General Electric Co. refuted a statement claiming the company would return a “$3.2 billion tax refund” for 2010, following criticism of its tax rates and policies. “It is a hoax,” said Anne Eisele, a GE spokeswoman. The statement, which purported to be from GE Communications, claimed the Fairfield, Connecticut-based company was responding to a “public outcry” and would “allow the public to decide how to spend” the returned money. [Bloomberg]
Archive for April 2011
Knows what you're talking about.
Two weeks ago a London-based banker wrote to the Financial Times seeking help with a problem related to her hotness.
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 City I feel they are holding me back. Female colleagues distrust me, while male colleagues are drawn to me, but don’t take me very seriously. My boss has told me that I need to network more. But I find networking events are ghastly, with all the eager men dribbling over me. What can I do, short of turning up to work in a bin liner? – Banker, female, 27
Many of you offered her advice. Today the FT has responded with their own, telling the girl 1) shut up 2) get over it 3) it’s true that “women don’t like you, men like you too much” and 4) you won’t be hot forever. Continue reading »
As you may have heard, the New York Mets are going through a bit of a rough patch, on account of being screwed financially on their investment with Madoff Securities. In January the organization announced it needed to sell a minority stake, to little success. Among the people who turned them down? Steve Cohen. Despite being a huge fan, who has a box at Citi field, Cohen was reportedly “adamant” that he wouldn’t shell out a dime without getting a say in the direction of the franchise. At the time, we told the Wilpons to not take the rejection as a hard no, as Steve is an ideas man and just wanted some level of assurance that if he was going to pony up the money, his voice would be heard. Now, suddenly, the hedge fund manager has “joined the bidding for a minority stake.” What changed? Continue reading »
JPMorgan Profit Up 67% on Lower Credit Costs, Tops Estimate (Bloomberg)
First-quarter net income climbed to $5.56 billion, or $1.28 a share, from $3.33 billion, or 74 cents, in the same period a year earlier and from $4.83 billion, or $1.12, in the fourth quarter, the New York-based company said today in a statement. The results beat the average per-share estimate for adjusted earnings of $1.15 by 26 analysts surveyed by Bloomberg.
Impatience Over Recovery At Morgan Stanley (Dealbook)
“You can only take so much pain,” said David P. Foley, an investment manager at Estabrook Capital Management, which as of Dec. 31 owned roughly 661,000 shares in Morgan Stanley, valued at almost $18 million. “We have to go to our clients and defend the stock, and invariably someone says, ‘Why do you still own this thing?’ Eventually, I am sure Morgan Stanley will turn around, but the firm has become harder and harder to defend because it still hasn’t turned the corner.”
Bernanke Urges Republicans To ‘Deal With Debt’ (Bloomberg)
“He said we have to deal with the debt,” Representative Steve Pearce, a Republican from New Mexico, said in an interview after leaving the session with the central bank chief on Capitol Hill. “So far the market seems to be forgiving of the fact that we haven’t,” Pearce said, adding that Bernanke told lawmakers that “we need to deal with it.”
Obama to Lay Out Deficit Plan, Focus on Tax, Spending (Reuters)
Obama will explain his vision for tackling the long-term U.S. deficit and debt in a speech in Washington at 1:35 p.m. He will try to regain control of the spending debate by drawing a sharp contrast with a Republican proposal unveiled last week to lower the deficit by $4.4 trillion over the next 10 years.
IMF Warns US on Debts, Wants Austerity (FT)
The US lacks a “credible strategy” to stabilize its mounting public debt posing a small but significant risk of a new global economic crisis, says the International Monetary Fund.
The Battle Of The Office Candy Jar (WSJ)
“The proximity and visibility of a food can consistently increase an adult’s consumption,” says the study, led by Brian Wansink, a professor of marketing and human behavior at Cornell University, Ithaca, N.Y., and author of “Mindless Eating.” He adds, “Even for a person with the greatest resolve, every time they look at a candy dish they say, ‘Do I want that Hershey’s Kiss, or don’t I?’ At the 24th time, maybe I’m kind of hungry, and I just got this terrible email, and my boss is complaining—and gradually my resolve is worn down.” Continue reading »
$$$ George Soros: What if the world isn’t worth saving? [MarketPlace]
$$$ Citigroup Loses Municipal Bond Case [WSJ]
$$$ Meet My Departed Grandma, Fledgling Facebook Investor [WSJ] Continue reading »
Would Matt Taibbi Have Been Less Angry About John Mack’s Wife’s TALF Fund If The Former Morgan Stanley CEO Waxed His Eyebrows?
By Bess Levin
A passage from his latest screed implies as much. Continue reading »
Can David Sokol Really Be Expected To Recall Everything He Knew About The Lubrizol Deal And When?
By Bess LevinWhen David Sokol, the Berkshire lieutenant thought to be the frontrunner for Warren Buffett’s job resigned two weeks ago, Buffett sent a letter mentioning that Sokol owned a bunch of shares of Lubrizol, which he had bought before pitching WB on the idea for the company. Sokol says he didn’t know much or how Buffett would react or if there was a snowball’s chance in hell BRK would acquire the company, or if anyone would even take this thing seriously. Turns out he may have had some reason to at least have a hunch. Continue reading »
Last May, we were introduced to Principles, the company handbook written by Bridgewater Associates founder Ray Dalio, which instructs employees to go on radical truth seeking missions in order to better themselves and in turn the firm (the firm also expects the staff to “probe” each other regularly, no matter one’s rank, in order to foster openness and meritocracy). Not everyone who read the Principles was impressed, suggesting (by saying outright) that the ideology found inside the Westport-based hedge fund is psychologically abusive and similar to that of a cult. The sentiment was shared by both outsiders and former employees whose reactions can be explained thusly: they’re simply not ready to embrace the truth.
These people suggested that anyone who set foot inside the building, for even so much an interview (wherein applicants are asked their views on abortion and told to point out the flaws in other potential hires) would sooner or later run from the place, like an inmate breaking out of the asylum, and that the only reason people stay is because they’re forced to against their will. If these naysayers were ready to probe to the depths of the truth, they’d find out that the firm’s staff loves the Principles and the way the place is run. And that Bridgewater? Has changed their lives for the better. The reason we know this is because a bunch of employees were recently recorded saying as much. Continue reading »
Judge’s Decision Ruling In Galleon Case Indicates We May Be Hearing From Every Single Babysitter, Waiter Raj Rajaratnam Generously Tipped Over The Years
By Bess Levin
Holwell today said the defense may ask a witness — Geoffrey Canada, creator of the Harlem Children’s Zone, a New York City nonprofit group — whether Rajaratnam was “generous.” Prosecutors called that an improper question for someone called to testify about Rajaratnam’s good character. Holwell said that because prosecutors had called Rajaratnam “greedy” in their opening statement, Rajaratnam can respond with proof of his generosity. Canada may testify today or tomorrow. [Bloomberg]
Ex-SAC Capital Trader Who Destroyed His Flash Drive With Two Pairs Of Pliers Request Insider Trading Case Be Thrown Out Due To Lack Of Evidence
By Bess Levin
Remember Donald Longueuil? He’s the former SAC Capital trader who was accused of insider trading back in February. The feds were able to bring charges against Donny thanks to his ex-best friend, Noah “Judas” Freeman, who also worked at SAC for a time (and took part in the alleged ill-gotten gains made off of tips from expert network analyst Winifred Jiau) and agreed to record conversations with Don in exchange for a lesser sentence and permission to go to Puerto Rico with his wife. As a refresher, here’s what they’ve got Donald on tape saying re: his USB flash drive (dramatic reenactment can be heard here):
“The night that Wall Street Journal article came out…I pressed the eject button and everything’s fucking gone…destroyed….everything. Fuckin’, I, uh…I chopped it up, chopped up everything. It was easy. You take two pairs of pliers and then you rip it open and then, it just a piece of NAND…So I just fucking ripped it apart right there…I had two external drives that had like wafer numbers on ‘em. Fuckin’ pulled the external drives apart. Destroyed the platter…put ‘em into four separate little baggies and then at 2am…2 am on a Friday night, I put this stuff inside my black North Face jacket and leave the apartment and I go on like a 20 block walk around the city…and try to find a garbage truck…and threw away the shit in the back of like random garbage trucks, different garbage trucks…4 garbage trucks. The Feds can try and find it but it’s all fuckin’ ripped apart…everything’s gone.”
Still, though, according to Donald, the Feds have got NOTHING. Nothing! Continue reading »
