Write-Offs: 05.20.10

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$$$We are DONE FOR THE FORESEEABLE FUTURE INVESTING IN LARGE, COMPLICATED FINANCIAL INSTITUTIONS." [FTAlphaville]

$$$ When public rage mounted over Wall Street executives' post-bailout bonuses, Obama became impatient with the defense that the payments were necessary to hold key people in place. "Obama later told a friend that the angriest he got as president in his first year was when he heard [CEO Lloyd] Blankfein" justify his compensation by saying "that Goldman [Sachs] was never in danger of collapse. That was flatly untrue," Obama said. [LA Times]

$$$There will be a mini exodus out of RBS in June,” predicts David Reynolds at search firm Scott Reynolds Partners. [eF]

$$$ Hugh Hendry's Eclectica Fund Sees Hyperinflation Via Deflationary Event; Constructs Asian Bear Portfolio [MF]

$$$Wall Street Overhaul Measure Moves Forward as Senate Votes to Limit Debate [Bloomberg]

$$$ "No matter how we slice all the chart data, there's no reason for anyone to have any exposure to the long side of the stock market here," said Walter Zimmerman, chief technical analyst at United-ICAP. "We have a serious unfolding debt crisis in Europe that very much looks capable of heading to a wave of sovereign-debt defaults." [WSJ]

$$$ El-Erian Says S&P 500 Plunge May Worsen as Europe Crisis Threatens Growth [Bloomberg]

$$$ Naked Politics Are Wall Street's Number One Enemy [Deal Journal]

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