November 2011

  • Opening Bell

    Holiday Bell: 11.25.11

    Crisis Ramps Up As Markets Punish Italy (WSJ) Italy has now joined Ireland, Greece, Portugal in having two-year yields that are higher than 10-year yields, an abnormality called an inverted yield curve. It indicates worries about the country’s immediate future and indicates a risk that investors might have to write down the value of the […]

    / Nov 25, 2011 at 11:11 AM
  • Write-Offs

    Write-Offs: 11.23.11

    $$$ Euro zone orders tumble by most in almost 3 years [Reuters] $$$ Charlie Gasparino: Charges against MF Global May Be “Criminal In Nature” [FBN] $$$ Jim Chanos: “[The Chinese government] doesn’t [have money], and that’s the problem. The banking system in China is extremely fragile, and that’s one of the messages we wanted to […]

    / Nov 23, 2011 at 2:35 PM
  • CDS

    The New York Fed Is Not Buying Any Crazy CDS Conspiracy Theories

    I have a hazy memory of those exciting days in 2008 and 2009 when the world was going to be remade, shiny and new, with all of the risk gone from the financial system. The way we were going to get rid of all the risk, as I recall, was with the Volcker Rule and […]

    / Nov 23, 2011 at 2:31 PM
  • News

    Tell George Soros Something He Doesn’t Know

    At their best, these [pre-Thanksgiving] reunions are a chance for old friends to catch up. At their worst, they are the source of the moniker “Blackout Wednesday” in some hard-partying bars. Either way, these gatherings have made the Wednesday before Thanksgiving one of the biggest party nights of the year. “That night is even bigger than […]

    / Nov 23, 2011 at 12:55 PM
  • News

    Black Widow Still Making A Mockery Of Wall Street

    Remember Sonya Thomas, AKA The Black Widow? For those who need a refresher, Thomas, dubbed the BW because she “often beats male competitors in eating contests” and maybe also killed a man in cold blood for stealing her lunch, housed 183 chicken wings in 12 minutes last September to take home first place in the […]

    / Nov 23, 2011 at 10:47 AM
  • Opening Bell

    Opening Bell: 11.23.11

    U.S. Initial Jobless Claims Rose Last Week (Bloomberg) Applications for jobless insurance increased 2,000 in the week ended Nov. 19 to 393,000, Labor Department figures showed today in Washington. Economists forecast 390,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment insurance rolls rose and those receiving […]

    / Nov 23, 2011 at 9:17 AM
  • Write-Offs

    Write-Offs: 11.22.11

    $$$ Fed Looks to Clarify Intentions [WSJ] $$$ Europe Banks Seek More Cash From Central Bank [NYT] $$$ Mohamed El-Erian: “I am worried. We’ve had two bits of unfavorable news in the last 24 hours. One you reported this morning, which is that we have less economic momentum than we thought we had – 2% […]

    / Nov 22, 2011 at 6:33 PM
  • Communiqués

    Dear Pershing Square Investors: We’re All In This Together

    Sure, Bill could let himself get upset about how things are panning out this year but he’s not. And if anyone should be freaking out about the way things are going, you’d better believe it’s him. He’s got mucho personal dinero tied up in this thing and if it goes down big time, it’s gonna […]

    / Nov 22, 2011 at 6:25 PM
  • Banks

    Jefferies Doesn’t Need Your Stamp Of Approval But A Little Praise Might Be Nice

    There’s that famous line that “Every banker knows that if he has to prove that he is worthy of credit, however good may be his arguments, in fact his credit is gone.” It is sort of inspiring to see Jefferies refute that with a combination of (1) pretty good arguments and (2) still existing. At […]

    / Nov 22, 2011 at 5:57 PM
  • News

    Comment Of The Day: 11.22.11

    2_small_2_bail and Merkin_Capital on And If You Would Take A 98% Pay Cut In Order To Work At Citi, That’s Okay Too:

    / Nov 22, 2011 at 5:18 PM
  • News

    Maxine Waters And Jon Corzine To Have A Little Chat

    Yes, the rest of the House Financial Services Subcommittee on Oversight and Investigations members will be there but, fingers crossed, it’ll feel like the Representative from California and the former Goldman Sachs CEO are the only two people in the room. This is her moment. This is the one we’ve been waiting for. Dot will […]

    / Nov 22, 2011 at 5:03 PM
  • News

    Confidential To The White House: Ken Langone Needs To Feel Loved (And Spoiler Alert, He Isn’t)

    “I’m going to be very political. If we change the faces in the White House, we’re on the road to recovery. I believe it’s that simple. We need leadership, we need cheer leading, we need encouragement. We need businessmen and ‘fat cats’ to feel like they’re doing something good, not that they’re villains and not […]

    / Nov 22, 2011 at 3:27 PM
  • News

    You’re Going To Have A Lot Of Time To Run Your Fund When You’re Running It In A Van Down By The River

    When all is said and done, there are two types of people in this world: those who would feel comfortable conducting or taking part in a “business” meeting held in an unmarked van and those who would not. It’s important you know which camp you belong in, because according to the Times, the travelling office […]

    / Nov 22, 2011 at 2:34 PM
  • News

    Who Wants To Buy Deutsche Bank’s Asset Management Business?

    They’re willing to entertain an offer.

    / Nov 22, 2011 at 2:29 PM
  • News

    Netflix Will Sell You Unlimited Streaming For $7.99 A Month, Buy It Back At $15.98

    If you run an investment bank, which basically takes a cut of economic prosperity, it’s good to have a backup plan for when there’s not so much prosperity. So you try to build some countercyclical businesses. In boom times you lend lots of money to people to let them buy McMansions. In crises you make […]

    / Nov 22, 2011 at 2:07 PM
  • Sponsored Content

    Goodbye to Business Travel

    Earlier this year, I spent several months making frequent transcontinental phone calls for articles I had to write. From my west coast office, I had long conversations with businesspeople in Belgium, England and even Ethiopia. But I never used a phone, and I definitely didn’t fly anywhere. I called from my laptop, using Skype. The […]

    / Nov 22, 2011 at 2:00 PM
  • Happiness

    And If You Would Take A 98% Pay Cut In Order To Work At Citi, That’s Okay Too**

    As you may have heard, many of your colleagues in the financial services industry will be laid off in the coming months, if they haven’t been already. Wall Street is in the process of cutting 200,000 positions, and those who aren’t escorted into a room with an HR representative and a box of tissues should […]

    / Nov 22, 2011 at 12:27 PM
  • Opening Bell

    Opening Bell: 11.22.11

    BofA Warned To Get Stronger (WSJ) BofA’s board has been told that the company could face a public enforcement action if regulators aren’t satisfied with recent steps taken to strengthen the bank, said people familiar with the situation. The nation’s second-largest lender has been operating under a memorandum of understanding since May 2009, following repeated […]

    / Nov 22, 2011 at 9:02 AM

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