Write-Offs: 01.23.12

Author:: Dealbreaker
Updated:: Jan 14, 2019
Original:: Jan 23, 2012

$$$BofA Targets Up to $3 Billion in Additional Cuts [Bloomberg]

$$$Summers Memo Provides Peek at Crisis Aftermath [DealBook]

$$$Talks on Greek Debt Hit an Impasse [WSJ]

$$$Societe Generale, Credit Agricole Ratings Downgraded by S&P [Bloomberg]

$$$EU Banks Deepen Dependence on Unlimited Central Bank Loans [Bloomberg]

$$$ French bank celebrates its birthday by cancelling debts [GOOD via Atlantic Cities]

$$$Morgan chief executive James Gorman had to "baby walk" regulators through the compensation process, and point out that in addition to brokers, Bank of America also employs low-wage tellers and other staff in their branch offices, which depresses its overall ratio, a senior executive inside Morgan Stanley told FOX Business.What? [FBN]

$$$Jeep bursts into flames on I-95 [Stamford Advocate]

$$$EU's Barnier eyes fresh squeeze on bank pay [Reuters]

$$$ Zero economists think the gold standard is a good idea [Ideas Market]

$$$ "I’ve concluded that financial systems are better characterized as large-scale disinformation systems and that disinformation is at the core of how they function, not some tumor that can be excised to restore the patient to good health." [Interfluidity]

$$$Study: Hedgies Need To Make Strategies More Comprehensible [FINalternatives]

$$$Massive solar eruption to send radiation storm toward Earth [NYP]

$$$’Shrooms May Help Treat Depression: Study [Bloomberg]

$$$ Buffett: My Succession Plans Have Not Changed [CNBC] $$$ Meredith Whitney upgraded Citigroup [MarketBeat] $$$ Should you worry that all the big banks are growing their assets? [DealBook] $$$ Canadian approached for top BoE job [FT] $$$ Sallie Krawchek: "I've thought a lot about the issue of stereotypes, particularly on Wall Street. I can't count the number of times I have seen men slam something on a table, even throw something. You sort of do a mental eye roll and move on. I can count on one hand — on one finger — the number of tantrums I've seen a woman have. As she was having it, I remember thinking to myself, Bitch." [Marie Claire] $$$ The Ira Sohn Investment Idea Contest seeks to identify a great investment idea to help benefit children with cancer. This year's contest will be judged by an incredible group including Michael Price, Bill Ackman, David Einhorn, Joel Greenblatt and Seth Klarman. The winner will be selected based on the judges’ determination of the most compelling investment idea submitted with a one-year horizon, and will then get to present their investment idea at the Ira Soch Investment Conference itself in May. $$$ Morgan Stanley is looking for a market risk regulatory capital vice president [DBCC] $$$ London Goes After Trading in Yuan [WSJ] $$$ Bank of America Said to Put Foreign Wealth Management Unit Up for Sale [DealBook] $$$ Derivatives Lobby Has U.S. Regulators on the Run [Bloomberg / Roger Lowenstein] $$$ "We are in a depression, but not because we don’t know how to remedy the problem. We are in a depression because it is our revealed preference, as a polity, not to remedy the problem. We are choosing continued depression because we prefer it to the alternatives." [Interfluidity] $$$ "A Michigan lottery winner was charged with fraud Tuesday for collecting food stamps and public health insurance despite pocketing a $735,000 jackpot."

$$$ Inside a Star Hedge Fund: Lots of Big Bets, Built Fast [WSJ] $$$ Fed pushes banks to ignore rivals when setting bonuses [Reuters] $$$ JPMorgan Board Backs CEO Dimon as Chairman, Pays Zames More [Bloomberg] $$$ The Senate Drafts the SEC's Case Against JPMorgan [BBW] $$$ "A J.P. Morgan Chase employee climbed onstage at a black-tie dinner held on Wall Street Thursday night and accepted an award on behalf of the embattled bank for 'best crisis management.' ... Kathy Hu, an executive director in J.P. Morgan’s investor relations department, accepted the award and quipped: 'Can I just say, "Crisis? What crisis?"' J.P. Morgan beat out nominees Chevron Corp., which struggled with a refinery fire last year, and St. Jude Medical Inc., which battled heart-device problems." [Deal Journal] $$$ Pope calls Argentine kiosk owner to cancel paper delivery [CNA] $$$ Hey, Let Harvard Alumni Have Their Fun This Morning [DI] $$$ Deutsche Bank mulls raising fixed pay to counter EU bonus rules [Reuters] $$$ Judges’ Spat Strikes a Chord Among Deal Makers [DealBook] $$$ "Now some distressed debt investors get to find out what exactly it is you buy when you buy American-issued debt in a company incorporated in the Cayman Islands and doing business in China. I suspect the answer will be 'not much.'" [DealBook] $$$ "Henry Blodget is, in all seriousness, an artist of the internet whose methods should be studied and analyzed for future generations." [Gawker] $$$ "Finally I should note that the rectal gonorrhoea is the reason for my odour." Investment research! [Bronte Capital]

$$$ A Nobel Prize for Market Design [Digitopoly via @Counterparties] $$$ Study shows $1.2 trillion gap for public pensions [Reuters] $$$ RBS Said to Suspend European Rates Trading Head on Libor [Bloomberg] $$$ Softbank to Buy Sprint Nextel for About $20 Billion [WSJ] $$$ "The study's results identified three factors that groups with high team intelligence possess: The ability of group members to read and respond to social cues; The proportion of women in the group (women tend to do better on social perception tests); Evenly distributed conversational turn-taking, rather than dominance by a few members." [HBR] $$$ Paul Ryan Scrubs Already Washed Soup-Kitchen Pots Because That’s How Much He Cares [DI] $$$ A top investment bank is looking for a director-level global markets risk senior manager in New York [DBCC] $$$ Goldman Names Bayo Ogunlesi to Its Board [DealBook] $$$ Basel liquidity rules and their impact on the interbank money market [VoxEU] $$$ "Squirrels don’t lobby Congress, when the ranger decides to burn down the bit of the forest where their acorns are buried. Banks and their creditors are unlikely to take 'controlled burns' of their institutions so stoically." [interfluidity] $$$ This is an amusing story about a research analyst screwing up a model to show a covered company needing $500mm of capital instead of the correct $50mm [Integrity Research Watch] $$$ Koch brothers’ company encourages employees to vote for Romney in mass mailing [NYDN]

$$$ Dick Bové may be saved! [WSJ] $$$ ‘Sad and Depressed’ CEOs See No Light at End of Partisan Impasse [Bloomberg] $$$ George Soros says Obama victory means 'more sensible politics' [Reuters] $$$ Marc Faber seems to disagree [Bloomberg TV] $$$ Wall Street and the elections [FTAV] $$$ What Wall Street Needs to Know About Elizabeth Warren [DealBook] $$$ Diane Sawyer Knows You Think She Was Drunk Last Night [DI] $$$ Citi is looking for an ultra-high-net-worth banker associate in Beverly Hills [DBCC] $$$ Bank supervisor defends risk models [FT] $$$ French banks are getting into securitization [WSJ] $$$ Was Intrade being manipulated over the last month? [Overcoming Bias] $$$ "News Corp, the parent of Fox News, is one of the few stocks that’s up. I guess Obama is good for ratings." [CWS] $$$ How to De-Romneyize an Airplane [BBW]

$$$ Doubts Rise Over EU Bank Metrics [WSJ] $$$ Race to save euro will follow ‘Grexit’ [FT / Willem Buiter] $$$ Falcone’s Harbinger Capital Turns To Dell’s MSD For Loan [Bloomberg] $$$ Oracle CEO Larry Ellison buys Hawaii island known for pineapples, Bill Gates' wedding [CNN] $$$ "As my closest family and friends, it is important to me set the record straight on some of book’s major inaccuracies." Kerry Killinger appears to be illiterate. [DealBook] $$$ British school calls police to remove pupil 'obsessed' with studying [NYP via DI] $$$ The Decathlon is now open to teams of 3, competing for the title of "Wall Street's Fittest Firm" - sign up today [The Decathlon] $$$ A New Jersey asset management firm is looking for a COO, if you're interested [DBCC] $$$ Red flag at popular Alerian MLP Index ETN [Investment News] $$$ Constellation Brands executives get paid partly in free booze [Footnoted.com] $$$ Does The CFA Exam Waste A Billion Dollars? [BDC Review] $$$ The Terrifying Sex Organs of Male Turtles [io9]

$$$ There's an EU summit going on [Bloomberg] $$$ There was a Supreme Court decision today [Slate] $$$ EFSF/ESM 2ndary market bond purchases wouldn’t bring much relief [Megan Greene] $$$ Neither will Eurobonds [EconoMonitor] $$$ JPMorgan to announce $5bn ‘whale’ loss [FT] $$$ Local Porn Stars Will Make Good on Offer to Give Anyone a BJ After Heat Championship [Miami New Times] $$$ BoNY Mellon is looking for a prime brokerage salesperson in Jersey City [DBCC] $$$ PIMCO's Gross: U.S. is "best of the worst" investment [Reuters] $$$ Moody’s downgrades eight Brazilian banks [FT] $$$ Cravath, Swaine & Moore Names a New Leader [DealBook] $$$ Are Shareholders Ruining Corporations? [Gawker] $$$ Italy 2 - 1 Germany [WSJ]