• 31 Mar 2011 at 6:45 PM

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 24, 2006. But Smith said: “The speculation was public. The fact that it was happening was not public.” [Reuters]

$$$ Falcone-backed telecom hires Ed “We’re a nation of wusses” Rendell to lobby for LightSquared [Reuters]

$$$ “We need to get the owners of banks to behave like they own them. Institutions are turning over their bank shares every six months or so. They don’t consider themselves owners. I think we should get capital requirements up in the future but allow them to grow at the moment, and in the meantime make sure shareholders own shares for longer and engage with management. The job of policing management shouldn’t be left to the government. It should be the owners that do that. But we lost that. Again, maybe we need another tax to make shareholders hang on longer. I would call it the Warren Buffett Tax.” [Fortune]

$$$ Moody’s Cuts Tepco’s Credit Rating [WSJ]

$$$ Fed’s Tarullo: Banks Need Tough Capital Standards [CNBC]

$$$ Will Goldman’s Special Situations Group Survive Dodd-Frank? [BW]

$$$ $5 Fees May Be Coming to an ATM Near You [CNBC]

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  1. Posted by Covey 01 | April 1, 2011 at 11:21 AM

    Slow day today. Nobody is commenting. Have you all gone tits up?