Archive for September 2011

As we surely needn’t tell you, when one is a high-powered college student expecting to graduate with a bachelor’s degree from Penn next year, one does not have a lot of time on his or her hands. Every moment is precious and efficiency is of the utmost importance. While you might think you already do a fairly good job when it comes to a) time management and b) effectively communicating the fact that taking ten seconds to, say, personalize a job solicitation letter, is a waste of your fucking time that just cost you $10,000, it’s never to late to pick up some new tips. Examine, if you will, the following case study. Read more »

  • 28 Sep 2011 at 2:17 PM

Erin Burnett May Or May Not Be Off The Market


Or perhaps the above is a decoy. [CNN]

The New York Fed and the Wall Street Journal have both been studying how liquid the CDS market today and have released their conclusions today. Short answer: not that liquid. From the WSJ:

In recent years, credit-default swaps—contracts that give the buyer the right to collect a payment from the seller if a borrower defaults on its obligations—have risen from obscurity to an avidly tracked barometer of the financial health of everything from Bank of America Corp. to Greece. … Yet a Wall Street Journal analysis shows that actual trades in these widely cited derivatives are few and far between—and the quotes that market observers bandy about often aren’t based on actual trades at all.

What I liked most about the FRBNY study is that it not only looks at overall liquidity but – sort of – gives you a window into the breakdown between what you could call “initiation trades” and “closeout trades.” And this in turn tells you something about not just “liquidity” in the abstract but about how market makers go about providing that liquidity.
Read more »

Opening Bell: 09.28.11

Obama Jobs Plan May Prevent 2012 Recession (Bloomberg)
The legislation, submitted to Congress this month, would increase gross domestic product by 0.6 percent next year and add or keep 275,000 workers on payrolls, the median estimates in the survey of 34 economists showed. The program would also lower the jobless rate by 0.2 percentage point in 2012, economists said…Some 13,000 jobs would be created in 2013, bringing the total to 288,000 over two years, according to the survey. Employers in the U.S. added 1.26 million workers in the past 12 months, Labor Department data show.

Rivals Scout Paulson’s Assets (WSJ)
Rival hedge funds, brokers and other firms are combing through Paulson & Co.’s investments, trying to anticipate what Mr. Paulson might sell if he needs to return cash to investors. According to traders, some firms have been selling investments they have in common with Mr. Paulson, worrying he will have to sell some holdings if clients withdraw cash. Meanwhile, other firms are approaching Mr. Paulson with lowball offers. For example, at least one firm recently offered a below-market price for some of the bonds his firm owns in Lehman Brothers Holdings Inc., according to people close to the matter.

Man Group Assets Shrink By $6 Billion (WSJ)
Man Group said its assets fell by $6 billion, to $65 billion, after clients redeemed a net $2.6 billion. Negative fund performance wiped off a further $1.5 billion, and a strengthened dollar against funds denominated in euros and Australian dollars took $1.9 billion.

Fed Officials Hit Road To Defend Latest Push (WSJ)
Speaking Monday, Fed governor Sarah Bloom Raskin called Fed actions “completely appropriate” given the central bank’s legal mandate to pursue both stable prices and maximum sustainable employment.

A $50 Billion Claim of Havoc Looms for Bank of America (NYT)
A lawsuit seeking about $50 billion was brought by some of the largest class-action law firms and is quietly advancing in the Federal District Court in Manhattan. The plaintiffs contend that Bank of America engaged in a deliberate effort to deceive the bank’s shareholders.

Jamie Dimon Strays (NYP)
Dimon, a lifelong Democrat who was rumored to be on Obama’s short list for treasury secretary before he settled on Tim Geithner, met privately with Romney on Tuesday morning before a fund-raiser at Brasserie 8¹/2 hosted by Highbridge Capital, a JPMorgan-owned hedge fund. Read more »

Write-Offs: 09.27.11

$$$ Roubini: US In Throws Of Economic Contraction (Bloomberg)

$$$ Jesse Jackson Blasts Capital One’s Planned ING Deal (WSJ)

$$$ Judge Narrows Madoff Trustee’s Suit vs. Mets Owners (WSJ)

$$$ Wall Street Protesters Joined By Susan Sarandon (Bloomberg) Read more »

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Dan Loeb: Let’s See Your Flippers

In the spirit of one of the Navy SEAL Foundation mantra, “all in…all the time,” prominent money manager Daniel Loeb, Founder and CEO of Third Point LLC, challenges three Navy SEAL Foundation Directors, all former SEALs, to run the “MightyMan” Half Iron Triathlon with him and his team on October 2, 2011 in Montauk, New York, to raise funds for the Foundation. Daniel will make a sizeable contribution to the Navy SEAL Foundation for each director who completes the race. [NSF]

A prettay, prettay, prettay long time. Read more »