anniversaries

  • 05 Dec 2012 at 4:26 PM

Jeffrey Gundlach Had A Little Party Last Night

December 7, 1941. November 22, 1963. December 4, 2009. All dates of such historical and cultural significance that if you asked someone where they were that day, they’d surely be able to tell you. Because they weren’t just any old days; they were moments when everything changed. The bombing of Pearl Harbor; the assassination of JFK; and, perhaps most importantly, the firing of Jeffrey Gundlach from the TWC Group, which had taken issue with his decision to start his own firm, and choose to express that anger by first escorting him out of the building and second raiding his offices, where they found an amount of adult films and sexual devices that suggested Gundlach was operating an online wholesale sex shop distributor and keeping the inventory at work. TCW also sued its former employee and at the time, rather than roll over and take it which is something he would never do, Gundlach vowed to fight back and clear up the misconception that TCW was the victim in the situation. On the contrary, JG told people, the real victim was US taxpayers who were “promised” Gundlach’s services and had to settled for a subpar bond manager when his relationship with the firm was terminated. Gundlach ultimately emerged victorious* and perhaps even more satisfying to The Pope was the number of TCW employees and clients who followed him en masse to his new company, the aptly named DoubleLine Capital. We’re not sure how you celebrated last night’s hugely significant anniversary, but we do know how Gundlach did: Read more »

  • 26 Jun 2012 at 3:34 PM

UBS Not Done Showering People With Gifts

Yesterday afternoon we noted that in commemoration of its 150th anniversary, UBS had given out special edition watches to all of its employees. We’re not sure where the bank came up with the money to do so but it was a nice gesture nevertheless. Now we’ve been informed that free boat rides are also for the taking, assuming you can answer some simple geography questions correctly and reside in Switzerland, a condition we were unaware of until after scoring 100 percent without consulting any guides.

  • 13 Feb 2012 at 4:07 PM

Happy Volcker Day!

I guess this is a thing? Today is the last day to submit comments on the Volcker Rule so hurry!* No less than Paul Volcker himself was roused from 25 years of slumber to submit his own comment, and while he was up he laid a gleeful smackdown on European governments. You may recall that some clients had some concerns about the Volcker Rule reducing liquidity, with some of those concerns being less sympathetic than others, and foreign sovereigns were among the noisiest complainers. Volcker is having exactly none of it:

There is a certain irony in what I read. In Europe, there are plans to introduce a financial transaction tax, justified in part by officials because it puts “sand in the wheels” of overly liquid, speculation-prone securities markets. … How often have we heard complaints by European governments about speculative trading in their securities, particularly when markets are under pressure?

So, ha, fair. There are other comments ranging from sort of what you’d expect from a guy calling himself Anonymous (“When are you people going to do what is right by your country? You destroy everything thousands of people fought and died for? How dare you counterfeit money for thieves, but NOT for suffering AMERICANS, Oh and for your WARS for PROFIT, prisons for PROFIT when we live in a FREE society??” etc.) to sort of what you’d expect from people calling themselves the Securities Industry and Financial Markets Association, the American Bankers Association, the Financial Services Roundtable and the Clearing House Association (this one is 173 pages long and takes no explicit view on counterfeiting money for thieves though I’m going to guess they’re okay with it). Read more »

  • 12 Mar 2010 at 4:15 PM

Is That All There Is? A Green Shoots Retrospective

I remember when I was a very little girl, our house caught on fire.
I’ll never forget the look on my father’s face as he gathered me up
in his arms and raced through the burning building out to the pavement.
I stood there shivering in my pajamas and watched the whole world go up in flames.
And when it was all over I said to myself, “Is that all there is to a fire?”

March 15, 2010, marks the anniversary of a special day. Can you guess what it is? Ides of March? Yes, but no. St. Patrick’s Day? Too soon. Give up? It’s National Green Shoots Day. That’s right, March 15th marks one year to the day 60 Minutes broadcast Fed Chairman Ben Bernanke softly cooing in the ear of the market. It’s been all clover and honey since then, as we all know. Unemployment up? Who cares! GDP down? Bah! CPI negative? Not to worry. Your house? Fuhgeddaboudit! Your meager, all-stock bonus? So sorry! (But that’s another story.)

You may be asking, is that all there is to a recovery? Of course not. Goldman Sachs has booked a unit every other day since then, banks in general are feeling much, much better, the threat of financial reform recedes in the rearview mirror, and the federal funds rate will remain exceptionally low for an extended period, thank you very much! Read more »