This and other conclusions were reached by a not-so-top-secret report commissioned by his successor at the New York Fed. Other conclusions: the regulator could stand to start speaking up, having useful ideas, not being afraid of Goldman Sachs. Read more »

  • 29 Sep 2014 at 4:38 PM

David Einhorn Just Came Into Some Bagel Money

The Einstein Noah Restaurant Group, whose bagel shops include Einstein Brothers Bagels, Noah’s New York Bagels and Manhattan Bagel, said on Monday that it would sell itself to JAB Holding Company, a German conglomerate formerly called Joh. A. Benckiser, for about $374 million. The price of $20.25 a share in cash represents a 47 percent premium over Einstein Noah’s 30-day average trading price, the company said…David Einhorn, whose hedge fund is Einstein Noah’s largest shareholder, with a stake above 35 percent, said he supported the sale to JAB. He called the deal a “win-win for all parties.” “For more than a decade, we have worked closely with the Einstein Noah Restaurant Group to execute a turnaround plan, reducing debt and expanding its store footprint,” Mr. Einhorn said in a statement. “J.A.B. is an experienced firm that will lead Einstein Noah Restaurant Group into its next phase of growth.” [Dealbook]

  • 29 Sep 2014 at 4:23 PM

Firing/Clawback Watch ’14: Lloyds

The British bank has told 8 employees to turn in their ID badges and cough up their bonuses. Read more »

Charlie Gasparino, live from the DJ booth: Read more »

According to the Wall Street Journal Pimco investors have pulled $10 billion since Friday, when it was announced that founder Bill Gross was taking his bonds and leaving. Is this development cause for concern over in Newport Beach? No, says Pimco management, and for three reasons:

1. Most people aren’t going to follow ole whatshisface out to Denver.
2. They’ve got the liquidity to handle however many billions in redemptions the firm ultimately sees.
3. Everyone knew this was going to happen initially, and not because Bill Gross is some great investor but because there are always outflows after any quasi senior employee leaves. Bill Gross isn’t special. Twenty-seven year-old VPs cause outflows.

Read more »

  • 26 Sep 2014 at 5:24 PM

Write-Offs: 09.26.14

$$$ Wall Street is about to be rocked by secretly recorded audio tapes that purport to show a too-cozy relationship between the New York Federal Reserve Bank and the financial institutions it is supposed to regulate. The 45 hours of tapes, made by Carmen Segarra, a former NY Fed worker, capture former co-workers, whose job was to keep banks like Goldman Sachs in line, instead deferring to the banks, being unwilling to take action and being extremely passive, according to NPR’s “This American Life,” and ProPublica which obtained the tapes and is scheduled to air a program about the matter Friday night. [NYP]

$$$ Pimco’s Ivascyn on Shortlist to Succeed Gross; Has Beaten 99% of Peers Over Past 3 Years [Bloomberg]

$$$ Gundlach said: “I am CEO of the firm. We talked about working together, but I was never going to be the ‘co-guy.’ I am CEO. That was never going to happen.” [Reuters]

$$$ According to Gross’s wife, Sue, who was reached by phone this morning, Gross is “very excited” about his new job. He is currently in Colorado at Janus’s offices. “It’s been a really rough year,” Sue said. “The whole year is a blur.” [BusinessWeek]

$$$ Mr. Gross’s behavior grew increasingly erratic in the wake of Mr. El-Erian’s departure, according to people familiar with the matter. Several months ago, the Pimco executive committee issued a warning to Mr. Gross that he needed to change his behavior, the people said. Mr. Gross’s behavior didn’t change, these people said, as he yelled repeatedly at members of the committee and others. [WSJ]

$$$ Meet your friendly neighborhood billionaire. He’s a 63-year-old married guy. He’s got just over $3 billion in the bank, including $600 million in cash. He made his own money on Wall Street. He went to Penn. He loves sports. That basic composite comes from Wealth-X and UBS’s new “census” of the world’s 2,325 billionaires, giving a rare view into how the 0.00003 percent lives. And they live very, very well. [NYM]

$$$ Shia LaBeouf Ran a “Metamarathon” Around a Dutch Museum for Art [Gawker] Read more »

  • 26 Sep 2014 at 3:57 PM

S&P Can Read Tim Geithner’s Super-Secret Diary

So that’s nice for them. Read more »