John in-the past-we-took-comp-too-far Mack still thinks that the industry “doesn’t get it” and that the administration has been focusing too much on comp structure issues and not on size, which yes, is the only thing that matters. So the Mackster, who might be bored with his downtime and who does get it, is offering to arrange a little get-together with major banks and regulators to sort this whole thing out. “If we don’t do something, the government will do something,” he said.
Posts by Yaël Bizouati
ESL founder and Sears Chairman Eddie Lampert released his annual letter to shareholders yesterday, in which he unloaded a year’s worth of angst. First, the rating agencies. While Eddie understands that they sometimes err on the side of caution, he just doesn’t agree “with all of the critical qualitative conclusions.” Next, business leaders, regulators, public officials and journalists- they’re all the same. They “have become an echo chamber of self-support and self-congratulation, whether on TV, in print or at numerous conferences. Their words and their actions are often self-serving and they are typically regarded and reported on as if they were obvious and selfless.”
“They’re a bunch of idiots” the Whistleblower-in-Chief told New York Times magazine, demonstrating commendable restraint in not calling them “retards.” In related news, Marko’s book, No One Would Listen: A True Financial Thriller, co-written by hedge fund manager-cum-auteur David Einhorn, is hitting shelves next week. A signed copy is being sent Bernie’s way as we speak.
So the SEC voted 3-2 in favor of restricting short-selling today, at the risk of pissing off Goldman Sachs, whose head of US equity trading Paul Russo had been lobbying against the proposal for some time. However, even Mary Schapiro knows that no one can truly make a full frontal attack on GS, and mitigated the rule to take into consideration Russo’s advice, deemed to be the “least harmful”: trigger a circuit breaker any time a stock has dropped 10% in one day.
Also, “Lloyd’s done a much better job than some of the publicity [would indicate].” Corzine’s one suggestion: “speak a little less.”
In a recent interview, Pay Czar Kenneth Feinberg finally strayed from his usually scripted remarks, getting really worked up about a certain person, who he won’t name, but is among those who “really do believe they are entitled to $9 million, [which] is a problem.” But what really got to Kenny, is that this $9 million -unnamed- person had the (nuclear) balls to ask him what was up with all the bonus backlash and why people were so mad at him. “Why don’t you like me?” that anonymous “bigwig” asked him.
Feinberg also opened up about his relationship with Timmy G., to whom apparently one can’t say “no”(“You try”). Also, he’s not a fan of AIG people who are just greedy b&*@#$.
Donald Trump is dueling it up with activist investor Carl Icahn over Atlantic City’s Trump Entertainment Resorts. Specifically, the two are fighting for ownership of the property, which Trump does not currently own. Don’s argument is that the casinos “would be hurt if Icahn won because it would take the Trump name off them.”
Congratulations Alan Greenspan! The former fed chair, who people are hoping will die soon, has won the Dynamite Prize in Economics, which is basically what the Razzie Awards are to the Oscars. Greenspan was awarded the honor as the economist most responsible for blowing up the global economy.