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$$$ Greece Cut to Caa1 From B1 by Moody’s, Outlook Negative (Bloomberg)
$$$ Economists Start Slashing Jobs Outlook Ahead of Friday Report (Barron’s)
$$$ EU to Urge Investors to Buy New Greek Debt (Bloomberg)
$$$ Government May Lose $14 Billion on Auto Bailout (WSJ)
$$$ El-Erian: Why Fed Is Unlikely to Have Third Round of Easing (CNBC)
$$$ Get Ready: Here Comes the Yuan (WSJ)
$$$ Shaq Announces Retirement Via Twitter (Mashable) Continue reading »
Thinking about getting divorced (for a first, second or third time)? When it comes time to divide assets, which are you more willing to take your ex to court over- kids or dog? According to a new study- by the people who brought you the statistic that 87% of adulterous financial services employees cheat with colleagues- the majority of divorcing bankers could take the kids or leave them but really want that damn dog. Continue reading »
Earlier today, US prosecutors rested their case against former Galleon employee Zvi Goffer, who like his old boss Raj, has been accused of insider trading. Here’s what Assistant U.S. Attorney Richard Tarlowe had to tell the jury:
Tarlowe urged the jury to consider why the three men used prepaid phones that they subsequently destroyed, why Zvi Goffer spoke on recordings about creating what he called a “divergence” that would conceal the reason for trades, why Zvi Goffer referred on recordings to “our guy,” and why he and Kimelman spoke so often about the legal documents that prosecutors say were used in deals that Ropes & Gray worked on. “Think about why they were doing things like that,” Tarlowe told jurors. “The defendants are guilty as charged.”
And here’s what Goffer’s lawyer had to say about all that: Continue reading »
Reuters: “Senior UBS AG banker Jim Glerum and several other investment bankers have left the firm, a UBS spokesperson said on Wednesday. It was not clear exactly how many bankers have left UBS in the latest departure, or which firm they will join.”
Consider the warning by the National Weather Service that we’re on tornado watch until 8PM your cue to cut out early, lest you be stranded. Or, if you’d prefer being stuck in the office to going home to the fam, sit tight. If things get really bad, take shelter in the JPMorgan basement at 270 Park, where Jamie Dimon is most likely throwing up cots and keeping everyone calm. [NBCNY]
“These things that happened in the past two weeks aren’t surprising for us. We’ve been dealing with this for a long time…”I’ve had two scary experiences. A year after I started, I walked into a room and a Japanese guy was inside preparing to check out. Before he left, he came up to me and said, ‘Kiss, kiss.’ “I said, ‘No kiss, kiss. I’m going to call my husband. He’s going to hit you.’ [NYDN via Daily Intel]
The following post is by Dealbreaker reader and commenter Infinite Guest.
President Obama has nothing to gain by negotiating with Republicans in Congress in order to raise the debt ceiling. The Department of Treasury doesn’t need Congressional approval to issue more debt and it will be a long time before Treasury actually needs to exceed the debt ceiling.
The analyses I’ve read on the topic are nothing if not variable, but they all assume at some level an agreement by all parties on the basic necessity of raising the debt ceiling and the general wisdom of reducing the deficit. The President knows what needs to be done, the Congress knows and so does the electorate. Based on this shared understanding, it follows that those who act in the spirit of compromise will be rewarded and those who act to obstruct
progress will be punished.
Never mind the compelling absence of evidence that any such shared understanding exists; that’s just not how things work. Continue reading »
When the Sanford Bernstein analyst closes his eyes, he pictures Lloyd and Co going out of their way to get on Carl Levin’s good side, possibly going so far as to praise his work. Continue reading »
Just, let him finish. Continue reading »
Performance update. Continue reading »
