Despite making it clear that a huddle “is not a forum for sharing stock or sector tips to a select group of clients,” Goldman has promised not to do it anymore, and to throw Massachusetts $10 million for its troubles. Continue reading »
Archive for June 2011
As many of you may recall, for several years, analyst Dick Bové’s heart belonged to one CEO and one CEO only- Ken Lewis. The two of them had something special and it seemed like their love could withstand the strongest of tests. When her man was essentially forced out of his job, she rallied to his defense, staying strong and fighting back the tears to pen an impassioned note to clients in which she proclaimed: “No other banker in this country can equal Mr Lewis’s achievements and yet every banker wishes s/he could.” When it seemed like Bank of America couldn’t find one person to take the CEO gig, she seized the opportunity and wrote: “Mr. Lewis was a key architect in the creation and management of Bank of America. He knows this company better than anyone else and he knows how to operate it. At this point in the company’s history, this is the type of leader needed. Convincing him to return would be the biggest morale builder that management could get.” When they still didn’t listen she begged. She pleaded. She showed up at various board members’ houses in the middle of the night wearing nothing but a trench coat and her highest heels, telling the confused person at the door, “I’m going to make you understand why Ken should get to stay.”
But her efforts (and her feigned moaning) were all for naught. Her Kenny was replaced by some “useless Mick,” she’d shout at the TV after several rum ‘n Tabs. And that’s when things really started to fall apart. Ken never left the house, hell, he rarely even felt the need to get dressed and they were at each other’s throats all the time. She’d always been on the high-end of hormonal (that’s what’d attracted Ken in the first place) but now she’d tacked hard right to unstable. If Ken so much as glanced in the direction of another woman she’d fly off the handle; she’d throw all his clothes out the window and then shriek and cry for him to come back; and eventually, her threats to kill herself or him stopped having an effect and he left. And while for a good while there she was convinced she’d never love anyone again and to be honest, her therapist suggested that was a good thing, as she couldn’t handle the volatility of relationships. Then, a couple months ago, she began studying Morgan Stanley’s James Gorman. And she started to get that familiar itch. And that’s when this happened: Continue reading »
From: Caso, Thomas (Security)
Sent: Thursday, June 09, 2011 11:08 AM
To: All
Subject: Possible Sighting of Mountain LionAll:
This morning the Harrison Police Department forwarded a press release, issued by the State of Connecticut Department of Environmental Protection, concerning possible sightings of a mountain lion in the nearby King Street area of Greenwich, CT.
$$$ Bill Gross Sees Potential ‘Dollar Crisis’ (MarketBeat)
$$$ Banks Defeated in Senate Vote Over Debit Card Fees (NYT)
$$$ OPEC Keeps Lid on Oil Production Targets (NYT)
$$$ Growth slowing in four of 12 districts: Beige Book (MarketWatch)
$$$ Fitch Warns U.S. on Debt Ceiling (WSJ)
$$$ M&A Deal Value Jumps 39% (WSJ)
$$$ Regulator Warns of ‘Cheetah’ Traders (DealBook) Continue reading »
Republican Presidential Candidate Tim Pawlenty Would Tell Wall Street “Get Your Snout Out Of The Trough Just Like Everyone Else,” Thinks Ben Bernanke Not Only Came Up With The Nickname Helicopter Ben But Refers To Himself As That
By Bess LevinTwo comments from TP on Bloomberg earlier today:
1) “[The message] would be, ‘Get your snout out of the trough just like everybody else.’ If I am president, we will not have any more bailouts, carveouts, handouts or special deals. We will reduce the corporate tax rate from 35% to 15%. We will get rid of all the deductions, credits, or exemptions, and you will compete not based on your connections to a congressman, but connections whether you can convince consumers if you have a good product. If you cannot do that, you should not be in business. Do not look for government to bail you out. You either compete and succeed in the market or you do not.”
2) “I think a good chunk of [America's economic problems] are a result of Fed policies…I didn’t support Bernanke’s appointment last time for these very reasons. He called himself ‘Helicopter Ben’ for a reason.” Continue reading »
Eisman will clear out his desk by June 30. Continue reading »
What ‘Portion’ Of Their $1 Billion In Redemptions Will Harbinger Capital Partners Investors Receive In Actual Cash?
By Bess LevinMonday afternoon, Harbinger Capital Partners founder Phil Falcone informed investors that all those putting in redemption requests were in for a real treat. Instead of actual money, they will be receiving illiquid shares of LightSquared, which Phil is “convinced” provide “substantial upside.” Today, Bloomberg reports that investors have asked for at least $1 billion back (which would shrink the main fund to $3.25 billion). According to the letter, only “a portion” of withdrawl requests will be paid in LightSquared, without going into further detail. So. Continue reading »
Remember during the height of the recession, when it was considered gauche to drop a few thousand a night on three bottles of vodka and a carafe of cranberry juice? Harrowing times those were but today brings some heartening news. Despite the fact that a whole bunch of New York-based financial services hacks are about to get laid off, it’s once again considered socially acceptable to buy bottles marked up 100% so ladies will be open to talking to you/using your table to sit down. At the MeatPacking district’s Gunbar (named and designed as “an homage to rock clubs past” and also because while there you’ll probably wish you had a gun), $300 bottles of vodka “unapologetically sit atop almost every table” and people “party like it’s 2007,” or “like peacocks” rather than the “pigeons” of 2008-2009, a patron claimed recently.
According to nightlife operator Jamie Mulholland, whose livelihood is based on this statement being a fact and not bull shit, “When the economy crashed, everyone stopped doing it…But now, there’s definitely a resurgence.” Investment banker Chris Silverman agrees, to a point. Continue reading »
“We are going to provide you with some information on why Muddy Waters research [on Sino-Forest] is a pile of crap,” said Richard Kelertas, an analyst at Dundee Capital Markets, during a conference call he held with clients on Tuesday afternoon. “We believe there’s nothing true in that report.” [FP, earlier]
