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$$$ Japan Quake May Cost Life Insurers $4.9 Billion, Moody’s Says [Bloomberg]
$$$ City banker sacked after taunting NHS staff with £10 note [Mirror]
$$$ “I made some very bad mistakes and made some very bad decisions. I lost my moral compass,” Mr. Poteroba told the judge before being sentenced two two years for insider trading. “I’m deeply ashamed of my actions and my irresponsible conduct.” [WSJ] Continue reading »
Their stock pick won the school the third annual “Michigan Interactive Investments Undergraduate Investment Conference” title. Here, the delegates sent by Wharton to compete explain what they like about the company (“big post-bankrupty opportunity”). Continue reading »
Over the weekend, USA Today ran an interview with Meredith Whitney, conducted by Maria Bartiromo, about her muni bond call. Perhaps you read it? Charlie Gasparino did and he’s so angry he can hardly see straight and has a whole host of questions he wants answered. But let’s backtrack a second. Chaz was surprised to see the interview at all, given that probing of Meredith’s prediction last fall by, CG says, “reporters like myself” resulted in the analyst retreating from the spotlight. But she agreed to this one and Charlie is pretty sure he knows why. Veins bulging and sweat pouring down his neck, Charlie posited today it’s because his former CNBC colleague was more than happy to “serve as a conduit for Whitney’s initial absurd claim.” Continue reading »
You don’t have a lot of bad news through May and June. And then you have some real challenges coming after June as housing starts to decelerate again as foreclosures resume and inventory really comes on the market. Investors who are looking for a strong second half may be disappointed. You may see a repeat of what happened last year. And inflation is a real issue. But for the next couple of months the markets should continue to do well. [USA via NetNet]
The ratings agency is good for something! Continue reading »
Joel Stein is a reporter for Time magazine writing his first book. It’s about “learning, at 39, how to finally become a man.” In addition to “the typical red state stuff” (4 days of basic training in the army; fight Randy Couture from the UFC; hunt; do a shift as a fireman; fix a house; work in the pit crew at a car race), there is a chapter about Wall Street. That’s where you come in. Continue reading »
“This move is simply a poorly thought out one by management; hopefully it will do better running the business.” Continue reading »
Several months back, it came to light that Phil Falcone had loaned himself some $113 million from one of Harbinger’s funds to pay personal taxes. He didn’t tell anyone about it at the time because he hadn’t thought it was that big a deal but when investors finally heard about it in November, it turned out they were mighty pissed. Goldman and Blackstone pulled their entire investments from the flagship fund and even though they should’ve take the loan as a postive sign (Falcone pays his taxes! Not everyone does that!), a bunch of clients feared it was a harbinger of not very good moments to come (some where also miffed about the fact that the loan was taken from a fund in which redemptions had been suspended). We too were a bit worried and couldn’t help but going to the dark place in which Wilbur, the Falcone’s piano-playing pig was laid off, Lisa had to sell the crown jewels of her wardrobe (including The Gladiator, Mermaid Chic, and Slutty Peacock, and the couple’s bar-in-closet could no longer stock top shelf liquor. The whole thing was very stressful, so today’s news brings some sweet relief. Continue reading »
As you may have heard, Donald Trump has been mulling a run for president, which he says he’ll make a final decision on by June. In the meantime, he’s been putting his credentials out there, in case anyone thinks he’s not the right guy for the job. In terms of dealing with foreign leaders and dignitaries, The Don says his experience cannot be beat (and should he turn down the president gig, feel free to offer him Secretary of State, a position for which he’s also eminently qualified). “I sell them real estate for tremendous amounts of money,” he said. “I mean, I’ve dealt with everybody.” To that end, a quick story to illustrate why you should vote Trump. Continue reading »
Some numbers from Pool Manager NakedShort and his spreadsheet: Continue reading »
Not everyone was impressed with the reinstated dividend and reverse stock-split announcement. Continue reading »
