Write-Offs: 09.22.08

Publish date:

$$$Fed Loosens Rules for Control of Bank Holding Companies [Dealbook]
$$$ Deals: As Merrill Goes, So Goes the Week
In our M&A roundup for the period ended Sept. 21, the Bull's sale to B of A shows up, but not AIG's arrangement with the Fed. [CFO.com]
$$$ For her 50th birthday, Annette Pucci, a New York retail manager, planned to treat herself to a facelift by cashing in $15,000 in stocks. But after consulting with her husband, a manger with Consolidated Edison Inc., she realized their stock portfolio had taken such a hit that it was out of the question.
"It was a very big disappointment," Ms. Pucci said. Her consolation: a $1,200 Botox treatment she had this week instead. [WSJ]
$$$ "At least we saved Goldman."-- Ben Bernanke [NewsGroper]
$$$Ladhe exiting at top of its game. [FT]
$$$ "Sallie Krawcheck is leaving Citigroup (C). The exit of Krawcheck, chairman and CEO of the bank's global wealth management unit, stems from disagreements with Citi CEO Vikram Pandit and a decision, made by him last week, to shrink her responsibilities inside the company.
Sources close to Krawcheck and Citi say that the tension revolves mainly around the amount of money that Citi owes clients who invested in hedge funds and auction-rate securities that turned out to be toxic investments. Krawcheck argued in favor of Citi's responsibility to pay clients back, in effect, for defective investments distributed by her brokers and bankers. Citi's multi-billion-dollar auction-rate securities settlement, announced in August, caused a rift in her relationship with Pandit, who according to one source preferred to take a tougher line with clients. The settlement requires Citi to return to individual investors, small businesses and charities all $7.5 billion of the money they lost on auction-rate securities purchased from the firm." [Fortune]
$$$The New Goldman Sachs [Gawker]
$$$ "If you get rid of the bonus, then there's basically no point." [NYT]