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Archive for January 2011
Goldman Sachs’s Earnings Drop 52%, Matching Estimates (Bloomberg)
Fourth-quarter net income fell to $2.39 billion, or $3.79 a share, in the three months ended Dec. 31, from $4.95 billion, or $8.20, a year earlier, the New York-based company said today in a statement. Estimates of 22 analysts surveyed by Bloomberg averaged $3.79 per share, and ranged from $3 to $4.31.
Facebook Flop Riles Goldman Clients (WSJ)
“They pushed me hard to get here and invest, and then they pull the rug out from under me,” said one wealthy Goldman client in the U.S. who was planning to invest $2 million in the social-networking site. His adviser at Goldman called Sunday night to explain that the Wall Street firm would offer Facebook shares only to non-U.S. clients. Goldman worried that the media spotlight surrounding the private offering might violate U.S. securities laws and expose the firm to legal action. “The whole thing has left a bad taste in my mouth,” the Goldman client said.
Wells, US Bancorp profit up as credit improves (Reuters)
US Bancorp posted a 61 percent jump in net income as the regional bank released $25 million in loan loss reserves. The move was the first by the company since the financial crisis began in 2008. The bank’s earnings per share of 49 cents beat analysts’ estimates by 3 cents, according to Thomson Reuters I/B/E/S. Wells Fargo posted a 21 percent increase in fourth-quarter profit, helped by double-digit revenue growth in multiple business units. The bank said earnings rose to $3.4 billion, or 61 cents a share, meeting analysts’ expectations.
Moody’s Cuts Tunisia Amid Upheaval (WSJ)
The Tunisian government’s rating was cut to Baa2 from Baa3, Moody’s said. “The current uncertainties about the economic and political consequences of the collapse of Tunisia’s previous political regime are the main drivers for the decision to downgrade the government’s bond ratings by one notch and assign a negative outlook,” said Aurelien Mali, Moody’s lead sovereign analyst for Tunisia.
Citigroup To Name New President (WSJ)
John Havens is now president and chief operating officer.
Ballmer, Blankfein Invited by Obama to Hu Discussion on Business in China (Bloomberg)
The CEO summit on the White House grounds, coming between a formal welcoming ceremony and a dinner in Hu’s honor, is part of the economic focus President Barack Obama is putting on the first formal state visit by a Chinese leader in more 13 years. Also invited to the meeting were Westinghouse Electric Corp. CEO Aris Candris; former Sybase Inc. chief executive John Chen; Coca-Cola Co. chief executive Muhtar Kent; DuPont Co. CEO Ellen J. Kullman; Greg Page, CEO of Cargill Inc.; John Thornton, chairman of HSBC Holdings Plc’s North American division; David Rubenstein, co-founder and managing director of Carlyle Group; Paul Otellini, Intel Corp. CEO; and Dow Chemical Co. CEO Andrew Liveris.
Drug Smuggling Pigeons Caught By Police (WNI)
The bird was caught as it attempted to fly into a jail in the city of Bucaramanga in Columbia, complete with 45g stash of marijuana and cocaine on its back. Continue reading »
$$$ AIG has selected four banks as underwriters for its “re-IPO”— Bank of America, Goldman Sachs, Deutsche Bank, JPMorgan [CNBC]
$$$ SEC keeping close tabs on BofA’s WikiLeaks situation [FBN]
$$$ JPMorgan Refunds $2 Million to Military Families for Mortgages [Bloomberg]
$$$ Money mogul makes princess his Swede-heart [NYP]
$$$ Top hedge funds that own Apple [MarketFolly]
$$$ BREAKING: “Almost one in 10 sports fans has a blood alcohol content above the legal limit as they exit the stadium after football and baseball games, a study found.” [Bloomberg] Continue reading »
…than one jolly individual was hoping for. Continue reading »
The account will presumably be used more as a way to communicate relevant business information to the media and investors than keeping us abreast of role-playing night at Chez Schwarzman but perhaps whoever is operating this thing will make the wise decision to give the people what they want. [Twitter via Dealbook]
Late last month, via a video confessional shot in her bedroom, a hooker named Monica Foster accused Lenny Dykstra of ruining Christmas. According to Foster, Nails did so by paying her for services rendered with a bad check, leaving her bank account in the negative, meaning no funds for presents. Today Nails has vehemently denied the allegation. Did he claim it was impossible for a man of his net worth (LD has said he emerged from bankruptcy with $150 million to his name, in addition to owning a business is worth at least a billion)? No. He went with something that makes much more sense. Continue reading »
Numbers out today. Continue reading »
Economist: Poor, Middle-Class People Not Exactly Pulling Their Weight When It Comes To Spending
By Bess Levin
There’s an old saying that goes “Poors- what are they good for? [sing this part] Absolutely nothin’!” Slightly clichéd though not necessarily untrue. Take the economy. Are the poor and middle class, many without jobs and/or disposable income, doing their part to stimulate the damn thing? No, not really. As always, the rich people have to do everything around here. Continue reading »
In a few short months, the next crop of college grads will enter the workforce and this year more than ever, many a bright young thing who would potentially be attracted to a job in the financial industry will be lured out West to a “name-brand organization” like Google or Facebook, that their parents’ friends will be easily impressed by and perhaps even believe is worth a trillion dollars. While Wall Street firms, even the mid-sized ones, can generally pay more up front, talent is being wooed by options, “the luster of working for the cutting-edge social-networking or Web-search firms,” better hours and other perks, forcing hedge funds et al to step up their games. Continue reading »
UBS’s Tips On How To Succeed In Business For Russia-Based Bankers Involve Stripping, Sweating
By Bess Levin
A handbook for the bank’s trainees gives a country-by-country behavior guide. In Russia, it tells employees to be prepared to hold your drink at business engagements and to “never reject an invitation to the sauna.” [AP]
