According to Chaz, sources are telling him that Cohen is “essentially brushing off the intensifying probe of SAC. He is not distracted. For all intents and purposes, he feels pretty confident about his chances.”
Archive for May 2011
Steve Cohen Not Sweating Government Getting Up In His Business, Says Charlie Gasparino
By Bess Levin
Marc Mezvinsky is back from his ski trip and ready to work, if you’re interested in investing or putting in a res. Continue reading »
UBS AG, which has lost at least 50 dealmakers from its U.S. investment bank since 2009, remains committed to the unit and aims to reach a top-five rank, said Matthew Grounds, the division’s global co-head. “I’m only interested in getting our market position in the Americas to where it needs to be,” Grounds, 41, said in an interview yesterday at the firm’s New York office. The bank has dedicated capital for hiring, he said, declining to elaborate. Given the company’s global size, “I want to be top five.” [Bloomberg]
We will be out working on a little assignment this morning so there will be no posts for a few hours. Please talk amongst yourselves!
Paulson Plays the Lehman Bust (WSJ)
Mr. Paulson’s fund has been snatching up Lehman debt at steep discounts since the day the investment bank collapsed, betting prices would rise while panicked investors fled. Now, as Lehman’s estate prepares to wind down, Mr. Paulson’s fund could reap profits between $350 million and $726 million on the Lehman trades…Over two and a half years, Mr. Paulson’s fund, Paulson & Co., purchased more than $7 billion worth of Lehman bonds in about 1,800 transactions. The average cost of those trades was just 13 cents on the dollar, according to the Journal’s analysis.
PIMCO raises bet against U.S. government debt (Reuters)
PIMCO’s Bill Gross, the manager of the world’s largest bond fund, raised his bet against U.S. government-related debt in April to 4 percent from 3 percent, according to the company’s website on Monday.
Morgan Stanley Trading Gains Topped $100 Million on 10 Days (Bloomberg)
The firm’s trading division lost money on 3 days during the period, compared with 13 days in the fourth quarter, New York- based Morgan Stanley said in a filing with the U.S. Securities and Exchange Commission.
BofA to cut $850bn bad loan book in half (FT)
Bank of America plans to shrink its $850bn portfolio of troubled home loans by about half over the next three years as it seeks to quicken the pace with which it resolves problems related to the housing crisis and its disastrous purchase of Countrywide Financial. Terry Laughlin, who is spearheading BofA’s mortgage modification and foreclosure programmes, told the Financial Times he had been given leeway to act quickly to tackle the growing number of bad loans that threaten to overwhelm the bank’s overall performance and tarnish the reputation of Brian Moynihan, its chief executive.
Microsoft Said to Discuss Buying Internet-Call Provider Skype (Bloomberg)
A deal would value Skype at about $8.5 billion and may be announced as early as today, said one of the people, who asked not to be identified because the talks are private.
Alan Simpson Attacks AARP, Says Social Security Is ‘Not A Retirement Program’ (HuffPo)
At an event hosted by the Investment Company Institute, Simpson delighted the finance industry audience members by aiming a rude gesture at the leading lobby for senior citizens. Continue reading »
$$$ Bruce Berkowitz On AIG: “I Was Wrong” [MarketBeat]
$$$ To the Bullish Went the Spoils (WSJ)
$$$ Greece Pushes Plan to Raise Cash With Big Sales (NYT)
$$$ Pacific Crest Said to Plan Buyout of Goldman-Backed Research Arm (Bloomberg)
$$$ Citigroup shares face struggle post-reverse split (Reuters)
$$$ This is a tattoo of “the formula that caused the financial crisis” [Easy Street] Continue reading »
Talk To John Boehner About The Debt Ceiling/Spending Cuts When You’re Ready To Use The ‘T’ Word
By Bess LevinBoehner wants to be “talking about cuts of trillions, not just billions.” Continue reading »
In what appears to now be a series of desk-side interviews on a Flip-Cam, MCC tells colleague Brian Steel that she likes basketball because the players are tall and the 40 pairs of shoes she bought in the two days after Lehman Brothers went under, including her favorites (a pair of Christian Louboutins for $100). Continue reading »
Earlier this morning, the House Financial Services Committee unveiled a new website that includes 1) a place to comment on legislation 2) a handy form for anyone who knows of someone up to no good found under the section “You Blow The Whistle” and 3) a blog called The Bottom Line. Here’s what they had to say in their inaugural post. Continue reading »
If you’re looking for a new gig and think it might be the right fit, put in an application today, as Sheila Bair will be stepping down July 8, after her term expires.
House Speaker John Boehner’s appearance before Wall Street leaders tonight challenges him to provide reassurance that Congress will raise the U.S. debt limit without undercutting Republican demands for spending controls…”The stakes are high for Speaker Boehner,” Senator Chuck Schumer told reporters on a conference call today. He called on Boehner to provide “unwavering reassurance” to the credit markets that House Republicans won’t allow the U.S. to default on its obligations. “The markets do not want to hear more threats,” Schumer said. “The time for brinkmanship is over. There is a lot on the line.” [Bloomberg]
