Write-Offs: 09.13.12

$$$ NGDP-targeting inventor Scott Sumner is celebrating [Money Illusion] $$$ The Fed will buy over half of all new agency MBS [Sober Look] $$$ Ray Dalio describes the machine [Free Exchange, CFR] $$$ Bank complexity makes Sally Krawcheck "weep blood out of [her] eyes" [DealBook] $$$ Greece to Lease 40 Uninhabited Islands to Reduce Debt [Bloomberg] $$$ Efficient Markets Theory Can Save You From A Grizzly Death By Botched Penile Enlargement [Slate] $$$ BlackRock is looking for a director of global mobility in San Francisco [DBCC] $$$ Deutsche Bank urges rivals to share IT [FT] $$$ Fairfax Case Against Morgan Keegan, Exis Dismissed [Bloomberg] $$$ The Volcker Rule's ban on short-term prop trading will prevent AIG from buying and holding long-term assets for some reason [DealBook] $$$ You only have six more months to buy giant sodas in New York City [NYT] $$$ "The Author in Fancy Dress as a Side of Bacon, designed by himself, which took the First Prize of Forty Guineas at the Covent Garden Fancy Dress Ball, April 1894." [Retronaut]

Author:: Dealbreaker
Updated:: Jan 14, 2019
Original:: Sep 13, 2012

$$$ NGDP-targeting inventor Scott Sumner is celebrating [Money Illusion]

$$$The Fed will buy over half of all new agency MBS [Sober Look]

$$$ Ray Dalio describes the machine [Free Exchange, CFR]

$$$ Bank complexity makes Sally Krawcheck "weep blood out of [her] eyes" [DealBook]

$$$Greece to Lease 40 Uninhabited Islands to Reduce Debt [Bloomberg]

$$$Efficient Markets Theory Can Save You From A Grizzly Death By Botched Penile Enlargement [Slate]

$$$ BlackRock is looking for a director of global mobility in San Francisco [DBCC]

$$$Deutsche Bank urges rivals to share IT [FT]

$$$Fairfax Case Against Morgan Keegan, Exis Dismissed [Bloomberg]

$$$ The Volcker Rule's ban on short-term prop trading will prevent AIG from buying and holding long-term assets for some reason [DealBook]

$$$ You only have six more months to buy giant sodas in New York City [NYT]

$$$ "The Author in Fancy Dress as a Side of Bacon, designed by himself, which took the First Prize of Forty Guineas at the Covent Garden Fancy Dress Ball, April 1894." [Retronaut]

$$$ Santander, BBVA Among Spanish Banks Downgraded By Moody’s [Bloomberg] $$$ Spain denies bank run reports [FT] $$$ Big banks need extra $566bn, says Fitch [FT, FTAV] $$$ Icahn Takeover of CVR Gets Support From 55% of Holders [Bloomberg] $$$ JPMorgan's Dimon says will testify before Congress [Reuters] $$$ Occupy Wall Street is staging an intervention with Jamie Dimon [NC] $$$ BlackRock is looking for a performance analyst in Princeton [DBCC] $$$ At CME, an Uproar Over Trading Hours [WSJ] $$$ SEC Probes Role of Hedge Fund in CDOs [WSJ] $$$ Which Biglaw Firm Accidentally Released Embarrassing, Unredacted Documents About Goldman Sachs? [ATL] $$$ Floyd Norris: "For market makers, who may buy unwanted securities that customers want to sell, hedging may be wise and prudent. But it will also be short term, until the bank trades out of whatever position it took on in the course of making the market. But if banks hedge long-term investments, as JPMorgan evidently did, the hedge is also likely to be long term. It will consist of buying something that, in normal times, should move in the opposite direction of their investment. The result is that they will be making convergence trades that are indistinguishable from what Long Term Capital Management did. Given the size of the big banks, they will have to do so in huge volumes that can come back to haunt them if markets move the wrong way." [NYT] $$$ The Boldface Names on the Witness List for Gupta’s Trial includes Lloyd Blankfein, Gary Cohn, Ken Chenault, Raj Rajaratnam, James Barnacle, and Adam Smith [DealBook]

$$$ Greece drops demand to ease bailout terms [FT] $$$ The NYSE Gets Its Very Own Dark Pool [MarketBeat] $$$ The Strange Takeover Limbo of CVR [DealBook] $$$ Countrywide won influence by giving House members discounts, report says [AP] $$$ Jon Ronson talks to rich people, middle-class people, and poor people [GQ] $$$ The guy who finished ahead of David Einhorn in the $1mm buy-in One Drop poker tournament was beaten up shortly afterwards [Poker News Daily] $$$ A German university is suing a business student for lost income because he finished his bachelors and masters degrees in only 20 months [UPI] $$$ A top institution is looking for a VP level structured credit trader in New York [DBCC] $$$ Euro the big loser after central banks intervene [FT] $$$ Irish Bill Sale Marks End Of Drought As Spain Yields Rise [Bloomberg] $$$ Why not have variable-rate mortgages with fixed payments but variable amortization periods? [American Banker] $$$ Traded assets are more volatile than non-traded assets, NGDP targeting edition [Noahpinion] $$$ Alphonse "Buddy" Fletcher's wife is the Kleiner Perkins partner suing them for gender discrimination [Term Sheet] $$$ An Alternative Living Will for Banks [Paperwell]

$$$ J.C. Penney Ousts Ron Johnson, Rehires Myron Ullman [WSJ] $$$ Capital markets: Is Citi the new golden child of Wall Street? [Euromoney] $$$ White Confirmed as SEC Chairman [WSJ] $$$ A.I.G. Seeks to Bar Greenberg From Suing U.S. on Its Behalf [DealBook] $$$ David Stockman's dystopia [Fortune] $$$ Wrestling’s Private Equity Champion [DealBook] $$$ Google Glass Already Being Banned from Strip Clubs [BetaBeat] $$$ The Fine Line Between Political Intelligence and Insider Trading [DealBook] $$$ Hedge Funds Wagering on Fannie Reincarnation [Bloomberg] $$$ As Deadline Looms, Few Companies Sign Up to Trade Swaps [WSJ] $$$ Costs of derivatives clearing stack up for buy-side [Reuters] $$$ Volcker: Central banks are too aggressive [CNN] $$$ Market Crash Likelihood Goes Up If Stocks Continue to Rally: Marc Faber [CNBC] $$$ Science proves women like men with bigger penises [NBC]

$$$ Happy Birthday, Jamie Dimon [DealBook] $$$ There's a pope [DI] $$$ EU May Put Short-Term Bank Creditors in Firing Line for Losses [Bloomberg] $$$ End Looming for Paper Certificates [WSJ] $$$ Is Insider Selling A Concern? (No) [TBP] $$$ I Emailed the CEO of Bank of America to Fix My Credit Score (And He Did) [The Billfold] $$$ A high frequency trading fund is looking for a senior compliance officer in New York [DBCC] $$$ Former Pimco Executive Files, Then Withdraws, Suit Alleging Misconduct [DealBook] $$$ Lehman creditors can question 'London Whale' - judge [Reuters] $$$ New Dell suitors don't make much sense [Fortune] $$$ Goldman Sachs ventures west for annual meeting in Salt Lake City [Reuters] $$$ New York City to Ban Awls [The Awl]

$$$ Hedge Fund Manager Found Guilty of Insider Trading [DealBook] $$$ Citi chief rejects calls for bank splits [FT] $$$ E.C.B. Rejects Speculation About Its Bond-Buying Intentions [NYT] $$$ Condoleeza Rice and Darla Moore became the first women admitted to Augusta National [USAT] $$$ Apple Market Value Hits Record High $$$ Kansas lawmaker apologizes for nude Sea of Galilee swim [AP] $$$ Morgan Stanley is looking for an anti-money-laundering due diligence manager in New York [DBCC] $$$ Banks Use $1.77 Trillion To Double Treasury Purchases [Bloomberg] $$$ UBS Seeing Moat Of Secrecy Run Dry Vows Results To Lure Wealthy [Bloomberg] $$$ "Inspired by Google’s PageRank, the authors of a new paper create DebtRank, a measure of connection centrality. The vertical axis in the following diagram shows DebtRank (centrality) the horizontal axis asset shows size relative to the total network and the color indicates fragility/leverage. Institutions such as Wachovia, RBS and Barclays were relatively small but because of their centrality and fragility they imposed big risks on the system." [MR] $$$ Would it be better if analysts started earnings call Q&As by saying "terrible quarter, guys"? [Overheard]

$$$ Doubts Rise Over EU Bank Metrics [WSJ] $$$ 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]

$$$ Alcoa Swings to a Profit [WSJ] $$$ SAC Capital Said to Raise Portfolio Managers’ Bonuses [Bloomberg] $$$ Titan's taste for small funds seen behind its SAC exit [Reuters] $$$ Dimon Leaves New York Fed Board as His Term Ends [DealBook] $$$ What The Simpsons Taught Us About the Dangers of a Trillion-Dollar Platinum Coin [DI] $$$ An investment manager is looking for a senior portfolio analyst in Seattle [DBCC] $$$ Dealpolitik: How AIG Board Works Its Way Out of the Hot Seat [Deal Journal] $$$ Lawmakers Warn A.I.G. Not to Join Lawsuit Against U.S. [DealBook] $$$ Why AIG Suing America Isn't as Crazy as You Think [NetNet / John Carney] $$$ Clearwire Receives $5.15 Billion Buyout Bid from Dish [WSJ] $$$ Oregon Man Arrested for Choking Girlfriend With His Own Dreadlocks [Gawker]

$$$ Fed Proposes Broad Guidelines for Foreign Banks [WSJ] $$$ UBS Libor Pact Said to Include Charges Against Bankers [Bloomberg] $$$ SEC has examined Bank of America mortgage repurchases [Reuters] $$$ China investors grow angry at mud-slinging [FT] $$$ VIDEO: "Big Write-Offs Will Inspire You," Top AIG Exec Raps About Bailout [MoJo] $$$ Best Buy Gives Founder More Time to Make a Bid [DealBook] $$$ Apple Falls as UBS Projects Growth Slowdown [Bloomberg] $$$ This is a story about conversion-free contingent convertible notes [Euromoney] $$$ This is a story about an ad hoc group of sewer warrant holders [Bloomberg] $$$ "There's also the fear that admissions officers could develop Sandy fatigue. 'That's the risk, that everyone from New Jersey or New York is going to be writing about Sandy,' said Nicole Oringer, a private admissions counselor." [WSJ]