Yesterday afternoon, the organizers of Occupy Wall Street announced that they’d be marching uptown to “deliver 6,000 letters from the 99% to the 1%.” The letters would be dropped off at Bank of America, Morgan Stanley, Wells FArgo, Citigroup and JPMorgan. There was also promise of a “singing telegram for Vikram Pandit, led by a choir and marching band,” and while there’s been no word on the musical interlude so far, letters were indeed sent. Here’s a sampling of the messages left on Park Ave: Read more »
Yes, it’s part of the Occupy Wall Street protest but still- his own personal marching band and choir! If I’m Vikram, I’m pretty psyched about this, especially considering all Brian Moynihan is getting are a bunch of paper airplanes. Read more »
Several weeks back, bond manager Bill Gross wrote a very personal letter to investors about feeling fat. In it, he spoke of hating his “spare tire,” feeling self-conscious about wearing a bathing suit, and preferring to be shot dead than getting a glimpse of what his ass has become. Today, Bill sent out another letter, entitled “Mea Culpa,” in which he apologized to PIMCO investors for the poor performance of the firm’s Total Return Fund (which through Wednesday was up a mere 1.1 percent versus the 5.7 percent benchmark). And yet perhaps it is the investors who should be apologizing to Mr. Bill? Read more »
After a good first half, Citadel is getting so close to its high-water mark that Ken Griffin is starting to reminisce about the good old days when he used to earn performance fees. That in turn reminds him of what else he was up to back in those care-free pre-crash times, like sinking $2.5 billion into an online brokerage saddled with a disastrous mortgage lending operation in November 2007.
And so today he decided to catch up with E*Trade Financial, where he’s the largest shareholder after leading a rescue in 2007. But what started as a nice note to the CEO quickly turned ugly.
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According to the 3,000 word email written by the ex-customer, RIM can kiss his $120/month good-bye. Read more »
Not really enough to get upset or even mildly perturbed over, though in a letter to investors today re: the Chinese company, Paulson did note that “as the largest investors in the Paulson Advantage strategy,” the disappointment in the lack of trees is shared by the Paulson partners. Read more »