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  • 17 Oct 2014 at 3:54 PM

All JP Morgan Wants Is One Billion Dollars

Screen Shot 2014-10-17 at 3.52.13 PMFact: JP Morgan is interested in moving its headquarters from 270 Park Avenue to a yet-to-be constructed “corporate campus” on the west side of Manhattan. Fact: Real estate developers like the idea of this place, which would cost approximately $6.5 billion to build. Rub: JP Morgan needs the city to entice it to head West, and not that you can put a price on these things but $1 billion would probably be enough to get Jamie and Co. to put their hard hats on. Read more »

  • 17 Oct 2014 at 2:58 PM

So This Is Still Happening

gasparino gross

Earlier: Fox Business Senior Boombox Correspondent Infiltrates Pimco Trading Floor

Bonus Watch ’14: Goldman Sachs

Thanks, guys.The Little Lloyds won’t be getting as much of that extra 25% in revenue the bank earned last quarter, but they’ll do alright. Read more »

You're an embarrassment to the Icahn name.Carl Icahn lost $200 million yesterday on Netflix, one of those newfangled technology stocks that his son is always pushing him to invest in. Now, Carl’s not happy about, but since he already made a 457% return when he unloaded half of his shares in the company last year, he’s not calling Brett in for a spanking. A “not so fast,” an “I told you so” and a “still not quite as sharp as the old man” might, however, be in order. Read more »

Write-Offs: 10.16.14

$$$ Goldman Sachs Posts Stronger Results [WSJ]

$$$ Volckerized Wall Street Dumping Bonds With Rest of Herd [Bloomberg]

$$$ Hedge-Fund Guys at the Silicon Valley Gate [BloombergView]

$$$ Short seller Carson Block mulls starting hedge fund management firm [Reuters]

$$$ Drunk College Student Broke Into Home Dressed As Zombie Santa: Cops [HP] Read more »

Click Here

Remember Washington Mutual? Cute little retail bank? Kind of the anti-Chase: Lots of bright colors, no bullet-proof glass, endearingly quirky ads, free smiles? Went under a few years back and was swallowed by Chase, which gleefully ripped out all of those colors and all of that quirkiness? Well, people are still fighting over it, specifically over whether its board and leadership were being distinctly unfriendly to its shareholders when they pumped $500 million into the bank. Read more »

Government auditors are investigating exclusive contracts held by Bank of America Corp. and JPMorgan Chase & Co. to provide financial services inside federal prisons…Bank of America has been paid at least $76.3 million by Treasury to manage inmates’ accounts, money transfers, email service and other technology inside the 121 facilities managed by the Federal Bureau of Prisons. The contract has been amended 22 times since it was awarded without competitive bidding in 2000. The accounts hold the money inmates earn from prison jobs paying as little as 12 cents an hour and supplemental funds sent by family and friends. Inmates use the money for clothing, phone calls, food and other expenses. Treasury says the payments to Bank of America were reimbursed by the Department of Justice, the Bureau of Prisons’ parent agency. JPMorgan issues debit cards to inmates when they are released that contain the balance remaining in their prison accounts. JPMorgan’s original contract was awarded in 1998 and amended at least 14 times. It was re-upped in 2008 and amended at least four times since then. [Center For Public Integrity]

Commodity Hedge Fund Manager Will Get It Right Next Time

There are at least two oil-trading hedge-fund managers named Hall. Andy Hall of Phibro fame has run into some trouble in recent years, but he’s still got a couple decades of success and that magical 2008, when Citi had to pay him $100 million while simultaneously going cap in hand to the Treasury Department, which did not sit well with some people but sat very well with Andy Hall, to hang his hat on.

Then there’s Tony Hall. A Credit Suisse-Glencore and Deutsche Bank veteran, he ran a commodity hedge fund at Duet Asset Management for two whole years, the last 10 months of which did not go well. He and his partner, Arno Pilz, then took a few months to hammer out how to run a hedge fund that didn’t fail in two years, and they succeeded, strictly speaking: Hall Commodities is closing its doors after just 21 months, the last of which looked a whole lot like those last 10 months at Duet. Read more »