October 2011

  • Write-Offs

    Write-Offs: 10.18.11

    $$$ Bank of America is “knocking it out of the park” with third-quarter revenue that beat analysts’ estimates by almost $3 billion, said Michael Holland, chairman of New York-based investment firm Holland & Co. The $28.7 billion in revenue “is a big number,” Holland said today. [Bloomberg] $$$ “There is a myth that the Greeks […]

    / Oct 18, 2011 at 7:01 PM
  • Goldman Sachs, News

    Now Let Us Say Certain Things About DVA

    If you are in the business of selling derivatives you have to value them from time to time, because counterparties want to know what their thing is worth, and regulators want to know how deep in the hole you are. This is not always as easy as valuing a stock by just going out and […]

    / Oct 18, 2011 at 6:39 PM
  • News

    Steve Eisman To Launch Long/Short Fund Next Year

    Feeble-brained CEO’s worldwide–you’ve been warned. [FINalternatives]

    / Oct 18, 2011 at 6:03 PM
  • News

    Diane Passage Will Boost That Bottom Line Of Yours

    Though she need no introduction, for the uninformed, Diane Passage is a former Scores girl, former wife of money manager/convicted Ponzi schemer Kenneth Starr and full-time hustler/life coach. Recently she’s been making the rounds doling out advice to current and would-be Wall Street wives and today offered the women of the world 8 tips for […]

    / Oct 18, 2011 at 4:34 PM
  • News

    Thespian-Cum-Trading Guru 0-For-2 On Bar Brawls

    Prior to his turn as an investment banker/research analyst/junior trader/private wealth manager/PE guy in Money Never Sleeps, Shia Labeouf spent a lot of time on the Street, learning the tricks of the trade. At the Encino Charles Schwab office, he learned how to turn $20,000 into $489,000 in less than three months. A Citi, he […]

    / Oct 18, 2011 at 3:19 PM
  • News

    Bank Of America Silences Mike Mayo

    Is someone afraid of the Mayo Jar?

    / Oct 18, 2011 at 1:40 PM
  • Banks, News

    Goldman Still Long-Term Greedy, Which Is Still Okay

    You could probably think a few things about GS’s earnings released this morning. If you’re an employee, you might gulp nervously at that $292k comp accrual so far and the 1,300 folks whose mastery of the universe became less masterful this quarter. If you’re a shareholder, you have to be modestly pleased with mostly adequate […]

    / Oct 18, 2011 at 1:06 PM
  • News

    Bloomberg: Pitching Tents In Public Is A Privilege, Not A Right

    Mayor Michael Bloomberg has said he supports the protesters’ free-speech rights as long as they don’t violate the law. He said he’ll defer to the owner of Zuccotti Park, Brookfield Office Properties Inc., to determine how long the demonstrators can stay. Brookfield’s park rules forbid camping, lying on benches, and using tarps and tents…“I’m 100 […]

    / Oct 18, 2011 at 12:02 PM
  • News

    Have We Identified The Next Food Eating Challenge?

    The answer is yes and it’s this- the Paul Tudor Jones-approved KFC Bacon Bowl (Description: “There’s a reason our KFC Bowl is famous- okay, 5 reasons. Mashed potatoes, fried chicken, corn, gravy, cheese. Layered together for what might be the world’s best tasting full meal, how do we make that recipe even more famous? We […]

    / Oct 18, 2011 at 11:42 AM
  • insider-trading, News

    Thirty Months From Now, Danielle Chiesi Could Be Working You For Stock Tips While She Works On Your Cuticles

    This afternoon, Danielle Chiesi will report to a West Virginia prison for a 30-month stay, for her role in the Galleon insider trading case, wherein she passed valuable tips on to Raj Rajaratnam after the tech execs she worked closely with passed her a few of their own. Chiesi will be bunking at Federal Prison […]

    / Oct 18, 2011 at 10:37 AM
  • Opening Bell

    Opening Bell: 10.18.11

    Goldman Sachs Posts Third Quarter Loss (Bloomberg) he third-quarter loss of $393 million, or 84 cents per share, compared with a profit of $1.9 billion, or $2.98, a year earlier, the New York-based company said today in a statement. The average estimate of 26 analysts surveyed by Bloomberg was for an 11-cent loss per share, […]

    / Oct 18, 2011 at 8:47 AM
  • News

    Write-Offs: 10.17.11

    $$$ ‘All or Nothing’ Markets: Even Earnings Don’t Matter (CNBC) $$$ “… the dreams that are emerging again, that on Monday everything will be resolved and everything will be over, will again not be fulfilled” (WSJ) $$$ Green Mtn. Coffee Drops on Einhorn Comments (Bloomberg) $$$ Man Uses Occupy Wall Street’s Human Microphone to Propose […]

    / Oct 17, 2011 at 7:17 PM
  • News

    A Little Perspective…

    From time to time around these parts, when things get really, really bad, we like to take a few moments to get a little perspective. Yes, you might be out there getting your ass kicked. Yes, you might be living in a state of panic about the future of your job. Yes, you might feel […]

    / Oct 17, 2011 at 7:15 PM
  • M&A, News

    Delaware Judge To Goldman: Here, Let Me Re-Do That Fairness Opinion For You

    A thing I liked about being a banker, but that made me consistently terrible at managing my PA, was that in banking you don’t really get paid to be right about things. Nobody made any money telling AOL and Time Warner that maybe they’d be better off on their own. Instead, your job is telling […]

    / Oct 17, 2011 at 6:10 PM
  • News

    Sorry, AIG’s Not Sorry For Partying

    American International Group Inc, the insurer majority owned by the U.S. after a 2008 bailout, is hosting an event at a California facility that advertises “the amenities of an ultra luxury hotel.” The American General unit assembled about 65 people who distribute its products for a two-and-a-half-day stay this week at the Resort at Pelican […]

    / Oct 17, 2011 at 5:52 PM
  • News

    Area Hedge Fund Manager Pretty Sure Wall Street Protesters Are Just Looking To Rub Up Against Each Other And Score Dope

    What do top financial services employees think of the month-long protests headquartered in Zucotti Park, which took over Times Square over the weekend? So far the most vocal people have expressed support for the movement, like Jim Chanos, who said, “New York is so finance-centric that people here underappreciate the reaction of the rest of […]

    / Oct 17, 2011 at 3:11 PM
  • Banks

    Layoffs Watch ’11: Credit Suisse

    Cut today at the other Swiss Bank.

    / Oct 17, 2011 at 1:39 PM
  • Banks

    Vikram Pandit Is Waiting By The Phone

    The New York bank reported third quarter earnings rose 74 percent in the third quarter, to $3.8 billion, due to lower losses from loans and an accounting gain. Its international consumer lending business grew in Asia and Latin America. The bank also decided to keep its credit card partnership with retailers as that business improved…Last […]

    / Oct 17, 2011 at 11:57 AM

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