Write-Offs: 12.30.11

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$$$ U.S. stocks are set to end a volatile year up 0.3% [FT] [Update: down 0.003%]

$$$Banks Face Off For Facebook IPO [WSJ]

$$$ "Our theories of shareholder value maximization and stock-based compensation have the ability to destroy our economy and rot out the core of American capitalism." [Forbes]

$$$ "There are two sustainable ways to make money in finance: find people with risks that need to be carried and match them with people with unused risk-bearing capacity, or find people with such risks and match them with people who are clueless but who have money." [Project Syndicate]

$$$ "Investment banking is a young person’s game, or the calling of an individual ... who has found nothing more exciting and satisfying to do that will actually pay him money. Some—a very few—even manage to come out the other side of the tunnel with their morals intact and the financial security and means to give back to society in a meaningful way. They go into politics, they become philanthropists, they build schools in Bolivia. They might even write a blog." [Epicurean Dealmaker]

$$$ Kelly Clarkson supports Ron Paul, does "not support racism" [Fox]

$$$ That’s it for us today. Like the NYSE, we'll be off Monday and regular posting will resume on Tuesday. Have a HAPPY NEW YEAR and see you in 2012!

$$$Ackman’s Pershing Said to Urge Canadian Pacific CEO Switch [Bloomberg]

$$$Whistleblower documents illuminate case against BNY Mellon [Reuters]

$$$ The tax code allows companies to deduct compensation expense [NYT]

$$$ Some amateur investors underperform the market [WSJ]

$$$ "[Indiana state] Sen. Vaneta Becker, R-Evansville, has introduced a bill that would set specific "performance standards" for singing and playing "The Star-Spangled Banner" at any event sponsored by public schools and state universities. ... The bill calls for schools to maintain audio recordings of all performances for two years and develop a procedure for dealing with complaints if a musician is alleged to have strayed from the approved lyrical or melodic guidelines." [Indy Star]

Related

Write-Offs: 02.05.13

$$$ RBS reaches Libor settlement [FT] $$$ Bernanke Voiced Alarm Over Credibility of Ratings Firms [Bloomberg] $$$ The Receivables Exchange [Sober Look] $$$ Rollover Risk as Market Discipline: A Two-Sided Inefficiency [FRBNY] $$$ Goldman has a new "what kind of banker would you be?" quiz [Bloomberg View] $$$ "Staff at a Japanese zoo have been practising procedures designed to recapture escaped animals in the event of an earthquake. An employee of Tama Zoo outside Tokyo donned a zebra costume during the drill as emergency workers set up a barricade. Carrie Gracie describes how the scenario culminated in the 'zebra' being tranquilised." There is video. [BBC] $$$ Highland is looking for a desk analyst for credit trading in Dallas [DBCC] $$$ Nasdaq Talks Settlement in Facebook IPO [WSJ] $$$ LBOs, junk yields, and earnings yields [Free Exchange] $$$ Two students lose fingers in tug-of-war at California high school [Reuters] $$$ Death Star Lollipops [Copyranter]

Write-Offs: 03.11.13

$$$ You can still drink big sodas [NYP] $$$ Bank compensation up in 2012 despite cutback efforts [Reuters] $$$ Morgan Stanley Set to Name Kaminsky Brokerage Vice Chair [FBN] $$$ Mary Schapiro Is Nominated to G.E. Board [DealBook] $$$ The life cycle of the investment banker [TED] $$$ City high-flier 'was called crazy Miss Cokehead by work bullies after she blew whistle on insider dealing' [DM] $$$ Brookfield Investment Management is looking for a global infrastructure securities analyst in Chicago [DBCC] $$$ Europe trading tax would kill repo market -industry official [Reuters] $$$ SAC Capital Manager’s Tipper Deserves Prison, U.S. Says [Bloomberg] $$$ "Long term shareholders are well served by activism" [Aswath Damodaran] $$$ "Callan hardly needs advice from me but I'll offer it anyway. She may want to consider that her lack of satisfaction with her life's direction is not a product of the choices she made. Instead, her choices may have been a product of her lack of satisfaction. In my experience, the kind of people who can rise to the level she did at a relatively early age tend to be filling a hole in their psyche, an indistinguishable yearning for something more that is experienced as a kind of pain." [NetNet / John Carney] $$$ Corey Robin went to school with Bill[y] Ackman [Corey Robin]

Write-Offs: 04.20.12

$$$ Hedge funds would prefer it if banks would warehouse more tail risk and charge less for it [DealBook, earlier] $$$ But corporate debt issuers don't have much to complain about re: Volcker [DealBook, earlier] $$$ IMF secures $430bn to boost firepower [FT] $$$ How Much Money You Need To Realistically Recreate The Scrooge McDuck ‘Gold Coin Swim’ [The Billfold, alternate view, neither is persuasive] $$$ How would you like to be a high frequency trading quant in Chicago? [DBCC] $$$ Investigators said the 18-, 20- and 21-year-old suspects, whose names weren't released, broke into the Sea World in Main Beach on Queensland's Gold Coast after it closed Saturday, swam in the dolphin enclosure and made off with Dirk, a 7-year-old fairy penguin, The Australian Eye reported Friday. Police said the penguin was recovered, tired but unharmed, after a couple saw him in a shallow estuary Sunday. ... [T]he penguin appeared to have been chased out of the water by an animal that may have been a shark and was then chased on land by a dog. [UPI] $$$ France: Where Freemasons Are Still Feared [BW] $$$ But why would you fire even one person by email? [BW] $$$ Rapper 50 Cent converted into Malaysian currency [Language Log] $$$ Romney Says He’s Never Eaten Anything Unusual [DI] $$$ Biz Markie Is an ‘Avid’ Barbie Collector, Possible Hoarder [Gawker] $$$ John Carney met a girl who can match spreadsheet guy at color-coding; "dark orange means, in her words, 'obviously we b**ged.'" [NetNet, earlier]

Write-Offs: 4.10.15

Spotify valued at $8.4 billion; Harvard Business School has a nice little side gig; Citi's top risk exec to exit; "Biden puts Bloomberg’s grandson’s pacifier in his mouth"; and more.