Morgan Stanley Posts Loss (WSJ)
“The rebound in fixed income and commodities sales and trading indicates that clients have re-engaged after the uncertainty of the rating review in the previous quarter,” Chief Executive James Gorman said, referring to Moody’s Investors Service’s move over the summer to downgrade the credit rating on more than a dozen banks. “We are beginning to unlock the full potential of the Global Wealth Management franchise, having increased our ownership of, and agreed on a purchase price for the rest of, Morgan Stanley Wealth Management.” For the quarter, Morgan Stanley reported a loss of $1.02 billion, compared with a year-earlier profit of $2.2 billion. The per-share loss, which reflects the payment of preferred dividends, was 55 cents compared with a profit of $1.15 a year earlier. Stripping out the impact of debt-valuation changes, the per-share profit was 28 cents versus two cents a share a year ago. Revenue fell 46% to $5.29 billion, including a negative impact of $2.3 billion from the tightening of credit spreads related to debt. Stripping out debt-valuation changes revenue was up 18% to $7.55 billion. Analysts polled by Thomson Reuters expected earnings of 24 cents, excluding gains related to debt, on revenue of $6.36 billion.
Morgan Stanley Reduces Investment-Bank Pay to $5.2 Billion (Bloomberg)
The ratio of compensation to revenue in the unit fell to 44.9 percent, compared with 48.4 percent in the same period a year earlier, when excluding accounting gains and losses related to the firm’s credit spreads. That’s still higher than Goldman Sachs and JPMorgan’s investment bank. Compensation and benefits for all of Morgan Stanley totaled $12 billion in the first nine months, down 4 percent.
Goldman Ex-Employee Says Firm Pushed Europe Bank Options (Bloomberg)
Goldman Sachs sought to profit last year by persuading clients to buy and sell stock options on European banks such as BNP Paribas SA and UniCredit SpA, according to former employee Greg Smith’s new book. “We must have changed our view on each of these institutions from positive to negative back to positive ten times,” Smith writes in “Why I Left Goldman Sachs: A Wall Street Story,” scheduled for release on Oct. 22. “I remember thinking, ‘How can we be doing this with a straight face? No thinking client could believe that conditions on the ground could change that frequently.”’ [...] Smith also describes being disappointed with his $500,000 bonus at the end of 2006. “By any measure, I should have felt exceptionally lucky and grateful,” he writes. “But by the warped logic of Goldman Sachs and Wall Street, I was being screwed.”
U.S. to Get Downgraded Amid Fiscal ‘Theater,’ Pimco Says (Bloomberg)
“The U.S. will get downgraded, it’s a question of when,” Scott Mather, Pimco’s head of global portfolio management, said today in Wellington. “It depends on what the end of the year looks like, but it could be fairly soon after that.”
Asian Scion’s Trades Draw Scrutiny (WSJ)
A federal probe into an alleged multimillion-dollar insider trading scheme is focusing on the son of a deposed Central Asian autocrat once courted by the U.S. as a key ally in the war on terror, according to people involved in the investigation. The globe-spanning criminal case marks a turnabout by the U.S. against a ruling family it once relied on to keep open military supply lines to Afghanistan. For years, the U.S. maintained good relations with then-Kyrgyzstan President Kurmanbek Bakiyev. Now, the U.S. has prepared charges against the former strongman’s son, Maksim Bakiyev, who officials say spent some of his exile in London profiting from illegal tips on stocks trading on the New York Stock Exchange and Nasdaq. On Friday, the younger Mr. Bakiyev, 35, was arrested in England on an extradition request from the U.S. Mr. Bakiyev’s U.K. attorney, Michael O’Kane, declined to comment.
Computer programmer ‘quadruples productivity’ after hiring a woman to slap him in the face every time she catches him looking at Facebook (DM)
Maneesh Sethi placed an advert on Craigslist to recruit someone willing to monitor what he was looking at on his laptop. The computer expert and writer, from San Francisco, now pays a female employee £5 ($8) an hour to strike him in the face if she spots him wasting time on social media. Mr Seethi claims the unusual motivational system has helped him boost his productivity from just 35 percent to around 98 percent during the working day…Mr Seethi published details on his blog of his Craigslist advert, which was entitled ‘(Domestic gigs) Slap me if I get off task’. In it he wrote: ‘I’m looking for someone who can work next to me at a defined location (my house or a cafe) and will make sure to watch what is happening on my screen. ‘When I am wasting time, you’ll have to yell at me or if need be, slap me. You can do your own work at the same time. Looking for help asap.’ Mr Seethi said he was inundated with offers from potential slappers and quickly hired a volunteer he names only as Kara. He wrote: ‘Within minutes, my inbox began blowing up.
Up to 50% of Greek Workforce Strikes; Tipping Point Nears (CNBC)
As European Union leaders prepare to meet in Brussels on Thursday, Greece’s workers aim to make their voices heard by holding a 24-hour strike bringing the country to a halt. With the economy in the fifth year of a recession, the lost production could prove counterproductive and cost the economy 100 million euros ($131 million), according to one expert. Most business and public sector activity is expected to grind to a halt during the strike called by the ADEDY and GSEE unions that represent around 2 million people — half of Greece’s workforce. A protracted news blackout is also expected as television and radio broadcasters and newspapers shut for the day, according to Reuters.
Spain Banks Face More Pain as Worst-Case Scenario Turns Real (Bloomberg)
Spain’s request for 100 billion euros of European Union financial aid to shore up its banks is increasing concern about the nation’s growing liabilities. Standard & Poor’s downgraded the country’s debt rating by two levels to BBB-, one step above junk, from BBB+ on Oct. 10, saying it wasn’t clear who will bear the cost of recapitalizing banks. It cut the ratings of 11 lenders including Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s largest, two days ago, citing the sovereign downgrade.
Models On Abercrombie Corporate Jet Had Rules On Proper Underwear (Bloomberg)
The actors and models who worked on an Abercrombie & Fitch Co. Gulfstream G550 jet had crystal-clear rules for serving Chief Executive Officer Michael Jeffries. Clean-shaven males had to wear a uniform of Abercrombie polo shirts, boxer briefs, flip-flops and a “spritz” of the retailer’s cologne, according to an “Aircraft Standards” manual, disclosed in an age-discrimination lawsuit brought by a former pilot. Among the 40-plus pages of detailed instructions: black gloves had to be used when handling silverware and white gloves to lay the table, the song “Take Me Home” had to be played when passengers entered the cabin on return flights and Jeffries’s dogs — identified in the document as Ruby, Trouble and Sammy — had different seating arrangements based on which ones were traveling.
Brothels Rescue Cash-Strapped Greek Soccer Team (AP)
Players on a cash-strapped Greek soccer team now wear pink practice jerseys with the logos “Villa Erotica” and “Soula’s House of History,” two bordellos it recruited as sponsors after drastic government spending cuts left the country’s sports clubs facing ruin. Other teams have also turned to unconventional financing. One has a deal with a local funeral home and others have wooed kebab shops, a jam factory and producers of Greece’s trademark feta cheese. But the amateur Voukefalas club — whose players include pizza delivery guys, students, waiters and a bartender — has raised eyebrows with its flamboyant sponsorship choice. Prostitution is legal in Greece, where brothels operate under strict guidelines. Though garish neon signs advertising their services are tolerated, the soccer sponsorship has ruffled some feathers in the sports-mad city of Larissa. League organizers have banned the pink jerseys during games, saying the deal violates “the sporting ideal” and is inappropriate for underage fans…Brothel owner Soula Alevridou, the team’s new benefactor, has already paid more than 1,000 euros ($1,312) for players to wear her jerseys. The team is appealing the game ban, but that doesn’t worry the 67-year-old Alevridou, who says she’s only in it because she loves soccer. “It’s not the kind of business that needs promotion,” she said, dressed all in white and flanked by two young women in dark leggings at a recent game. “It’s a word-of-mouth kind of thing.”
Where can I get some Voukefalas scarves?
i don't want to sound unreasonable, but the more I read about Greg Smith, the more I feel he deserves a beating much like the one Pyle received in Full Metal Jacket.
Wow, who woulda thunk the A and F CEO was almost as creepy as the Dov Charney from American Apparel?
Not sure what Soula's goal is, but if that's how she gets her kicks… Hope the league doesn't sock her with a penalty.
this computer programer went over the top with the explanation to his wife on why he had a girl over
Greek newspaper headlines: Up to 50% of Greek strikeforce works!
Confuscious say, Taking punch in balls for Dealbreaker more noble than slap in face for Facebook
Futbol by Fage
We are looking at bringing a productivity expert on to the team who is comfortable slapping, choking, and pulling the hair of our chief executive if she gets off task
- Patriarch Partners, LLC
Right Greg, since options are so "cut and dry" buying and selling. I'm sure there's no way Goldman could've schemed up a plan to hedge certain postions trading options, correct?
i think you mean Face
pitching goons greg, that's what we do here and everywhere else you idiot.
Noooo, I'm not into S&M…
What's that you say? There are site blocking utilities that won't allow me to go to social media sites??
- Manesh
The guy from the A-Team?
$8/hour to slap an Indian Bitch around? Sign me up…..
Can't wait !
hedges cost money…
liquidate
next
Back off… I earned this one and I don't care what school you went to.
HEY!
-UBS Pocahontus Quant
Meet me at Minetta's; make sure you are friending someone on your FB i-pad app so I know its you.
Maneesh's Slap Happy Gal
This post is just as effective if you sub Greg Smith with N'08
To-Do list:
1) Get invited to Michael Jeffries Christmas party
2) Post add on Craigslist requesting for someone to "Slap me to get me off'"
Hmm, creating demand for products by changing your outlook on something, that's a pretty neat idea!
Manifest Destiny
There are some awesome posts on Craigs list. For instance, take this little gem:
Drunk Daughters 2007 BMX X3 si
Date: 2012-05-24, 8:06AM CDT
Selling my disrespectful, alcohol abusing, dwi arrested, spoiled bar bum of a daughters perfect BMW X3. The is a white X3 si, with xenon headlights, panoramic roof, all beige leather interior, all options with 105,000 miles on it. Just completed it's 100,000 maintenance 2 months ago and is in complete and perfect condition with only the driver being the malfunction. We paid $20,500 12 months ago for the vehicle. Needing to sell to pay her legal battles and to buy her a shiny pink bicycle with a horn until she gets her act and her life in order some time soon. Beautiful car with no exterior, interior, or mechanical issues. Call xxx-xxx-xxxx for information or to purchase.
Location: Springfield
it's NOT ok to contact this poster with services or other commercial interests
I find a wags productivity in bed increases when you give her a proper wollup
that's going under objective on my cv
"Greece’s workers aim to make their voices heard by holding a 24-hour strike bringing the country to a halt"
So, 12 people will be on strike for 24 hrs?
cheers
Oh, really? I figured they would do it for free. Thanks for the lesson though.
Hey,
Saw your add on c-list. People call me the king of bonds. Get at me.
JG
Bout time Ole Bessy got behind the OB again. Big L's links to stories about Shewin Williams new quick drying paint just didnt get my blood pumping.
you're an idiot.
So this is not the BMW that the disrespectful, alcohol abusing, dwi arrested, spoiled bar bum of a daughter crashed into someone's living room?
Don't you realize how well educated she is?!?!
-Guy who's only half sure he gets the reference
you mean oh well right ?
No that resulted in this Craigs list offer (warining you might start crying):
Free Cello
Date: 2010-12-13, 7:32PM PST
So my sister gave me this cello a couple years ago. It's a nice cello. Actually, it's a great cello. It's probably the best cello, but I don't really know much about cellos. Also the neck snapped off. Of the cello. So it's really more like 3/4's of a cello, but the other 1/4's still there, it's just not attached. It's kind of like you're getting two cellos, only one of them doesn't have a body and the other doesn't have a neck. But if you stand them up next to each other it's like old times. You could probably fix it with like some music glue or something like that.
She also gave me a cello bag that I can give to you too, now that I won't have a cello. It's a really nice cello bag. You can fit everything in it. Actually, there might even be a bow in the bag, I'm not sure. I don't want you to think that there's 100% a bow in the bag. It's way over there, I can't check right now. But if it's in there it's yours.
If you're like me and you don't know how to play the cello then you could use it as a coin bank. It's hollow and there are two S's on the front that you could drop the coins through. Then when it's filled up you could drop it off of your roof or carry it around like a change purse. Ooh, in the cello bag. It'd be like a cello purse. I'd do it but I'm moving across the country and it won't fit in my car. What else could you do with it. You could saw the front off and use it as a sled. Or give the neck to a baby as like a wizard stick for Christmas. Totally give this cello to someone for Christmas. Or Hanukkah.
Please come get it. I'm in Echo Park. I'd actually go somewhere to meet you if wherever we're going is a cool place. Like the desert or something.
I'm 90% certain the bow's in there.
Episode 23,457: Lisa shotgunning cans of Duff at Moe's
Gets old after awhile
- The British Empire
Sorry!
Oh well,
Spent the weekend yanking the trouser snake to the leaves changing color. Mom/Dad thanks for a great childhood in New England.
He is a true job creator.
How do you feel about uppercuts?
-Cleveland RTA Driver
Don't worry, B.a., we're not flying anywhere – Hey! Look over there!
Yeah, well, I've got toes, in different area codes.
Nothing beats going into the woods during fall foliage, with only your hand in your pants and plenty of tissues.
just don't throw me under the bus
better make it count
That's what Abercrombie is all about. Getting the rowing team together in the woods, watch the leaves change colors, add a dash of curiosity and nudity, and you got yourself the perfect fall day.
True that.
Boy these stories take me back. Waking up with a class of hot cider, walking outside as a cool breeze comes over my body. With my nipples now hard, there is only one thing left to do.
"Best.."
It's now known as 'Slapping Mr. Seethi'
The clothes on my floor are always Abercrombie.
Disagree.
-Field Marshal Lord Roberts of Kandahar
By the amount of instagram'd pictures of trees I get texted to me, I feel like every slam in my contact list thinks she's the only person that realizes leaves change color in the fall…
Nothing like stabbing it in the woods.
With all due respect, slaying 18-22 y/o GIRLS >>>>> a 68 y/o man with more plastic surgery than Joan Rovers (including calf & bicep implants) and living out every perverted homoerotic thought in your head as CEO of AF
same
it is the the worlds oldest profession, so makes sense they can bail out the guys going bankrupt.
^^ this
(never thought I'd do this to one of Lxb's posts but whatever)
Peccavi!
Responding to your discription of your daughter. I've got a bottle of Mad Dog and looking to take for a test drive.
- Kollitides are Nice Tiddies
I'm really not following this. People jerk off to the changing of the leaves?
Playing a game of tackle football with the pals in the morning before taking a nice group shower. Yeah, I gotta say, fall foliage rocks.
The rents just pulled out of the driveway and there is a hot out the oven apple pie on the counter. It must be fall, because my pants are off and I'm making a b-line to the pie. Yeah, I gotta say, fall foliage rocks
gents, google 3Q earnings/trading story on its way. I spit out some of my mid-afternoon marg when GOOG started trading again. be patient, it's a doozie.
Cheers,
Matt
<img src="http://www.newautoquote.us/ikeas/loo.jpg"/>And yet Morgan Stanley is still giving a huge bonus? <img src="http://www.newautoquote.us/xboz/jj.jpg"/>
Its "wallop", old fruit. Apart from that, do keep calm and carry on.
That video was amazing. Musta watched it a thousand times. Didn't realize tyson was driving busses in cleveland