Archive for May 2012

  • 29 May 2012 at 2:30 PM

Plan D: A Hostile Takeover Of The Newark Bears

“Major League Baseball has approved three potential buyers to review the financial records of the San Diego Padres, team owner John Moores told MLB.com. Moores said one group is headed by movie executive Thomas Tull, another is led by former Dodgers owner Peter O’Malley and the third by billionaire hedge-fund manager Steven Cohen of SAC Capital Advisors. Cohen was an unsuccessful bidder for the Los Angeles Dodgers, who were sold in March.” [Bloomberg, Earlier: Steve Cohen Bids For Dodgers, Earlier: Steve Cohen Bids For Mets]

Earlier this month, the Journal explored the difficulty MF Global customers have encountered in attempting to get their “missing” money back, after the firm went down for the dirt nap last October. One woman who can relate all too well? Barack Obama AKA Angela Dozier-Carter, who is owed $150 trillion and then some, of which she hasn’t seen a dime. Read more »

Only a quarter of the 300 to 400 sex shops that once existed in Athens have survived the crisis, and business looked bleak for those who brought their wares to Greece’s biggest sex fair-the Athens Erotic Dream- last Friday…”Things look really bad,” said stall holder Donatos Passaris, 38, standing in front of a long bench of vibrators, lotions and other items. “We’re making just €20 [£16] a day, if at all,” said Marianna Lemnarou, another retailer. “Some customers just don’t feel like having sex – others can’t afford to buy our stuff in the crisis.” Just as other manufacturers have suffered from soaring wage costs since Greece joined the euro, local makers of erotic underwear have found it difficult to compete with cheaper rivals abroad. “The Chinese and the Turks are killing us,” said Lefteris Papadopoulos, 55, who offers discounted hot pants, garters and stockings for €5 to €10 apiece…But a return to the drachma currency – feared by many – would deal the industry a further setback. Almost all sex toys sold in Greece are imported from countries such as Germany or Poland, and a devalued drachma would make them unaffordable. “A vibrator that now costs €20 would then cost €50,” said Passaris. [Telegraph]

Write-Offs: 05.25.12

$$$ Spain to inject up to €19bn into Bankia [FT]

$$$ New Democracy, Syriza Tied In Greek Race For First, Poll Says [Bloomberg]

$$$ “Banks get to play a fun game every quarter that could be called Guess the Value of Your Assets! JPMorgan Chase plays it more than its peers.” [DealBook]

$$$ “This study proposes a novel framework for capital regulation that addresses banks’ incentives to take on excessive risk and leverage. The framework consists of a special capital account in addition to a core capital requirement. The special account would accrue to a bank’s shareholders as long as the bank is solvent, but would pass to the bank’s regulators — rather than its creditors — if the bank fails.” [FRBNY]

$$$Barry also had a knack for interceptions. When a joint was making the rounds, he often elbowed his way in, out of turn, shouted “Intercepted!,” and took an extra hit. No one seemed to mind.” [DI]

$$$ That’s it for us today. We’re off Monday for the holiday, enjoy the long weekend and see you on Tuesday!
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“I think we could have a global recession either in Q4 or early 2013.” When asked what were the odds, Faber replied, “100%.” [CNBC]

  • 25 May 2012 at 2:25 PM

Jon Corzine Bids Hoboken Adieu

JSC has reportedly unloaded his waterfront penthouse, for $2.8 million. That’s 14 percent less than what he bought it for in 2008, which hurts, but on the bright side he’s got some money, if you’ve got any ideas.

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Want to get in shape? Want to save money? Want to hole up and pound out a business plan for the [hedge fund/private equity firm/boutique investment bank/whathaveyou] you want to get off the ground? Want to impress industry execs and potential investors with your problem solving skills and can-do attitude? What if we told you there was a foolproof way to accomplish all those goals and more, that it wouldn’t cost you a thing, that you might even have some fun doing it, and that there’d be free cereal and Coke involved? Would that sound like something you’d be interested in? Then, congratulations, you’re already halfway there. Step 1 was getting on board, Step 2 is finding an investment bank or asset management firm that’s lax on night security and moving in. Read more »