May 2011

  • News

    Write-Offs: 05.31.11

    $$$ House Prices Fall to New Post-Bubble Low as More Rent (NYT) $$$ Consumer confidence drops in May (Reuters) $$$ House Set to Reject Debt Ceiling Hike Democrats Dismiss as “Political Charade” (ABC) $$$ Bernie Madoff Is Ruining Divorces Now, Too (Daily Intel)

    / May 31, 2011 at 7:16 PM
  • News

    Where You’re Going (This Summer), You Don’t Need Roads

    Planning on getting out of town most weekends the next few months but not going points further than a 300 mile radius? Perhaps out East, on Shelter Island or Martha’s Vineyard? If you answered yes, please be sure transport doesn’t involve helicopter or, god help you, a car, because roads as a means of transport […]

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

    Executing Losing Trades For Libyans Put Goldman Sachs Execs At The Business End Of A Hissy Fit (Update)

    In early 2008, Libya’s sovereign-wealth fund controlled by Col. Moammar Gadhafi gave $1.3 billion to Goldman Sachs Group to sink into a currency bet and other complicated trades. The investments lost 98% of their value, internal Goldman documents show… In July 2008, Mustafa Zarti, the fund’s deputy chairman, summoned Mr. Kabbaj, Goldman’s North Africa chief, […]

    / May 31, 2011 at 5:09 PM
  • News

    Pelfrey Unwittingly Solves Mets’ Biggest Problem: Reyes Gets The $200M If He Beats David Einhorn In Poker

    If Einhorn wins Reyes must agree to play for a year’s supply of Shake Shack burgers with a player/team option to renegotiate for fries when his contract is up.

    / May 31, 2011 at 3:52 PM
  • News

    UBS Not Down With Employees Transferring Securities Into Their Personal Accounts

    Last month, we noted that a group of UBS employees who “worked in operations and were responsible for securities movements and payments” had been escorted out of the building and told not to come back “pending an internal review into their conduct.” Now we’ve been informed they were recently told not to come back, period. […]

    / May 31, 2011 at 3:24 PM
  • News

    How’d You Like Too Big To Fail?

    If you watched the HBO version of Andrew Ross Sorkin’s book last week, what kind of tears did you shed while watching?

    / May 31, 2011 at 1:57 PM
  • News

    Must Lucas Van Praag Proofread Everything That Leaves Goldman Sachs?!

    On February 11th Goldman issued four warrants tied to Japan’s Nikkei index which were described in three separate filings amounting to several hundred pages. Buried in the instructions to determine the settlement price was a formula that read “(Closing Level – Strike Level) x Index Currency Amount x Exchange Rate”. It is Goldman’s contention that […]

    / May 31, 2011 at 1:44 PM
  • News

    David Einhorn Could Own 60% Of The Mets In Three Years

    Unless the Wilpons think they can come up with $200 million, in which case they’d better start sending Irving Picard a daily Edible Arrangement now.

    / May 31, 2011 at 12:34 PM
  • News

    Report: Hedge Fund Job-Seekers Ought To Consider Minneapolis

    According to Absolute Return, despite not cracking the Top 5 places for hedge fund hiring (NYC, Chicago, Boston, Dallas, Stamford/Greenwich/Westport), “hiring patterns indicate that Minnesota is the new up-and-comer hedge fund state, with a fistful of firms actively luring strong senior talent.” [AR]

    / May 31, 2011 at 11:07 AM
  • News

    Financier Dares You To Bring A Woman Back To His “Trophy Pad” And Not Get Laid

    Over the holiday weekend, the Post ran an article about New York men who use their “luxury apartments to attract the ladies,” in which several dudes were interviewed about their abodes’ abilities to get them laid. One of them was well-known comedian Jim Norton, who was obviously fucking with the paper when he said stuff […]

    / May 31, 2011 at 10:37 AM
  • News

    Former Egypt Bank Chairman Attempts To One-Up Dominique Strauss-Kahn

    Mahmoud Abdel Salam Omar, 74, chairman of El-Mex Salines Co [and] the former chairman of the Egyptian American Bank and the Federation of Egyptian Banks, was arrested yesterday after a 44 year-old female maid alleged he attacked her May 29, according to a police department spokesman. Officers were called to the hotel, located in midtown […]

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

    SAC Capital Investor Does Steve Cohen A Favor

    As a result of the Feds’ current attempt to prove insider trading has gone down at certain hedge funds on Wall Street, several shops- some without verdicts of guilt- have been forced to close their doors. Investors saw the fund’s name in the paper in the same headline in which the words ‘insider trading’ appear […]

    / May 31, 2011 at 9:05 AM
  • News

    Opening Bell: 05.31.11

    2nd banker in hotel sex bust (NYP) Mahmoud Abdel-Salam Omar — the 74-year-old former chairman of Egypt’s Bank of Alexandria — allegedly groped and “gyrated” against the maid in Room 1027 at The Pierre hotel on Fifth Avenue, a law-enforcement source told The Post. He was wearing a bathrobe at the time, but it was […]

    / May 31, 2011 at 8:17 AM
  • News, Write-Offs

    Write-Offs: 05.27.11

    $$$ Bill Gross: Debt Solution ‘A Few Years Away,” Dollar ‘At Risk’ [CNBC] $$$ Fire your hedge fund, hire your Congressman [Barron’s] $$$ RIL-DE Shaw venture to offer entire spectrum of services [Business Standard] $$$ In Brazil, The Bikini Wax Is A Harbinger Of Inflation [BusinessWeek] $$$ Pickens: We’re fueling terror by paying OPEC [CNBC] […]

    / May 27, 2011 at 1:26 PM
  • News

    Senior Deutsche Bank Employee Didn’t Know You Couldn’t Bring Guns On An Airplane

    Getting out of town for the long weekend? If you’re traveling by plane, perhaps we should take a moment to review a couple of items the FAA is not cool with you stashing in your carry-on. Gulf-clubs. Cattle prods. Regular-sized bottles of shampoo. Gel-type candles. Guns. Yes, guns! It’s pretty wild but they’re still not […]

    / May 27, 2011 at 11:40 AM
  • News

    Bring Lenny Dykstra Into Your Home Today

    Geoffrey Raymond, Wall Street’s artist in-residence, has completed his latest: “Dykstra, Nailed.”

    / May 27, 2011 at 11:37 AM
  • News

    Housekeeping: UBS Employees Paid To Go Away?

    Last month, we noted that a group of UBS employees who “worked in operations and were responsible for securities movements and payments” had been escorted out of the building and told not to come back “pending an internal review into their conduct.” Now we’ve been informed they were recently told not to come back, period.

    / May 27, 2011 at 11:27 AM
  • News

    Munich Re Subsidiary Had To Throw That Color-Coded Orgy Party To Remain Competitive

    At a certain level workers and customers can “no longer be rewarded with money,” another industry insider says. But incentives outside the ordinary pay raise or bonus are not simply a question of hierarchy, event specialist Eisner says. The likelihood of such perks is higher for certain roles…Sexual incentives are a special cementing agent, and […]

    / May 27, 2011 at 10:50 AM

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