And they said it couldn’t be done! Continue reading »
Archive for October 2010
Ladies! Don’t let Meredith Whitney win this one. Continue reading »
Hizzoner says no but Charlie Gasparino is hearing a “nuance” in his tone. [FBN]
Ackman’s confession that he swam naked in the Bosphorus– the sea that runs through Istanbul- when he was an MBA student at Harvard came at a speech he gave in Istanbul last month. Ackman was on vacation, but he still wanted to introduce himself to the Turkish investment community…When asked why he swam naked, Ackman responded “’cause I didn’t have a swimming suit!” [IM]
Related: The Hedge Fund Manager With Hair You Want To Run Your Fingers Through
Morgan Stanley Posts 67% Drop In Profit (MarketWatch)
For the third quarter, Morgan Stanley said net income came in at $313 million, or 5 cents a share, compared with $936 million, or 50 cents a share, in the year-earlier period. The bank was expected to make 15 cents a share, according to a survey of analysts by Thomson Reuters. Estimates ranged from a profit of 28 cents a share to a loss of a penny a share.
Wells Fargo Reports Record Profit (Bloomberg)
Net income rose 3.1 percent to $3.34 billion, or 60 cents a diluted share, from $3.24 billion, or 56 cents, in the same period a year earlier, the San Francisco-based bank said today in a statement. Analysts surveyed by Bloomberg estimated profit of 56 cents. Revenue dropped 7.1 percent to $20.9 billion.
BlackRock Profits Beat Estimates (WSJ)
BlackRock Inc.’s third-quarter earnings rose 74%, beating analysts’ forecasts, as the asset-management firm again saw its results boosted by December’s $13.5 billion purchase of Barclays Global Investors. The “robust third-quarter results reflected the breadth of our business globally, strong performance in both index and actively managed products, and increasing demand,” said Larry Fink.
Wall Street Bailout Returns 8.2% Profit Beating Treasury Bonds (Bloomberg)
The government has earned $25.2 billion on its investment of $309 billion in banks and insurance companies, an 8.2 percent return over two years, according to data compiled by Bloomberg. That beat U.S. Treasuries, high-yield savings accounts, money- market funds and certificates of deposit. Investing in the stock market or gold would have paid off better.
Mark Wahlberg And Malcolm Gladwell Plot CIA Drama (Deadline)
Set in Cold War Berlin, the untitled project, to be written by Randolph, centers on a missionary who becomes involved in the CIA. Continue reading »
$$$ A Hedge Fund Controlled by Women, Or So It Claimed [NYT]
$$$ Former Citadel employee Mikhail ‘Misha’ Malyshev ordered to pay fine to 2 charities after violating judge’s order to preserve potential evidence in lawsuit [CB]
Haters Won’t Pipe Down And Let Foreclosure King Of Florida Enjoy All The Money He’s Making Off This Mess
By Bess Levin“David’s wealth is a reflection of his acumen and the tremendous volume of foreclosures,” attorney JeffreyTew said of his client, David Stern, whose foreclosure-processing business, currently under scrutiny, has generated hundreds of millions of dollars in revenue preparing documents for the cases that his law firm brings on behalf of lenders seeking to reclaim homes from borrowers who can’t pay their mortgages, and at $1,400 a pop have scored him a $15 million mansion on an island in Fort Lauderdale, a $6 million beachfront condominium in the city, a $6 million home in nearby Hillsboro Beach, three Ferraris, four Porsches, a Rolls-Royce, a Cadillac and a Bugatti. “He had something to do with the acumen part. He had nothing to do with the amount of foreclosures we have.” [Bloomberg via DI]
So far those on Team “I’m here for the gang bang” include PIMCO, BlackRock, MetLife, TCW Group and the NY Fed but there is always room for one more. Surely someone else out there is feeling incensed about some stuff that went down at Countrywide and is looking to take action.
In related news, I know this must seem like bad news for Bank of America and maybe it is. But let’s focus on the positive– it’s great news for someone and that someone is [drum-roll please]…ANGELO MOZILO, PROVEN ORACLE! For those whose memories don’t go back further than last night, recall that on June 26, 2008, His Orangeness had this to say at the last CFC shareholder meeting:
Bank of America “will reap the benefits of what we have sowed.”
How Many Financial Services Employees’ Career Paths Take Them From Barclays Analyst To (Nearly) Ass-Naked In Maxim, Holding A Gun?
By Bess LevinSo far, just one that we know of, though that doesn’t mean more aren’t waiting to come out of the woodwork. Continue reading »
In the above photo, the man in the Speedo is: Continue reading »
