Write-Offs: 07.17.12

$$$ LIBOR Pains: How Much Will the LIBOR Scandal Cost US Banks? $35 Billion [MarketPlace/Heidi Moore] $$$ Matthew Goldstein: JPMorgan disclosed possible misconduct to feds ahead of earnings [Reuters] $$$ PFG Founder Has No Money For Attorney [CNBC] $$$ Bernanke Offers Bleak View in Testimony [WSJ] $$$ Plane Flying Above Penn State Warns: “Take Down The Statue Or We Will” [Deadspin] $$$ Gupta Seeks Help From Friends for Lenient Sentence [FBN/Charlie Gasparino] $$$ HSBC Executive Resigns at Senate Money Laundering Hearing [Bloomberg] $$$ Teens Having Sex Behind Ikea, Locals Say [DNAI]

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Updated:: Jan 14, 2019
Original:: Jul 17, 2012

$$$ LIBOR Pains: How Much Will the LIBOR Scandal Cost US Banks? $35 Billion [MarketPlace/Heidi Moore]

$$$ Matthew Goldstein: JPMorgan disclosed possible misconduct to feds ahead of earnings [Reuters]

$$$Bradley T. Ratchford, the Goldman M.D. whose credit card was held hostage by The Colbert Report, is starting a hedge fund. [Bloomberg Brief]

$$$PFG Founder Has No Money For Attorney [CNBC]

$$$Bernanke Offers Bleak View in Testimony [WSJ]

$$$ Plane Flying Above Penn State Warns: “Take Down The [Paterno] Statue Or We Will” [Deadspin]

$$$Gupta Seeks Help From Friends for Lenient Sentence [FBN/Charlie Gasparino]

$$$HSBC Executive Resigns at Senate Money Laundering Hearing [Bloomberg]

$$$ Regulators accused a former citigroup employee of misleading investors about the bank's financial bet on a $1 billion mortgage-bond deal as a rare civil trial related to the financial crisis kicked off on yesterday. [WSJ]

$$$ Teens Having Sex Behind Ikea, Locals Say [DNAI]

Greece; Chinese Stocks; Living wills; "Giant butt touring U.S. to bring randomness to bleak world"; and more.

US wins Libor-rigging case; Lynn Tilton sues MBIA; Lockhart sees rate liftoff soon; "Austrian 85-year-old cuts almost a million euros ($1.1 million) into tiny pieces in an apparent attempt to spite her heirs"; and more.

$$$ Hedge fund performance YTD: Paul Tudor Jones +1.59%, David Einhorn +3.7%, Dan Loeb +3.9%, HFRX Global Index +1.22%, S&P +8% [Reuters] $$$ For Fletcher Investors: Unhappy Returns and, So Far, No Refunds [WSJ] $$$ Money market funds close after ECB cut [FT] $$$ CNBC thinks it's important to report the "hot news story" of Libor manipulation without mentioning Libor, for some reason [CNBC] $$$ Marxism is back [Guardian] $$$ Massachusetts man pays off mortgage with pennies [AP] $$$ A Chicago hedge fund is looking for a quant trader/ quant strategist to join a high frequency trading team [DBCC] $$$ Italy Approves €4.5 Billion in Spending Cuts for 2012 [WSJ] $$$ Commercial Mortgages Show How Bad It Got [NYT] $$$ Reverse mortgages: the celebrity pitchman aren’t even the worst part [Reuters / Ben Walsh] $$$ You can predict the outcome of negotiations and business pitches without hearing a word by observing the ratio of speaking to listening and the amount of voice fluctuation [Farnam Street] $$$ It's going to be 105 degrees in New York tomorrow, so that's nice [DI]

$$$ Eurozone deal over bank bailout in doubt [FT] $$$ U.K. Bankers Group to Stop Overseeing Libor [WSJ] $$$ The Smith Barney Name Still Lives (Sort of) [Deal Journal] $$$ Mason Capital may lose money on its delightful Telus trade [DealBook] $$$ Actually, business and political leaders aren't that stressed [LAT] $$$ “I’ve had to sit here all night staring at a whale,” [Jes] Staley said last night, a few hours into a gala for the NYU Langone Medical Center’s Hospital for Joint Diseases and Center for Musculoskeletal Care. He was accepting an award for corporate leadership. Staley then suggested the whale could be replaced with the squid in the room, which, he clarified afterward, meant Goldman Sachs Group Inc., represented by his friend Gary D. Cohn, chairman of the dinner and the hospital’s advisory board. Rolling Stone writer Matt Taibbi called Goldman a “vampire squid.” All this took place about 20 feet from a diorama depicting a battle between a sperm whale and a giant squid. Which creature will triumph is unclear, though squid have been found in whales’ stomachs. [Bloomberg] $$$ Macquarie's Credit Solutions Group, a distressed and special situations financing group, is looking for a 2nd or 3rd-year analyst in New York [DBCC] $$$ Or just be an event coordinator for Breaking Media [Fashionista] $$$ Uber Bear Sees S&P at 800...Just Not Yet [CNBC!] $$$ Eighth Grader Says He Vandalized Congressman’s Office [NYT] $$$ Mitt Romney Stops Supporters from Chanting ‘Ryan’ to Ensure They Say His Name Too [Gawker] $$$ Police launched investigation into the 'suspicious' moon [Telegraph]

$$$ Excited for Whale day? [Reuters] $$$ Banks’ Libor costs may hit $22bn [FT] $$$ Bain Starts Raising Buyout Fund With $6 Billion Target [Bloomberg] $$$ PFG Employee Files Lawsuit for Wages so he could afford the new leash, harness and doggie bed he had bought for Apple, his terrier mix [FINS] $$$ Piggy bank has a new meaning in a town east of Vienna after a surveillance camera caught a wild pig on a night foray to a local branch of one of Austria’s financial institutions. The Austria Press Agency reports that the inquisitive porker managed to push open a locked sliding glass door of a bank in Hainburg an der Donau to make its way inside. After looking around, it left the same way it came without causing significant damage, with the door locking behind it. [AP] $$$ A prominent broker-dealer is looking for a junior non-agency mortgage trader [DBCC] $$$ Richard Posner: Why There Are Too Many Patents in America [Atlantic] $$$ Goldman recruits former Treasury spokesman [FT] $$$ In spite of the Barclays scandal, LIBOR product continues to do well [Sober Look] $$$ Here you will find NSFW pictures of dinosaur loving [Daily Mail]

Malcom Gladwell is not happy about John Paulson's $400 million gift to Harvard; UBS chiefs knew about Libor rigging; Insider trading; Bitcoin; "High School Baseball Teammates Allegedly Have Sex With Sandwich On School Bus"; and more.

$$$ ECB thinks the unthinkable, action likely weeks away [Reuters] $$$ Private equity assets hit record $3tn [FT] $$$ Economy Tests Harvard [WSJ] $$$ Guy seeks attention by pretending he manipulated Libor [Boston Review, related] $$$ Chivalry On Sinking Ships Only A Myth, Researchers Find [Bloomberg] $$$ Macquarie Research is looking for a REIT research associate in New York [DBCC] $$$ A Berlusconi Comeback Is Last Thing Italy Needs [Bloomberg] $$$ Here you will find a Fox Business segment on The Decathlon featuring an NBA vs. Wall Street vertical jump contest [FBN] $$$ Here you will find an argument for replacing the uncomfortable business metaphor "opening the kimono" with "putting a ruler to the dick" [Mathbabe] $$$ "Many scientists don’t like to talk about shark sex," but some do [LRB]

$$$ U.S. To Sell $4.5 Billion In AIG Stock In Public Offering [Bloomberg] $$$ Hiring Climbs but Jobless Rate Ticks Up [WSJ] $$$ Bloomberg wants to develop a Libor alternative and call it Blibor [WSJ] $$$ What's the Exxon Valdez up to these days? [Bloomberg] $$$ "I think there's just something about getting into chlorine water that you just automatically go." - Ryan Lochte [AP] $$$ An investing bank is looking for a Ph.D. quant for their derivatives modeling team, if that's of interest [DBCC] $$$ Or consider supporting a second edition of Doug Henwood's book Wall Street, "the best leftwing book on actually-existing-capitalism that’s been written in the last couple of decades," if that's more your thing [Crooked Timber] $$$ Financial weapons of mass irony [Reuters] $$$ Futures are swaps in reality but not in regulatory arbitrage [Streetwise Professor] $$$ Mustaches keep you safe from radiation [WaPo]