Write-Offs: 09.26.12

$$$ IMF, EU clash over Greece's bailout prospects [Reuters] $$$ No Prison Time Likely For Accused Manhattan Madam [WSJ] $$$ U.K. authorities arrested a former Credit Suisse investment banker on Wednesday in connection with U.S. allegations that he and others at the Swiss bank conspired to inflate the values of mortgage bonds during the financial crisis. [WSJ] $$$ U.S. Banks’ Leverage Should Be Halved to Cut Risks, Bair Says [Bloomberg] $$$ Man pulled over by cops blames reckless driving on pet squirrel [DM] $$$ Hong Kong Tycoon Seeks Husband for Lesbian Daughter [GP] $$$ Bank of America VP Called Seahawks’ Disputed Touchdown Pass [Bloomberg] $$$ Rumble On the Docks: Contract Pits Pinstriped Pinheads Against Roughneck Roustabouts [NYO] $$$ Poll: Romney Ahead in Presidential Race, Say Replacement Refs [New Yorker]

Author:: Dealbreaker
Updated:: Jan 14, 2019
Original:: Sep 26, 2012

$$$IMF, EU clash over Greece's bailout prospects [Reuters]

$$$No Prison Time Likely For Accused Manhattan Madam [WSJ]

$$$U.K. authorities arrested a former Credit Suisse investment banker on Wednesday in connection with U.S. allegations that he and others at the Swiss bank conspired to inflate the values of mortgage bonds during the financial crisis. [WSJ]

$$$ U.S. Banks’ Leverage Should Be Halved to Cut Risks, Bair Says [Bloomberg]

$$$Man pulled over by cops blames reckless driving on pet squirrel [DM]

$$$Hong Kong Tycoon Seeks Husband for Lesbian Daughter [GP]

$$$Bank of America VP Called Seahawks’ Disputed Touchdown Pass [Bloomberg]

$$$ Rumble On the Docks: Contract Pits Pinstriped Pinheads Against Roughneck Roustabouts [NYO]

$$$ Poll: Romney Ahead in Presidential Race, Say Replacement Refs [New Yorker]

$$$ "UBS AG, Switzerland’s biggest bank, fired its head of credit-default swaps index trading, David Gallers, last week, with no plan to fill the position, according to two people familiar with the matter. Instead, the bank replaced Gallers with computer algorithms that trade using mathematical models." [Bloomberg] $$$ Morgan Stanley should not boost bond trading: analyst [Reuters] $$$ Sheila Bair has a crazy plan for Congressional pay-for-performance [Fortune] $$$ Goldman Research Implies Big Obama Electoral Win [Deal Journal] $$$ “One of the most striking differences between U.S. presidents is how they choose to stock the White House bar.” [TMN via The Hairpin] $$$ A premium bank is looking for an analyst or associate candidate for the Corporate Strategies group within the investment banking division in New York[DBCC] $$$ Recycled legal claims make banks look like victims [Breakingviews] $$$ Citigroup Discloses Libor Inquiry in Singapore [WSJ] $$$ “Some genius paired 50 Cent's In Da Club with a video put out by the Jehovah's Witnesses to encourage deaf people not to masturbate” [Kottke] $$$ Defendant In Murder Trial Who Wanted To Get Back To His Cell In Time For Monday Night Football: “I Did it, So What?” [Deadspin]

$$$ The Einhorn burrito taste test [Felix Salmon] $$$ Mortgage prepayment rates highest since 2005 [CR] $$$ Do you think Harvard Business School will ever again send less than 30% of its graduates to the financial industry? [NetNet / John Carney] $$$ "What’s America’s FICO score? One analyst tries to find out" for some reason [MW] $$$ Chelsea Clinton loved working at her parents' friend's hedge fund because it was "fiercely meritocratic," but left because money "wasn’t the metric I wanted to judge my life by in a professional sense." [Bloomberg] $$$ SQUIRREL HATS [Onward State] $$$ A large global corporate and investment bank is looking for a credit analyst in New York [DBCC] $$$ EU Banks Face Tougher Capital Requirements [WSJ] $$$ Grassley Turning Up Heat on Geithner Over LIBOR Scandal [FBN] $$$ Report: Wall Street is pricing in a 2012 Democratic victory [WonkBlog] $$$ The Glory Days of Currency Trading Are Over: HSBC [CNBC] $$$ Police seize 660 barrels of syrup possibly linked to Quebec maple heist [Globe & Mail]

$$$ Knight Weighs Offers [WSJ] $$$ US banks call for easing of Basel III [FT] $$$ US banks increase retention of mortgages [FT] $$$ Instagram's CEO maybe lied to the California Corporations Department about whether Twitter offered to buy Instagram [NYT, cf. Felix Salmon] $$$ Peter Madoff Says He Was a Victim of Brother’s Ponzi Scheme [Bloomberg] $$$ Silvio Berlusconi may or may not be engaged to a 27-year-old [Gawker] $$$ A leading buyside institution is looking for a senior investor relations specialist in New York [DBCC] $$$ Argentina got its boat back [Credit Slips] $$$ Aladdin Capital to pay $1.6 mln to resolve SEC charges [Reuters] $$$ U.S. agency sues JPMorgan over mortgage securities [Reuters] $$$ Calstrs Reviewing Cerberus Investment in Light of Newtown Shooting [Deal Journal] $$$ Elie Ayache, Author of the Black Swan [Wilmott]

$$$ Stocks Near New Heights as Small Investors Regain Faith [NYT] $$$ 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]

$$$ Holder: Big banks' size complicates prosecution efforts [The Hill] $$$ Stress Tests Seen Boosting U.S. Bank Shareholder Payouts [Bloomberg] $$$ February the strongest month ever for US buybacks [FTAV] $$$ E*Trade Exec Behind Talking Baby Leaves [Deal Journal] $$$ Anti-CNBC ad runs on CNBC [TBN] $$$ "Also, releasing a new version of a customer favorite like 'snackable chicken,' works well, says James O'Reilly, chief marketing officer for Sonic Corp. 'Consumers love to eat chicken in portable forms,' so Sonic introduced a spicy version of its Jumbo Popcorn Chicken for a limited time last month, he says." [WSJ] $$$ Eaton Vance is looking for a junior U.S. taxable fixed income analyst in Boston [DBCC] $$$ Tiger accelerator fund pounces back after early losses [AR] $$$ Football Investors Get 62% in Run Around Players on Transfer Bet [Bloomberg] $$$ Monte Paschi seeks 1.2 billion euros damages over derivatives [Reuters] $$$ Wallace Shawn ‘Fascinated and Shocked’ by Iran’s R.O.U.S Problem [DI] $$$ Tensions brewed, for instance, when she organized a golf-themed 21st-birthday party for a student at University of Virginia—under orders from his mother in Epsom, England. The mother, Lindsay Smart, says her son Henry was initially wary of the party plan, but "as it got nearer, I think he warmed to the idea." He directed her not to do anything "over the top," but otherwise gave little guidance on the event, which was for about 25 people. "We were trying not to treat him like he was 5 years old," Ms. Battani says. [WSJ]

$$$ U.S. investigates whether JPMorgan traders hid losses [Reuters] $$$ Was JPMorgan's restatement actually an elaborate plot to get Ina Drew's comp clawed back? No? [Felix Salmon] $$$ Fed May Need To Begin New Asset Purchases, Lockhart Says [Bloomberg] $$$ Ex-Mets star Dykstra pleads guilty in bankruptcy fraud case [NYP] $$$ "You have to sit there in silence, and you just get up every day and beat your head against the wall," but for that (and ratting out Countrywide) they'll pay you $14.5 million [Reuters] $$$ Q&A: The Gourmand Behind New York's $666 'Douche Burger' [BW] $$$ Deutsche Bank is looking for a VP-level Group Finance COO business manager [DBCC] $$$ Spanish Bank Borrowing from ECB Surges [WSJ] $$$ Italy sells debt despite downgrade [FT] $$$ Visa, MasterCard in $6 Billion Settlement Over Surcharges [WSJ] $$$ Wealthy Homeowners Brace for 'Mansion Cliff' [CNBC!] $$$ Attention Cable and Satellite Subscribers: This Network Is Being Dropped Because Your Provider Is Being a Giant Douche [McSweeney's]

$$$ AIG Said to Boost U.S. TARP Recovery to 80% With Payment [Bloomberg] $$$ Trio of Deals Show IPO Strength [WSJ] $$$ Scrap Over Easing IPO Rules [WSJ] $$$ "The biggest recent change on Wall Street has been semantic, not substantive. The word 'client' has become Orwellian doublespeak. Goldman’s leaders talk uniformly about the importance of serving clients, but the firm’s salespeople know who is a client and who is a mere a counterparty." Frank Partnoy says sensible things about Muppetgate [FT] $$$ Fruit flies who strike out with the lady fruit flies drink to forget their troubles [NYT] $$$ Banks hike fees, cut costs to boost profits [Reuters] $$$ Glencore poised for joint bid for Viterra [FT] $$$ The New York Times paid executives multimillion dollar bonuses for achieving returns that were a fraction of its cost of capital, so that's kind of awkward [BreakingViews, via William Wright] $$$ Would you like some hyperbolic metaphors with your intimations of criminality? Enjoy! [Rolling Stone] $$$ "The Real Question re Goldman: Why doesn't Goldman have its employees sign non-disclosure agreements?" I know, right? [Credit Slips]

$$$ U.S. Banks Had Second-Best Earnings Ever in 2012, FDIC Says [Bloomberg] $$$ Dimon Says Lenders to Have More Capital Than They Can Use [Bloomberg] $$$ Banks Fear Court Ruling in Argentina Bond Debt [DealBook] $$$ “'We are seeing some elements of precrisis behavior,' Mr. Marks said on Tuesday at the SuperReturn International 2013 conference. 'We are seeing people engaging in bullish behavior.'” [DealBook] $$$ AB InBev Overstates Alcohol in Budweiser, Lawsuit Claims [Bloomberg] $$$ Nassim Taleb book party tonight! [Book Culture] $$$ Best Buy takeover attempt by founder in jeopardy [Reuters] $$$ At Barnes & Noble, Interests of Top Executives Diverge [WSJ] $$$ It’s time to abolish the FHFA [Reuters / Felix Salmon] $$$ New Stream Capital Executives Accused of Fraud [WSJ] $$$ Former CFO Sues T. Boone Pickens' Son [CNS]