December 2011

  • News

    Area Man Successfully Identifies Bank Of America’s Achilles’ Heel

    Are you frustrated with Bank of America? Do you have one simple request, but have found it impossible to get through to anyone? Do you feel like no one’s listening? Maybe you’re an employee who wants to have a frank talk about bonuses, and if you can expect to get one this year. Maybe you’re […]

    / Dec 21, 2011 at 1:05 PM
  • Banks

    RBS Not Taking A “Knee-Jerk” Approach To Laying Off Employees

    Earlier this week, it was reported that RBS would be taking the next couple months to decide which businesses it wants to “remain in” and which it doesn’t. Management was said to be considering “shutting or selling” its equities unit and, as these things go, laying off the 1,000 people it employs, as well as […]

    / Dec 21, 2011 at 11:29 AM
  • News

    Opening Bell: 12.21.11

    ECB Lends Banks $645B, Exceeding Forecast (Bloomberg) The European Central Bank will lend euro-area banks a record amount for three years in its latest attempt to keep credit flowing to the economy during the sovereign debt crisis. The Frankfurt-based ECB awarded 489 billion euros ($645 billion) in 1,134-day loans today, the most ever in a […]

    / Dec 21, 2011 at 9:33 AM
  • Write-Offs

    Write-Offs: 12.20.11

    $$$ Fed Proposes New Capital Rules for Banks [NYT] $$$ Strong take-up of ECB loans expected [FT] $$$ Ex-NFL Player Willie Gault Charged in Stock Scam [WSJ] $$$ David Einhorn on GMCR: “Simply saying that you take allegations with misconduct seriously does not mean that you actually take the allegations of misconduct seriously.” [Reuters] $$$ […]

    / Dec 20, 2011 at 6:14 PM
  • News

    Life Choices For $500. The Answer Is: “You Will Be A Worse Person If You Do It”

    As you may have heard, several weeks ago a fed up Harvard Crimson staff ran an impassioned editorial urging Occupy Wall Street protesters on campus to leave Goldman Sachs, and those hoping to gain employment with the firm, alone. The last straw had been a group of Occupy Harvard supporters who “attempted to disrupt a […]

    / Dec 20, 2011 at 5:20 PM
  • News

    Pre-IPO Investors Are Not Supposed To Lose Money. Fix That, Morgan Stanley.

    Two things that I have thought before and occasionally committed to these pages are: (1) conflicts of interest at investment banks are actually sort of interesting and potentially value creative and not to be dismissed with knee-jerk “ooh conflicts evil,” and (2) it just cannot be that hard to execute basic common stock capital markets […]

    / Dec 20, 2011 at 3:49 PM
  • News

    People Who “Coined” Operation “Perfect Hedge” Don’t Know What “Coined,” “Hedge” Mean

    “We coined this investigation ‘Perfect Hedge’ because if you’re armed with that insider’s information, you can initiate the perfect hedge,” FBI agent David Chaves said in an interview of the largest hedge fund investigation ever. “You’re always protected — the upside and the down side.” [Bloomberg]

    / Dec 20, 2011 at 3:34 PM
  • News

    Greenhill Managing Directors Die In Plane Crash

    There were also a wife, kids, and dog on board.

    / Dec 20, 2011 at 2:39 PM
  • News

    Fellow Country Club Members Throw Decorum To The Wind To Thank Leon Cooperman For Giving A Voice To The Oppressed

    Capitalists “are not the scourge that they are too often made out to be” and the wealthy aren’t “a monolithic, selfish and unfeeling lot,” hedge fund manager Leon Cooperman wrote in a Nov. 28 open letter to the president. They make products that “fill store shelves at Christmas” and provide health care to millions. Cooperman, […]

    / Dec 20, 2011 at 2:09 PM
  • News

    Noah ‘Judas’ Freeman Required Little Convincing That A Week In Puerto Rico > A Lifelong Friend

    Remember Noah Freeman? To recap, he’s the former SAC trader who, in addition to taking part in an insider trading scheme, committed an arguably worse** crime (within a crime) when he stabbed his best friend, Donald Longueuil in the back. Despite splitting the work of obtaining and trading on material non-public information from a lobster-loving […]

    / Dec 20, 2011 at 1:24 PM
  • Opening Bell

    Opening Bell: 12.20.11

    FBI Runs ‘Perfect Hedge’ to Nab Inside Traders (Bloomberg) Almost five years ago…FBI agents David Chaves and Patrick Carroll surveyed the midtown skyline to the north, home to much of the world’s financial industry. They had received some disturbing intelligence: a surge in profits at hedge funds might be the result of an epidemic of […]

    / Dec 20, 2011 at 9:30 AM
  • Write-Offs

    Write-Offs: 12.19.11

    $$$ AT&T Drops T-Mobile USA Deal [WSJ] $$$ The Fed will adopt Basel III [WSJ] $$$ “Contagion of euro area sovereign debt strains remains the most pressing risk for financial stability in the euro area, the European Union and even across the globe.” [FT] $$$ Morgan Ricks: “Any serious program for Wall Street reform should […]

    / Dec 19, 2011 at 7:11 PM
  • Hedge Funds, News

    You Too Can Invest Like A Kindly Grandfather And/Or Comic-Book Quant Superhero

    There are those who think that Warren Buffett’s days of being an awesome value investor are behind him. Those people are crowing a little today after his recent darling Bank of America crossed $5 in the wrong direction, which I guess is a big deal. Here, however, is probably a thing not to think about […]

    / Dec 19, 2011 at 6:41 PM
  • News

    That’s Your Big Pump Up Speech?

    Bank of America Corp., the second- biggest U.S. lender, fell below $5 in New York trading for the first time since March 2009 amid concern that Europe’s debt crisis will be a drag on the world’s financial system…With most companies that have dropped to those levels, “it is usually some fundamental problem with the business […]

    / Dec 19, 2011 at 4:53 PM
  • News

    Harbinger Capital-Backed LightSquared Needs Cash And/Or A Miracle

    LightSquared is a wireless venture that seeks to create “convenient connectivity for all.” But, as the part-time Phil Falcone biographers among us know full well, it stands to do much more. In short, it will make or break backer Harbinger Capital. Success will mean billions for Falcone and his investors, who are more or less […]

    / Dec 19, 2011 at 4:20 PM
  • M&A, News

    Martin Marietta’s Hostile Bid For Vulcan Came 3 Years Too Early

    Like many of you, probably, I read Barbarians at the Gate at an impressionable age, and was fascinated by the idea of M&A as a dramatic clash of swashbuckling personalities. Among the highlights of my brief time in the M&A business was the time we kept two competing bidders on different floors, unbeknownst to each […]

    / Dec 19, 2011 at 2:08 PM
  • News

    Publish A Photo Of The Original Bain Capital Team Celebrating Closing A New Fund By Reenacting Weekend At Bernie’s With A Dead Hooker For All He Cares, Just Keep The Shot Of Him Sipping Coffee During A Late Night At The Office Away From The Tabernacle

    Mitt Romney says he knows a photo in which he appears with other executives at Bain Capital LLC posing with cash in their hands, pockets and mouths will be used against him if he wins the Republican presidential nomination. The 1980s image — called the “Gordon Gekko” photo by some Democrats, a reference to the […]

    / Dec 19, 2011 at 1:51 PM
  • Sponsored Content

    Insurance with a Personal Touch

    It’s Christmas time and that means bonus season. What will you do with a little extra money in the bank? Why not invest in your favorite hobbies–a new boat, a classic roadster or a down payment on a new vacation home? Regardless of how you spend your leisure time, it’s important to protect your favorite […]

    / Dec 19, 2011 at 12:00 PM
  • News

    Trish Regan Gets A Job, Takes On Maria Bartiromo

    For those of you who’ve been missing the CNBC anchor since she parted ways with the network last March, a Christmas miracle: she’ll be joining Bloomberg TV January 9 co-hosting “Street Smart” from 3-5PM, pitting her against former colleague Maria Bartiromo and the “Closing Bell” time slot. In related news, the whereabouts of departed CNBC […]

    / Dec 19, 2011 at 11:44 AM
  • Opening Bell

    Opening Bell: 12.19.11

    European Ministers Seek $261 Billion In IMF Crisis Funds (Bloomberg) Euro-area finance ministers will hold a conference call at 3:30 p.m. Brussels time to discuss 200 billion euros ($261 billion) in additional funding through the International Monetary Fund and the mechanics of a so-called fiscal compact that was negotiated at a Dec. 9 European Union […]

    / Dec 19, 2011 at 9:30 AM
  • Write-Offs

    Write-Offs: 12.16.11

    $$$ House Approves $1T Budget Measure [Bloomberg] $$$ Moody’s cuts Belgium ratings by 2 notches [Reuters] $$$ US M&A activity defies European headwinds [FT] $$$ Watch This Guy Utterly Destroy an Arcade Basketball Machine. It’s mesmerizing. [Kotaku]

    / Dec 16, 2011 at 5:48 PM
  • News

    Maybe The SEC Decided To Throw A Trial So It Can Go Back To Settling Everything

    I try to be honest when telling you that a court complaint or SEC filing or research paper is a fun read, just in case you might go read it, though of course there’s no accounting for tastes and I may enjoy many things that you don’t.* And that’s okay. In any case I doubt […]

    / Dec 16, 2011 at 5:42 PM
  • News

    I Guarantee A Week Won’t Go By In Your Life You Won’t Regret Settling With The SEC, Letting Them Get The Best Of You

    “Investors were lured into the scheme by Mr. Ruettiger’s well-known, feel-good story but found themselves in a situation that did not have a happy ending.”

    / Dec 16, 2011 at 2:45 PM
  • News

    Fitch: You Should Just Give Up Already

    Fitch Ratings lowered its outlook on France’s triple-A rating to “negative” from “stable,” indicating there is a 50-50 chance the nation could lose its top investment-grade rating over the next two years. The move came as Fitch also placed its ratings on six other euro-zone nations, including Spain and Italy, on watch for downgrade after […]

    / Dec 16, 2011 at 2:04 PM
  • News

    It’s Not So Easy To Get Away From This Voluntary Greek Bond Swap

    Bloomberg reported today that, back in July, David Einhorn and some other people decided that (1) betting against European sovereign debt was, and would remain, a good idea, but (2) doing it in CDS form was kind of dumb, so (3) they’d switch to doing it in physical form, by borrowing and shorting the debt. […]

    / Dec 16, 2011 at 1:23 PM
  • News

    Dick Bové: Everyone Is Getting Fired

    Over the past six months or so, Wall Street has laid off a whole bunch of people. Unfortunately, having a job at this very moment does not mean you will 3 months hence. More cuts are a’ coming and according to Rochdale analyst Dick Bové, a lot more. What kind of numbers is he talking […]

    / Dec 16, 2011 at 12:59 PM
  • News

    Did Occupy Wall Street Mess With The Wrong Writers?

    As fans of Law & Order: Special Victims Unit know, many episodes of the drama are often loosely based on crimes that have been “ripped from the headlines.” Over the summer, SVU shot its Dominique Strauss-Kahn show and last Friday, it attempted to roll the tape on an Occupy Wall Street ep. Unfortunately, a crucial […]

    / Dec 16, 2011 at 12:17 PM

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