June 2011

  • News

    Opening Bell: 06.17.11

    Greek PM Jettisons Finance Minister In Crisis Reshuffle (Reuters) George Papandreou picked outgoing Defense Minister Evangelos Venizelos as new finance minister, jettisoning George Papaconstantinou, architect of a deeply unpopular belt-tightening program agreed in return for a bailout from the European Union and IMF. Papaconstantinou becomes environment minister in the reshuffle. Greenspan: Default By Greece ‘Almost […]

    / Jun 17, 2011 at 6:27 AM
  • News

    Write-Offs: 06.16.11

    $$$ Housing Starts Increase, While Jobless Claims Slip (NYT) $$$ Greek deal fails to ease contagion fears (FT) $$$ Ireland Bank Stance Complicates ECB’s Debt Fight (Bloomberg) $$$ Blackstone’s Byron Wien: Time for a Pause (Blackstone via RealClearMarkets) $$$ It’s a fab time for a Greek buyback, says Goldman (FT Alphaville) $$$ Art Cashin Compares […]

    / Jun 16, 2011 at 6:32 PM
  • News

    Don’t Worry About Complying With Dodd-Frank Any Time Soon

    Regulators overseeing financial reform are delaying many of the planned changes in the immense market for complex securities known as derivatives because they are running drastically behind schedule in writing their new rules. The Securities and Exchange Commission said on Wednesday that market participants would not have to comply with many aspects of derivatives reform […]

    / Jun 16, 2011 at 5:16 PM
  • News

    “Well-Educated” Metro North Rider Vows To Never Patronize Train Again

    If you took Metro North home last night, perhaps you witnessed an altercation between a fellow passenger and a train official? A conductor asked a rider, former BNP “graduate intern” Hermon Raju, to please refrain from audibly cursing, to which she responded with a variety of (rhetorical?) questions including, “Do you know what schools I’ve […]

    / Jun 16, 2011 at 5:04 PM
  • News

    JPM Summer Intern Blasts Colleagues With Invite To “Wild” Rager With Lax Policy On Fake IDs, Thinks Better Of It, Reminds Everyone Underage Drinking Is Illegal

    Part I (emphasis his): From: [redacted at JPMorgan] Sent: Thursday, June 16, 2011 1:53 PM To: All Subject: REMINDER… TONIGHT ReUnion Bar! Importance: High What’s up guys, So tonight is going to be wild… ReUnion Bar on 17th and Park Ave @ 10pm. A link to view pics of the lounge is below in the […]

    / Jun 16, 2011 at 3:08 PM
  • News

    Trades Not The Only Thing Gian-Paul Caccia Finishes Quickly

    Gian-Paul Caccia of Wolverine Trading, a high-frequency trading firm, won [last night’s JPMorgan] corporate challenge for the second year in a row with a time of 17:05 minutes, according to the unofficial results. Emily Mareb of Bloomingdales was the fastest female racer, with a time of 21:02 minutes. [Dealbook]

    / Jun 16, 2011 at 2:26 PM
  • News

    Harbinger-Backed LightSquared Not Stressing Over Causing Interference…In Outer Space

    Last week it was reported that government tests indicated LightSquared, Phil Falcone’s big bet in the sky, would cause “devastating interference” to all GPS devices in range. Today, the National Space-Based Positioning, Navigation and Timing Systems Engineering Forum said the venture would “degrade global-positioning system navigation devices that are nearby and as far away as […]

    / Jun 16, 2011 at 1:27 PM
  • News

    Caption Contest Thursday: Maria Bartiromo Brings The Heat

    Maria Bartiromo throwing out the opening pitch at last night’s Cubs v Brewers game.

    / Jun 16, 2011 at 1:10 PM
  • News

    Area Hedge Fund Manager Explains His Euro Strategy

    This is “real disaster insurance,” says a London-based hedge-fund trader who spoke on the condition of anonymity. “People are selling the crap out of the euro in every way possible.” [WSJ via BI]

    / Jun 16, 2011 at 12:52 PM
  • News

    Tired Of Fickle Capital And Passionless Investor-Gnats, Bill Ackman Mulls $3 Billion Fund IPO

    As you know, hedge fund manager Bill Ackman loves himself a good activist investment, particularly if it’s in a place where he can get his lawn mowers, towels, flat screen TVs, and pretzel kegs all for an extremely reasonable price. Unfortunately, while many of his investors support him in this pursuit, some don’t seem to […]

    / Jun 16, 2011 at 12:05 PM
  • News

    Layoffs Watch ’11: Credit Suisse

    Apparently Credit Suisse will cut “several hundred jobs” in the investment bank, with the layoffs taking place in the US and Switzerland. It’s unclear when the Swiss plan to go ahead with the axings, though presumably it’ll be at some point in the next week or so. [Bloomberg via BI]

    / Jun 16, 2011 at 10:43 AM
  • News

    If You’ve Been Using The Corporate Jet, Consider Yourself On Notice

    During the height of the financial crisis, like when the shit was really hitting the fan, one thing that was considered a serious faux pas, perhaps even more so than giving out bonuses, was use of the corporate jet by Chief Executives. And not just for pleasure trips but for business, too. If anyone so […]

    / Jun 16, 2011 at 10:36 AM
  • News

    Anyone Missing A Couple Summer Analysts?

    These two were apparently spotted in Battery Park at 5:15am. Could be staged (Gray Pants’ head-in-lap looks a bit posed and he seems like he’s more sad than passed out) but if you were going to fake something like this, wouldn’t you step it up a little/lot a bit (save for the fact that it’s […]

    / Jun 16, 2011 at 9:17 AM
  • News, Opening Bell

    Opening Bell: 06.16.11

    Uncertainty Over Greece Weighs on Financial Markets (NYT) Financial markets remained jittery Thursday amid concerns about the stability of the government in Athens, uncertainty over the fate of a second Greek bailout and suggestions by Ireland that it would require investors to pay for part of the bailout of its indebted financial institutions. Paulson Funds […]

    / Jun 16, 2011 at 7:50 AM
  • News

    Write-Offs: 06.15.11

    Papandreou to Name New Greek Government (Bloomberg) U.S. stock fund outflows hit 9-month high as more investors cash out (LA Times) US inflation highest since 2008 (Telegraph) The Race to Lead Carlyle’s I.P.O. Heats Up (DealBook) Former Geniuses say they were told to say “as it turns out” rather than “unfortunately” to sound less negative […]

    / Jun 15, 2011 at 7:05 PM
  • News

    Expert Network Empress Re-Gifted Insider Trader Noah Freeman’s Lobsters, Cheesecake Factory Gift Cards

    As we have learned from former SAC trader Noah Freeman’s extensive testimony in the government’s insider trading case du jour, expert network analyst Winifred Jiau had a tendency to act irrational, demanding and sometimes plain bitchy. Whether her behavior stemmed from a power trip associated with realizing she was the person anyone who was anyone […]

    / Jun 15, 2011 at 5:27 PM
  • News

    Mandy Drury’s Colleague “Couldn’t Help But Notice” Her Red Shoes This Morning

    …which in turn reminded him of Dorothy’s shoes à la the Wizard of Oz and which naturally called for another edition of what for some reason has become a series of interviews with CNBC employees, by CNBC employees. In addition to shoes, other topics covered include flying monkeys.

    / Jun 15, 2011 at 4:00 PM
  • News

    Financial Services Employees And Hipsters To Live Together In Harmony?

    Max Libre co-founder and Gregg Lippmann wingman Jordan Milman has plunked down a couple million to venture into uncharted territory. Williamsburg.

    / Jun 15, 2011 at 3:28 PM

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