July 2011

  • News

    TCW v. Gundlach Trial Will Not Include ‘Gang Bang My Face’

    In December 2009, bond guru and self-described “genius” Jeffrey Gundlach quit TCW to start his own firm, DoubleLine LLC. When he left, his former employer alleges, he took with him TCW staff, client information, and technology, which form the basis of their suit against JG (who prefers to be called “The Pope”) that is set […]

    / Jul 22, 2011 at 10:52 AM
  • News

    Tyler and Cameron Winklevoss Turn Fury Typically Reserved for Mark Zuckerberg on Larry Summers

    At a Fortune conference earlier this week, Larry Summers said in an interview that he learned one invaluable lesson about people while running Harvard: “If an undergraduate is wearing a tie and jacket on Thursday afternoon at three o’clock, there are two possibilities. One is that they’re looking for a job and have an interview; […]

    / Jul 22, 2011 at 9:45 AM
  • News

    Opening Bell: 07.22.11

    Credit agencies warn GOP of ‘death spiral’ (Politico) House Republicans were cautioned Thursday in a closed door meeting with credit rating agency officials that a “death spiral” in the bond market was one of the possible outcomes in the event of default. One official warned of a worst-case scenario in which a default on the […]

    / Jul 22, 2011 at 8:17 AM
  • News

    Write-Offs: 07.21.11

    $$$ Greece to default as EU agrees €109bn bailout (Telegraph) $$$ Boehner and Obama Nearing Budget Deal, Leaders Told (NYT) $$$ Goldman wins dismissal of Timberwolf CDO lawsuit (Reuters) $$$ Morgan Stanley Boosts Investment Bank’s Pay Pool 10% in Year’s First Half (Bloomberg) $$$ Ainslie’s Maverick Capital Seeks to Invest in Start-up Hedge Fund Managers […]

    / Jul 21, 2011 at 6:15 PM
  • News

    S&P Is Half Serious About Downgrading The US

    They’ll say it again:

    / Jul 21, 2011 at 6:12 PM
  • News

    Cohen: Fairfax Financial Still Suing Short Sellers, Still Up to Shennanigans

    Steve Cohen has said numerous times that Fairfax Financial is up to some unsavory stuff in its neverending lawsuit against every hedge fund shorting the Canadian insurer’s stock in 2009. You might think that convincing his ex-wife to sue him for control of SAC Capital was bad enough, but an even shadier stunt: Fairfax supposedly […]

    / Jul 21, 2011 at 5:48 PM
  • MBAs, News

    RBC Wealth Management Chief Uses Threat Of Layoffs To Take A Swipe At MBAs

    John Taft, the Chairman of the Securities Industry and Financial Markets Association and the CEO of RBC U.S. Wealth Management, said he’s hearing firms are planning to cut back due to the skittish market and softening economy…He said staff reductions will likely affect all levels—even those with years of experience and expensive MBA degrees. “I […]

    / Jul 21, 2011 at 5:02 PM
  • News

    Prostitution Ring Bust Leaves Unanswered Questions: What Will Become Of Hooker Pocahantas?

    Yesterday afternoon, Brooklyn District Attorney Charles Hynes shut down High Class NY, serving 17 people involved in the “high-end escort service” with indictments. According to Hynes, the Sheepshead Bay-based business was patronized largely by customers “from the financial markets, many of them hedge fund people, with nothing but money, willing to pay enormous amounts for […]

    / Jul 21, 2011 at 4:30 PM
  • Hedge Funds, News

    John Paulson Explains What’s Been Going Wrong

    His portfolio has been heavy on disappointments.

    / Jul 21, 2011 at 3:22 PM
  • News

    Former Lehman Brothers Investment Bank Head May Not Do Time For Misunderstanding Re: Forging Oxycontin, Ritalin Prescriptions

    On the whole, things have been on the up and up for most of the late Lehman Brothers brain trust. Erin Callan is said to be wildly happy with her new life out in the Hamptons, which includes spinning classes and a firefighter’s hose. Barclays has allowed Hugh “Skip” McGee to continue his writing career […]

    / Jul 21, 2011 at 2:36 PM
  • earnings, News

    Toy Chart of the Day: GS and MS Trading Revenues and Risk

    Strong earnings from Morgan Stanley today, with a top-line beat and lots of positive commentary on the call about converting their Mitsubishi preferred shares and gaining recognition in trading businesses, have MS up almost 10% so far today. Every story about MS earnings seems to be a story about how they’re doing versus Goldman Sachs, […]

    / Jul 21, 2011 at 12:53 PM
  • News

    Stephen Schwarzman Nearly Scandalized By Sight Of Barechested Harlots

    Famous friend of Britain’s Prince Andrew Kazakhstan-born beauty Goga Ashkenazi threw a wild party at her St. Tropez villa over the weekend, complete with a topless crasher. Wealthy businesswoman Ashkenazi hosted 350 for dinner, then added another 200 guests to join an after-party. Revelers included Joan Collins, Blackstone’s Steve Schwarzman, Denise Rich, movie producer Lawrence […]

    / Jul 21, 2011 at 12:47 PM
  • News

    If Chris Christie Were To Theoretically Run For President, He Could Theoretically Count On Money From Paul Tudor Jones, Stanley Druckenmiller, Et Al

    Earlier this week, Ken Langone invited 50 hedge fund managers and other financial services employees to his office. The occasion? A sit down with with Chris Christie, who the Home Depot founder apparently forced to discuss the possibility of running for president. Here’s what the New Jersey governor had to say:

    / Jul 21, 2011 at 11:43 AM
  • News

    If It’s Hardball The Mets Want To Play, It Is Hardball They Shall Get

    At the end of May, it was announced that David Einhorn would pay $200 million for a 33 percent stake in the Mets. The deal appeared to be a win/win for both parties, Einhorn being a lifelong Mets (/Brewers) fan and the ball club’s finances getting to the point where they were considering passing around […]

    / Jul 21, 2011 at 10:27 AM
  • News

    Opening Bell: 07.21.11

    Morgan Stanley Results Beat Estimates (Bloomberg) Morgan Stanley reported a second-quarter per-share loss that was smaller than analysts estimated as trading revenue increased from the first quarter. The net loss was 38 cents a share, compared with a profit of $1.09 a year earlier, the New York-based company said today in a statement. A $1.7 […]

    / Jul 21, 2011 at 7:52 AM
  • News

    Write-Offs: 07.20.11

    $$$ Obama Signals Openness to Short-Term Debt Extension (AP via NYT) $$$ Trading soars in Italy CDS contracts (FT) $$$ Moody’s: AAA insurers could withstand U.S. downgrade (Reuters) $$$ Larry Fink to Investors: Stop Being Chicken (Deal Journal)

    / Jul 20, 2011 at 6:42 PM
  • News

    Ebullient Danielle Chiesi Has A Request/Joke For The FBI

    Appearing outside the courthouse after being sentenced to 30 months in prison for her role in the Galleon insider trading case, cracking herself up, Raj Rajaratnam’s number one gal told reporters that should she run into legal troubles again, she’d appreciate it if the FBI “knocked on my door in the afternoon, not at 6AM” […]

    / Jul 20, 2011 at 6:25 PM
  • News

    Who Wants To Be CEO Of UBS?

    The bank isn’t hiring anyone at the moment and current CEO Oswald Gruebel has said he’s not leaving anytime soon but, naturally, they’d like to be prepared when the moment comes. Would you or someone you know be the right person for the job? Prerequisites for the gig include “the charisma to run a place […]

    / Jul 20, 2011 at 5:44 PM
  • News

    Carl Icahn Expresses His Confidence in Jefferies in ALL CAPITAL LETTERS

    When Carl Icahn lobbed in his bid for Clorox last week, a lot of people had their doubts about his seriousness. They pointed out that he doesn’t really complete hostile deals all that much. They questioned his plans to raise $7.8 billion in debt, despite a highly confident letter from Jefferies. They suggested that his […]

    / Jul 20, 2011 at 4:37 PM
  • News

    Raj Rajaratnam Gal Pal Danielle Chiesi Gets 30 Months Behind Bars

    Over the course of the Raj Rajaratnam insider trading case, we got to meet many of his most-trusted tipsters, none of them more important to him than Danielle Chiesi. To be sure, guys like Anil Kumar and Rajat Gupta gave Raj good stuff too, but Chiesi had a leg up on the other tipsters because […]

    / Jul 20, 2011 at 4:23 PM
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    Come Learn in Luxury at the Alpha Institutes CIO Summit

    Raise your hand if you work with alternative investments.

    / Jul 20, 2011 at 4:20 PM
  • News

    What Does $170,000 Get You From A “High-End” Not Irish Hooker?

    Unfortunate news for those who’ve been patronizing High Class NY: the “high-end” escort serviced based in Sheepshead Bay, Brooklyn has been shut down by the Feds, who today indicted 17 people involved in the business. For those of you not intimately familiar with HCNY, it was a family affair run by husband and wife Mikhail […]

    / Jul 20, 2011 at 4:03 PM
  • News

    SEC Reducing Systemic Risk by Moving Everything to Clearinghouses, Not Regulating Clearinghouses

    SEC Chairman Mary Shapiro appeared on Squawk Box today for an early celebration of tomorrow’s one-year birthday of Dodd-Frank Act. And a happy birthday it will be, at least in the Shapiro household:

    / Jul 20, 2011 at 2:06 PM
  • News

    Expert Network Analyst John Kinnucan Enlists The Big Guns To Collect Money Supposedly Owed From Maverick Capital

    You’re a former expert network analyst who ran a boutique firm called Broadband Research, counting hedge funds like SAC Capital, Citadel, and Maverick as your clients. In November, the Feds tried to use you as a pawn in their three-year insider trading investigation, by approaching you as you were “sipping wine on the porch,” threatening […]

    / Jul 20, 2011 at 1:45 PM
  • News

    Citadel: E*Trade Would Be Better Off Without Mortgage Losses, Board, Independent Existence

    After a good first half, Citadel is getting so close to its high-water mark that Ken Griffin is starting to reminisce about the good old days when he used to earn performance fees. That in turn reminds him of what else he was up to back in those care-free pre-crash times, like sinking $2.5 billion […]

    / Jul 20, 2011 at 12:28 PM
  • News

    Larry Summers Learned One Invaluable Lesson While Running Harvard

    What did Larry Summers really think of the Winklevoss twins? “Rarely, have I encountered such swagger, and I tried to respond in kind,” the former president of Harvard said in an interview at Fortune’s Brainstorm Tech conference. Cameron and Tyler Winklevoss were at Harvard at the same time that Mark Zuckerberg launched Facebook, and they […]

    / Jul 20, 2011 at 11:19 AM
  • News

    UBS Puts Hiring On Ice (Update)

    Back in May, UBS AG investment-banking chief Carsten Kengeter told employees that he was “done with their complaints about pay,” and that those asking why they haven’t seen a bonus in several years “just don’t get it.” While the tough love approach may have worked for some, others felt it was too much, with one […]

    / Jul 20, 2011 at 10:27 AM
  • News

    Opening Bell: 07.20.11

    Morgan Stanley May Best Goliath Goldman (Deal Journal) With Goldman Sachs stumbling to a worse-than-expected earnings showing, kid brother Morgan Stanley is projected to post higher revenue than its rival for the first time since late 2008. Ill-fated GOP debt plan passes in House vote (CBS) The Republican-controlled House of Representatives passed legislation to cut […]

    / Jul 20, 2011 at 7:57 AM

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