John Carney

  • News

    Bailout Proposal

    via AP Section 1. Short Title. This Act may be cited as ____________________. Sec. 2. Purchases of Mortgage-Related Assets. (a) Authority to Purchase.-The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters […]

    / Sep 20, 2008 at 8:10 PM
  • News

    Write-Offs: 09.19.08

    $$$ Gawker is holding an “Absurd Financial Product You Actually Bought.” Email your submissions! [Gawker] $$$ Thoughts on the RTC [Business Week] $$$ A Look At Wall Street From The Birthplace of American Government [WSF] $$$ Inside Merrill’s Merger Agreement [Dealbook] $$$ Someone would like credit for calling the SEC terrorists first. [TS]

    / Sep 19, 2008 at 5:19 PM
  • News

    So Long To All That

    I almost didn’t answer the phone when DealBreaker came calling. It was a Sunday afternoon and I was sitting in a bar somewhere in Brooklyn. The phone was sitting on the bar next to a pack of smokes and a pint of Six Point. A glass of whiskey was in my hand. The phone buzzed, […]

    / Sep 19, 2008 at 4:00 PM
  • News

    Quasi- Unfounded Rumor Of The Day

    Nasdaq is breaking trades of certain stocks that were up huge on the open; and sending them back. Apparently too many idiots put market orders in the system to cover shorts given the new rules and we saw financials and other heavily shorted stocks rip. we must have made 20 trades that have been broken. […]

    / Sep 19, 2008 at 2:40 PM
  • News


    The recent move by the Securities and Exchange Commission to temporarily ban short selling has left a lot of people very angry, extremely confused, and demanding a logical explanation for why this fakakta plan went through. We were as shocked as you to hear it actually went down, especially after we’d sent a note to […]

    / Sep 19, 2008 at 1:37 PM
  • News

    Just Putting It Out There

    [Click to view]

    / Sep 19, 2008 at 10:18 AM
  • News

    Dow Soars 300 Points In 5 Minutes

    Look how easy this shit is when you just throw the rules away!

    / Sep 19, 2008 at 9:35 AM
  • News

    SEC: Welcome To Pakistan

    The WSJ is reporting that the SEC plans to temporarily ban short-selling, if Chris Cox– who apparently did not get yesterday’s note– doesn’t get his face ripped off first. Interestingly enough, we’ve been told that earlier this week, Steve Cohen had instructed his Tonton Macoutes to stay on the sidelines re: making money off the […]

    / Sep 18, 2008 at 8:53 PM
  • News

    Write-Offs: 09.18.08

    $$$ AIG new chief meets his employees [Dealbook] $$$ Bad Timing: The ‘Forbes 400′ List [City File] $$$ Chelsea Clinton attends Lehman Bankruptcy Hearing [Deal Journal] $$$ CVS [WallStrip]

    / Sep 18, 2008 at 6:11 PM
  • News

    People Moves

    The Wall Street Journal reports that Citi has hired Mark Shafir, former global co-head of M&A at Lehman Brothers, possibly poaching one of the “Critical 8.” And John Carney is leaving DealBreaker, to be replaced by Dick Fuld.

    / Sep 18, 2008 at 3:26 PM
  • News

    Hedge Funds Abandon Morgan Stanley’s Prime Brokerage

    Morgan Stanley’s prime brokerage has lost about ten percent of its hedge fund clients, Bloomberg is reporting . But you probably already knew that the hedgies were running for the exits.

    / Sep 18, 2008 at 12:45 PM
  • News

    Greg Boester Straw That Broke JPMorgan’s Back, Caused Bank To Stop Trading With Citadel

    Pissed off about the poaching of employees, JPMorgan has stopped trading with Citadel. Though Dimon’s employees have been fleeing to the Chi-town hedge fund for some time, the tipping point for the bank was apparently yesterday’s resignation of Greg Boester. Clearing has been left alone, but trading desks have been banned from Citadel until the […]

    / Sep 18, 2008 at 12:33 PM
  • News

    Don’t Deny It: You Could Go For A Comp’d ‘Spamalot’ Matinee Right About Now

    Obviously one of the more pressing questions for many former Lehman Brothers employees right now, second only to ‘where the fuck is Dick Fuld,’ is what their severance packages will be like. Forbes sort of answers that question by telling us those not employed by the newly formed BarcLehs will be paid “severance equal to […]

    / Sep 18, 2008 at 10:51 AM
  • politics

    Does John McCain Have Any Idea What’s Going On?

    It was a bit disturbing to hear John McCain blaming the greed of Wall Street and the lack of federal oversight for the our financial meltdown. But McCain’s performance yesterday on the Today show was truly a travesty. He attempts to voice the free-marketeer line that AIG shouldn’t be bailed out but winds up sounding […]

    / Sep 18, 2008 at 9:02 AM
  • News

    Write-Offs: 09.17.08

    $$$ I-Bankers Speak Out [IvyGate] $$$ We Pay So Much For So Little [The Icahn Report] $$$ How Magazines Led Investors Toward Ruin [Gawker] $$$ Blackstone: We’re On Top of the Stinking Pile! [Portfolio] $$$ Lehman swag [Guest of a Guest] $$$ Should the Front Page of Be Giving Us a Panic Attack? [mediabistro]

    / Sep 17, 2008 at 6:10 PM
  • News

    Capitulation From A Homeless Guy: Signs Of A Market Bottom?

    The homeless guy who hangs around the street outside of DealBreaker Global Headquarters asking for cigarettes suddenly has opinions about the global financial meltdown. As we handed him a cancer stick he decided to instruct us about how to keep our money safe. “What you gotta do is take your money out the banks and […]

    / Sep 17, 2008 at 4:56 PM
  • News

    Wu-Tang Financial

    “Nowadays we all know that cash rules everything around us. C.R.E.A.M. Get the money. Dollar, dollar bill y’all.” Don’t even try to short them. (Some of the audio is probably not safe for work but since work isn’t really safe for work these days, just go for it.)

    / Sep 17, 2008 at 11:52 AM
  • News

    Treasury Department Bails Out The Fed

    You didn’t really think that the Fed’s balance sheet wouldn’t be hurt by lending $85 billion to AIG, pouring liquidity into the markets, opening new borrowing facilities, guaranteeing Bear Stearns obligations and taking junk collateral at inflated prices, did you? And surely you didn’t really buy all that nonsense that the Fed was spending it’s […]

    / Sep 17, 2008 at 10:15 AM
  • AIG

    A Long-Expected Takeover

    We cannot say we’re shocked that the Federal Reserve and the Treasury swooped in to take over the American International Group US Department of Insurance. We began reporting that a takeover was under consideration shortly before two in the afternoon. But to say we expected this takeover is not to say we understand it. We’re […]

    / Sep 17, 2008 at 9:16 AM
  • AIG, Treasury

    Treasury Is Still Considering Conservatorship for AIG

    Bloomberg is reporting that the US is considering a conservatorship for AIG. Their story will follow. If you’re in a rush to get the news, however, you can read our version from three hours ago. UPDATE: Bloomberg’s story is now up. UPDATE: CNBC is reporting that there are doubts at Treasury about the legal authority […]

    / Sep 16, 2008 at 5:06 PM
  • News

    Jimmy Cayne’s 420

    At the very least, former Bear Stearns chief Jimmy Cayne had a sense of humor. He was accused of smoking pot at a bridge tournament while his company sailed into troubled waters. We’d heard that he was angry about this accusation but now we wonder whether he decided to have some fun with it. A […]

    / Sep 16, 2008 at 4:20 PM
  • News

    Morgan Stanley Will Pre-Announce Its Earnings And Hold An Investor Call At 5PM

    Everyone is saying it must be good news, or at least good enough to reverse the slide in Morgan Stanley shares. Update: CNBC reporting that MS beat estimates with $8 billion in revenue, $1.32 per share.

    / Sep 16, 2008 at 3:59 PM
  • News

    Barclehs To Save 9,000 Jobs

    Heidi Moore of DealJournal has the details on the Barclays acquisition announced at Lehman Brothers today. It’s being structured as an asset purchase, with Barclays taking this business but not any real estate assets or derivatives. More good news from Moore: Barclays has reached an agreement to buy the U.S. capital-markets businesses of Lehman and […]

    / Sep 16, 2008 at 3:29 PM
  • AIG

    Is The Fed Giving In?

    Bloomberg is reporting that the Federal Reserve appears to be cracking in its resolve not to bailout AIG. The Fed is considering extending a “loan package” according to a person familiar with the negotiations.

    / Sep 16, 2008 at 3:25 PM
  • News

    Overheard At Lehman Brothers

    It’s the cafeteria at Lehman. Shortly after noon on the first day in quite some time when everyone in the world isn’t obsessed with Lehman Brothers. One Lehman employee to another: “The food here kinda sucks today. Do you know if the Barclays cafeteria is any good?”

    / Sep 16, 2008 at 3:12 PM
  • Lehman

    Lehman And Barclays Announce Acquisition To Employees

    The chief executive of Barclays and the president of Lehman Brothers just announced an acquisition of a part of Lehman by Barclays, according to someone present. It was unclear exactly what Barclays was acquiring but earlier news reporters suggested it would be the broker-deal arm of Lehman. Barclays Bob Diamond and Lehman’s Bart McDade took […]

    / Sep 16, 2008 at 2:47 PM
  • News

    Fed Refuses To Bail Out Markets With A Rate Cut

    Despite market turmoil, a plunging stock market, the predictions of many investors and vocal calls for interest rate cuts from traders, the Federal Open Market Committee left its interest rate target at 2 percent this afternoon. Our favorite take on this was from MarketWatch. “Just as it had over the weekend to Lehman Bros. and […]

    / Sep 16, 2008 at 2:45 PM

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