Archive for February 2011

  • 28 Feb 2011 at 6:22 PM

Write-Offs: 02.28.11

$$$ Warren Buffett said buying a home was the third-best investment he ever made, after the rings he bought for his first wife, Susan Thompson, and, after her death, his second wife, Astrid Menks. “For the $31,500 I paid for our house, my family and I gained 52 years of terrific memories with more to come,” Buffett wrote to shareholders of his Berkshire Hathaway. [Bloomberg]

$$$ “Thus, the lingering question in our mind is why Citi signed off on its 2007 10-K as having effective controls in light of such problems,” said Mike Mayo. “This information is still relevant today because it reflects on the magnitude of the risk shortfalls and what we feel is the higher-than-perceived task of turning them around.” Citi spokeswoman Shannon Bell said the bank has no comment on Mayo’s report, but implied that his accusations were incorrect in discussing the company’s accounting procedures. [TSC]

$$$ Americans Earn a `D’ on Understanding How Credit Scores Work [Bloomberg]

$$$ Fed’s Dudley Sees US Weather Oil Shocks [WSJ]

$$$ JPMorgan May Need Another $4 Billion For Legal Losses [CNBC]

$$$ “I put a billion dollars in the studio’s pockets and I put a half a billion dollars in creator Chuck’s pocket,’ Sheen ranted. “I should of been walking in to sandwiches, massages and hand jobs. Yeah, I said it!” [DM] Read more »

Wing Chau, a manager of collateralized debt obligations, according to a complaint filed Feb. 25 in Manhattan federal court, claims the book unfairly casts him as one of the “villains” responsible for the 2008 financial collapse. The book “depicts Mr. Chau as someone who ignored his professional responsibilities, made misrepresentations to investors, charged money for work that was not performed, had no stake in the CDOs he managed, was incompetent or reckless in carrying out his responsibilities, and violated his fiduciary duties by putting the interests of ‘Wall Street bond trading desks’ above those of his investors,” according to the complaint…Steve Eisman is described in the complaint as “one of the principal sources Lewis relied on in writing ‘The Big Short.’” [Bloomberg]

According to a new study, prostitutes are “flocking” to Facebook to peddle their services in record numbers, with an estimated 83 percent of working girls using the website to reel in clients and projections that by the end of 2011 Facebook will be “the leading online recruitment space” (for those looking to pay to lay). Still, for every, “Molly Ravish,” who says she charges $200 “for an hour of passion, including deep french kissing and oral sex,” and suggests potential customers remember her name because they’ll be “screaming it later,” or Fordham student “Beva Langoria,” who describes herself as an independent escort, or an NYPD spokesman who shrugs and says “everybody is using the internet,” there’s a hooker saying no way, no how. Now that Goldman Sachs has a vested interest in getting as many Facebook users signed up as possible, in addition to making it the premier destination for everything from catching up with old friends to buying ass, will they help change some minds? Read more »

  • 28 Feb 2011 at 2:47 PM

Bernie Madoff Doesn’t Think Much Of Dodd-Frank

[Madoff] sees himself at this stage as a kind of truth-teller. He has disdain not only for the industry but for the regulators. “The SEC,” he says, “looks terrible in this thing.” And he doesn’t see himself as the only guilty party on Wall Street. “It’s unbelievable, Goldman … no one has any criminal convictions. The whole new regulatory reform is a joke. The whole government is a Ponzi scheme.” [NYM, earlier]

Head of the Asia portfolio is said to be on the way out. Read more »

Say what you will but this is helpful advice for not just people in Chuck’s circles but those in business as well, perhaps getting unfairly beat up in the press. Goldman? Use this. [Slate]

Jeffrey Kaplan will now be working for David Tepper at Appaloosa, overseeing “the fund’s relations with investors and Wall Street.” Kaplan presumably got to know Tepper while advising on “a host of corporate, private-equity and hedge-fund clients on leveraged buyouts and other deals.” [WSJ]