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 coming at Morgan Stanley [FBN]

$$$ Layoffs Watch ’12: Rocawear laid off half of its employees the day before Jay-Z’s daughter was born [NYO]

$$$ Renaissance Starts First Hedge Fund in Five Years Trading Stocks [Bloomberg]

$$$ “A Manhattan man was arrested yesterday for allegedly making anti-Semitic calls to his mother and other elderly women.” [NYP via DI]

$$$ “The misunderstanding many people have about this industry is that pay is whimsical,” Mr. Johnson said in a recent interview at his company’s Manhattan office. “It’s not.” [NYT]

$$$ Walid Chammah to Retire From Morgan Stanley [DealBook]

$$$ Romney Says His Effective Tax Rate Is ‘Probably’ 15% [NYT]

$$$ Wells Fargo Stands Out With Trading Gains [DealBook]

$$$ Philadelphia Swaps Cost Taxpayers $331 Million, Report Says [Bloomberg]

$$$ British Airways is apologizing to passengers of a trans-Atlantic flight after a recorded message announcing the plane was about to make an emergency landing in the ocean was mistakenly played over the intercom. … “About 30 seconds later, one of the cabin crew told us to ignore the announcement. … Imagining yourself plunging towards a cold, watery grave in the middle of the Atlantic is a pretty horrific thought, but they seemed very blasé about it.” [CNN]

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  1. Posted by Guest | January 17, 2012 at 9:14 PM

    Perfect timing on the exit, Yang.

    -Brett Favre

  2. Posted by guest | January 17, 2012 at 10:02 PM

    Bbrg Greece story is very fishy. Bruce ain't on the Steering Committee, only in the outer orbit of creditor group, there as an allied client of BNP. There were no negotiations since last week anyway. So on what basis does he know a deal is close? Don't think he does. What's going on? Marathon is long GGB up the wazoo and NEEDS to get a deal done. They are long the long end, hence Richard's talks down the Mar '12 bond, the bond that due to its high price is likely to have the biggest holdout problem. Marathon isn't just long bonds, but is written CDS, I hear. Therefore, they have another reason to pray the deal is voluntary. Watch the press for all sorts of stories about Evil Basis Holders. GGB longs and CDS writers wave the red cape at credulous press and official sector. If they can be riled into making extraordinary efforts to "win" over evil basis holders / CDS buyers by making deal voluntary, they hand a huge advantage to the Creditor Committee. Creditor Committee can ask for a few more points in order to go along voluntarily and "help" the official sector "win". Side-effect: CDS writers are bailed out. Evil misdirection.

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