• 03 Nov 2009 at 8:48 AM
  • recession

Phillies Win, Threaten To Undermine The Recovery

phils.jpgPHILADELPHIA–The New York Yankees failed to end the World Series last night with a victory over the Philadelphia Phillies. For the superstitious among you, especially the Yankee fans, there’s an extraordinarily stupid “study” that says you should be extra fearful of a Phillies comeback in the series.
Since 1930, when the Yankees have taken home the Commissioner’s Trophy, the U.S. gross domestic product has grown an average of 5% in the following year. On those exceedingly rare occasions that the Phillies are the last team standing, things don’t go so well: In 1981, a year after the Phils’ first-ever championship after 97 years of futility, the economy grew a paltry 2.9% amidst sky-high interest rates and 7.5% unemployment. This year, the reigning champs have presided over what seems likely to be negative economic growth.
Here’s still more reason to root for the Bronx Bombers: The only other time these two teams have met in the Fall Classic, in 1950, the Yanks swept the Phils, leading to a prosperous 7.7% increase in GDP in 1951.

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A few weeks after it was revealed that Bear Stearns would be acquired by JP Morgan Chase, the Wall Street Journal’s Kelly Evans reported on the unwritten fate of Bear Stearns champion lacrosse team.
“Among the remaining questions hanging over Bear Stearns Cos. is this: What happens to its lacrosse team?” Evans wrote. “Bear Stearns players are trying to keep the team together even though the firm.”
Last year the Bear Stearns team defeated rival Lehman Brothers in triple overtime. It followed this with an upset victory over Credit Suisse to the inaugural Gotham Lacrosse tournament for the Wall Street league. Now Bear Stearns has been extinguished in the world of finance, while Lehman Brothers faces challenges that have forced it to go an extraordinary fund raising spree.
The first pages of the post-acquisition fate of the Bear Stearns team will be written tomorrow. For more details, follow the jump.

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Bond Trader Tapped To Coach Oregon State Basketball

Craig Robinson has gone from trading bonds for Morgan Stanley to coaching basketball at Oregon State, widely considered to be one of the toughest jobs in college basketball. The job was offered to at least three other top coaches before Robinson finally agreed to leave his spot as head coach at Brown.
Robinson graduated from Princeton, where he was a basketball star, and got an MBA in finance from the business school at the University of Chicago. After a stint at playing professional basketball in Europe, Robinson was a bond trader at Continental Bank, Morgan Stanley Dean Whitter and Loop Capital Markets, a minority owned investment banking firm.
Turning around Oregon State’s team will be a challenge for Robinson, perhaps harder than a bond trader trying to dig his way out of a portfolio heavily invested in adjustable-rate mortgages. Robinson, however, comes from a family with grand ambitions. His brother-in-law is Barack Obama.

The Unlikely Candidate

  • 02 Jun 2008 at 8:45 AM
  • Sports

The Best Basketball Team On Wall Street

Former Yale basketball captain Josh Greenberg tapped former teammates and fellow Merrill Lynch analysts to build the city’s top white-collar basketball team, New York Magazine reports. Last week, the team won its fourth championship in the New York Corporate League. A team of Madison Square Garden employees went down to the Wall Street ballers 73-58 on the floor of Madison Square Garden.
Here’s the scorecard for that game.

  • 15 May 2008 at 2:39 PM
  • Sports

Keep Moving The Chains!

Tim Brown.jpgAs regular readers know, we’re big fans of celebrity stock picking. This afternoon’s little spark of sunshine comes from the news that former Raider and Heisman Trophy winner, Tim Brown, will have a stock-picking column on at True to form, he is picking stocks like a slightly addled sportscaster, highly impressed by a team that he thinks sounds confident going into the game. He even has a catch phrase: “Keep moving the chains!”
Booya, Tim. After the jump, we reveal Tim’s first pick.

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  • 07 Feb 2008 at 12:58 PM
  • Sports

“There Is A Lot Of Money To Be Made In These Sports”

We’re generally amused by the efforts of Fox Business to package anything and everything as a business story (“The Britney Economy!” “The Business of Blow Jobs! More Time Effective Than Using Your Hand = Bigger Profits For You!” and so on and so forth). Like, we laugh at the clips and want to shake these idiots. But today, for the very first time, after watching a segment on Rock-Paper-Scissors, and other “non-traditional” sports like pillow fighting, all I want to do is give someone at that network a hug, for RPS is my all-time favorite game/activity/pastime. I don’t even care that the anchor refers to it as a couch potato sport, though I would point out that FBN probably shouldn’t knock couch potato sports, since that is the only reason the 6,300-odd people tune in to the network. Kind of the business news equivalent of watching Nascar for the car wrecks, except they happen all the time here.

Eph you, purple cow. We always liked Trish better, anyway. (Nice use of the Fox tagline, though.)
College Gameday Goes DIII []

lookatthispictureandtryandtellmeyoudon'ttakemeseriously.jpgThank god, the money managers have weighed in and decided: A-Rod was entirely justified in opting out of the final three seasons of his contract with the Yankees. According to Daniel Alpert, a partner at Westwood Capital, a boutique investment bank in New York that specializes in mortgage and related securities, “there’s nothing cold blooded about it.” And what’s Balestra Capital founder James L. Melcher’s take on the situation? “Not only do I have no problem with it, I’m cheering him.”
Can you imagine what would happen if these guys didn’t stick together? When you’re trying to rip people off, the moral support of your peers really counts for a lot. (Investors in) Absolute Capital know what we’re talking about.
Rodriguez Not Greedy by Standard of Wall St. [NYT]