things that escalated quickly

As those of you who’ve followed the career of Charles Gasparino know, before he became a fixture on Fox Business, CG got his start at the Tampa Tribune, followed by Bond World, followed by Bond Buyer (and Newsday, the Journal, and CNBC after that). Since Gasparino remembers his days at BB fondly, as a time of working in the trenches, honing his craft, sporting the mustache and suspenders at left, and hitting the speed bag that hung over his desk in between stories, the rumor he heard earlier today that the publication might be closing struck a chord. With a wave of nostalgia crashing over him, and knowing that the community would look to him for direction in this time of sadness, Gasparino took to Twitter to post a 140 character eulogy, writing:

sad day if true: was told @TheBondBuyer is closing. gave a lot of us our start including @JoeMysak and even once paved the way for reform

Charlie’s reminiscence quickly turned sour, however, when an editor at American Banker (owned by the same company that publishes Bond Buyer) wrote that the publication was not in fact closing, as did a fellow named Richard Melville, who works for Source Media, Bond Buyer‘s parent company, and appears to have started a Twitter account today for the sole purpose of denying Gasparino’s story. And while moment earlier, Charlie was mourning the passing of his old stomping grounds, suddenly the gloves and the top three buttons on the nice black suit he’d worn for the occasion were off:

@richmelville had the ring of being true because the last time u guys broke a story was when I was there in 94

From there, all hell broke loose, as things often tend to do when people dare to question Gasparino’s reporting: Read more »


[via DM]
*Sources familiar with the rumble, etc.

Barofsky met with Geithner in the fall of 2009 to express his concern that the Treasury Department had made TARP unpopular by not being fully forthcoming about how TARP was being used, including not forcing banks disclose how they were spending TARP funds. Geithner got dramatic, [Barofksy writes in his new book, Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street and said] ‘Neil, you think I don’t hear those criticisms? I hear them. And each one, they cut me,’ he said, pausing and then making an emphatic cutting motion with one hand as he said ‘like a knife.'” After a Geithner subordinate in the room, Herb Allison, expressed personal offense at Barofsky’s suggestion that Geithner has not been fully transparent, Barofsky responded, “I am not suggesting that the secretary has failed in transparency, I am stating it. Mr. Secretary, you’ve failed to be sufficiently transparent, and that is one of the reasons why people are so angry. But you can still fix it.” And that’s when the ticking time bomb that was Geithner erupted, telling Barofsky: ‘No one has ever made the banks disclose the type of shit that I made them disclose after the stress tests. No one! And now you’re saying that I haven’t been fucking transparent?’ Cooler heads prevailed, and the meeting went on, but Geithner never really came fully off the boil. “As we parried back and forth, Geithner repeatedly reached a pitch of anger, regaling me with detailed expletive-filled explanations that established my apparent idiocy. He would then calm himself down and give me a forced, almost demonic smile.” After the meeting was over, Barofsky and his deputy, Kevin Puvalowski, had a big laugh about it. ‘In all honesty, I think he was about to come out of his chair and beat the living shit out of you,’ Puvalowski remarked. [HuffPo]

Mentioned earlier but now with video, which is essential. Read more »

If I’m a PM at BlackRock, Wellington Management, State Street, GAMCO, Citigroup, Two Sigma, or AQR, all of which own a significant number of shares in the restaurant chain, my takeaways are: 1. Crowded as hell, that’s good 2. Patrons are not strictly meth addicts, that’s good 3. Professional conflict mitigation services available on-site (check out how calm, cool and collected the waiter who breaks things up is), that’s good 4. Apparently the cost-cutting through syrup sparsity program is being effectively implemented. So the answer would be hell yes. Read more »

NO NO NO A CFA IS BETTER! (Throws chair.) Read more »