Argentina is lacking in many things: Sufficient reserves to pay its bills, for one. International goodwill, for another. The patience of a certain very important federal judge. Goals in the World Cup.
But Argentina is also a very rich country: Rich in beef, in the fruit of the vine, in natural resources, and, perhaps above all, in unique recalcitrance vis-à-vis hedge funds it owes money. Well, in a last-ditch and almost certainly too-late bid to avert a default that it says is not a default, Argentina has parted with some of that precious recalcitrance, at last deigning to have its people chat with Paul Singer’s people about getting out of this mess with other peoples’ money and rights. Read more »
…the question is, why didn’t your firm have the foresight to gather everyone round to shoot a live-action holiday card that includes: the aforementioned talking camel, a middle-aged white guy pulling a Miley Cyrus, young men dressed as unicorns, a guy attempting to twerk, an elf humping air, a guy wheelbarrowing a zebra, and more twerking? Next year, do better. (We’re looking at you, Blackstone, KKR, Goldman Sachs, Citadel, Icahn Enterprises,1 and SAC.2) Read more »
Been thinking about TP’ing your CEO’s house? Or placing a massive trade that, let’s be honest, probably won’t work out and will ultimately cost the firm billions? Or taking the keys to your boss’s vintage Ferrari and driving some colleagues uptown for a joy ride, and when confronted about, claim you thought the office had a “what’s mine is yours” policy? Or dressing up as his wife for Halloween? Thanks to a new compensation plan being considered by London bank, now you can? Read more »
Actual question to ask yourself now, so you’ll have an answer ready should the offer make its way to the table: “If your company offered you a pay raise to tattoo its logo on your body, would you do it?” [CBS via Gawker]
In the face of “constant hostility”—including lawsuits and a general lack of interest in promoting the industry—banks ought to leave New York and head for friendlier terrain, analyst Dick Bove said. In a note released a day after New York Attorney General Eric Schneiderman announced a lawsuit against JPMorgan Chase, Bove said it’s time for banks to head to states where they won’t face such an unwelcoming environment…Bove does not address the merits of New York’s case against JPMorgan, the largest bank by desposits in the U.S. But he said the general tenor towards banks in the state make it no longer feasible to operate there. “I am constantly struck by the fact that Michigan does not sue the auto industry; Texas is not suing the oil industry; California is not suing the entertainment industry; and Florida is not suing the tourism industry,” Bove wrote. “They do not sue farmers in Iowa. New York never stops suing the financial industry. Why? What do these other states understand that New York does not?” [CNBC]