Write-Offs: 08.08.11

Author:: Dealbreaker
Updated:: Jan 14, 2019
Original:: Aug 8, 2011

$$$US Senate Banking Committee Looking Into S&P Downgrade of US Credit Rating (Reuters)

$$$S&P 500 Extends Worst Slump Since 2008 Bear Market (Bloomberg)

$$$ Noting public concerns about the economy, Obama declared: "Markets will rise and fall, but this is the United States of America. No matter what some agency may say, we've always been and always will be a triple-A country." (CNN)

$$$Global Banks Poised to Slash 101,000 Jobs in Fastest Reductions Since 2008 (Bloomberg)

$$$Hedge Funds Unload Shares (WSJ)

$$$ Dick Bové: "BAC can go to one dollar and it won't need to raise capital." (SI)

$$$ John Carney: Actually, the Blame Game Is Exactly What We Need Right Now (NetNet)

$$$Costs Rise On France Debt Insurance (WSJ)

$$$BofA Retreats on AIG Lawsuit, Capital Speculation (Bloomberg)

$$$ Charlie Gasparino: S&P Tipped Off Traders to Downgrade Sparking Selloff? (FBN)

$$$Violence Escalates In London (Reuters)

$$$ Kanye West: "I walk through the hotel and I walk down the street, and people look at me like I'm [expletive] insane, like I'm Hitler," West, 34, said on stage before some 40,000 fans. "One day the light will shine through and one day people will understand everything I ever did." (Radar)

$$$ Catalonia Asks Spanish Government for Emergency Funds [NYT] $$$ Asia's Tide of Cash Hems in Policy Makers [WSJ] $$$ Morgan Stanley Win On Brokerage Would Be Pyrrhic Victory [Bloomberg] $$$ Paulson Assures Bank of America in Call [WSJ] $$$ "When I asked a PE tax attorney if what Bain is doing is allowed, she told me that 'allowed' and 'not allowed' isn't always the right way to think about it." Tax lawyers! [Term Sheet] $$$ The CFA Institute comes out against Great Idea Corp. [Forbes] $$$ Shia LaBeouf Got Into Character for Upcoming Film by Dropping Acid On Set [Gawker] $$$ William Blair is looking for an experienced associate for its technology investment banking group in San Francisco [DBCC] $$$ S.E.C. Charges 8 With Insider Trading in Sanofi Deal [DealBook] $$$ ISM sells a low-latency feed of its business data to Reuters [MarketBeat] $$$ “There’s an idea that when a lawyer or law firms are going to get a big payment, that there’s something somehow wrong about that, just because it’s a lawyer. I’m sorry, but investment banks have hit it big, a lot bigger the plaintiffs’ lawyer firms have hit it big. They’ve hit it big many times.” This Law Blog story on the Grupo Mexico verdict is kind of amazing. [WSJ Law Blog] $$$ Wall Street Rocker Gary Marks Settles With SEC Over Whether Knew What He Was Talking About [NYO] $$$ "There were no workers that were forced to attend the event. We had managers that communicated to our work force that the attendance at the Romney event was mandatory, but no one was forced to attend the event." [Raw Story] $$$ Hitler clothing store in India asked to change name [JTA]

$$$ Clogged Credit Weighs on Fed Policy Makers [WSJ] $$$ Ex-Expert Network Consultant Pleads Guilty in Insider Case [WSJ] $$$ TCI is trying to guilt the FSA into forcing Lloyds to redeem TCI's holdings of Lloyds contingent capital bonds at above-market prices [FT] $$$ Homeowner Aid Boosts Big Banks [WSJ] $$$ World's population is 17 million tons overweight [MSNBC] $$$ Do you have plans on July 17? Do you fancy yourself a poker player? A really good poker player? Do you think you could beat David Einhorn, even if he’s working the table like it's Lehman Brothers circa 2007/2008? Do you think it would not be so awkward that the two of you could then enjoy a meal together and talk shop after which he picks up the tab? If David's not your thing, do you think you could envision yourself in the same scenario but with Bill Ackman? If you answered yes to most of the above and also consider yourself a fan of humanity, helping others and all that jazz, you should most definitely clear your schedule next Wednesday and sign up for a World Poker Tournament benefiting the Rewarding Achievement (REACH) program, which was co-founded by Bill Ackman and Whitney Tilson and gives inner-city high school students academic support and scholarships for passing AP exams. The event is taking place at Gotham Hall in New York and Einhorn (your competition) will be playing, as will Ackman and Tilson. Prizes for winners include the aforementioned meal (a lunch), with Bill, David or Seth Klarman, five nights at a “world-class private beach home in Lamu, Kenya,” a private poker lesson with 2011 WSOP bracelet winner and 2011 WPT Player of the Year, Andy Frankenberger and more. Alternatively, if you’re not one for cards but still want to help kids, you can also just register for the cocktail hour. $$$ Would you be interested in a job as a credit team director at a distressed-focused private equity firm in New York? What if I told you it's at Patriarch Partners? [DBCC, also available] $$$ Likelihood of Grexit Still 50-75%: Citi [CNBC] $$$ Alvarez Says Fed Hasn’t Seen Other JPMorgan Risk Problems [Bloomberg] $$$ Millionaire Parents Say Their Kids Are Unfit to Inherit [CNBC] $$$ New Jersey Man Allegedly Calls 911 From His Pillow Fort, Demands To Speak To Tim Tebow [DeadSpin]

$$$ Goldman independent research arm dies, shunned by clients [Reuters] $$$ Moody's to review ratings on California Cities [WSJ] $$$ Greece Close To Slashing Billions In Costs [Reuters] $$$ Manhattan’s 15 Central Park West Fuels Ultra-Luxury Condo Surge [Bloomberg] $$$ Paul Ryan's Randianism [The Economist] $$$ New Hedge Funds Abound, Despite Tepid Industry Performance [Dealbook] $$$ "I certainly would not want to be married to somebody that can't win championships," Vanessa Bryant said in an upcoming issue of New York Magazine. "If you're sacrificing time away from my family and myself for the benefit of winning championships, then winning a championship should happen every single year." [LA Times] $$$ Teenager successfully uses fake ID with picture of cartoon character to buy alcohol at six different shops [DM] $$$ ‘Moles’ Gave Hedge-Fund Manager Whitman Tips, U.S. Says [Bloomberg] $$$ Hackers target hedge funds [AR] $$$ The Perils And Pleasures Of An Outdoor Shower In The City [NYT]

Hollande sees Greek deal (Merkel does not); Match.com to IPO; The rise of the compliance guy; "Trashed golfer gets head stuck in garbage can"; and more.