September 2011

  • Hedge Funds, News

    Cliff Asness Would Be Cheap At Twice The Price

    Real superheroes deliver real alpha. And real alpha doesn’t come cheap:

    / Sep 14, 2011 at 11:30 AM
  • News, Opening Bell

    Opening Bell: 09.14.11

    Moody’s cuts two French banks’ ratings (FT) Christian Noyer, governor of France’s central bank, insisted on Wednesday that the country’s banks had enough capital to withstand any losses from a Greek default and said the downgrades of Crédit Agricole and SocGen were “relatively good news”. Barroso Vows Euro-Bond Options, Countering German Concerns (Bloomberg) “The commission […]

    / Sep 14, 2011 at 8:33 AM
  • News, Write-Offs

    Write-Offs: 09.13.11

    $$$ Bank of America Cuts Exceed Jobs at Most Banks (Bloomberg) $$$ US poverty reaches record levels (FT) $$$ BRICS in Talks to Buy Euro Bonds to Help Ease Crisis (CNBC) $$$ What happens after a Greek default (Fortune) $$$ Give Europe Banks a TARP Program Like the US: Bove (CNBC) $$$ JPMorgan trading revenue […]

    / Sep 13, 2011 at 7:02 PM
  • Banks, News

    SocGen CEO Doesn’t Want Your Dollars, Wouldn’t Take Them If You Begged Him

    We have reduced our funding needs in dollars and we have buffers that can use if the situation carries on. I will communicate all that to the market and I am sure we will be able to regain confidence. … The amount of money market funds, funding resources, compared with the amount of buffers, is […]

    / Sep 13, 2011 at 4:56 PM
  • News

    Bernie Madoff Ethics Course Less Of A Draw Than Business Schools Had Hoped

    If you’re one of Moynihan’s mini-mistmakers and a slowdown in staffing, dwindling office supplies and your MD’s refusal to make eye contact have left you convinced that you’re among the 10,000/40,000/30,000 people whose brief yet brilliant tenure at Old BAC will soon be toasted over rounds at Phil’s Tavern, you may already be thinking about […]

    / Sep 13, 2011 at 3:11 PM
  • Banks, News

    Soon You’ll Be Able To Go To The FDIC Website And See If Uncle Jamie Left You Anything In His Will

    The term “living will,” applied to liquidation plans for big banks, has always seemed like a bit of a euphemism. After all, it really means “instructions on how to divide up our stuff when we die.” So, y’know, more of a regular will: The Federal Deposit Insurance Corp. board voted unanimously today to release a […]

    / Sep 13, 2011 at 12:55 PM
  • Banks, News

    Bonus/Layoffs Watch ’11: European Bankers May Be Paid In Handshakes, New Drachmas

    And they’ll be the lucky ones. This may have something to do with a Eurozone financial meltdown but let’s not neglect the role of 100% base-salary raises for MDs in ruining everyone else’s year:

    / Sep 13, 2011 at 10:49 AM
  • News, Opening Bell

    Opening Bell: 09.13.11

    The Trouble With French Banks (WSJ) ‘We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore,” a bank executive for BNP Paribas, who declines to be named, told me last week. “Since we don’t have access to dollars anymore, we’re creating a market in euros. This is a first. . […]

    / Sep 13, 2011 at 8:21 AM
  • News

    Write-Offs: 09.12.11

    $$$ Warren Buffett hired a portfolio manager who spent $5,252,722 to have lunch with him (Fortune) $$$ Italy turns to China for help in debt crisis (FT) $$$ Bank of America to Cut $5 Billion in Costs by End-2013 (WSJ) $$$ Germany Plans for Possible Greek Default (Der Spiegel) $$$ Market Swings Are Becoming New […]

    / Sep 12, 2011 at 6:43 PM
  • News

    Banks Think “Living Will” Sounds So Negative, Would Prefer “Immaculate Victory Plan”

    Sure it might make sense to have a rule, set to be finalized this week, requiring banks to have resolution plans for quick liquidation in the event of a liquidity crisis. But why does it have to be all about failure?

    / Sep 12, 2011 at 5:55 PM
  • News

    Steve Schwarzman Has Some Helpful Ideas For Obama

    He gets it: no more comparing Obama to Hitler. The new plan is subtlety, which is why the Blackstone boss took to the FT today to show the President an olive branch. Then he whacked Obama with it repeatedly. His best piece of advice? If you really want to fix what ails America, maybe you […]

    / Sep 12, 2011 at 5:32 PM
  • News

    How Much Time In Jail Will A Little Bit Of Insider Trading Cost You?

    Raj Rajaratnam doesn’t want to spend the next 20 years in prison, which would be understandable for anyone, really, but especially for him given his unmentionable but Extremely Serious assortment of illnesses. But this perfectly sensible desire to not go away for two decades runs up against a problem, which is that the US Sentencing […]

    / Sep 12, 2011 at 3:34 PM
  • News

    Dick Bové Has Figured Out Warren Buffett’s Scam

    Dick Bové would like to think that he knows Bank of America better than anyone else, since he knew to buy when everyone else was selling and correctly interpreted “10,000 layoffs” to be more of an order-of-magnitude lower bound than the actual number of layoffs to expect. So he’s offended that, while he was doing […]

    / Sep 12, 2011 at 2:27 PM
  • News

    Jamie Dimon Used To Live In America

    Over the years, Jamie Dimon has had a little bit of mild unpleasantness with banking regulators. But he’s always been bullish on America, which has formulated a secret sauce made out of “the best universities, best military, best rule of law, most innovation, the hardest working ethic of all.” Most important, America has this little […]

    / Sep 12, 2011 at 11:36 AM
  • News

    Opening Bell: 09.12.11

    They shall grow not old, as we that are left grow old: Age shall not weary them, nor the years contemn. At the going down of the sun and in the morning We will remember them. – from Laurence Binyon, “For the Fallen.” Sent to us, with this photo taken on the morning of 9/9/2001, […]

    / Sep 12, 2011 at 8:06 AM
  • News

    Write-Offs: 09.09.11

    $$$ Euro Weakens to Six-Month Low as Swaps Indicate 90% Odds of Greek Default (Bloomberg) $$$ U.S. Pursues Three Individuals in 9/11 Threat (WSJ) $$$ Resignation Reveals Internal Split at European Central Bank (NYT) $$$ KKR, Blackstone Deal-Rig Antitrust Suit Expanded by Judge (BW) $$$ Extreme makeover BofA: An asbestos solution (Reuters) $$$ Feasting on […]

    / Sep 9, 2011 at 6:19 PM
  • News


    Just a little programming note that I will be on vacation next week, returning on Wednesday, the 21st. Matt will of course be here holding down the fort. Everybody be good and I’ll bring you back a treat.

    / Sep 9, 2011 at 5:08 PM

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