November 2013

  • blackfriday

    Opening Bell

    Holiday Bell: 11.29.13

    Citigroup Attempts to Sing Itself to Public Approval (WSJ) The banking industry has spent countless hours and dollars trying to make up for the damage done by the financial crisis. Banks have run feel-good advertisements, waged aggressive lobbying campaigns, apologized to the public, tried to lend more, even sponsored public bike-rental programs in cities such […]

    / Nov 29, 2013 at 12:06 PM
  • Write-Offs

    Write-Offs: 11.27.13

    $$$ Wall Street bigs poised for huge payday [NYP] $$$ Fortress, Centerbridge Have Expressed Interest in LightSquared [WSJ] $$$ Turkey Engineers Cook Up Patents [WSJ] $$$ Bitcoin Tops $1,000 as Virtual Money Gains Popularity [Bloomberg] $$$ Fed Reveals New Concerns About Long-Term U.S. Slowdown [Bloomberg] $$$ Judge orders Sriracha hot sauce plant partly closed over […]

    / Nov 27, 2013 at 2:42 PM
  • News

    Goldman Sachs: Mind The Loonie

    Part three in a series of magnanimous gestures in which Goldman Sachs tries to teach you dullards how to trade like Goldman Sachs. Today’s installment: Canadian Thanksgiving was weeks ago, so fuck those guys.

    / Nov 27, 2013 at 2:22 PM
  • michaelsteinberg


    Breaking: Government Witness’s Motive For Testifying Against Alleged Insider Traders Somewhat Self-Serving

    Lawyers for Michael Steinberg pressed a former stock analyst turned government witness about his motivations for testifying against the veteran SAC Capital Advisors LP portfolio manager, drawing a reluctant admission from the witness that he wanted to stay out of jail. Jesse Tortora, a former analyst at hedge fund Diamondback Capital LLC, told a jury […]

    / Nov 27, 2013 at 2:20 PM
  • News

    Bob Greifeld Happy He Won’t Be The Only Exchange Chief Not Celebrating An Artificial Milestone Tomorrow

    Dow 16,000. S&P 500 1,800. And, at long last, for the first time since the Clinton administration, Nasdaq 4,000.

    / Nov 27, 2013 at 1:58 PM
  • ubsairship


    UBS Making Foreign Exchange Rate Manipulation Mildly More Inconvenient

    Time was, all a bank employee wanting to manipulate forex rates had to do was sit down at his desk, send a message to a fellow bank employee possessing equally loose morals (and a taste for being called “big boy“) and before you could say “let’s pop this bottle of Bollinger,” the job was done. […]

    / Nov 27, 2013 at 1:48 PM
  • News

    European Finance Sector Stress Levels Back To Where They Were Just Before The Financial Crisis

    For some reason, this is considered cause for celebration, rather than cause for concern.

    / Nov 27, 2013 at 1:08 PM
  • tulips


    Bonus Watch 2015: The Netherlands

    The Netherlands wants to introduce legislation that will cap bankers’ bonuses at 20% of their annual salary, a move that could lead to Dutch bankers facing one of the most stringent pay curbs in Europe amid public anger about compensation. Dutch Finance Minister Jeroen Dijsselbloem said Tuesday that the bonus cap should help curtail excessive […]

    / Nov 27, 2013 at 12:50 PM
  • 111108Berlusconi_5435803


    Silvio Berlusconi Free To Take A Much More Active Role In The Planning Of Bunga Bunga Parties

    Previously his day job afforded him little time to do much more than show up but now? He can head up the planning, decorating, food/beverage, and guest list committees.

    / Nov 27, 2013 at 12:25 PM
  • menurky

    Opening Bell

    Opening Bell: 11.27.13

    London Gold Fix Calls Draw Scrutiny Amid Heavy Trading (Bloomberg) Every business day in London, five banks meet to set the price of gold in a ritual that dates back to 1919. Now, dealers and economists say knowledge gleaned on those calls could give some traders an unfair advantage when buying and selling the precious […]

    / Nov 27, 2013 at 9:30 AM
  • Write-Offs

    Write-Offs: 11.26.13

    $$$ Warren Buffett says he’d invest in Detroit, calls it a ‘great city’ [DFP] $$$ Pope calls unfettered capitalism ‘a new tyranny’ [Reuters] $$$ Exclusive: U.S. expands China hiring probe to Morgan Stanley [Reuters] $$$ This Soho restaurant and bar is designed like the interior of a luxury train, only with marble walls and terrazzo […]

    / Nov 26, 2013 at 5:59 PM
  • larryleibowitzgenesimmons


    Bonus Watch ’13: Jon Stewart’s Brother

    According to Charlie Gasparino, Larry Leibowitz (far left) is going to fare pretty okay for himself upon bidding the NYSE adieu.

    / Nov 26, 2013 at 5:29 PM
  • News

    Goldman Sachs Explains How To Make Money In 2014, Parts One And Two

    First, put all of your money into S&P index funds and short bets against the Australian dollar. Guaranteed* 13% return. Second, put all of your money into five-year Eonia bonds and borrow as many five-year Treasuries as you can find and sell them. No guaranteed return, at least according to MoneyBeat.

    / Nov 26, 2013 at 4:57 PM
  • dbmobile


    Housekeeping: Reading Dealbreaker On Your Mobile Device

    As you may have noticed during your time as a Dealbreaker reader, technology is not exactly this operation’s forte. Among our many issues, browsing the site on one’s phone, as many of you tend to do during business hours, has been a mildly to majorly painful experience. Since punishing you is not our goal, some […]

    / Nov 26, 2013 at 4:55 PM
  • stevecohen


    Area List-Maker Too Good For Steve Cohen

    Yesterday we highlighted a group of people who, despite all that has gone down, still love and appreciate Steve Cohen: the brothers of the University of Pennsylvania chapter of Zeta Beta Tau. Today, on the flip side, you’ve got this guy:

    / Nov 26, 2013 at 4:13 PM
  • larryleibowitz


    Guy Related To Famous Guy Leaving NYSE

    The New York Stock Exchange is losing another top executive: Larry Leibowitz, the guy known around Wall Street as the chief operating officer of stock exchange parent NYSE Euronext, and just about everywhere else as the brother of “Daily Show” host Jon Stewart. NYSE Euronext was bought this month by an upstart rival from Atlanta, […]

    / Nov 26, 2013 at 2:42 PM
  • Hedge Funds

    Dan Shak Could Really Use His Share Of His Ex-Wife’s Shoe Collection Today

    Last year, Dan Shak, the hedge-fund-manager-turned-professional-poker-player, gave up on his effort to take 35% of his ex-wife’s $1 million footwear collection/stand-in for a neglectful lover. That $350K would have really come in handy today. Shak has agreed to pony up $400,000 to settle charges that he manipulated some futures markets. And not for the time […]

    / Nov 26, 2013 at 2:09 PM
  • News

    Carl Icahn Sells Stock To Prove Bill Ackman Was Wrong When He Said Carl Icahn Was ‘Not A Handshake Guy’

    Contrary to the what certain people have implied (well, actually, said outright), one not-quite-octogenarian does keep his word. At least, he kept this one, and earned a handsome little return doing so.

    / Nov 26, 2013 at 1:37 PM
  • pileofcrocs

    Opening Bell

    Opening Bell: 11.26.13

    Men’s Wearhouse Offers to Buy Jos. A. Bank (Bloomberg) Men’s Wearhouse Inc., which less than two weeks ago let a takeover bid from Jos. A. Bank Clothiers Inc. expire without entering discussions, today offered to buy its smaller rival for about $1.54 billion. The proposal of $55 a share is 8.7 percent higher than Jos. […]

    / Nov 26, 2013 at 9:30 AM
  • Write-Offs

    Write-Offs: 11.25.13

    $$$ ‘Too-attractive’ ex-Citi banker sues Quest over alleged blood-draw injuries [NYDN] $$$ Eddie Lampert considers sale of Sears Canada [NYP] $$$ BlackBerry Shakes Up Management [WSJ] $$$ RBS Remains Under Siege [WSJ] $$$ Mall Santa Busted For Groping Female Elf, 18 [TSG]

    / Nov 25, 2013 at 6:22 PM
  • twitterbirdipo


    Fake Twitter Accounts Are A Hot Commodity On The Black Market

    One day earlier this month, Jim Vidmar bought 1,000 fake Twitter accounts for $58 from an online vendor in Pakistan. He then programmed the accounts to “follow” the Twitter account of rapper Dave Murrell, who calls himself Fyrare and pays Mr. Vidmar to boost his standing on the social network. Mr. Vidmar’s fake accounts also […]

    / Nov 25, 2013 at 5:53 PM
  • kips_logo_2012FB


    Wells Fargo Not A Huge Hit Among The Bridge-Burning Analyst-Hopeful Class

    Competing with this email is the one sent out earlier in the month by a kid following a “Chill Night @ Kips.”

    / Nov 25, 2013 at 5:35 PM
  • News

    Blame It On The Fees?

    A hedge fund that is not really a hedge fund has taken bitcoin’s 6,000% appreciation this year and turned it into a 4,847% return for investors.

    / Nov 25, 2013 at 5:01 PM
  • News

    Nasdaq Briefly Remembers The Good Times, Decides To Hold Off On Celebrations

    Unlike the Dow or the S&P, the Nasdaq Composite Index isn’t going to break any records this year. That will have to wait until next year, and that is assuming that the Nasdaq can do next year what it’s done this year, which is beat both the Dow and S&P and return 30%-plus. Given said […]

    / Nov 25, 2013 at 4:37 PM
  • Can't find any pictures of Tortora so you get this. Doesn't really work with the story because it's the stepson that is evil, not the stepfather, but 6:1, etc. Also, please say "Daddy's home and he's NOT very happy" to yourself and tell me you don't laugh.


    Hundreds Of Thousands In Gambling Losses Not The Most Degenerate-y Line On Ex-Trader’s Resumé

    The 37-year-old Tortora, testifying for the third day in the case against SAC top money man Michael Steinberg, said his big year at now defunct hedge fund Diamondback was 2008, when his compensation hit $2.5 million. He only made $800,000 in 2009 and left the firm that was founded by former SAC portfolio managers early […]

    / Nov 25, 2013 at 4:21 PM
  • stevecohen


    Someone Still Loves Steve Cohen

    His employees are heading for the door. His #1 Fan is nowhere to be found. His sales rep at Patagonia lost his number. But the brothers of the University of Pennsylvania chapter of Zeta Beta Tau have his back, and that’s gotta count for something.

    / Nov 25, 2013 at 3:50 PM
  • ubsstamford


    If UBS Wants To Support Appalachian Mining, It’s Going To Have To Start Getting Used To These Protesters Chained To The Side Of The Building First

    A platoon of protestors objecting to UBS’s support for mining operations in Appalachia have descended on the financial giant’s Stamford-based headquarters and unfurled a banner from a downtown construction crane. Following a morning of securing a large construction crane at a 15-story building going up on lower Summer Street, protestors with the group Hands off […]

    / Nov 25, 2013 at 2:57 PM
  • stagecoach-3jpg-4d544b5089a39999


    Applicant Formerly Interested In Wells Fargo Securities Analyst Program Has Epiphany

    …and that would be that he’s too good for Wells Fargo, and he’s wasting his time trying to score a position with the firm. In sum, it’s not him, it’s you, a notion he expressed in an email circa 5AM on Sunday. From: [redacted] Sent: November 24, 2013 5:27 AM To: [redacted at Wells Fargo] […]

    / Nov 25, 2013 at 1:46 PM

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