January 2011

  • News

    Write-Offs: 01.31.11

    $$$ Bank of America Gives Moynihan $9.05 Million 2010 Stock Bonus [Bloomberg] $$$ Hedge Funds Seek Clarity on ‘Expert Networks‘ [WSJ] $$$ For Fund Managers, A Class In Raising Money [Dealbook] $$$ Is Detroit the Next Retirement Hot Spot? [Reuters]

    / Jan 31, 2011 at 6:30 PM
  • News

    STG Capital Shuttering May Have Had Something To Do With ‘Expert Network’ Ties

    Last week we reported that hedge fund STG Capital had abruptly closed its doors, though the reason was unclear. Today Reuters’ Matthew Goldstein and Emily Chasan have a bit more color:

    / Jan 31, 2011 at 5:29 PM
  • News

    Management At LA-Based Investment Bank Wants To Know How Good Applicants Are At Human Interaction, Bar Trivia

    As we’ve discussed at length, each firm has its own unique process for interviewing applicants to determine if they’re the right fit for the firm. At Goldman Sachs, potential hires are asked to come in 97 times before a decision can be made; often they’re asked out of the box questions like “If you were […]

    / Jan 31, 2011 at 5:15 PM
  • News

    Bonus Watch ’11: Citi To Pay Cash At Some Point In The Future

    Charlie Gasparino is hearing that senior bonuses at Citi this year will be paid out half in stock that vests in five years and half in cash that only 20 percent of which is immediately available (30% of the cash portion will supposedly be awarded in two years). For those who don’t know you’re supposed […]

    / Jan 31, 2011 at 4:20 PM
  • News

    Lloyd Blankfein Talks Shop With One Lucky Janitor

    Sharon Sinaswee, the 42-year-old founder of Armada Building Services, a small janitorial company in East Harlem, was a member of the first class of an entrepreneurship program sponsored by Goldman called 10,000 Small Businesses. It was time for execs from the investment bank to read participants’ business plans. She’d been paired with Blankfein. They spent […]

    / Jan 31, 2011 at 3:40 PM
  • News

    Lenny Dykstra’s Crown Jewel Sold

    CNBC reports that Lenny Dykstra’s Sherwood mansion, which he bought from Wayne Gretzky in 2007 and was thrown out of 2008, has been sold to an unnamed buyer for an undisclosed amount (it was sold by Index Investors, the second lienholder, which bought the place out of foreclosure last fall). At this time we’d like […]

    / Jan 31, 2011 at 3:33 PM
  • News

    Layoffs Watch: Highbridge Capital Dumps Entire Event-Driven Team

    The staff was informed of the (involuntary) departures Thursday afternoon.

    / Jan 31, 2011 at 2:07 PM
  • News

    Noted Optimist James Gorman’s Life Advice

    Morgan Stanley employees should feel free to interpret this as they see fit.

    / Jan 31, 2011 at 12:48 PM
  • News

    Chelsea Clinton’s Husband Has Taken A Break From Wall Street To Go Skiing

    What has Bill and Hil Clinton’s son-in-law been up to lately? Fresh off his summer nuptials to their daughter, Marc Mezvinsky has been apparently maxing and relaxing in Jackson Hole. According to the Post, the former Goldman Sachs investment banker has taken a li’l sabbatical from his gig at 3G Capital to “hit the slopes […]

    / Jan 31, 2011 at 12:22 PM
  • News

    Julian Assange On His Craft

    Last night, a “60 Minutes” interview with Julian Assange, the man behind WikiLeaks, tackled the question of whether the anti-secrecy organization is turning its Klieg light to Wall Street. Assange was asked about the speculation that WikiLeaks has a cache of internal Bank of America documents. “I won’t make any comment in relation to that […]

    / Jan 31, 2011 at 11:40 AM
  • News

    Goldman Sachs’ Abby Joseph Cohen Subject Of Intensely Awkward Times Interview

    Over the weekend, the NYT magazine ran a Q&A with Abby Joseph Cohen, president of the Global Markets group and senior investment strategist at Goldman Sachs. In the last two years, Goldman brass has been subject to more than its fair-share of grilling by the press. Some of the interviews have been reasonable- for instance, […]

    / Jan 31, 2011 at 10:15 AM
  • News

    Bruce Berkowitz Has Heard What David Einhorn Has To Say

    “I read his St. Joe short analysis, which is quite extensive. And he makes some very good points. And I’ve taken them all into account.” [Bloomberg]

    / Jan 31, 2011 at 10:00 AM
  • News

    Opening Bell: 01.31.01

    Lonely Analyst Warns Of 2015 Crisis Amid Upbeat Davos (Bloomberg) “The fundamentals haven’t been addressed at all,” Barrie Wilkinson, a London-based partner at consulting firm Oliver Wyman, said in an interview at the Hotel Morosani Schweizerhof. “The things that caused the previous crisis — loose monetary policy and trade imbalances — they’re actually bigger now […]

    / Jan 31, 2011 at 8:55 AM
  • News

    Write-Offs: 01.28.11

    $$$ Global Markets Are Rattled by Growing Unrest in Egypt [Reuters] $$$ As consumers come creeping back, Bank of America Merrill Lynch is out with a report touting a new investment theme to get behind: Be “long women.” The firm has developed an entire list of stocks centered around the idea that more women have […]

    / Jan 28, 2011 at 5:15 PM
  • News

    Goldman Sachs Tosses Blankfein Some Change

    Lloyd’s base salary has been raised from $600,000 to $2 million, according to the firm’s latest filing. Wingman Gary Cohn got bumped from $600,000 to $1.85 million.

    / Jan 28, 2011 at 4:45 PM
  • Communiqués, News

    Paulson And Co’s Extra ‘Edge': Alan Greenspan

    Shout out to the Doctor in John Paulson’s year-end letter to investors.

    / Jan 28, 2011 at 3:30 PM
  • News

    Someone In Silicon Valley Is Going To Be The Lucky Recipient Of A Set Of Commemorative Lloyd Dolls

    “At Accel Partners, we have a long history of working with Goldman Sachs and at Accel Partners, we’re certainly work closely with Goldman Sachs in the future,” said partner Jim Breyer. “[Their name] is not mud [in Silicon Valley].” [Deal Journal]

    / Jan 28, 2011 at 1:00 PM
  • News

    Hedge Fund Managers Less Than Thrilled With Goldman Sachs President’s Interpretation Of Who Caused The Financial Crisis, Why Banks Don’t Need Increased Regulation

    At a panel yesterday in Davos, Goldman Sachs president Gary Cohn, perhaps testing out a few new jokes he’s hoping to use at the Laugh Factory‘s open mic night next week, made several interesting statements. The first was his reason for why banks shouldn’t be subject to greater regulation. Mr. Cohn warned that greater regulation […]

    / Jan 28, 2011 at 12:30 PM
  • News

    Securities And Exchange Commission Lets ChiPs Star Off With A Wrist Slap

    Larry Wilcox, pleaded guilty in November to securities fraud conspiracy, has been sentenced to three years probation and 500 hours of community service. For his role in “one of several kickback operations run by more than a dozen small-company stock promoters,” Lar faced five years in prison. [NPR]

    / Jan 28, 2011 at 11:06 AM
  • News

    What Could Steve Cohen Possibly Have Meant When He Told CNBC “You Don’t Want To Talk To Me, I’m On The Way Down?”

    Earlier today on Squawk on the Street, CNBC showed footage of Steve Cohen at Davos. “We caught up with the legendary investor at breakfast this morning,” it was teased. “He told us ‘You don’t want to talk to me, I’m on the way down.’” Now the kind of people who think a hedge fund manager […]

    / Jan 28, 2011 at 11:02 AM
  • News

    WSJ Feels The Need To Build John Paulson Up By Tearing Other Hedge Fund Manager Down

    In a piece today on John Paulson’s 2010 performance, the Journal notes that while it was pretty good, the hedge fund manager shouldn’t exactly be doing any victory dances in the end zone. Sure, 30+ percent returns, when you’re managing more than $30 billion, are “very rare” in the business. But, they’re just saying, JoPau […]

    / Jan 28, 2011 at 10:49 AM
  • News

    ‘Genius’ Derivatives Trader Busted For Not So Genius Tax Evasion Scam

    Llewllyn Connolly, allegedly 44, is a Harvard Business School alum who’s spent the last couple decades working for Wall Street firms including Lehman Brothers, Goldman Sachs and, most recently, Swiss Re, as a managing director. He and his wife, Fay Lin, live in an apartment on Bond Street, which some of you may recognize as […]

    / Jan 28, 2011 at 10:00 AM
  • News

    Opening Bell: 01.28.11

    Angelo Mozilo Predicted US Housing Collapse As Fed Overlooked Risk (Bloomberg) “Not only at Countrywide, but also with other lenders, there is a clear deterioration in the credit quality of loans being originated,” he wrote to company executives on Sept. 1, 2004. “The type of loans currently being originated combined with the unprecedented stretching of […]

    / Jan 28, 2011 at 8:08 AM
  • News

    Write-Offs: 01.27.11

    $$$ Crisis Panel: Warnings Weren’t Heeded [WSJ] $$$ LinkedIn Files For IPO, Seeking $175 Million [Bloomberg] $$$ Charlie Sheen rushed to hospital after bash with 5 women [NYP] $$$ Bill Clinton: 6 Years Before US Jobs Come Back [CNBC]

    / Jan 27, 2011 at 6:07 PM
  • News

    Former AIG Chairman Has Suggestion For Insurer’s 5 Year-Plan

    “Longer-term, AIG shouldn’t exist,” Golub said in an interview airing today on Bloomberg Television’s “In the Loop with Betty Liu.” [Bloomberg]

    / Jan 27, 2011 at 6:05 PM
  • News

    Demi Moore Weighs In The Job Of Wall Street Risk Officers, Overpaid Bankers

    “You really have to have a hard shell,” said Moore, who plays a CRO in“Margin Call,” a new financial drama that premiered at the Sundance Film Festival on Tuesday night. “It really is somebody who’s stepping into a position that without a doubt will be the scapegoat, and I think that takes a lot of […]

    / Jan 27, 2011 at 4:32 PM
  • News

    Which Wall Streeters ‘Run’ The Art Market?

    With few exceptions (thinking about how they could do things like buy a random restaurant just to fire the rude waiter who serviced them, having an IHOP built in their bedroom), few things are more satisfying to financiers than buying multi-million dollar pieces of art to hang above their toilets. Every now and then it’s […]

    / Jan 27, 2011 at 4:16 PM
  • News

    Morgan Stanley Names 232 Managing Directors

    It’s not as exciting as Partner Day at Goldman Sachs, where in the basement of 200 West, blind-folded and naked, everyone pricks their finger, rubs the blood together, and pledges their devotion to the firm and its huge-ass profits, or even MD-MS day of years past, which included a pat on the ass and John […]

    / Jan 27, 2011 at 3:45 PM

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