There’s one person in particular the government seems to just be dying to get it’s hands on but up until this moment, no one has had the vaguest clue– none whatsoever!– as to who it could possibly be, nor has there been nary a hint. Until now. Continue reading »
Archive for December 2010
The last month or so has not been the best of times for Phil Falcone. Harbinger Capital’s flagship is down, Goldman Sachs, Blackstone and some others have pulled their money, investors have been giving him shit for borrowing $113 million from one of his funds (where redemptions had been frozen) in order to pay personal taxes, he had to put up his art as collateral to borrow even more cash (for what, it’s unclear), he’s being investigated by the SEC and Wilbur, the family’s dancing pig, has been such a god damn bitch. He told the Times none of this is any way a big deal (“The last thing I’m thinking about in the morning is whether I have a cash-flow problem,” he said) and now, he’s be forced to defend his liquidity again. This time, with regard to the mortgage he took out on his house over the summer, after buying it for $49 million in cash. Continue reading »
Like Chanos’s other projects, the new vehicle will be Greek and clever in name. FINalternatives has the details. Continue reading »
Brian Lenihan is finished playing mister nice guy. Continue reading »
Holiday Party Adviser Offers Good Rules For Hermits, Those Not Looking To Better Their Situation
By Bess LevinThe most wonderful time of year is upon us– the office holiday party season. On any given night this month, scores of you will have the opportunity to spend several additional hours with people you despise and possibly rub up against them on the company dime. Today brings a list of rules under the guise of “surviving” said occasion. You should pay attention to them if a) you’ve have little to no human interaction since joining the work force or b) you have no interest in making a splash. Continue reading »
Caption Contest Tuesday: You’re Going To Have To Come Up With Another Christmas Card Idea For Warren Buffett
By Bess Levin
Because Boston College business student Kira Vassar already got him to do the reindeer thing. You snooze you lose! Best get working on those matching elf outfits or adult-size baby Jesus getup. [DJ]
No hard numbers for several weeks but one exec at the Big C thinks he’s picked up on some hints. Continue reading »
Gang, something serious has come up and we need to nip it in the bud before it goes any further. As you may have heard, bonuses at hedge funds, private equity firms, and so forth are expected to be up this year, which is wonderful news. As you may have also heard, bonuses at big banks are expected to fall anywhere from ten to forty percent, which is less great news. Especially when it means witnessing scenes like the following.
This holiday season, many Wall Streeters are flying commercial, according to jet brokers. Those who are still flying private are jet-pooling with strangers to cut costs. Some are even skipping the catered in-flight meals, which can cost $1,000 or more for four people. “They’re telling me, ‘We’ll just bring our own lunch,’ ” said Ricky Sitomer, chief executive of Blue Star Jets, a private-jet charter company. “They still want to travel in luxury, but they want the best value they can get.”
And it gets worse. Brown-bagging is just the beginning Continue reading »
Stephen Colbert Threatens To Give Out Goldman Sachs Partner’s Credit Card Number Unless He Comes On Show
By Bess LevinWhile Stephen Colbert is all good with Wall Street bonuses, he is aware that 70% of American playa-hatas are not. He’d like someone making it rain this year to come on his show and make people understand why they money is deserved but so far no one has accepted his offer. Luckily, one of his writers found a lost credit card belonging to a Goldman Sachs partner last week. Specifically, the MasterCard of Buckley T. Ratchford, who was inducted into the Brotherhood of the Sach in 2006. Continue reading »
JPMorgan Cuts Back On US Silver Futures (FT)
JPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal. The decision by JPMorgan was an attempt to deflect public criticism of the bank’s dealings in silver, a person familiar with the matter said. The person added that the bank’s position in silver would from now on be “materially smaller” than in the past. A group of small precious metals investors has alleged that large short positions – or bets on lower prices – in silver futures held by several banks, including JPMorgan, are keeping prices artificially low.
Purest Goldman (NYP)
Goldman undertook the most exhaustive review in its 140-year history a month after a withering attack from Washington regulators and lawmakers culminated with nationally televised hearings where the reputations of the firm and its highest-ranking executives were sullied — and with the Securities and Exchange Commission charging Goldman with fraud. The committee, co-chaired by the bank’s Asia boss, Michael Evans, is consolidating its results from the review and is slated to make its findings public sometime early next month, sources said. The changes suggested, according to insiders, deal primarily with: 1) How Goldman treats conflicts of interest and 2) How well the firm discloses information to its clients and shareholders.
Deutsche Bank Sees S&P Hitting 1550 Next Year (CNBC)
Chief U.S. equities strategist Binky Chadha, in a note released late Monday, also issued a forecast for S&P 500 earnings per share of $96 in 2011, compared to the annualized $91.50 in the 2010 fourth quarter. He expects domestic profit growth of 7 percent. “Equities will re-rate in 2011 as the recovery continues, jobs growth picks up and credit growth resumes,” Chadha said in the note. He recommends overweighting domestic cyclical stocks and underweighting defensives. He is neutral on global cyclicals.
Speculators Are Eager to Bet on Madoff Claims (NYT)
“Virtually every sophisticated distressed investor is looking at the Madoff situation,” said Thomas T. Janover, a lawyer at Kramer Levin Naftalis & Frankel who has represented clients who are considering buying claims. “The uncertainty of the payout from the bankruptcy process creates an opportunity and potentially big returns.” Continue reading »
$$$ Senate Has Enough Votes to Advance Tax-Cut Extension Plan [Bloomberg]
$$$ Citigroup Lowers Rating on Bankrupt A&P to ‘Sell’ [Deal Journal]
$$$ Bruce Berkowitz: The Megamind Of Miami [Fortune]
$$$ Investors Lose Almost Everything In BlueCrest Fund Of Funds [FINalternatives]
$$$ 1-800-BANKER: Wall Street Upheaval Creates Role For Temps [WSJ] Continue reading »
