Write-Offs: 11.15.12

$$$ BP to Plead Guilty to Felonies, Pay $4.5 Billion in Spill [WSJ] $$$ Eurozone slides back into recession [FT] $$$ House panel suggests SEC-CFTC merger after MF Global [Reuters] $$$ "With their boozy client dinners, big bonuses and foul-mouthed traders, interdealer brokers are stalwarts of a financial order that is in retreat." [Economist] $$$ John Carney went to a bar [NetNet] $$$ Henry Blodget: Why do some people hate women? [Gawker, earlier, earlier] $$$ William Blair is looking for a private capital associate in Chicago [DBCC] $$$ In a Switch, Investors Are Buying European Bank Bonds [DealBook] $$$ Fed Orders Largest Banks to Test Against Deep U.S. Recession [Bloomberg] $$$ SEC Report Finds Faults With Credit Raters [WSJ] $$$ Soccer no excuse for outdoor sex, Italy court rules [Reuters via Amy Tennery] $$$ Maine GOP chairman "play[s] basketball every Sunday with a black guy" [DI]

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Updated:: Jan 14, 2019
Original:: Nov 15, 2012

$$$BP to Plead Guilty to Felonies, Pay $4.5 Billion in Spill [WSJ]

$$$Eurozone slides back into recession [FT]

$$$House panel suggests SEC-CFTC merger after MF Global [Reuters]

$$$ "With their boozy client dinners, big bonuses and foul-mouthed traders, interdealer brokers are stalwarts of a financial order that is in retreat." [Economist]

$$$ John Carney went to a bar [NetNet]

$$$ Henry Blodget: Why do some people hate women? [Gawker, earlier, earlier]

$$$ William Blair is looking for a private capital associate in Chicago [DBCC]

$$$In a Switch, Investors Are Buying European Bank Bonds [DealBook]

$$$Fed Orders Largest Banks to Test Against Deep U.S. Recession [Bloomberg]

$$$SEC Report Finds Faults With Credit Raters [WSJ]

$$$Soccer no excuse for outdoor sex, Italy court rules [Reuters via Amy Tennery]

$$$ Maine GOP chairman "play[s] basketball every Sunday with a black guy" [DI]

$$$ Catalonia Asks Spanish Government for Emergency Funds [NYT] $$$ Asia's Tide of Cash Hems in Policy Makers [WSJ] $$$ Morgan Stanley Win On Brokerage Would Be Pyrrhic Victory [Bloomberg] $$$ Paulson Assures Bank of America in Call [WSJ] $$$ "When I asked a PE tax attorney if what Bain is doing is allowed, she told me that 'allowed' and 'not allowed' isn't always the right way to think about it." Tax lawyers! [Term Sheet] $$$ The CFA Institute comes out against Great Idea Corp. [Forbes] $$$ Shia LaBeouf Got Into Character for Upcoming Film by Dropping Acid On Set [Gawker] $$$ William Blair is looking for an experienced associate for its technology investment banking group in San Francisco [DBCC] $$$ S.E.C. Charges 8 With Insider Trading in Sanofi Deal [DealBook] $$$ ISM sells a low-latency feed of its business data to Reuters [MarketBeat] $$$ “There’s an idea that when a lawyer or law firms are going to get a big payment, that there’s something somehow wrong about that, just because it’s a lawyer. I’m sorry, but investment banks have hit it big, a lot bigger the plaintiffs’ lawyer firms have hit it big. They’ve hit it big many times.” This Law Blog story on the Grupo Mexico verdict is kind of amazing. [WSJ Law Blog] $$$ Wall Street Rocker Gary Marks Settles With SEC Over Whether Knew What He Was Talking About [NYO] $$$ "There were no workers that were forced to attend the event. We had managers that communicated to our work force that the attendance at the Romney event was mandatory, but no one was forced to attend the event." [Raw Story] $$$ Hitler clothing store in India asked to change name [JTA]

$$$ J.P. Morgan Suspends Share Buyback [WSJ] $$$ Bank of America's CEO 'Comfortable' With Investments [CNBC] $$$ Gupta ‘Threw Away His Duties,’ Prosecutor Says In Opening [Bloomberg] $$$ France, Germany Fail to Resolve Differences Over Euro Bonds [WSJ] $$$ U.S. lets China bypass Wall Street for Treasury orders [Reuters] $$$ MF Global's Corzine Got More Than $8 Million in Year Before Collapse [WSJ] $$$ S&P is looking for an associate to rate media and entertainment companies in Chicago - interested? [DBCC] $$$ "On average, for every additional 1% a company returned to shareholders between 2009 and 2011, the CEO was paid 0.6% more last year, the analysis found. For every 1% decline in shareholder return, the CEO was paid 0.6% less. ... In 2010, there was no correlation; for every 1% decrease in shareholder return, the average CEO was paid 0.02% more." [WSJ]$$$ Enron Ex-CEO Seeks Retrial On ‘New Evidence,’ Lawyer Says [Bloomberg] $$$ SEC move set to boost covered bonds in US [FT] $$$ With New Firepower, S.E.C. Tracks Bigger Game [DealBook] $$$ The New York Times printed a giant Gretchen Morgenson story about insider trading except there was no insider trading [Reuters / Felix Salmon, also Reformed Broker] $$$ Taxi Panel May Raise Fares Up to 20% [NYT] $$$ Gal claims she was 'too hot' to work in lingerie shop, forced to wear robe before getting boot: suit [NYP]

$$$ Bernanke Cites Risks, but Doesn't Signal Action [WSJ] $$$ Federal Reserve set to unveil capital proposals [FT] $$$ Ackman, Loeb, other hedge funds lose in May [Reuters] $$$ Ford Makes the Grade, Joins Borrowing Spree [WSJ] $$$ David Takes On The Porn-Addicted Goliath: Egan-Jones Countersues The SEC; the complaint is surprisingly persuasive [ZH] $$$ Mets To Sell Reprinted Tickets From Santana No-Hitter For $50 [Bloomberg] $$$ A major financial advisor is looking for a VP specializing in financial institutions to join its debt research team [DBCC] $$$ The rise and fall of European banking [FTAV] $$$ Insider trading probe swings from bankers to ballplayers [Reuters] $$$ Election Forecast: Obama Begins With Tenuous Advantage [FiveThirtyEight] $$$ How the internet killed porn [Guardian via MR] $$$ Most Work Emails Not Important [Mashable]

$$$ Spain's Unemployment Jumps, Deepening Crisis [WSJ] $$$ "... the McClendon-[X] deal raises a number of concerns, some analysts said," for any X [Reuters, earlier] $$$ "Being violation-free alone does not guarantee that a public company or registered entity will not face the wrath of the U.S. Securities and Exchange Commission Division of Enforcement, its director, Robert Khuzami, told Thomson Reuters Tuesday." Good to keep 'em guessing. [Reuters] $$$ How to Leak to Gawker Without (Hopefully) Getting Caught, usefulness not limited to Gawker [Gawker] $$$ Who Was the Third Person in Bret Easton Ellis and Rielle Hunter’s (Aborted) Cocaine-Induced Threesome? [NYO] $$$ BNP Paribas would like to find an emerging markets equities analyst for its Boston office, if you know anyone [DBCC] $$$ Forget Bailouts, European Banks Needs Bail-Ins: Fitch [CNBC] $$$ After Quiet Years, British Regulator Gets Tough on Abuses [DealBook] $$$ Lazard profit drops on costs, but still beats Street [Reuters] $$$ Kyle Bass' Japan short gets the B-school case study treatment [AR-Alpha] $$$ Banks to Meet With Fed on Derivatives Rule [WSJ] $$$ Paul Ryan Suddenly Decides He Hates Ayn Rand [DI]

$$$ Spain to spend billions on bank rescue [FT] $$$ Facebook Kicks Off Roadshow With Zuckerberg in Hoodie [WSJ] $$$ Shareholder Calls for Chesapeake to Be Open to Offers [DealBook] $$$ How venture capital is broken [Reuters / Felix Salmon] $$$ The "Gentleman Groper" was only a gentleman, not a groper [NYP, earlier] $$$ Stocks Could Sell Off but Not Swoon: Technicians [CNBC] $$$ How would you like to be a senior derivatives trader at Aegon? It's in Baltimore. [DBCC] $$$ Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation [NBER] $$$ An FDA for financial innovation remains a terrible idea [John Cochrane] $$$ Yahoo Board Is Said to Meet Today, Discussing CEO Scott Thompson [Bloomberg] $$$ Dinosaur flatulence, belching may have contributed to warming Earth, killing them off [AP]

$$$ Cliff Asness: The Hidden Tax Behind Wall Street Reform [WSJ] $$$ 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]

$$$ Goldman Reviewing Conflicts Policies for M&A Bankers [WSJ] $$$ Sprint Terminates Network Deal With Falcone’s LightSquared [Bloomberg] $$$ Deutsche Bank board appointment blocked [FT] $$$ Maybe Peter Henning thinks inside information obtained in AA meetings gets a free pass under securities laws? [DealBook, earlier] $$$ Shining Shoes Best Way Wall Street Women Outearn Men [Bloomberg] $$$ A $2 billion relative value hedge fund is looking for a credit trader in New York [DBCC] $$$ That thing about Apple's Foxconn slave laborers was fake [Marketplace] $$$ Billionaire index arbitrage [Felix Salmon / Reuters] $$$ Andrew Ross Sorkin is the most influential financial journalist; Zero Hedge's Tyler Durden tied for tenth [Talking Biz News] $$$ "Many under-30 tech entrepreneurs see the paper rectangles as an anachronism, so they are turning to digital options. About 85 million people manage their professional networks with LinkedIn. Some 77 million smartphone users have downloaded the Bump app, which allows them to bump their phones together and instantly exchange contact information." Business cards are passé among 20something tech nerds. [Chicago Tribune] $$$ A (human) BusinessWeek writer did a taste test of gourmet dog food [BW] $$$ But what will happen with St. Kitts and Nevis CDS? [FTAV]

$$$ Schaeuble Declares Markets Wrong As Europe Heads To Vacation [Bloomberg] $$$ 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]

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