Write-Offs: 02.24.12

$$$ Bonus cuts hide bigger problem for investment banks [FT] $$$ Newsletter Flagged Possible 'Japanese Madoff' in 2009 [WSJ] $$$ Gray in position to succeed Schwarzman [FT] $$$ Apple would like to break the law of large numbers, for very loose definitions of "the law of large numbers" (or very strong forms of EMH?) [NYT] $$$ BREAKING: Jim Chanos eats bread [BI] $$$ Lenny Dykstra can go to Gary Carter's funeral [NYP]

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Updated:: Jan 14, 2019
Original:: Feb 24, 2012

$$$Bonus cuts hide bigger problem for investment banks [FT]

$$$Newsletter Flagged Possible 'Japanese Madoff' in 2009 [WSJ]

$$$Gray in position to succeed Schwarzman [FT]

$$$ Apple would like to break the law of large numbers, for very loose definitions of "the law of large numbers" (or very strong forms of EMH?) [NYT]

$$$ BREAKING: Jim Chanos eats bread [BI]

$$$ Lenny Dykstra can go to Gary Carter's funeral [NYP]

$$$Kenneth Cole Offers to Take His Company Private [DealBook]

$$$ Republican congressmen would prefer higher unemployment [Reuters]

$$$Make losses and prosper, AIG edition [FTAV]

$$$ Financial crisis is making fat cats less fat. By half an inch. [CNBC]

$$$A marriage between the structural practicalities of floating oil rigs (which can weather rough seas by rising above them), and the aesthetic tastes of Ernst Stavro Blofeld, yacht islands promise a level of aquatic decadence only the most outrageous oligarch could afford. [Bloomberg]

$$$Mikhail Prokhorov Is an Amazing Rapper [DI]

Martin Shkreli down to zero jobs; Chipotle can't catch a break; "Star Wars" is box-office DeathStar; "Lenny Dykstra Plays Bad Santa At Strip Club"; and more!

$$$ Cohn Says Banks Other Than Goldman, JPMorgan Retrenching [Bloomberg] $$$ Ex-Goldman trader Taylor pleads guilty to wire fraud [Reuters] $$$ Bundesbank launches Deutsche probe [FT] $$$ Bank of Canada searches far and wide for Carney's successor [Reuters] $$$ Huey Lewis and Weird Al Reenact Classic American Psycho Scene in Honor of Sports’ 30th Birthday [Gawker] $$$ Government Watchdog Faults Regulators Over Foreclosure Review [DealBook] $$$ Royal Bank of Scotland faces $6 billion investor action [Reuters] $$$ Money Is Memory [Izabella Kaminska] $$$ A man caught beating down a 56-year-old woman during a subway robbery in Borough Park wore a college fraternity sweatshirt with his nickname on it, law enforcement sources said. Aidan Folan, 21, was caught on camera wearing his favorite Alpha Phi Delta hoodie with custom lettering on the back that reads, "Stugotz 27," sources added. The Italian slang term roughly translates to "testicles" and is so loved by the suspect he chose it and the number "27" for his Facebook page, sources added. [NYP] $$$ Justin Bieber’s Pet Monkey Quarantined in Germany [Time]

$$$ 'Sterilized' Bond Buying an Option in Fed Arsenal [WSJ] $$$ Greece inches closer to €206bn debt deal [FT] $$$ Apple lifts lid on 4G iPad, keeps prices [Reuters] $$$ Mario Batali pays $5.25mm to settle a class action suit brought by abused waiters [Eater] $$$ How would you like to be a research analyst on the global small- and mid-cap team at Franklin Templeton? [DBCC] $$$ Treasury to Sell $6 Billion of AIG Stock [WSJ] $$$ The Case for Treating Big Finance Like Big Pharma [The Atlantic] $$$ Or treat it like squeegee men [William Black] $$$ If you read only one piece of investigative journalism on Lenny Dykstra's downfall, make it this one [SI] $$$ If you read only one piece of investigative journalism on high-end prostitute pricing, make it John Carney's [NetNet]

$$$ Ex-UBS Traders Offered Deal by U.S. in Rate Probe [WSJ] $$$ The history of the invention of Libor [Reuters] $$$ British MPs accuse US of anti-City agenda [FT] $$$ Why investors should avoid hedge funds [Reuters / Felix Salmon] $$$ "Brazilian central bank employees staged their first work stoppage in five years today ... demanding an average pay increase of 23 percent to compensate for inflation since June 2008." [Bloomberg via Slate] $$$ Pole Vaulter Realizes It’s Not His Day As His Pole Shatters Mid-Vault [Deadspin] $$$ J.P. Morgan is looking for a Java developer to work on interest rates derivatives pricing [DBCC] $$$ Carbon Credits Gone Awry Raise Output of Harmful Gas [NYT] $$$ "I propose an expanded system of company registration under which companies would have to trade in private markets for a seasoning period, with mandatory disclosure, before they would be allowed to sell their shares to the public at large." [Harvard Law] $$$ On retail vs. institutional investors: "As for small investors vs. little guys, there’s a difference. If you have enough money that you’re investing it through brokers, I personally don’t count you as small, even if you appear small to Goldman Sachs." [Mathbabe] $$$ A Hundred Horses Are Ford’s Pride After Flipping Tainted Banks is really a Bloomberg headline [Bloomberg] $$$ Beck's next album will be released only as sheet music [McSweeney's]

$$$ Man Accused of Plot to Blow Up Federal Reserve Bank of New York [NYT] $$$ Europe banking supervisor plan ‘illegal’ [FT] $$$ Prosecutors Seek as Much as Decade in Prison for Gupta [WSJ] $$$ Dealpolitik: What Sprint’s Unusual Deal Structure Means for Competing Bidders [Deal Journal] $$$ ThinkEquity is no more [MarketBeat] $$$ Trying To Do A Cannonball Into A Frozen Swimming Pool Is Not A Good Idea [Deadspin] $$$ A large regional investment bank is looking for two energy company analysts in New York, Houston or Denver [DBCC] $$$ With Flat Profits, Greenhill Misses Earnings Estimates [DealBook] $$$ Och-Ziff hedge fund looks to exit landlord business [Reuters] $$$ What’s An Index Worth? [IndexUniverse] $$$ "The other day, a friend of mine asked me whether CEOs were born or made. I said, 'That’s kind of like asking if Jolly Ranchers are grown or made. CEO is a very unnatural job.'" [Ben Horowitz] $$$ Customers Refuse to Press Charges Against Couple Having Sex on Restaurant Table Because, Hey, Dinner and a Show [Gawker]

$$$ Goldman Fined for Failing to Block Trader’s $8.3 Billion Bet [Bloomberg] $$$ Key SEC Holdout in Money-Fund Overhaul Reverses Stance [WSJ] $$$ Canada Approves Cnooc-Nexen Deal [WSJ] $$$ JPMorgan nears £500m bonus tax deal [FT] $$$ Rant: At Top Law Firms, a Class Conflict During Bonus Season [BBW / Elie Mystal] $$$ Lloyd bought a house [DealBook] $$$ The 200 West Street Goldman cafeteria (1) is really very good, (2) features food from a former banker [DealBook] $$$ 100 Women in Hedge Funds names Ivanka Trump to its board, consists of 10,000 women, mostly not in hedge funds [AR] $$$ UBS is looking for a credit officer for securities backed lending in New Jersey [DBCC] $$$ Morgan Stanley's 2013 adviser pay to reward new loans [Reuters] $$$ Brokers Must Disclose Bonuses to Clients in Finra Proposal [Bloomberg] $$$ "It’s always a mistake to use microeconomic intuition in macro," quantitative easing edition [Scott Sumner] $$$ Whale’s Trade in Comeback as Junk Fervor Fades [Bloomberg] $$$ "If Harvard wishes to retain its primary existence as a gigantic profit-maximizing hedge fund ..." [American Conservative via John Carney] $$$ Ivy League Cracks Down as Students Spiral Out of Control [Bloomberg] $$$ "I am tired of fooling around, he said. I’m forming a legal team. We have case studies, an office outside Lexington. He swept the strips off the table and held the beak in the air. We’re looking for a poet to write our anthem!" [The Awl]

David Einhorn predicts great things for Greenlight; Paul Singer goes hunting; Fantasy sports > Wall Street; "Ex-Met Lenny Dykstra says he spent $500,000 on private investigators to blackmail umpires for smaller strike zone"; and more.

$$$ ICE Said to Be in Talks to Merge With NYSE Euronext [DealBook] $$$ Report Says Libor-Tied Losses at Fannie, Freddie May Top $3 Billion [WSJ] $$$ Treasury to Sell G.M. Stake Within 15 Months [DealBook] $$$ All your bank frauds in one place [Counterparties] $$$ Ben Affleck may be running for Senate in Massachusetts [Politico via DI] $$$ A major energy trading firm is looking for two quantitative developers to join its data driven trading team [DBCC] $$$ "Bank of America Corp. has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined." [Bloomberg] $$$ Money Funds Brace for Flood [WSJ] $$$ Greece faces ‘make or break’ year [FT] $$$ Holiday videos from First Round Capital and FT Alphaville [Pando Daily, FTAV]