Write-Offs: 10.18.12

$$$ Google Shares Fall on Premature Earnings [WSJ] $$$ Google and the send button ... [footnoted] $$$ "To be fair, we released our earnings yesterday afternoon on Google Plus." [@PendingLarry via Deal Journal] $$$ Smallest Stock Traders Hardest Hit as Commissions Decline [Bloomberg] $$$ Blackstone Swings to Profit of $622 Million in 3rd Quarter [DealBook] $$$ "Americans who say they work 75 hours a week tend to be exaggerating by 25 hours." [Qz] $$$ BlackRock is looking for a Sales Training Program Manager for their iShares division in San Francisco [DBCC] $$$ Sprint Nextel assumes majority stake in Clearwire [Reuters] $$$ In Insider Trading Case, Drawing In David Ganek [DealBook] $$$ Ex-GE Bankers Jailed in Rigged Muni Bond Case [CNBC] $$$ William Cohan on Greg Smith: "He conned Grand Central Publishing, which paid him a reported $1.5 million for his 'tell-all' book about how the culture at Goldman Sachs had deteriorated during his 12-year tenure into something he no longer recognized, when really Goldman has always been a stinging scorpion. (Disclosure: my wife is the editor-in-chief of Grand Central Publishing, although she had nothing to do with editing Smith's book, and neither of us has read it.)" [Bloomberg] $$$ Republicans Pulling Money Out of Soup Kitchen Where Paul Ryan Pretended to Wash Dishes [DI]
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$$$Google Shares Fall on Premature Earnings [WSJ]

$$$Google and the send button ... [footnoted]

$$$"To be fair, we released our earnings yesterday afternoon on Google Plus." [@PendingLarry via Deal Journal]

$$$Smallest Stock Traders Hardest Hit as Commissions Decline [Bloomberg]

$$$Blackstone Swings to Profit of $622 Million in 3rd Quarter [DealBook]

$$$ "Americans who say they work 75 hours a week tend to be exaggerating by 25 hours." [Qz]

$$$ BlackRock is looking for a Sales Training Program Manager for their iShares division in San Francisco [DBCC]

$$$Sprint Nextel assumes majority stake in Clearwire [Reuters]

$$$In Insider Trading Case, Drawing In David Ganek [DealBook]

$$$Ex-GE Bankers Jailed in Rigged Muni Bond Case [CNBC]

$$$ William Cohan on Greg Smith: "He conned Grand Central Publishing, which paid him a reported $1.5 million for his 'tell-all' book about how the culture at Goldman Sachs had deteriorated during his 12-year tenure into something he no longer recognized, when really Goldman has always been a stinging scorpion. (Disclosure: my wife is the editor-in-chief of Grand Central Publishing, although she had nothing to do with editing Smith's book, and neither of us has read it.)" [Bloomberg]

$$$Republicans Pulling Money Out of Soup Kitchen Where Paul Ryan Pretended to Wash Dishes [DI]

Related

News

Write-Offs: 08.20.12

$$$ Hedge Fund Manager Found Guilty of Insider Trading [DealBook] $$$ 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]

Write-Offs

Write-Offs: 03.14.13

$$$ JPMorgan Misled Investors, Dodged Regulators, Senate Report Says [Bloomberg] $$$ 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]

Write-Offs

Write-Offs: 06.12.12

$$$ Swelling Bond Yields Add to EU Pressure [WSJ] $$$ Goodbye Smith Barney [DealBook] $$$ A Marxist take on the European Central Bank [Slack Wire] $$$ Izzy Kaminska: "If it is true that the system can increasingly provide a base level of existence for ever more people for almost no cost, should we be surprised that those western countries where a base level of existence is adequate — because of weather, surroundings and general environment — are the first to opt out of unnecessary human productivity?" [FTAV] $$$ Corporate political giving is negatively correlated with market performance for most companies, positively correlated with performance for firms in highly regulated industries [Rice via WonkBlog] $$$ Mitt Romney and "Sport," a Continuing Saga [MoJo] $$$ CRT Capital Group is looking for a credit product sales assistant in Stamford [DBCC] $$$ SEC Charges 14 Sales Agents In $415 Million Long Island-Based Ponzi Scheme [SEC] $$$ Greek Antiquities, Long Fragile, Are Endangered by Austerity [NYT] $$$ The Volume Clock: Insights into the High Frequency Paradigm [SSRN via MR] $$$ Someone at ISDA appears to have the job of pointing out when Gretchen Morgenson is wrong about derivatives [ISDA] $$$ The explosion of the yacht named Blind Date was a hoax [NYP]

Write-Offs

Write-Offs: 04.08.13

$$$ J.C. Penney Ousts Ron Johnson, Rehires Myron Ullman [WSJ] $$$ 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]

Write-Offs

Write-Offs: 02.26.13

$$$ U.S. Banks Had Second-Best Earnings Ever in 2012, FDIC Says [Bloomberg] $$$ 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]

News

Write-Offs: 09.25.12

$$$ Eurozone deal over bank bailout in doubt [FT] $$$ 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]

Write-Offs

Write-Offs: 05.17.12

$$$ Santander, BBVA Among Spanish Banks Downgraded By Moody’s [Bloomberg] $$$ 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]

Write-Offs

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]