Archive for January 2011
Morgan Stanley Profit Surges (Fortune)
The bank made $1.1 billion, or 43 cents a share, from continuing operations. That’s up from $653 million, or 18 cents a share, on a comparable basis a year ago and ahead of the 35-cent analyst consensus estimate.Revenue rose 14% from a year ago to $7.8 billion, beating the $7.4 billion analyst target. Revenue rose 12% in institutional securities and 7% in global wealth management. Within institutional securities, principal transactions trading revenue fell 27% from a year ago.
FrontPoint’s Steve Eisman Weighs Leaving The Firm (WSJ)
Mr. Eisman, 48 years old, said Wednesday in response to questions about his plans, “At this point in my career, I want to have more control over my destiny.” He said he hasn’t decided on a structure for a potential new firm, and he plans to continue managing investments for FrontPoint, as well as for other investors, in any event.
David Tepper Is Cautious For 2011 (NYP)
Tepper said while “the biggest opportunities” will remain in equities, 2011 will be “harder and not without risk.” “When things go up too high, they will go down,” Tepper said, referring to the recent market surge, which saw the S&P 500 close the year up 13 percent, in line with his prediction.
Initial Jobless Claims in U.S. Fell to 404,000 Last Week (Bloomberg)
Applications for jobless benefits decreased 37,000 in the week ended Jan. 15, the biggest decline since February 2010, to 404,000, Labor Department figures showed today. Economists forecast 420,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls fell, while those getting extended payments rose.
More Than 100 Suspected Mobsters Arrested (WSJ)
The arrests were made around the New York area on charges including racketeering, conspiracy, extortion and murder, a person familiar with the situation said. The takedown involved accused members and associates of all five New York organized-crime families: the Gambinos, Genoveses, Bonnanos, Luccheses and Colombos, this person said. Also arrested were members of the DeCavalcantes in Newark, N.J., and accused New England mobsters in Providence, R.I. Continue reading »
$$$ Saudi Prince Alwaleed Affirms Support for Vikram Pandit [WSJ]
$$$ Daniel Posner, the former head of hedge fund DE Shaw’s distressed investment unit and one of the firm’s most senior employees, has joined New York-based credit specialist Golub Capital to launch a new hedge fund business. [FT]
$$$ On Wednesday, David Tepper kicked off a campaign to raise $15 million to help feed the needy in his home state. Mr. Tepper, Bank of America and others have donated almost $9 million to the charity, which distributed 37 million pounds of food in 2010. “There’s nothing more important than feeding people,” Mr. Tepper told a sizable audience gathered in the organization’s 285,000-square-foot warehouse, where walls of fresh apples, canned fruit and chili served as a backdrop. “It’s pretty simple. In 2006 and 2007, unemployment was around 4 percent. Now, we’re closer to 9 percent.” [Dealbook]
$$$ Medical Journals May Force Reporting of Doctors’ Hedge Fund Ties [Bloomberg]
$$$ Mexican Musicians Killed After Encore Refused [Newser] Continue reading »
Bridgewater’s flagship fund: +38 percent Continue reading »
Which “Well-Known Moneyman” Rang In The New Year By Banging 4 Different Girls In Under 5 Hours?
By Bess LevinGuess correctly and you’ve got the answer to today’s Page Six blind item which asks, “Which well-known moneyman had sex with four young and attractive Asian women within five hours at his New Year’s Eve bacchanal?” Continue reading »
The Times has something huge on you know who. Continue reading »
Yesterday, news broke that Goldman Sachs had fired one of its top foreign exchange salesmen in London. Immediately, people began wondering what had happened. Word was that Kevin Connors, who was co-head of global forex sales for G10 currencies, had abruptly departed last week. Goldman was officially declining to comment. But it was clearly the source of comments explaining that Connors had not acted illegally or harmed clients. So what happened? Continue reading »
Earlier today, a “suspicious package” arrived at a midtown bank. The building was evacuated and a bomb squad called to the scene. What was the cause of all that fuss? Continue reading »
Alexandra & James, the Lebenthal’s family wealth advisory business, continues to recommend that its clients buy munis. There are some cities and states which the firm avoids, but Lebenthal continues to recommend double-A and triple-A bonds. Investors should not sell, she added, regardless of Whitney’s warnings.”I don’t dispute her knowledge of the investment banks, but she is not a municipal bond expert,” Lebenthal said. “I would put any muni analyst in a room with her — on TV, outside in the school yard — and see who comes out ahead.” [Reuters via BI]
Reuters reports that Raj Rajaratnam’s gal-pal will plead guilty to her part in the Galleon insider trading case this afternoon, though it’s unclear exactly what counts she’ll be copping to, and if she’ll sell Raj down the river. Also hotly anticipated- what DC will wear to the appearance. When we first laid eyes on the analyst as she was being escorted by the cops out of her building over a year ago, Chiesi was sporting wet hair and an oversized sweater; some made comparisons to Bridget Nielsen’s look, circa the Flava Flav relationship. Then, months later, she showed up at a courthouse looking like this. Continue reading »
Greenlight Capital Sent Investors Home From Annual Dinner With Apple-Themed Goodie Bags
By Bess Levin
You get an iPod! And you get an iPod! Continue reading »
