cows

The liquidators want $1 billion for investors and the name of the rating agencies’ dealer for a friend. Read more »

And the winner of dinner at Peter Luger plus a limited edition Dealbreaker banker bag, sure to make you the envy of your colleagues, family, friends, and foes is: Read more »

  • 08 Apr 2013 at 6:23 PM

Dealbreaker NCAA Tournament Challenge: A Final Update

All of you went to sleep last night dreaming about what it would be like to walk around with a Dealbreaker banker bag slung across your shoulder; how people would start looking at you differently; how your life would change. And only a few of you are actually in a position to potentially see that dream realized. Read more »

And you don’t want that on your conscience. Read more »

As Dealbreaker historians will recall, 2011 marked our first DB NCAA Tournament Challenge,  inspired by a financial services hack who made the public announcement that he planned to (anonymously) report any colleagues he caught filling out brackets and keeping tabs on their picks during business hours. At the time, we encouraged you all to enter as many pools as were available, making it impossible for him to keep up with the amount of people and their offenses he needed to rat out, and created one to do our part. Is this guy still on the loose? He very well might be but regardless: never forget. To that end, sign up for the Third Annual Dealbreaker NCAA Tournament Challenge today. If you need reason beyond being able to say you won the DBNCAATC, first place will receive dinner for him/herself plus some colleagues and/friends at Peter Luger* and the must-have item of the season, a blue and green Dealbreaker banker bag. Read more »

Rumors began to circulate late last year that Jefferies could be acquired by a large bank, something that would surely result in layoffs. “When banks buy other banks, people lose their jobs,” said Richard Lipstein, managing director at executive search firm Gilbert Tweed Associates. “If you look at a sale of an investment bank, this is as close to perfect as it gets.” Leucadia, often compared to Berkshire Hathaway for its diverse set of holdings, already owns a 28% stake in Jefferies, meaning it intimately knows the firm and its culture, and believes in its direction, Lipstein said…As for layoffs, “there likely won’t be any,” said one headhunter who works with Jefferies and requested anonymity. “Now they’ll have a stronger balance sheet, and the ability to pick up slack where other firms have left off,” said the recruiter. [eF, earlier]

Choice number one: everyone starts earning more money for the bank, following an exhilarating pep rally run by Corbat in the cafeteria involving senior executives shooting Citi swag into the crowd out of tee-shirt guns, cheerleaders, and a Spartacus Workout demo with before/after shots of MC, meant to inspire people and show them what they’re capable of if they really put their minds to something. Choice number two: Bank of America-style layoffs. Read more »

  • 19 Apr 2012 at 3:53 PM

Quis Custodiet Ipsos Egan-Joneses?

Let’s not stop there with the clichés.* Here’s a great one: “never attribute to malice that which can be adequately explained by stupidity.” In applied form: your model of all the AAA mortgage CDOs that were maybe not so AAA could be “ratings agencies were paid by banks so they were venal and corrupt and sold the banks good ratings on products they knew were bad.” Or it could be “ratings agencies created medium-dumb criteria to make a thing be AAA, and bankers who were smarter than medium-dumb arbed those criteria to make more things be AAA than should have been AAA.” The incentives model has good economic theory behind it, and some suggestive evidence; the stupidity model has that lovely cliché but also some evidence, about which more later.

But first hilarious contrarian ratings agency Egan-Jones is in trouble: Read more »