Forget the bruising defensive linemen and the stellar quarterback play. Brooklyn’s Jennifer Pernice thinks her lucky garden gnome — clad in a blue Giants jersey — has been the key to the team’s stunning late-season run. “He’s looking over Eli’s shoulder. It just brings them good-luck vibes,” she said. “Since he came into my life, the Giants have been doing pretty good,” said Pernice, 30, who works at Morgan Stanley. The figurine, which is no taller than a football, was a Christmas gift from her sister Lauren. The Giants have been a flawless 4-0 since. Pernice can be seen every Sunday cradling the gnome she calls Ganomio at the Salty Dog Bar in Brooklyn, hoisting him up to the TV during crucial plays…“I take it very seriously. Nobody is allowed to touch him,” said Jennifer Pernice, who wears her white Hakeem Nicks jersey while her sister sports an Ahmad Bradshaw shirt each week. With the big game approaching, Jennifer Pernice says the New England Patriots might have to game-plan for the Giants’ quirkiest 12th man. “This little guy,” she said, “is giving Tom Brady the evil eye.” [NYDN]
I really hope that Facebook is just faking us all out with this whole “we’re IPO’ing on Wednesday” thing that they haven’t said, in part because I have yet to park $100k of the Dealbreaker slush fund/Bloomberg budget in Facebook shares on SharesPost. But just in case they actually do something next week let’s analyze the hell out of everything so we can be proven wrong by the filings. Okay? Okay.
One thing to over-analyze is that presumptive lead-left bookrunner Morgan Stanley’s shares did or did not go up on the news that Facebook will or will not file next week and MS will or will not be the lead bookrunner. One reason for the market to shrug off this quasi-news is that Morgan Stanley won’t actually make any money on the deal since Faceook is planning to punch everyone in the face on fees: Read more »
How Is The Whole “Don’t Risk All Your Money Trading For Your Own Account” Thing Working Out For US Investment Banks?By Matt Levine
All the big banks have reported earnings so let’s take a little stock of things, shall we? A thing I did midyear was look at the ratio of trading net revenues to VaR for GS and MS, to prove that MS was winning the trading or something. Let’s expand that a bit. The result is, I think, an interesting chart:
The interpretation you could put on this is “this is how much money GS/MS/JPM/BAC made on an average trading day for every dollar of capital that they said they had at risk on that day.” Technically, this is is a graph, quarterly from 1Q2006, of [Trading Net Revenue / (Average Daily VaR * Trading Days in Quarter)], for four banks. Go read caveats here.*
This is obviously a toy chart, and too aggregated/undersampled to tell you all you might want to know, but still kind of fun. Read more »
The good news: the waiting– which is the hardest part!– is over. The bad news: this year’s bonuses. Read more »
The bad news: if all goes according to plan, bonus numbers, which will be communicated over the next couple weeks, will have you weeping unconsolably at your desk, shrieking “No! Get away from me!” at worried colleagues approaching to offer comfort. The good news: assuming you don’t get fired for wiping said tears on Gary Cohn’s pant leg when he comes by for a chat, there’s nowhere to go from here but up. Read more »
So Europe’s all better now, or something. The banks are anyway. They have had the money flung at them, in the form of the European Central Bank advancing them tons of medium-term funding at attractive rates and with pretty chill collateral requirements, and now they just have to sit back and be awesome.
Since they’re now all flush and awesome, various people have come out of the woodwork to help them spend their money. (I’m happy to help too! Call me!) One possible answer is “bail out your reprobate governments,” which FT Alphaville have dubbed the “Sarko trade” after a guy who said this:
French President Nicolas Sarkozy said the ECB’s increased provision of funds meant governments in countries like Italy and Spain could look to their countries’ banks to buy their bonds. “This means that each state can turn to its banks, which will have liquidity at their disposal,” Sarkozy told reporters at the summit in Brussels.
Alphaville point to a equity research note by Morgan Stanley, who estimate that the size here is maybe less than Sarkozy hoped for but much, much more than zero. You can have various views on the desirability and/or plausibility of this.
Another thing the banks could do is take all these gobs of money and actually go lend it to people to, like, buy Portuguese villas and stuff. This seems very broadly speaking like a good thing for them to do, since banks lending to people and businesses is sort of their job. One guy likes this idea: Read more »
The House of Gorman is planning to free up some desk space next year. Read more »
John Mack Can Have His Artisanal Pigs-In-A-Blanket Sans Flak When Morgan Stanley’s Stock Price Hits Triple DigitsBy Bess Levin
…it was an after-party for Mack that now has both current and future Morgan Stanley executives fuming. That party, according to people who were invited, took place at the swanky Temple of Dendur in the Metropolitan Museum of Art in Manhattan. The Temple features ancient Egyptian art and artifacts, where people with big bucks can sip wine and munch on expensive hors d’oeuvres as if they were hanging with Cleopatra…But what has some Morgan executives, both past and present, angered is the cost for the Temple bash and that Morgan appears to have picked up the tab, according to people close to the firm. To be sure, the price of renting a room at the Temple isn’t cheap. Corporations that become “patrons” of the Met pay an up-front fee of $60,000, which allows them to rent the Temple once a year and then pay an additional $38,000 to hold a two-hour reception. “Take a look at the stock price and tell me why they should be spending company money on this crap,” one former senior executive told FOX Business. [FBN]