally grateful but as the firm is back to making it rain ka-ching […]

    / Oct 25, 2010 at 4:55 PM
  • News

    Southridge Capital Management Founder Charged With Fraud Though He May Not Know It Yet

    This afternoon, Connecticut regulators accused investment adviser Southridge Capital and its chief executive Stephen Hicks of “preparing false financial statements” that “inflated the assets of five funds from 2004 through 2007 so that they could charge higher fees,” in an alleged scam that netted them an ill-gotten $26 million. Additionally, many investors have apparently put […]

    / Oct 25, 2010 at 4:01 PM
  • News

    Who Wants To Do Double God’s Work?

    Each year, scores of college students interested in education and equality for all apply for positions with Teach For America in the hopes of being accepted and working with students in low-income communities. It’s both heartwarming and admirable. Still, while those doing so deserve loads of respect, one can’t but help thinking that, as selfless […]

    / Oct 25, 2010 at 1:59 PM
  • News

    Eliot Spitzer’s Liason To The Hooker World Has New York Hedge Funds’ Backs

    As you may have heard, Kristin Davis, the former madam who supplied Eliot Ness with prostitutes when he was into that sort of thing, is running for governor of New York. She’s previously stated that her qualifications for the job are that she 1) “Was valedictorian of [her] high-school class 2) “Worked 10 years in […]

    / Oct 25, 2010 at 11:21 AM
  • News

    Layoffs Watch ’10: RBS Trying Not To Make A Scene As It Cuts Higher-Ups In Stamford?

    Several weeks back, we mentioned that RBS had plans to cut about ten percent of the Stamford staff, with the timing being unclear though before the end of the year. Today we received a bit more info, namely that the assumption inside is that the bank will be cutting people slowly (just a few people […]

    / Oct 25, 2010 at 11:14 AM
  • News

    Bill Gross Enforces Total Silence On The Trading Floor Except For When He’s Leading A Conga Line Around People’s Desks

    As someone who follows Wall Street and especially hedge funds for a living, I’ve long suspected, nay, known, that the secret to many a money manager’s success is a daily shimmy down the trading floor. However, and I think most of you will back me up on this, I figured the first time anyone would […]

    / Oct 25, 2010 at 9:59 AM
  • Opening Bell

    Opening Bell: 10.25.10

    BofA Finds Foreclosure Document Errors (WSJ) They just found these. Just now…: “BofA discovered errors in 10 to 25 out of the first several hundred foreclosure cases it examined starting last Monday, acknowledging for the first time finding some mistakes in foreclosure files as it begins to resubmit documents in 102,000 cases. The problems included […]

    / Oct 25, 2010 at 8:23 AM
  • News

    Write-Offs: 10.22.10

    $$$ Harvard Meets Wall Street on Charles River for Three-Mile Party [Bloomberg] $$$ Peter Orszag: Stimulus Worked, But a Second Would Require Longterm Roadmap [TDB] $$$ Hormone Suggests Rich Live Longer [Telegraph]

    / Oct 22, 2010 at 5:45 PM
  • News

    Neighbors’ Overflowing Bath Causing Hedge Fund Manager Serious Emotional Distress

    We mentioned this story in passing yesterday– Pardus Capital Management founder Karim Samii and his wife are suing their neighbor, Guinness heiress Daphne Guinness, for flooding their apartment on several occasions after forgetting to turn the water off in her tub, for which they’re asking a judge to award $1 million in damages and ban […]

    / Oct 22, 2010 at 4:40 PM
  • News

    Lloyd Spotting: Blankfein Enjoys The Bar Car

    “God’s work going down on the Acela to DC this afternoon. LB sporting biz casual.”

    / Oct 22, 2010 at 3:45 PM
  • News

    Hedge Fund Manager/Senate Candidate Puts Up $100 Million For Someone To Prove To Him The US Can Run Out Of Money

    Warren Mosler is running for Congress in Connecticut. Before he can be elected, however, he says we need to get a few things straight. “I am running for U.S. Senate to see my policies implemented to create the 20 million jobs we need,” he said today. “And to do this it must be understood that […]

    / Oct 22, 2010 at 2:07 PM
  • News

    Jamie Dimon Is Being Played By Bill Pullman In Too Big To Fail

    Meanwhile, the part of noted interior decorator/part-time beekeeper John Thain has gone to Matthew Modine. [TVS]

    / Oct 22, 2010 at 1:45 PM
  • News

    Please Explain The Rationale Behind This “What Does A Hedge Fund Manager Do?” ‘Attack’ Ad

    As you may have heard, the hot new accessory this season, if you’re running for office, is to produce an attack ad highlighting your opponent’s ties to Wall Street. Deal Journal has rounded up a bunch of them, including one by Rush Holt, who’s running for Congress in New Jersey against former Morgan Stanley hedge […]

    / Oct 22, 2010 at 1:20 PM
  • News

    When People Spill Coffee At JPMorgan, It Always Lands In The Trash Without Making A Mess

    What else do you have to look forward to upon entering an employment agreement with the House of Dimon, according to its latest investment banking recruiting video? * Having your day narrated by a British man * Taking part in high-level discussions that go something like this: “Do we want more exposure to the gulf?” […]

    / Oct 22, 2010 at 11:41 AM

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