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.” Read more »
Archive for February 2011
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. Read more »
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 TaxesBy 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. Read more »
If there’s one thing Jim Cramer taught Lenny Dysktra, it’s the value of a good endorsement for a good pal. Several years back Cramer spoke highly of Nails’ investing skills, telling HBO that the former ballplayer didn’t just have a knack for money managing but that he was “one of the greats” in this business. In the ensuing years, Dykstra got thrown out of his house, caught defecating on the floor, had his private planes repossessed, lived in a car and was accused of bouncing a check to a stripper but now he’s doing great, possibly thanks to Jim. In an effort to pay it forward, Dykstra is doing the same for his best bud, Charlie Sheen. Nails told reporters over the weekend that Sheen is “perfect,” among other things. Read more »
After he graduated from Columbia Business School last June, Adam Wyden probably had a bunch of offers to mull over from various employers. What he really wanted to do, though, was be a hedge fund manager. So he figured he’d just start his own shop, having the experience of trading stocks for his own account as Wharton undergrad (Class of ’06) and a summer internship with DE Shaw under his belt. Interested in getting a piece of the action? Read more »
Earlier this week in Sydney, the head of UBS’s institutional sales desk, George Kanaan, and executive director Mark Fitzgerald were “sent home” after a gentle shove by Kanaan in Fitzgerald’s direction “quickly escalated,” with the two being separated by colleagues. They were told to leave the building immediately and have not been allowed back since Tuesday. Read more »
Goldman Sachs Sees Danger In US Budget Cuts (FT)
The Republican plan to slash government spending by $61bn in 2011 could reduce US economic growth by 1.5 to 2 percentage points in the second and third quarters of the year, a Goldman Sachs economist has warned. The Goldman analysis also points out that a potential compromise deal with $25bn in spending reductions this year – a more likely scenario – would lead to a smaller drag on growth of 1 percentage point in the second quarter. Thereafter it would fade, with “negligible” impact on US output by the end of the year.
RBS Earnings Disappoint (MarketWatch)
RBS said it swung to a fourth-quarter profit of 12 million pounds ($19 million) from a loss of £765 million a year earlier. The net loss for the year shrank to £1.13 billion from £3.61 billion, but was still worse than the £700 million loss analysts had been expecting. The bank said total impairment losses for the quarter were £2.14 billion. The charges were down 31% compared to a year earlier, but were up by £188 million from the third quarter due to rising losses at its Ulster Bank unit.
Obama Vows to Put Pressure on Qaddafi, Sends Clinton for Talks (Bloomberg)
In his first remarks on the uprising that has split the North African country and prompted a deadly response from Libyan leader Muammar Qaddafi and his loyalists, Obama described “the suffering and bloodshed” as “outrageous” and said those responsible must be held accountable. “These actions violate international norms and every standard of common decency,” Obama said yesterday at the White House after meeting with Clinton.
JP Morgan Raises $1.2 Billion For Digital Growth Fund (WSJ)
According to a regulatory filing, J.P. Morgan’s asset management unit raised $1.22 billion for a fund called J.P. Morgan Digital Growth Fund LP.
Bonuses on Wall Street Declined 8% in 2010, N.Y.’s DiNapoli Says (Bloomberg)
“Cash bonuses are down, but that’s not an indicator of a weakness on Wall Street,” DiNapoli said yesterday in a statement. Wall Street is changing its compensation practices in response to regulatory reforms adopted in the aftermath of the greatest financial meltdown since the Great Depression. Past practices rewarded short-term gains at the expense of long-term profitability.”
Silver Lake Partners Starts Clean Energy Fund (Dealbook)
The private-equity firm, which focuses on investments in the technology industry, has started Silver Lake Kraftwerk, a unit that will take stakes in companies in the energy and resource sectors. The move highlights the popularity of “cleantech” businesses — companies that use technology to improve energy efficiency. Silver Lake’s partners in the new venture are Soros Fund Management, which will invest in the fund, and Adam Grosser, a West Coast technology executive and venture capitalist who will will run the business. Joining Mr. Grosser will be Cathy Zoi, who recently served as the Obama administration’s Acting Under Secretary for Energy and Assistant Secretary for Energy Efficiency and Renewable Energy.
Ex-Yanks Fight Wife Swap Film (NYP)
Former Yankee Mike Kekich is desperate to block Ben Affleck and Matt Damon’s movie “The Trade,” based on the huge scandal when he and fellow pitcher Fritz Peterson swapped wives in the 1970s. Die-hard Red Sox fan Affleck and his brother, Casey, are rewriting a second version of the script and have hired veteran sportswriters to help reach out to Yankees from that era. But Kekich, who’s believed to have created a completely new life and family in New Mexico, is refusing to participate. Read more »