Write-Offs: 07.25.12

$$$ Schaeuble Declares Markets Wrong As Europe Heads To Vacation [Bloomberg] $$$ 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]
Author:
Publish date:
Updated on

$$$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]

Related

Write-Offs: 10.05.12

$$$ Lehman Units Settle $38 Billion in Claims [WSJ] $$$ When will PE firms exit from all their "golden age" buyouts? [Fortune] $$$ Hedge funds love affair with leverage still on hiatus, for now [Reuters] $$$ Russian cyber gang said to be organizing a ‘mega heist’ of US banks [Qz] $$$ GE Capital Said to Near Systemic-Risk Label in Review [Bloomberg, related?] $$$ World’s Least Fun Person Removing One-of-a-Kind Slide From Apartment He Just Bought [DI] $$$ A New York multi-strat hedge fund is looking for a junior collateral manager [DBCC] $$$ Moody’s warns on Portugal’s bailout plan [FT] $$$ On jobs report, "what we might be seeing is an evolution of seasonal patterns — people starting school and leaving their summer gigs earlier in the summer — which has big implications for how the Labor Department digests and reports the monthly jobs data." [Economix] $$$ After JPMorgan, Hannam Said to Focus on Afghan Gold Mine [Bloomberg] $$$ 'Price is Right' finds first male model in show history [NYP] $$$ Is Quebec's Stolen Maple Syrup Stashed in Stomachs? [Bloomberg]

Write-Offs: 06.08.12

$$$ Europe Considers a Spanish Bank Rescue [Bloomberg] $$$ S&P says U.S. to avoid "fiscal cliff", risks remain [Reuters] $$$ "The fact is that if UBS ended up losing anywhere close to $350 million on Facebook stock, it has no business being in the equity capital markets at all." [Felix Salmon] $$$ Groupon is Now Giving Groupons ... for Groupon [NYO] $$$ Who cheats more, bankers or politicians? Disappointingly, bankers, according to a survey conducted in bars [Wonkblog] $$$ John Carney takes the pulse of Wall Streeters "waiting for a fourth martini at a once-fashionable midtown bar," "at a tavern along a cobble-stoned street in the financial district," "[a]t Stone Rose in the Time Warner center" and "having a drink with a colleague at Emmett O’Lunney’s" [NetNet] $$$ Are you a credit risk specialist? Any interest in analyzing credit risk for the National Rural Utilities Cooperative Finance Corporation in Dulles, VA? [DBCC] $$$ Citi Won't Request Stock Buyback This Year [WSJ] $$$ Gupta ‘Highly Likely’ to Take the Stand, Lawyer Says [WSJ Law Blog] $$$ After reading a passage about the prospect of Goldman buying a bank, Mr. Naftalis asked the chief executive if he had read the portion correctly. “Yes,” replied a smiling Mr. Blankfein, who glanced from the jury to the judge. “You read it well.” Judge Jed Rakoff, prone to making jokes during trial himself, belted out a laugh, and the courtroom followed. [DealBook] $$$ This year’s Nathan’s Hot Dog Eating Contest is expected to be even more heated than usual now that ESPN, which televises the July 4 competition, has pushed the start time later to accommodate the sports network’s first-ever coverage of Wimbledon. ... Major League Eating president George Shea said he expects the later 3 p.m. start time to also drive up ratings for the glutton-fest, which attracted 1.9 million live viewers last year. But he admits the mid-afternoon heat “should make it much more difficult” for the dog devourers to break Joey Chestnut’s 2009 world record of 68 hot dogs and buns in 10 minutes. “Heat causes the buns to crisp up more and the dogs to expand, making a run at the record nearly impossible,” said professional eater and perennial Nathan’s contestant Jason “Crazy Legs” Conti. [NYP] $$$ Vampire High Priest Loses Religious Civil Rights Case [ATL]

Write-Offs: 01.04.13

$$$ Hedge fund chief Einhorn disappoints, Loeb has big 2012 [Reuters] $$$ JPMorgan Faces Sanction for Withholding Madoff Documents [Bloomberg] $$$ Ackman's Herbalife thesis: someone from the government will help poor people and billionaire hedge fund managers ... [Bronte Capital] $$$ Connections are key for the careers of male Wall Street analysts. For females, it’s education and forecast accuracy [AEI] $$$ Tom Wolfe: "Up until 2006 a spirit of manly daring had pervaded Wall Street’s investment bankers" but apparently not any more [Newsweek] $$$ ‘Teens’ Caught Egging Suburban Home Turn Out to Be Off-Duty Police Officers [Gawker] $$$ Mosaic Financial Markets is looking for a capital markets business analyst in New York [DBCC] $$$ You should buy a lot of Turkish stocks because they're guaranteed to go up! [Bloomberg, FTAV] $$$ New rule could turn U.S. hedge funds into informers on fraud [Reuters] $$$ Cerberus Close to Supervalu Deal [WSJ] $$$ How the World Has Changed [Alea] $$$ Historical Echoes: The Origins of the Piggy Bank [NY Fed] $$$ Finally, the Accessory We’ve Been Waiting For: A Wearable Cat Tail That Wags In Response to Your Heartbeat [Fashionista]

Write-Offs: 02.19.13

$$$ FBI Launches Criminal Inquiry Into Heinz Options Trading [WSJ] $$$ Herbalife Fourth-Quarter Profit Tops Analysts’ Estimates [Bloomberg] $$$ Greenlight shows 'likelihood of success' against Apple -judge [Reuters] $$$ One problem with paying interest on excess reserves is that you pay interest on excess reserves [FT] $$$ Blavatnik hits out at ‘arrogant’ JPMorgan [FT] $$$ "I use psychoanalytic theory to argue that the malevolent object of [Occupy Wall Street's] critique is the father, who, in fulfillment of the paternal function, forces socialization upon us. The world of artificial images is culture, seen from the standpoint of alienation. Their alternative, rooted in their authenticity, with themselves as models, doesn't amount to much." [SSRN via Bainbridge] $$$ "'If you want to protect yourself get a double barrel shotgun, you don't need an AR-15,' Biden said, referring to a type of semi-assault weapon. 'You don't need an AR-15, it's harder to aim, it's harder to use...buy a shotgun. Buy a shotgun.'" [TPM] $$$ A leading hedge fund administrator is seeking a project manager / business analyst [DBCC] $$$ OfficeMax, Office Depot in Talks to Merge [WSJ] $$$ Is Linn Energy ponzi-ish? [Bronte Capital] $$$ Institutional buyers jostle for position in new infrastructure debt market [Euromoney] $$$ Multimillion Diamond Heist at Brussels Airport [WSJ] $$$ A guy wrote a book that, unlike every other book, "paints a picture of a fast-moving, high-stakes, ego-fueled market controlled by a handful of traders. The champagne flowed when profit was strong, he said, but heads rolled over a single miscalculation." [DealBook] $$$ "[W]e are very well-versed in the legend of the power breakfast, but we will enhance it with our own culture ...” [NYP]

Write-Offs: 03.12.13

$$$ Cliff Asness: The Hidden Tax Behind Wall Street Reform [WSJ] $$$ Banks’ Debt Addiction Said to Face Scrutiny at Basel Group [Bloomberg] $$$ Citigroup Joins Roster of Banks Advising Dell Buyout [Deal Journal] $$$ Bloomberg: still really into the $83bn TBTF subsidy [Bloomberg, earlier, etc.] $$$ Ms. White got a warmer welcome from some members of the panel, which is set to vote on her nomination before it moves to the full Senate. "The more I find out about you, the more I like you," said Sen. Tom Coburn (R., Okla.), adding that he had already decided to support her nomination. Sen. Charles Schumer (D., N.Y.), introducing Ms. White at the beginning of the hearing, described the lighter side of a woman known mostly for locking up terrorists and mobsters. He told the packed hearing room that Ms. White served as chairman of the American Society for the Prevention of Cruelty to Animals, likes to "crack open a cold can of Bud" and was effective on the basketball court as a member of a New York women's basketball league. [WSJ] $$$ A sinkhole swallowed a golfer on the 14th fairway [DM] $$$ A resource focused boutique investment bank is looking for an associate in New York [DBCC] $$$ An Asset Manager’s Guide to Swap Trading in the New Regulatory World [DPW] $$$ SEC asked Goldman to disclose more about illiquid assets - filings [Reuters] $$$ Funds pick Credit Suisse over UBS on revamp risks [Reuters] $$$ "There is nothing funny about these photos, in which Mitt Romney celebrates his 66th birthday by eating fluffernutter cupcakes and wearing a stupid birthday hat." [DI] $$$ 'Wolf of Wall Street' Gets $1M Pay Day for Movie Rights [FBN]

Write-Offs: 03.15.13

$$$ Dow Average Snaps Rally as Consumer Confidence Declines [Bloomberg] $$$ Two Ackman investors want more details on JC Penney [Reuters] $$$ Why We Should Rip the Banks in Two [Bloomberg View / Matthew C. Klein] $$$ "There’s something almost silly in the fact that Buffett, one of the world’s richest men, earns a salary of $100,000 at Berkshire—and then cuts a check for $50,000 to reimburse Berkshire for 'minor items such as postage or phone calls that are personal.'" [Deal Journal] $$$ Happy Ides of March! Where Caesar Was Killed, Cute Kittens Now Roam [IBTimes] $$$ A top tier hedge fund is looking for a valuations and risk analyst in New York [DBCC] $$$ Goldman named Steven Barg the head of something called "mergers and acquisitions capital markets," where he will "work with clients 'on the equity market implications of strategic activities.'" [DealBook] $$$ AT&T Signals It May Sell Assets to Fund Dividends, Buybacks [WSJ] $$$ BuzzFeed to Launch Business Section [WSJ] $$$ Five Reasons Mila Kunis Shouldn’t Be Buying Stocks Now [MarketBeat]

Write-Offs: 03.21.13

$$$ Cyprus Plans Bank Restructuring to Save Rescue [WSJ] $$$ S&P Cuts Rating on Cyprus by One Notch to Triple-C [Reuters] $$$ Hedge funds storm back into form [FT] $$$ Lululemon Sheer Yoga Pants Undetected Until Bend-Over Test [Bloomberg] $$$ Former MSNBC Host Dylan Ratigan Quit New York To Work On Hydroponic Organic Farm [TPM] $$$ Once-obese Goldman analyst becomes fitness evangelical, gym CEO [Reuters] $$$ Southeastern had eyed joining Dell buyout group [Reuters] $$$ Gold Giants Shrink to Fit as Paulson Pushes Breakup [Bloomberg] $$$ "And there was this dichotomy, like dumb versus smart money. We're smart money; they're dumb money. We are so smart that we deserve their money. It was essentially kind of an entitlement. And it was really unattractive to me. I spent a lot of time at lunch trying to understand the mindset of, like, how does being good at math give us the right to do this?" [EconTalk] $$$ A Watermelon, a Golf Course, a Horse, and Monstrous Dogs: 12 New Paintings from George W. Bush [Gawker]

Write-Offs: 03.26.13

$$$ Instead Of Doing His Job, Jeroen Dijsselbloem Has Given Us A Glimpse Of The Euro 'End Game' [BI] $$$ Paul Krugman thinks Cyprus should leave the Euro [NYT] $$$ RBS Split Not Ruled Out [WSJ] $$$ "Big Bank CEOs Must Rally Against Breakup Talk" [AB] $$$ "Texas, the Germany of America." [WaPo] $$$ Aspiring Model Scores State-Funded Boob Job After Convincing Doctor Her Flat Chest Was Causing Her ‘Emotional Distress’ [Gawker] $$$ Global pool of triple A status shrinks 60% [FT] $$$ Denmark Reviews Bail-In Law as ‘Terrorists’ Shape Banking [Bloomberg] $$$ Two Charged in Insider-Trading Case [WSJ] $$$ How the ‘London Whale’ trade could have been stopped [RWC&G] $$$ Ranking All 27 Seasons of The Real World [Vulture] $$$ Trump loses fight against wind farm [FT]