Write-Offs: 12.09.11

$$$ New Treaty to Save the Euro May Also Divide Europe [NYT]

$$$ Plausible-sounding explanation of how the UK ended up outside of the new EU deal [Economist]

$$$ “[T]he non-euro members who did go along did so mostly because they hope to join the euro. … This is like supporting the death penalty because you’re hoping to end up on death row.” [Megan McArdle]

$$$ Buffett tips his farmer son as next Berkshire chair [AFP]

$$$ There will be a “low budget remake” of American Psycho [Deadline]

$$$Goldman Said to Plan CDs Tied to Equities,” who called that? [Bloomberg, us]

$$$ True? “When you came to Princeton as wide-eyed freshmen, you probably didn’t dream of working at Goldman Sachs. What happened?” [Daily Princetonian]

$$$ Carl Icahn launched a tender offer for Commercial Metals [Reuters]

$$$ Judge OKs $2.2 Billion Transfer to MF Global Clients [CNBC]

$$$ The most adorable little ratings agency you’ll read about all week [DealBook]

$$$ Completely amazing photos of the Phillie Phanatic in its natural habitat [MLB.com via Deadspin]

$$$ “The 30-year-old trader ended a nine-year stint at Goldman Sachs in October to strike out on his own – this week launching the world’s first custom-fit condoms, TheyFit.” [London Evening Standard]

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Comments (44)

  1. Posted by The Truth | December 9, 2011 at 6:31 PM

    I knew about the equity backed CDs first!

    - Gartman

  2. Posted by J. Paulson | December 9, 2011 at 8:29 PM

    If you whip me up a CDS to short these CDs, I'm all-the-fuck in.

  3. Posted by Deleveraging | December 10, 2011 at 12:34 AM

    Unlike a traditional structured note, FDIC will not allow return with no downside protection. Keeping that in mind, go see what kinda upside the guys on the derivatives desk can get you in four years while creating a nice vig for the house. You need some really volatile stocks for that to work and enough moron customers who will not bitch that their CD is marked to market and will be under water until maturity.

  4. Posted by Guest | December 12, 2011 at 10:44 AM

    The Bloomberg story on CDs and the Dealbreaker post on CDOs are completely unrelated except that they both have the letters C and D in the title. They're basically opposites really. The CDs are nominally fixed-income investments designed to give investors exposure to equities. The CDO post was about using equities to generate a reliable fixed-income-like return. Who wrote this post? It's embarrassingly clueless.

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