Patrick Rogers, pictured at left, was just going about his business one day when Wells Fargo rather rudely informed him that the the $180,000 insurance policy on his home wasn’t good enough– they wanted the place insured for $1 million. Rogers disagreed and told Wells Fargo that he would not be following through with their demands. The bank’s representatives decided they didn’t care and went to the insurance company themselves and “forced” the policy. “You can imagine a premium on something like that,” Rogers says. This was the “genesis of a dispute” between Wells and Patty, who did not take the bank’s bull shit lying down. He found a little known law from the 1970′s that said if Wells didn’t acknowledge and respond to his inquiries, he could take them to court, which he did, and ultimately “ordered a sheriff’s sale on their downtown branch in Philadelphia.” This is his story. Continue reading »
Archive for February 2011
Obama Tells Panel US Recovery Harmed By Jobless Rate (Bloomberg)
“The biggest challenge that we’re seeing right now is that unemployment is way too high,” Obama told the 23-member President’s Council on Jobs and Competitiveness yesterday…In the month since he delivered his State of the Union address, Obama has sought to make the case that investments in education, infrastructure and innovation will help create more jobs. He reiterated that message yesterday, telling members of the panel, “We’re going to have to up our game in this newly competitive world.”
Hedge Funds Wary Of Punts On North African Turmoil (Reuters)
Only a handful are starting to hunt ways to profit with investments, for example, in oil and credit protection. “It’s a little like the financial crisis in 2008. Many managers are saying, ‘how am I supposed to figure this one out?,’” said Morten Spenner, who heads hedge fund of fund manager International Asset Management. “If (Libya’s) Gaddafi said tomorrow, ‘Look, we’ve sorted it all out’, oil prices could fall as much as 5 or 6 dollars a barrel in a day. And you could be really badly hurt.”
Oil Markets Calmer As Libya Supply Fears Ease (WSJ)
“The market is now realizing that there is enough supply to cope with the Libyan disruption,” said Christophe Barrett, a global oil analyst at Crédit Agricole. As much as 75% of Libya’s oil production may have stopped as rebel forces clash with the country’s leader, Moammar Gadhafi. However, European refineries that use Libyan crude are likely to source other oil available in the Mediterranean region, including production from Algeria and Azerbaijan, while members of the Organization of Petroleum Exporting Countries could also raise production to make up for the short-fall.
Citi: US Will Be The World’s Third Largest Economy (CNBC)
The world is going to become richer and richer as developing economies play catch up over the coming years, according to Willem Buiter, chief economist at Citigroup. “China should overtake the US to become the largest economy in the world by 2020, then be overtaken by India by 2050,” he predicted.
US Economy Grew Slower Than Thought In Fourth Quarter (WSJ)
The U.S. economy sped up slightly at the end of 2010, but the acceleration was slower than previously believed as consumers spent less than first estimated by the government while trade made a smaller contribution to growth. Gross domestic product rose at an inflation-adjusted annual rate of 2.8% in the fourth quarter, the Commerce Department said Friday.
Charlie Sheen Blasts Two And A Half Men Producer (NYDN)
“What does this say about [Chuck Lorre] after he tried to use his words to judge and attempt to degrade me,” Sheen wrote. “I gracefully ignored this folly for 177 shows…I fire back once and this contaminated little maggot can’t handle my power and can’t handle the truth,” he went on. “I wish him nothing but pain in his silly travels especially if they wind up in my octagon.” He boasted that he had “defeated this earthworm with my words” and said that Lorre is lucky he didn’t use his “fire breathing fists.” He implored his fans to rally around him. “I urge all my beautiful and loyal fans who embraced this show for almost a decade to walk with me side-by-side as we march up the steps of justice to right this unconscionable wrong,” Sheen wrote. Continue reading »
$$$ What Vikram Pandit Knew, and When He Knew It [Bloomberg]
$$$ “A year ago, a family living in this village in the middle of a marsh in the south of Russia revealed what they called a miracle: On the skin of their newborn boy, entire verses from the Koran were appearing, lingering for a few days, and then vanishing. One day, the looping swirl of letters ran down a chubby leg. Another, the name of God shone behind an ear. Quickly, images of Ali, now 2 years old, spread through the North Caucasus. To many, he became a symbol of hope for peace in a mostly Muslim region that has been at war, on and off, for two decades. Ali showed up on cellphone screens and Internet sites, and pilgrims flocked to this place, whose name in Russian means Red October Village. And then, seemingly as quickly as it had started, Ali was hidden from the world. For a few weeks now, the boy’s parents and grandparents have refused to allow outsiders to see him. The reason, bizarrely enough, is Anna Chapman.” [NYT]
$$$ US Cannot Confirm Rumors Gaddafi Shot; Oil Tumbles [Reuters]
$$$ Ex-Morgan Prop. Chief Sze (Officially) Founds Hedge Fund [FINalternatives]
$$$ NYC’s young women out-earning the men, ladies are picking up the tab more often at the end of the night [NYP] Continue reading »
Charlie Gasparino Wants Credit For All The Wall Street CEO’s He Beat With A Crowbar Before It Was Considered Cool To Do So
By Bess Levin
“I like to take on the big guys,” Gasparino says. “I’ve been doing it my entire career. Before it was fashionable to beat up on Wall Street, I was doing it.” [NYDN]
Can Anyone Translate What A Person Familiar With The Matter Meant When He Said A Deutsche Bank Exec’s Jump To Jefferies Was An “Interesting Move”?
By Bess LevinSean George, a Deutsche Bank managing director in corporate bond and credit derivatives trading from Deutsche Bank recently accepted an offer to work at Jefferies, as the firm’s “first addition in credit derivatives trading.” A person familiar with the matter commented that Jefferies “must have thrown the kitchen sink at [George]” to get him to come over and that it was an “interesting move.” It feels as though this PFWTM wanted to say or meant to imply more, but couldn’t risk having it come back to him. What do you figure he was driving at?
Earlier this week, we did a little bit of analysis on behalf of Denny’s largest shareholders (including BlackRock, Wellington Management, State Street, GAMCO, Citigroup, Two Sigma, and AQR) to help them decide whether or not they should increase their stakes in DENN on account of a physical altercation that took place between a couple patrons (our findings said yes). For those who missed it, let’s review the tape. Continue reading »
Ever since he was named Treasury Secretary, Tim Geithner has suffered from a lack of respect, both from the outside world and internally. His boss makes “jokes” in public about dogs pissing on him, chief executives openly speak of his uselessness and hardly a day goes by without a story claiming he’s getting fired and replaced by (take your pick) Jamie Dimon, Mike Bloomberg, or Jojo the idiot circus boy. When people needed someone to mock for a cheap laugh, TG was their guy. Well no more. Hopefully you got your fill of Geithner jokes in already because Bloomberg says the window of opportunity has closed, in an article entitled “Geithner Butt of Jokes No More.” Continue reading »
The fellow pictured at left is 28 year-old German banker Steffen Korbach. He looks pretty happy because he’s got that cool shirt on and because the photo was taken prior to his totaling a £1.4million Pagani Zonda F Clubsport Roadster (only one of 25 in the world). Let’s hear his story. Continue reading »
Julian Robertson Did Not Pay A Horse-Drawn Carriage 10 G’s To Take Him Home To Long Island One Night So He Could Pay NYC Taxes
By Bess Levin
For the young whippersnappers just getting started on Wall Street, and even for the veterans, legendary investor Julian Robertson has a lot of wisdom to impart. His sagely advice today, however, is not about how to navigate the markets, per se. It’s about pinching a penny and not letting the state of New York make you its bitch. Continue reading »
Was it because of the Lindsay Lohan digs? You people know KG loves Freaky Friday! Continue reading »
