March 2011

  • News

    Write-Offs: 03.31.11

    $$$ Libya-Owned Bank Drew at Least $5 Billion From Fed‎ [Bloomberg] $$$ In testimony on Thursday, former Galleon portfolio manager Adam Smith acknowledged that the hedge fund had been awash with speculation about a possible merger of chipmakers Advanced Micro Devices and ATI Technologies months before the announcement of a $5.4 billion deal on July […]

    / Mar 31, 2011 at 6:45 PM
  • News

    Gary Cohn Was Just Kidding When He Said Goldman Sachs Only Borrowed From The Discount Window Once

    Once, five times, same diff no diff.

    / Mar 31, 2011 at 5:55 PM
  • News

    SokolGate: Let’s Take A Moment To Think About The Guy Who Saw This Coming

    As several of you have pointed out, this whole David Sokol/Lubrizol/Berkshire incident would’ve never been an issue, nor would Sokol have had to resign, if BRK had a similar best bid/charitable donation “tax” policy in place, similar to the one recently instituted at the most majestic hedge fund in all the land.

    / Mar 31, 2011 at 5:47 PM
  • News

    Mandy Drury Is Not Afraid Of Snakes

    Earlier this week, a cobra escaped from the Bronx Zoo. With a snake on the loose in NYC, was CNBC anchor Mandy Drury ever “afraid it would make its way” to her apartment? Not in the least, she told a co-worker, who interviewed her at her desk about the situation earlier today.

    / Mar 31, 2011 at 4:43 PM
  • News

    Federal Reserve Takes A Page From Goldman Sachs’ Playabook

    If you’re a person who’s living in the past, you were probably very excited to hear that the Federal Reserve would today be releasing secret loan documents detailing who was in some trouble several years ago and who was in some big trouble, in case you were unable to hazard a guess. The Fed originally […]

    / Mar 31, 2011 at 3:32 PM
  • News

    Mohamed El-Erian: Bring On The Taxes

    According to the PIMCO CEO: “Bill [Gross] and I–we do not consider ourselves elite. In fact, we’d like to be taxed more. I said this even before the Middle East started: It is not in the interest of any society for income inequality to keep on going up. It is in everybody’s interest to avoid […]

    / Mar 31, 2011 at 2:57 PM
  • News

    Securities And Exchange Commission Wants Everybody To Just Chill About This David Sokol Business

    The SEC has put out a statement that the regulator does not view the David Sokol/Berkshire Hathaway/Lubrizol incident as an “urgent matter” in need of their attention, according to the Journal.

    / Mar 31, 2011 at 2:34 PM
  • News

    Let’s Do Warren Buffett A Solid

    As you may have heard, yesterday afternoon Warren Buffett announced the resignation of top lieutenant David Sokol, thought to be the frontrunner to take over Berkshire Hathaway when Buffett retires. In his statement, Buffett disclosed that Sokol bought himself a bunch of shares of Lubrizol before suggesting Berkshire make an investment, which they ultimately did. […]

    / Mar 31, 2011 at 2:03 PM
  • News

    Citadel’s Residential Mortgage Fund Is No Longer

    Ken Griffin has decided to liquidate Citadel’s $200 million mortgage fund, after its portfolio manager quit the firm. Apparently Bill King’s departure (following the promotion of Glenn Perillo to co-manager) caused investors to ask for a sizable amount of their money back. [Bloomberg]

    / Mar 31, 2011 at 1:19 PM
  • News

    Citi Employees Allegedly Kill Customer Over Bill Complaints

    Supposedly the three Citi officials were “angered” by the customer contesting his credit card bill.

    / Mar 31, 2011 at 12:42 PM
  • News

    Hank Paulson Pushed Jon Corzine Out Of Goldman Because He Reminded People Of Bluto From Animal House

    As is widely known at this point, Jon Corzine left Goldman Sachs in January 1999, after serving as co-CEO with Hank Paulson. JSC didn’t leave of his of volition so much as he was pushed by his colleague, who’d convinced the management committee it was the right thing to do while Corzine was skiing with […]

    / Mar 31, 2011 at 11:16 AM
  • News

    Banker Who Fears She’s “Too Good Looking” For This Business Seeks Advice

    A London-based banker has written to the Financial Times with a problem related to her hotness. She says: I know that you will think this problem is mad, but I fear I’m too good looking for corporate life. As a student I used my looks to make money modelling, but now that I’m in the […]

    / Mar 31, 2011 at 10:17 AM
  • News

    David Sokol: I Did Nothing Wrong But…

    “Knowing today what I know, what I would do differently is I just would never have mentioned it to Warren, and just made my own investment and left it alone.”

    / Mar 31, 2011 at 9:25 AM
  • News

    Opening Bell: 03.31.11

    Berkshire’s David Sokol: I Did Nothing Wrong (CNBC) “I don’t believe I did anything wrong…I made the decision to buy the shares because I thought it was a good investment and I’d do it again tomorrow.” Sokol says it didn’t occur to him to sell the shares once Buffett showed interest in Lubrizol because he […]

    / Mar 31, 2011 at 8:47 AM
  • News

    Write-Offs: 03.30.11

    $$$ “What David Sokol did was, the only word that comes to mind, shabby, and I am shocked he did it,” Jeff Matthews, author of “Pilgrimage to Warren Buffett’s Omaha” and founder of hedge fund Ram Partners LP, said in an e-mail. “Buffett says it wasn’t illegal, but it is not how you do deals, […]

    / Mar 30, 2011 at 5:58 PM
  • News

    David Sokol, Frontrunner To Succeed Warren Buffett, Resigns From Berkshire Hathaway

    David Sokol has left the building. Here’s the note on the matter from WB. Apparently there’s a question about the appropriateness of some buying and selling of Lubrizol on Sokol’s behalf, though Buffet says, to his knowledge, nothing “unlawful” went down on Berkshire’s watch: This press release will be unusual. First, I will write it […]

    / Mar 30, 2011 at 5:07 PM
  • News

    Judge Denies Patricia Cohen’s Request For The Amount Of Cash Steve Has In His Wallet Right Now

    Not too long ago, Patricia Cohen, the ex-wife of Steve, had a dream. It wasn’t just that she wanted to successfully sue her former husband, who she’d accused of insider trading, hiding marital assets, and so on and so forth and it wasn’t just about money. “No,” Patty said to herself, “dream bigger.” And so […]

    / Mar 30, 2011 at 5:00 PM
  • News

    Jamie Dimon: 100 Municipalities Might Bite The Dust

    Don’t freak out though, it’s not a big deal. Uncle D says this is nothing to worry about.

    / Mar 30, 2011 at 3:33 PM
  • News

    FBI Getting Creative About Infiltrating Hedge Fund Industry

    Subject: Very Short Notice Email about an interesting opportunity!! Please read at your earliest! Importance: High I am looking for any suggestions or offers for a donation of a one week (5 day) internship at a hedge fund, fof or other key investment firm…for a very, very meaningful awards dinner mentioned below. FYI, the audience […]

    / Mar 30, 2011 at 3:26 PM
  • News

    Which Financial Services Employee Paid $100,000 For Lunch With Bill Clinton?

    According to CNBC, the last night’s winning bid to break bread with Bubba, at the “Save the Earth” auction at Christie’s, was put up by a “Wall Street exec.” Guesses on who put up the cash, where they’ll dine and topics on which Bill’s brain will be picked?

    / Mar 30, 2011 at 3:07 PM
  • News

    Bonus Watch ’10: Bank of America Chief Exec

    Second year CEO comp down 70 percent.

    / Mar 30, 2011 at 2:59 PM
  • News

    Paul Krugman Nominates Alan Greenspan For Worst Ex-Fed Chair In History

    And a current and former Fed chair discuss legacies over IM. GaldalFed: oof GaldalFed: brutal Maestro69: what? GaldalFed: re: Krugman… Maestro69: hold GaldalFed: the post…about your FT thing GaldalFed: k Maestro69: no idea what you’re talking about Maestro69: was the guttersnipe trying to blame me for that contracted period of economic dislocation? he needs new […]

    / Mar 30, 2011 at 2:07 PM
  • News

    TARP Official Resents That No One Ever Mentions Any Of The Program’s Good Qualities

    Criticism that “moral hazard” is the main legacy of U.S. taxpayer-funded bailouts is unfair, a Treasury Department official said. “We recognize that moral hazard is a real and significant concern” in the Troubled Asset Relief Program, Timothy Massad, acting assistant secretary for financial stability, said in a hearing before a House Oversight Committee panel today. […]

    / Mar 30, 2011 at 1:30 PM
  • News

    SAC Alum Shutters Tech Fund (Thanks To One Investor)

    FISAM Capital is no longer.

    / Mar 30, 2011 at 10:37 AM
  • News

    Great News For Morgan Stanley Shareholders

    James Gorman’s poker performance indicates he’s unlikely to run the firm into the ground.

    / Mar 30, 2011 at 10:15 AM
  • News

    SAC Capital: Nobody Frontruns Steve!

    (And those who do will pay…a charity of their choosing.)

    / Mar 30, 2011 at 9:22 AM
  • News

    Opening Bell: 03.30.11

    Dimon Kicks Off Wall Street Pressure On Global Competitiveness (Bloomberg) Dimon is the keynote speaker today at a conference on global capital markets competitiveness hosted by the U.S. Chamber of Commerce in Washington. “If America adopts a lot of things very different than the rest of the world,” U.S. competitiveness will be damaged, Dimon told […]

    / Mar 30, 2011 at 8:48 AM
  • News

    Write-Offs: 03.29.11

    $$$ In one email dated March 9, 2005, after he attended a Morgan Stanley conference earlier that month, Mr. Smith updated Mr. Rajaratnam on the progress of the deal. “I had a chance to update and we are still on track,” he said in the email. Galleon and Mr. Rajaratnam bought shares based on the […]

    / Mar 29, 2011 at 5:45 PM

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