March 2011

  • News

    Layoffs Watch ’11: Morgan Stanley

    A few hundred will be told their services are no longer necessary.

    / Mar 9, 2011 at 1:57 PM
  • News

    Will A Female-Heavy Jury Work In Raj Rajaratnam’s Favor?

    Jury selection for the trial of hedge fund manager Raj Rajaratnam has been officially completed and opening statements will be heard this afternoon. The details on the final group are scant, but here’s what’s known:

    / Mar 9, 2011 at 1:11 PM
  • News

    Ex-SAC Trader Donald Longueuil Gets Another Indictment To Add To The List

    Bloomberg reports that former SAC Capital trader Donald Longueuil, who was accused last month of securities fraud, has been named in a new indictment concerning information that originated with ex-Primary Global consultant Winifred Jiau and was passed around among Longueuil, his former friend/colleague Noah Freeman, and an unnamed hedge fund manager.

    / Mar 9, 2011 at 12:15 PM
  • News

    Bill Gross Would Rather Leave An Undeserved Tip For Slow Service Than Invest In Treasurys

    Bill Gross has unloaded all U.S. government-related holdings, including Treasurys, in the world’s biggest bond fund. Mr. Gross, founder and co-chief investment officer of Newport Beach, Calif.-based Pacific Investment Management Co., slashed such holdings to zero by the end of February from 12% in January in the Total Return Fund, a Pimco representative said Wednesday. […]

    / Mar 9, 2011 at 11:45 AM
  • News

    George Soros Offers Amazingly Vague, Slightly Intriguing Comment About Carl Icahn

    Asked yesterday about Icahn’s decision to return outside capital to investors, and if Icahn was correct in the opinion the current state of the market ‘poses a threat for hedge funds,’ Soros said: “Carl Icahn has his own problems.”

    / Mar 9, 2011 at 11:16 AM
  • News

    PIMCO, Jeff Gundlach Get Run For Their Money From Bond Vigilantes Team At M&G Investments

    You guys want to hang onto your clients? Get video production on the horn and find an empty parking garage ASAP (turn your volume down, this one’s on auto-play).

    / Mar 9, 2011 at 10:27 AM
  • News

    Opening Bell: 03.09.11

    US Jury to Hear Gripping Opening of Rajaratnam Trial (Reuters) A jury of New Yorkers on Wednesday will hear U.S. prosecutors outlining how they believe Sri Lankan-born Rajaratnam broke the law by designing a complex web of stock tippers who helped him reap $45 million in illicit profit between 2003 and March 2009. For the […]

    / Mar 9, 2011 at 9:27 AM
  • News

    Write-Offs: 03.08.11

    $$$ Judge Holwell read the names of dozens of people who will testify or be mentioned during the trial, and asked the group whether they had heard of any of them. The names mentioned included Goldman Sachs Chief Executive Officer Lloyd Blankfein, who may be a witness for the prosecution. Not a single juror had […]

    / Mar 8, 2011 at 6:25 PM
  • News

    Rajaratnam Jury Selection Says Friends Of David Tepper: Good, Friends Of Al Sharpton: Not So Good

    By the lunch break, 13 potential jurors had been dismissed from the jury pool. At least one potential juror was dismissed after the judge raised questions about ownership of one of the companies at issue in the trial. It wasn’t clear what company the potential juror owned. Another potential juror was dismissed shortly after mentioning […]

    / Mar 8, 2011 at 4:54 PM
  • News

    Blood And Chocolate

    The following post is by Dealbreaker reader and commenter Infinite Guest. If the only tool you have is a hammer, everything looks like a nail. And if the only tool you have is an election, then every place looks like a democracy. For the past decade it has been fashionable in the United States and […]

    / Mar 8, 2011 at 4:45 PM
  • News

    Area Man Pleads Guilty To Using Both UBS And Credit Suisse To Evade Taxes

    Just because UBS is trying to get away from the whole ‘tax evasion’ specialists branding doesn’t mean this betrayal hurts any less.

    / Mar 8, 2011 at 4:18 PM
  • News

    Who Is On Your Galleon Trial Character Witness Wish List?

    As you’ve likely heard, today marks the first day of the historic Raj Rajaratnam trial, the government’s biggest insider trading case to date. Jury selection kicked off this morning, and while we wait for a few hundred people to answer questions designed to reveal whether or not they have prejudices toward everyone from hedge fund […]

    / Mar 8, 2011 at 2:48 PM
  • News

    Feds Can Add Loch Capital To The Body Count

    Loch Capital for the hat-trick.

    / Mar 8, 2011 at 1:30 PM
  • News

    Poll: Has Jamie Dimon Emerged From The Crisis As A Winner Because He’s Easy On The Eyes?

    Serious question- has James Dimon, he of JPMorgan, come out looking better than some other Wall Street CEO’s because of a nice face, “fluffy white, unbankerish hair” and an ass you could bounce a quarter off of? Alternatively, has Dick Fuld become something of a villain not because of that business with Lehman Brothers’ balance […]

    / Mar 8, 2011 at 12:48 PM
  • News

    Bridgewater, Under Water

    The parking lot of Bridgewater Associates yesterday, following some melting of snow and a li’l rain. [WN]

    / Mar 8, 2011 at 11:32 AM
  • News

    Carl Icahn Returning Money To Investors

    According to Carl, he’s still shaken by the losses of 2008- those of investors, not his own- and wants to wash his hands of this whole thing. Letter via Dealbook:

    / Mar 8, 2011 at 10:45 AM
  • News

    Brian Moynihan Hits Ken Lewis Where It Hurts

    Heralding a “new era” at the nation’s largest bank, Mr. Moynihan kicked off the bank’s first investor day conference since 2007 promising the bank has no intention of making any more acquisitions and will instead look to cut costs and focus on its customers. “I can’t stress enough to you how much of a peace […]

    / Mar 8, 2011 at 9:49 AM
  • News

    Opening Bell: 03.08.11

    Galleon Judge Speaks Softly, Carries A Big Rep (WSJ) “He has good control over the courtroom—not because he’s loud or aggressive, but because he has this quiet quality,” says Gerald Shargel, a friend and defense lawyer who has represented mob figures. “Holwell won’t be bullied.” The 64-year-old Judge Holwell—a former White & Case LLP litigator […]

    / Mar 8, 2011 at 8:31 AM
  • News

    Write-Offs: 03.07.11

    $$$ JPMorgan Sets Sights In Nigeria [Reuters] $$$ Charlie Sheen Could Teach Wall Street A Lesson [Bloomberg] $$$ During the trial, Seiden explained that he turned to securities fraud when his career as a licensed stockbroker faltered amid addiction problems. His drug use included “marijuana, cocaine, Percocet, Loricet, OxyContin, Roxicodone, acid, mushrooms, ecstasy, Soma, Xanax, […]

    / Mar 7, 2011 at 6:30 PM
  • News, Private Equity

    Mark Your Calendars For March 17

    Subject: Dust to Diamonds event, Patriarch Partners March 17 //To: newyork@gsb.columbia.edu, privateequity@gsb.columbia.edu.//The Sanford C. Bernstein Student Leadership and Ethics Board presents: Dust to Diamonds- Lynn Tilton, CEO and Principal of Patriarch Partners, LLC.

    / Mar 7, 2011 at 5:04 PM
  • News

    Ten People You “Absolutely Have To Make Your Allies On Wall Street”

    According to John Carney and his colleague Ash Bennington, the career-making individuals you must get close to include:

    / Mar 7, 2011 at 4:30 PM
  • News

    Dan Loeb Subpoenas Reporters In Fight Against Fairfax Financial

    Remember the Fairfax Financial vs hedge funds bit? Five years ago, the Canadian insurer got it in its head that SAC Capital, Kynikos and Third Point conspired together to drive down the company’s stock and that part of its plan was to “spread disinformation to business journalists” who, as pawns in their game, would help […]

    / Mar 7, 2011 at 4:01 PM
  • News

    Matt Damon Thinks Obama Is Working For Wall Street

    “I think he’s rolled over to Wall Street completely. The economy has huge problems. We still have all these banks that are too big to fail. They’re bigger and making more money than ever. Unemployment at 10 per cent? It’s terrible.” [Independent via BI]

    / Mar 7, 2011 at 3:46 PM
  • News

    Dear RenTec Investors

    February performance for RIFF.

    / Mar 7, 2011 at 3:30 PM
  • News

    Starting A Hedge Fund? Need Cash? David Tepper’s Here To Help

    As we’ve previously discussed, one of the tricky things about being David Tepper is figuring out what to do with your stack and stacks of money. Making it rain every single year is great but there is the downside of finding the space for all that cheddar. At this point in Tepper and Appaloosa’s history, […]

    / Mar 7, 2011 at 3:10 PM
  • News

    Anyone Have A Commodities Business They Want To Sell?

    Jon Corzine’s got an itchy finger and $1 billion in unmarked singles to spend.

    / Mar 7, 2011 at 2:32 PM
  • News

    Ping Capital Slipped Slightly In February

    Like most of you, we’ve come to expect a lot of from the ‘top emerging markets fund of 2010′ and its fearless leader. So we’re being admittedly a bit hard on Ping Capital gang about a less than stellar February when, year to date, they’re beating many a manager. Still, though, if it wasn’t previously […]

    / Mar 7, 2011 at 1:45 PM

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