January 2012

  • Banks, News

    Goldman Sachs Now Paying Employees For A Full Year Of Work

    I know I’ve said that the Jamie & Doug in the Morning Show is the best call-in program in finance, given Jamie Dimon’s reliably amusing anti-regulation rant, but the true connoisseur should also really get a kick out of David Viniar’s calmer, wonkier, more NPR-appropriate chat. I certainly do. We’ll maybe have more to say […]

    / Jan 18, 2012 at 12:26 PM
  • News

    Bonus Watch ’12: JPMorgan

    The take-away here is put in for that transfer to Brazil? From the front lines:

    / Jan 18, 2012 at 11:13 AM
  • insider-trading

    Today’s Insider Trading Arrests Brought To You In Part By A Cooperating Witness Whose Name Starts With The Word “Spy”

    Remember, about a year ago, when hedge fund Level Global was rumored to have a government mole in its ranks? At the time, the firm’s representatives said such reports were total bull shit, and, investors were told, here’s how they knew that to be the case: “As is the case each time there is a […]

    / Jan 18, 2012 at 9:41 AM
  • News

    Goldman Sachs’s War On Plants PAYS OFF

    Goldman Sachs said profit dropped 58 percent, beating analysts’ estimates as the company cut compensation in response to falling revenue. Fourth-quarter net income dropped to $1.01 billion, or $1.84 a share, from $2.39 billion, or $3.79, in the same period a year earlier, the New York-based company said today in a statement. Per-share earnings exceeded […]

    / Jan 18, 2012 at 8:57 AM
  • Opening Bell

    Opening Bell: 01.18.12

    Ex-Countrywide CEO Faces Scrutiny on Loan (WSJ) Countrywide Financial Corp. co-founder Angelo Mozilo may have directed the lender to extend preferential treatment on a 1998 loan to Republican Rep. Howard McKeon of California, according to a letter released Tuesday by a senior House Democrat. The letter from Rep. Elijah Cummings (D., Md.) said that Countrywide […]

    / Jan 18, 2012 at 7:03 AM
  • Write-Offs

    Write-Offs: 01.17.12

    $$$ Jerry Yang Resigns From Yahoo [Deal Journal] $$$ Greece is nearing a deal with private creditors that would give them cash and securities with a market value of about 32 cents per euro of government debt, according to Bruce Richards, a hedge-fund manager on the creditors’ committee. [Bloomberg] $$$ Layoffs Watch ’12: more cuts […]

    / Jan 17, 2012 at 6:46 PM
  • News, Regulation

    Volcker Rule Is Bad For Securities Industry, Says Guy Paid By Securities Industry To Say Volcker Rule Is Bad For Securities Industry*

    We’ve talked a bit before about the Volcker Rule and how it’s going to have creepy unintended consequences because it is really hard to distinguish “market making,” which is what bank-broker-dealers are supposed to do, from “proprietary trading,” which is evil and destroyed the world. Today we have an excuse to talk about it again […]

    / Jan 17, 2012 at 6:06 PM
  • News

    SEC Inspector General David Kotz Is Gonna Take Off Now

    The insurrection worked! Everyone just take the rest of the day off and catch up with your favorite porn sites, okay?

    / Jan 17, 2012 at 3:51 PM
  • Private Equity

    Area Man Still Upset That Mitt Romney Snubbed Him Decades Ago

    At many, many points in your Wall Street career, you will encounter a basic quandary, which is, “should I behave like a douchebag here, or should I not behave like a douchebag at this one particular moment in time?” This question is hard because, on the one hand, behaving like a douchebag often brings immediate […]

    / Jan 17, 2012 at 2:58 PM
  • Banks

    Layoffs Watch ’12: Bank of America

    The aforementioned cuts continue, today reaching the newest residents of the House of Moynihan:

    / Jan 17, 2012 at 12:25 PM
  • News

    Europe Needs A Better Blender

    I guess we should talk about Europe and credit ratings. Now France isn’t AAA and Italy isn’t A and Portugal isn’t investment grade and here is something that someone at S&P actually said: Our role is to give timely information to investors and if you give them timely information, if you give it to them […]

    / Jan 17, 2012 at 11:58 AM
  • Opening Bell

    Opening Bell: 01.17.12

    Citi Earnings Miss on Profit and Revenue; Shares Lower (CNBC) Citigroup quarterly earnings fell well short of analysts’ expectations on both profit and revenue, sending shares lower in pre-market trading on Tuesday. The global financial services company delivered fourth-quarter earnings excluding items of 38 cents per share, down from 40 cents in the year-earlier period. […]

    / Jan 17, 2012 at 8:38 AM
  • Write-Offs

    Write-Offs: 01.13.12

    $$$ Greece’s Creditors Break Off Debt Talks Amid Coupon Dispute [Bloomberg] $$$ Ratings Cut Deals Blow to Sarkozy [WSJ] $$$ S&P will probably downgrade EFSF bonds, what does this tell you about structuring an EFSF CDO? [MarketBeat via Felix Salmon] $$$ “We just might do a good thing for America, and along the way get […]

    / Jan 13, 2012 at 7:14 PM
  • Private Equity

    If Only Twinkies Maker Had Had Someone Whose Job It Was To Remember Not To Go Bankrupt

    Stephen Lubben at DealBook noticed something kind of amazing in the Hostess Brands bankruptcy case: Turns out that Hostess has no treasury department. Indeed, it apparently doesn’t have anyone who can perform treasury functions at all. The company has asked the bankruptcy court for permission to hire FTI Consulting to do the work. Apparently Hostess […]

    / Jan 13, 2012 at 6:04 PM
  • News

    Ballpark: How Many People Are Running Around Wall Street Doing The Same Thing?

    Missouri gubernatorial candidate David Spence was forced to make an embarrassing change to his biography after misrepresenting his credentials on a campaign website, according to reports. Spence fibbed by claiming to have “a degree in Economics” from the University of Missouri. That’s half the truth — he forgot to say that the degree is actually […]

    / Jan 13, 2012 at 3:49 PM
  • News

    Standard & Poor’s Just Getting Started

    Standard & Poor’s Ratings Services has notified the French government of its decision to downgrade the country’s credit rating, a senior French government official said Friday, a move that marks the long-awaited blow to France’s international standing and knocks the country out of the top financial league of the euro zone. S&P has informed the […]

    / Jan 13, 2012 at 1:12 PM
  • Banks

    Not That He’s Volunteering

    JPMorgan earnings this morning were a bit disappointing, with investment banking revenue down 30% y/o/y in what may be a bad sign for the rest of the industry, but the Jamie & Doug In The Morning Show remains finance’s top-rated program in its time slot and it did not disappoint today. This is in part […]

    / Jan 13, 2012 at 12:43 PM
  • News

    Anonymous Businessman Suffering Serious PTSD Following “Devastating” iPhone Incident

    As you may have heard, over the last year or so, financial institutions have started to become more accepting of the iPhone, in some cases allowing employees the option to use one instead of the standard-issue Blackberry and in others, getting rid of the latter all together. For employers currently contemplating making the jump, however, […]

    / Jan 13, 2012 at 12:27 PM

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