• 18 Oct 2011 at 1:40 PM

Bank Of America Silences Mike Mayo

Is someone afraid of the Mayo Jar? Read more »

  • 20 Sep 2011 at 4:31 PM
  • Layoffs

Layoffs Watch ’11: Bank Of America Actually Cutting 30,013

Earlier this month, Bank of America announced that it’d be laying off 30,000 employees, as part of a program designed to help the firm make/not lose money called Project New BAC. It’s not that Brian Moynihan et al wanted to let these people go, but thanks to decisions by his predecessors including but not limited to funding Ken Lewis’s Boone’s of the Month Club and paying $4.1 billion to find out what it feels like to be violated by Angelo Mozilo, it’d become more than a little necessary. Lest there be any confusion, the 13 members of BAC’s industrials group who were axed this afternoon did not fall under the “because we have to” but rather the “because we feel like it” category on Bri-Moy’s master spreadsheet. Sayeth Bloomberg: Read more »

Apparently the Appalossa chief has “completely eliminated his 17 million shares position” in BAC, as well as his entire Wells Fargo stake. He does still own Citi but Count Vikula appears to be on this ice (the position has been “sharply reduced”). [CNBC, earlier]

  • 30 Mar 2011 at 2:59 PM

Bonus Watch ’10: Bank of America Chief Exec

Second year CEO comp down 70 percent. Read more »

As you know, there are two types of financial services organizations- those that emerged from the financial crisis as winners (John Paulson comes to mind) and those that did not (a category that would include firms like Lehman Brothers, if you want to get really judgey). Where did Credit Suisse fall? JPMorgan has some thoughts. Read more »

Goldman Sachs investor Jim Clark was particularly irked by the disclosures surrounding Abacus. He had met with Paulson and Co founder John Paulson in August 2006 and been impressed by the manager’s plans to bet against the subprime-mortgage market. His Goldman brokers talked him out of investing with Paulson, describing him as a bit player, Clark says. Paulson generated a 590 percent return in his flagship credit fund in 2007 “When it came out that Paulson had the biggest payday in history, I got angry,” Clark says. [Bloomberg]

  • 12 Nov 2010 at 10:49 AM

Nassim Taleb: Ben Bernanke Doesn’t Understand Risk

“Did Ben Bernanke see the crisis?” Nassim Taleb asked on Bloomberg TV today. “No,” Taleb answered himself, “He was flying the plane and he crashed the plane…[Bernanke] reminds me of the LTCM people. They had brilliant people with great academic records and they blew up the fund and almost blew up Wall Street…Bernanke is someone who talks about returns without talking about risk. It’s identical to a pilot who is talking about speed — not talking about safety. The measures he is using, this quantitative easing, may work but should it fail the risks are humongous.” Read more »

  • 21 Oct 2010 at 2:55 PM

Bloomberg TV Burns Austan Goolsbee With His Own Tools

Remember when Council of Economic Advisers chairman Austan Goolsbee explained the Bush tax cuts debate on a whiteboard? Bloomberg does. The normally staid, restrained, non-confrontational network brought it up today in a segment that one might rate “3 trombones” on the “how many sad trombones for Goolsbee does this rate” scale. Read more »