Write-Offs: 06.22.12

$$$ Europe stimulus rift crisis etc. etc. [FT] $$$ Corporate Profits Just Hit An All-Time High, Wages Just Hit An All-Time Low [BI] $$$ Wells Fargo's mushrooming mortgage risk [Reuters] $$$ Investors cast doubt on "end of world" hedge strategies [Reuters] $$$ Rajaratnam Wiretaps Catch ‘Chunky But Funky’ Goldman Salesman in Scandalous Act of Doing His Job [DI / Kevin Roose] $$$ This is a good post about quants [Mathbabe] $$$ "Europe’s highest court ruled that workers who happened to get sick on vacation were legally entitled to take another vacation." [NYT via MR] $$$ A leading investment bank is looking for a manager of High Frequency Trading development [DBCC] $$$ The Bank of England is now posting collateral on derivative trades [FTAV] $$$ ‘Orwellian’ Goldman Loses Bid to Dismiss Suit Over CDO Deals [Deal Journal] $$$ President Obama Can’t Be in the Same Room As Forks Anymore? [DI] $$$ When your soccer team loses, you feel down and are therefore more inclined to sell securities in the markets [SSRN, related?] $$$ Germany 4 - 2 Greece [NYT] $$$ Just Thinking About Having a Drink Can Help You Relax [CNBC]

Author:
Updated:: Jan 14, 2019
Original:: Jun 22, 2012

$$$ Europe stimulus rift crisis etc. etc. [FT]

$$$Corporate Profits Just Hit An All-Time High, Wages Just Hit An All-Time Low [BI]

$$$Wells Fargo's mushrooming mortgage risk [Reuters]

$$$Investors cast doubt on "end of world" hedge strategies [Reuters]

$$$Rajaratnam Wiretaps Catch ‘Chunky But Funky’ Goldman Salesman in Scandalous Act of Doing His Job [DI / Kevin Roose]

$$$ This is a good post about quants [Mathbabe]

$$$"Europe’s highest court ruled that workers who happened to get sick on vacation were legally entitled to take another vacation." [NYT via MR]

$$$ A leading investment bank is looking for a manager of High Frequency Trading development [DBCC]

$$$ The Bank of England is now posting collateral on derivative trades [FTAV]

$$$‘Orwellian’ Goldman Loses Bid to Dismiss Suit Over CDO Deals [Deal Journal]

$$$President Obama Can’t Be in the Same Room As Forks Anymore? [DI]

$$$ When your soccer team loses, you feel down and are therefore more inclined to sell securities in the markets [SSRN, related?]

$$$Germany 4 - 2 Greece [NYT]

$$$Just Thinking About Having a Drink Can Help You Relax [CNBC]

$$$ Goldman will console itself for its lost $20mm El Paso merger fee with its $220mm profit on the other side of the deal [Dealpolitik] $$$ "What's more, they tend to finance long-term mortgage securities with short-term repo. Typically they borrow from banks for 60-90 days and just roll their loans. Banks don't have to use much capital for securitized short-term loans, so they generally extend credit lines to REITs with no trouble." That sounds great [Sober Look] $$$ Jamie Dimon said some Dimony things today [DealBook] $$$ Mark Zuckerberg wrote the founder's letter in the Facebook S-1 on his phone [SAI] $$$ Kevin Roose went to TechCrunchDisrupt conference, disrupted it [DI, also, also] $$$ Brown Brothers Harriman is looking for a banking analyst in Philadelphia [DBCC] $$$ Moody's Cautions of Possible U.S. Downgrade in 2013 [WSJ] $$$ Integrating Banks Spurs Last-Minute Fears in Europe [NYT] $$$ "A South Carolina woman said she was shocked to discover her ex-boyfriend from 12 years ago has been living in her attic." [UPI] $$$ There may be a jaguar on the prowl in East Hampton [EH Patch via DI]

$$$ Schaeuble Declares Markets Wrong As Europe Heads To Vacation [Bloomberg] $$$ Don't Force Banks Into 'Draconian' Breakups: Whitney [CNBC] $$$ Morgan Stanley Stock May Be Worth $32 In Breakup, Mayo Says [Bloomberg] $$$ The Merkley plan to refinance underwater mortgages sounds pretty good [Reuters / Felix Salmon] $$$ Outspoken Analyst Kinnucan Pleads Guilty in Insider Case [WSJ] $$$ Man who rescued a 17-pound lobster "felt the nearly 100-year-old crustacean did not deserve to die with its parts soaked in butter. 'If he was 100, he saw World War I, World War II, man on the moon,' he said. 'Being in New England, he even saw the Red Sox win the World Series. So, he didn’t deserve the boiling water.'" [CBS] $$$ Due to recent regulatory requirements, a top bank in Charlotte is looking for a counterparty credit risk manager to be a Basel expert [DBCC] $$$ Libor scandal makes it more costly for bankers to get insured [Reuters] $$$ Europe Aims to Make Rate Manipulation a Criminal Offense [DealBook] $$$ Fund managers to lose securities lending profits [FT] $$$ The Securities and Exchange Commission drew sharp criticism from a federal judge who said they have failed to properly oversee a $55 million investor education fund created by a nearly decade-old settlement with Wall Street banks. The fund had been created as part of a roughly $1.5 billion regulatory accord in 2003 with Citigroup Inc, Goldman Sachs Group Inc, JPMorgan Chase & Co and other banks accused of publishing biased analyst research. U.S. District Judge William Pauley in Manhattan said the SEC has shown a "lack of oversight" and "indifference" toward how a nonprofit organization charged with distributing the money has been managed. ... Pauley pointed as an example to a two-year, $91,500 grant to the Genesee District Library in Flint, Michigan, that appeared to have resulted in just two events, one of which concerned "spending, sharing, and saving" for children ages two to five. "While there may be benefits to starting investor education early, toddlers seem beyond the pale," the judge wrote in an order issued Wednesday. [Reuters] $$$ Mitt Romney would restore 'Anglo-Saxon' relations between Britain and America [Telegraph]

$$$ Euro-Zone Leaders Step Up Greece Contingency Plans [WSJ] $$$ Facebook Banks Said To Make $100 Million On Stabilizing Stock [Bloomberg, earlier] $$$ The Modest Worth of Big Banks [NYT] $$$ Cardiff Garcia on Brad DeLong on Walter Bagehot [FTAV] $$$ "While we’re on the subject, we’d be remiss not to note that Mr. Muniyappa wore jeans and an untucked plaid button down, prompting New York Times legal eagle Peter Lattman to poll observers on the last time they’d seen a witness take the stand without a necktie. 'Maybe not at the trials The Times covers,' a wiseacre snapped." [NYO] $$$ Stress! An Energy Source Of The Future? [The Awl] $$$ "Representing the sovereign in these affairs is just more fun. It is a mixture of politics, finance and law, and theater," [sovereign restructuring lawyer Lee Buchheit] said. Buchheit recalled an Asian finance minister - referring to her only as "The Iron Lady" - resting a hand on his arm as tension mounted at 3 a.m. in a marathon meeting and saying: "I know you'll get us through this." [Reuters] $$$ UBS is looking for a credit stress testing analyst in Stamford [DBCC] $$$ China plans brokerage reforms to create its own Goldman Sachs [Reuters] $$$ In defense of private equity: Japan [Noahpinion] $$$ Romney Can’t Explain What He Learned in Business [DI] $$$ ALF Creator Paul Fusco Thinks ‘Timing is Right’ for an ALF Movie [Gawker]

$$$ Manufacturing Slowdown Reaches U.S. [WSJ] $$$ Eurozone unemployment hits record high [FT] $$$ The Fishing Guide Who Hooked Hedge-Fund Titan Bill Ackman [Forbes] $$$ Finns, Dutch cast first doubt on euro zone deal [Reuters] $$$ Old Mitt’s Investment in a Fetus-Disposal Company Is Not a Great Thing for New Mitt [DI] $$$ Morgan Stanley is looking for an executive director to manage its Latam FX options market-making book [DBCC] $$$ JPMorgan Tightens Bond Grip As Whale Loss Weighs [Bloomberg] $$$ Esma probes agencies’ views on banks [FT] $$$ Physicists Inch Closer to Proof of Higgs Boson [NYT] $$$ Justin Bieber Graduates High School [NYT]

$$$ JPMorgan Misled Investors, Dodged Regulators, Senate Report Says [Bloomberg] $$$ Regulators Question Goldman and JPMorgan’s Capital Plans [DealBook] $$$ E*Trade Loses Largest Shareholder as Citadel Sells Out [Deal Journal] $$$ Credit Suisse to pay $400 million to end U.S. bond lawsuits [Reuters] $$$ The Return of the Popped Collar [WSJ] $$$ Genworth financial is looking for a Director, Corporate Trading in Stamford [DBCC] $$$ Reuters editor indicted for helping Anonymous hack websites [AP] $$$ Bankruptcy Lawyer Is Named to Manage an Ailing Detroit [NYT] $$$ Almost there, S&P! [WSJ] $$$ Goldman Sachs is (probably) reminding people of how everyone forgot about Greg Smith [DI]

$$$ Stocks Near New Heights as Small Investors Regain Faith [NYT] $$$ J.P. Morgan Risk Officer Taking Leave of Absence [WSJ] $$$ Soros Says Hedge Funds Can’t Beat Market Because of Fees [Bloomberg] $$$ UBS Chairman proposes industry-wide settlement over Libor [Reuters] $$$ "One explanation for the confusion is that many things that are considered normal in finance look like fraud to almost everyone else." [Free Exchange] $$$ Outcry Over Bid to Make Water Cheaper Than Beer [WSJ] $$$ An investment management firm is looking for a senior investment associate to research credit hedge funds in D.C. [DBCC] $$$ Europe's Banks Rush to Repay ECB Funds [WSJ] $$$ U.S. Court Ruling Threatens Consumer Bureau Decisions [Bloomberg] $$$ Italy's Monte Paschi faces shareholder fury as scandal widens [Reuters] $$$ You may be surprised to learn that "the president and chairman of Mortgage Xpress, Inc. (subsequently renamed The Alternative Energy Technology Center, Inc.)" was sued by the SEC [SEC] $$$ Cory Booker Continues His Steady March Toward Canonization by Personally Saving a Stranded Dog from Freezing to Death [Gawker]

$$$ Draghi kills hope of instant action [FT] $$$ Mario Draghi's rescue plan for the euro: So that's what he meant [Economist] $$$ Goldman to Invest in City Jail Program, Profiting if Recidivism Falls Sharply [NYT] $$$ BofA in talks with Fannie Mae over mortgage dispute [Reuters] $$$ Missile Defense Staff Warned To Stop Surfing Porn Sites [Bloomberg via DI] $$$ New York Yankees Facebook Page Announces Derek Jeter To Miss Rest Of Season Due To Sex Change [Deadspin] $$$ Want to decide how much people at BlackRock get paid? They're looking for a Senior Compensation/Total Rewards Analyst in New York [DBCC] $$$ Facebook: The Stock That Keeps on Dropping [BBW] $$$ Europe Keeps Weighing on GM's Results [WSJ] $$$ Pimco’s El-Erian Says World in Serious Slowdown [Bloomberg] $$$ Romney's Horse Ranks 13th In Olympic Debut [WSJ] $$$ "Some account holders want to withdraw their money. I ask them why and give it to them if other children approve. Everyone earns five per cent interest on their savings." [Kottke]

$$$ The power is back on in parts of downtown [DI] $$$ And it was never off at Goldman [DealBook] $$$ But the marathon is off [NYT, earlier] $$$ Berkshire Profit Climbs 72% on Derivatives, Railroad [Bloomberg] $$$ More Hedge Funds Close Up Shop as Returns Fizzle [Reuters] $$$ Jérôme Kerviel is the most indebted man in the world [Atlantic] $$$ Macquarie is looking for equity research associates in New York, including in the Oil & Gas, Business Services, Utilities, and Transportation & Logistics sectors [DBCC] $$$ SEC Asked Groupon for Financial Disclosures [WSJ] $$$ "The problem is that when you actually look at the documents from some of the troubled investments during the financial crisis, in many cases the disclosure was copious. There were warnings of the risks; investors just failed to heed the warning signs that should have led them to further investigation." [DealBook / Steven Davidoff] $$$ Goldman urges Supreme Court to end mortgage class-action [Reuters] $$$ E*Trade Reviews Practices on 'Best Execution' for Stock Trades [WSJ] $$$ Model Under Fire for Using Sandy Wreckage for Photo Shoot [ABC]