October 2011

  • News

    Regulators Interested To Find Out Where A Few Hundred Million In MF Global Customer Funds Went

    It’s either missing-missing or there but just in hiding as a result of “sloppy internal controls.”

    / Oct 31, 2011 at 9:37 PM
  • Write-Offs

    Write-Offs: 10.31.11

    $$$ JC Flowers Fund Is Said to Have $47.8 Million Loss on Its MF Global Stake [Bloomberg] $$$ MF Bankruptcy Sends Clients Fleeing [Bloomberg] $$$ Pennies From Heaven [PIMCO] $$$ “Donning a black hat and cape to compliment a tacked-on tail and ears, Meredith Whitney came to her annual office Halloween costume competition on Monday […]

    / Oct 31, 2011 at 7:16 PM
  • News

    Judge Graciously Allows Raj Rajaratnam To Enjoy One Last Black Friday

    The convicted insider trader, who was previously scheduled to report to prison for an 11 year sentence at the end of the month, was granted a few extra days of freedom. He’ll now have ’til December 5 to dance like nobody’s watching. [WSJ]

    / Oct 31, 2011 at 7:08 PM
  • News

    This Is Jamie Dimon-Branded Pumpkin

    By a master craftsman.

    / Oct 31, 2011 at 5:20 PM
  • News

    Will Domino’s Largest Shareholders Increase Their Stakes After Hearing Of Two Managers Who Set Fire To The Competition?

    If I’m a PM at Scout Capital, Trian, Cedar Rock, MSD, Calamos, BlackRock, RenTec or Two Sigma, all of which own a significant number of shares in the pizza purveyor, my takeaways are: 1. Passion 2. Teamwork 3. Initiative 4. Ingenuity 5. Ability by middle management to read between the lines and infer that corporate’s […]

    / Oct 31, 2011 at 4:25 PM
  • News

    Does It Seem Strange To Anyone Else That CNBC Is MF Global’s Seventh Largest Creditor?

    If as a generally informed person who had not yet seen MF Global’s bankruptcy petition, you were to guess who’s going to be knocking on MF’s door most forcefully, you might come up with a list something like this: 1. The banks that were repo’ing its $6.3 billion in Eurozone exposure 2. The lenders on […]

    / Oct 31, 2011 at 2:19 PM
  • Banks

    Layoffs Watch ’11: Credit Suisse

    The (other) Swiss bank will be cutting people and assets, so don’t take it personally.

    / Oct 31, 2011 at 2:05 PM
  • News

    MF Global Owes Maria Bartiromo Et Al $845,000

    Technically, they owe CNBC the 845 but Corzine is probably more worried about invoking the ire of some anchors more than others, like Jim Cramer, who “is fine” with being an unsecured creditor.

    / Oct 31, 2011 at 12:06 PM
  • News

    Lynn Tilton: Ask And Ye Shall Receive

    “For many years I had men asking me on the phone each day what I was wearing and what color my underwear was,” Tilton said. “And so I sent out a Christmas card with me in a red lace sort of teddy, and red cowboy boots and a Santa hat, wishing them a Merry Christmas.” […]

    / Oct 31, 2011 at 11:20 AM
  • News

    MF Global USA Files For Chapter 11

    According to Reuters, earlier talks with Interactive Brokers fell apart.

    / Oct 31, 2011 at 10:36 AM
  • Opening Bell

    Opening Bell: 10.31.11

    Corzine Races To Save MF Global (WSJ) MF Global was nearing a deal late Sunday night to file for Chapter 11 bankruptcy protection as soon as Monday and sell assets to Interactive Brokers Group, said a person familiar with the matter. The tentative agreement, reached after a marathon weekend of negotiations, could end the short […]

    / Oct 31, 2011 at 6:17 AM
  • Write-Offs

    Write-Offs: 10.28.11

    $$$ The Next Worry for Markets: No Deal Yet on US Debt [CNBC] $$$ Jim Chanos Says China Property Is Slowing, Still Shorting Banks [BusinessWeek] $$$ Pressure mounts on MF Global to strike a deal [Reuters] $$$ DOJ Muffins Didn’t Really Cost $16, U.S. Says [Bloomberg]

    / Oct 28, 2011 at 5:36 PM
  • News

    This Is Happening Tonight

    20/20: Inside the Lives of the Superrich [ABC via JP] Related: Lynn Tilton Bares All Also Related: This Is A Story About Lynn Tilton’s Employees Doing Jello Shots Off Her Rack

    / Oct 28, 2011 at 5:30 PM
  • News

    OWS Mail Call: “You Will Learn To Love…Boxed Wine”

    Yesterday afternoon, the organizers of Occupy Wall Street announced that they’d be marching uptown to “deliver 6,000 letters from the 99% to the 1%.” The letters would be dropped off at Bank of America, Morgan Stanley, Wells FArgo, Citigroup and JPMorgan. There was also promise of a “singing telegram for Vikram Pandit, led by a choir […]

    / Oct 28, 2011 at 4:13 PM
  • News

    Jon Corzine Could Use A Hand Here

    As previously discussed, MF Global needs to sell (at least part of) itself and fast. Who wants to break themselves off a piece of Jon Corzine’s firm? According to the Journal, MF-G “earlier had a roster of up to 10 potential partners, but has narrowed that list in recent days to fewer than five.” Whether […]

    / Oct 28, 2011 at 3:45 PM
  • News

    Ratings Agencies Incentivized By Incentives

    Back when “Meredith Whitney says all your munis are belong to default” looked like it could be more like her bank calls than, say, Harold Camping’s apocalypseseses, muni issuers and bankers liked to point to the fact that municipal bonds actually defaulted much, much less often than corporate bonds at the same ratings category. Which […]

    / Oct 28, 2011 at 3:37 PM
  • News

    Occupy Wall Street Protestors Keeping BofA In Suspense

    The aforementioned army of paper planes is yet to arrive.

    / Oct 28, 2011 at 2:26 PM
  • News

    If You’re Not Into Greek CDS Any More, Maybe You Can Buy This Monstrosity

    We’ve noted here before the irony that Europe is both (1) screwing with your ability to get paid on CDS on shaky European sovereign debt (sort of) and (2) hoping people will buy more shaky European sovereign debt because they can get tradeable first-loss protection, suspiciously reminiscent of CDS, from the EFSF on those bonds. […]

    / Oct 28, 2011 at 1:43 PM
  • News

    Occupy Wall Street Challenges Old Man Winter To Bring It On

    “Everyone’s been calling it our Valley Forge moment,” said Michael McCarthy, a former Navy medic in Providence. “Everybody thought that George Washington couldn’t possibly survive in the Northeast.”…”I welcome the challenge of this cold weather,” said Dwayne Hudson, a landscaper who has been living at the Occupy Denver site for nearly two weeks. “This is […]

    / Oct 28, 2011 at 12:40 PM
  • News

    Quantum Bank Foreclosure Rep Didn’t Know You Weren’t Supposed To Take The Meat Grinder With You On The Way Out

    Where Shawn DeCelle should get points here is for 1) not foreclosing on a place that wasn’t actually up for foreclosure which has happened just a few times 2) not stealing someone’s beloved pet, holding it hostage for weeks and driving owner of said kidnapped pet into counseling and 3) not being a lying, unapologetic dick […]

    / Oct 28, 2011 at 10:56 AM
  • Opening Bell

    Opening Bell: 10.28.11

    Calling Bankers’ Bluff, Merkel Won Europe a Debt Plan (NYT) For hours, negotiators had been trying to persuade the banks to accede to a “voluntary” 50 percent loss in the face value of their Greek bond holdings. The banks, which had already agreed to a 21 percent write-down, had dug in their heels. They knew […]

    / Oct 28, 2011 at 8:41 AM
  • News

    Write-Offs: 10.27.11

    $$$ S&P 500 Extends Best Month Since ’74 [Bloomberg] $$$ SAC Said to Increase Trading in Japan, Open Tokyo Office in 2012 [Bloomberg] $$$ Icon’s Arrest Met With Sadness, Anger [WSJ] $$$ Man Seeks to Pleasure Himself in Every NYC Starbucks [Daily Intel]

    / Oct 27, 2011 at 7:15 PM
  • News

    Securities And Exchange Commission Not Amused By Hedge Fund Manager’s “Web Of Lies”

    Yesterday afternoon, the Securities and Exchange Commission announced that it had frozen the assets of “purported” Boston-based quant named Andrey C. Hicks. Purported because, was he actually a quant? Not so much! Other small inaccuracies in his story with which the regulator took issue, describing the total as Hicks’ “brazen web of lies”:

    / Oct 27, 2011 at 7:11 PM
  • News

    Federal Judge Wants To Know Why SEC Is Only Charging Citi 1/5th As Much As It Charged Goldman For Ripping Off CDO Investors

    If the SEC really wanted to reduce the chances of embarrassing itself, besides better Internet monitoring software it really ought to look into filing securities lawsuits outside of New York. Every bank is incorporated in Delaware and does all of its activities everywhere – surely they could find a CDO investor in California. But the […]

    / Oct 27, 2011 at 6:28 PM

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