Write-Offs: 11.19.12

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Updated:: Jan 14, 2019
Original:: Nov 19, 2012

$$$Moody's downgrades France's government bond rating to Aa1 from Aaa, maintains negative outlook [Moody's]

$$$Hostess, Bakers Union Agree to Mediation [WSJ]

$$$SEC Rocked By Lurid Sex-and-Corruption Lawsuit [Matt Taibbi]

$$$SEC Charges Ring of High School Buddies with Insider Trading in Health Care Stocks [SEC]

$$$ "If I am captured, this blog will continue. I have pre-written enough material to keep this blog alive for at least a year. In addition, the administrator, Chad, will continue to monitor comments." [WhoIsMcAfee]

$$$ A financial firm is looking to add MD/SVP/VP-level leveraged finance professionals in New York [DBCC]

$$$Sun Capital wants to buy Hostess [Term Sheet]

$$$Much ado about liquidity? Lockup expirations and stock prices [Aswath Damodaran]

$$$Goldman refuses to scrap city’s swap deal [FT]

$$$ "If it wasn't for [our grandchildren], Mum and I would not be too concerned, as each of you consciously, and with eyes wide open, crashes from one cock-up to the next. It makes us weak that so many of these events are copulation-driven ... I am bitterly, bitterly disappointed. Dad" [Daily Mail]

$$$ Spain's Ability to Fund Itself to Be Put to Test Thursday [CNBC] $$$ European Rescue Fund May Face Biggest Test Yet [NYT] $$$ Chesapeake CEO took $1.1 billion in shrouded personal loans [Reuters] $$$ Squam Lake Group: SEC Beware, Money Funds Can Bring System Down [Bloomberg] $$$ A Merrill Lynch trainee was busted for faking a Series 7 score [Forbes] $$$ Dartmouth Student Plans to Sell "Hazing Simulation" for $10 [IvyGate] $$$ Illumina Fends Off Roche’s Hostile Bid [DealBook] $$$ BlackRock Aims to Soothe Concerns on New Trading Platform [MarketBeat] $$$ On the other hand, BlackRock to Shift Business if Moody’s Downgrades Banks [DealBook] $$$ Currency Probes Nip Banks' Profits [WSJ] $$$ This is your chance to audition for commenter roles at a leading Internet concern; openings include "Disbarred lawyer. Provides long and just-slightly incorrect and hasty review of all blog posts regarding the law." [The Awl]

$$$ U.K. Loses Top Aaa Rating From Moody’s as Growth Weakens [Bloomberg] $$$ Panic-driven austerity in the Eurozone and its implications [VoxEU] $$$ Judge extends freeze on account linked to Heinz trades [Reuters] $$$ "I asked ... if Citigroup had a policy of providing financial incentives to senior executives to encourage them to seek high-level federal jobs." [Bloomberg] $$$ "The bankrupt city of San Bernardino has hired a new city manager who, according to court filings, has twice declared personal bankruptcy ..." [Reuters] $$$ Pope Also Abandoning 1.5 Million People on Twitter [DI] $$$ Macquarie is looking for a structuring and risk management analyst for its energy markets division in Houston [DBCC] $$$ “Herbalife is bound by our self-regulatory code that prohibits [crimes]. Obviously, they wouldn’t be members of the association if we believed they were in violation.” [DealBook] $$$ Societe Generale planning CVA securitisation [Reuters] $$$ Don't Fix It, Call It a Risk Factor! [Credit Slips] $$$ Ex-SEC officials to risk council: Back off on money funds [Reuters] $$$ Resume includes "Drug dealer 2003-2005 small time supplier" [Gawker]

$$$ Author of the spectacularly wrong ‘Dow 36,000′ has new thoughts on the stock market [Wonkblog] $$$ Fitch Downgrades Italy's Credit Ratings [WSJ] $$$ SEC: Goldman cannot ignore proposal to split chairman, CEO roles [Reuters] $$$ Talk of US high-yield 'bubble' is overdone [Reuters] $$$ "Even as some venture-capital firms have become skittish after the disappointing initial public offerings of Facebook, Groupon Inc. and Zynga Inc. - all of which were venture-backed — a number of hedge funds, private-equity firms and other asset-management firms are pouring money into closely held startups." [WSJ] $$$ George W. Bush’s Art Teacher Says He’s Painted 50 Dogs [Gawker] $$$ A boutique multi-strategy hedge fund in San Francisco is looking for a C++ programmer to help build an HFT platform [DBCC] $$$ AIG to Redeem $1.1 Billion of Debt in Path to Dividend [Bloomberg] $$$ "The Fed said the median loss from commercial and industrial loans across the 18 banks tested would be 6.5 percent under the severely adverse scenario. But Goldman's loss would be a stunning 49.6 percent." [NetNet / John Carney] $$$ Identifying Term Interbank Loans from Fedwire Payments Data [FRBNY] $$$ S&P Ratings Debate Doesn’t Show Fraud, Peterson Says [Bloomberg] $$$ Q. Do you ever throw your weight around during Internet arguments? Like, "I knew you were going to compare me to Hitler because I AM MIKE GODWIN." A. I never do that. [DI]

$$$ Moody's says more steps needed to save US credit rating [Reuters] $$$ Avis to Buy Car-Sharing Service Zipcar [WSJ] $$$ There's going to be a re-settlement of the mortgage settlement [NYT] $$$ BofA Could Join JPMorgan Selling Units to Boost Value, Mayo Says [Bloomberg] $$$ Greek Official Resigns Amid Bank Scandal [WSJ] $$$ The Great Canadian Maple Syrup Heist [BBW] $$$ A leading financial services firm in Chicago is looking for a corporate strategy & development associate or VP [DBCC] $$$ Up and Down for Einhorn's Greenlight in December [Alpha] $$$ Do Corporations Have Religious Rights? [Law Blog] $$$ You Disgust Me, Christie Tells Boehner in Storm Over Aid [CNBC] $$$ “If somebody had told me I was going to be a high school math teacher in Dallas, Texas, when I entered college, I’d be like, ‘No, there’s no chance of that being true,’ ” said Mr. Dearing, who has deferred an offer from McKinsey. The teaching skills easily translate to office environments, he said. “I’m effectively the leader, every day, for 46 minutes, in front of seven different groups,” Mr. Dearing said. [DealBook]

$$$ Goldman Fined for Failing to Block Trader’s $8.3 Billion Bet [Bloomberg] $$$ Key SEC Holdout in Money-Fund Overhaul Reverses Stance [WSJ] $$$ Canada Approves Cnooc-Nexen Deal [WSJ] $$$ JPMorgan nears £500m bonus tax deal [FT] $$$ Rant: At Top Law Firms, a Class Conflict During Bonus Season [BBW / Elie Mystal] $$$ Lloyd bought a house [DealBook] $$$ The 200 West Street Goldman cafeteria (1) is really very good, (2) features food from a former banker [DealBook] $$$ 100 Women in Hedge Funds names Ivanka Trump to its board, consists of 10,000 women, mostly not in hedge funds [AR] $$$ UBS is looking for a credit officer for securities backed lending in New Jersey [DBCC] $$$ Morgan Stanley's 2013 adviser pay to reward new loans [Reuters] $$$ Brokers Must Disclose Bonuses to Clients in Finra Proposal [Bloomberg] $$$ "It’s always a mistake to use microeconomic intuition in macro," quantitative easing edition [Scott Sumner] $$$ Whale’s Trade in Comeback as Junk Fervor Fades [Bloomberg] $$$ "If Harvard wishes to retain its primary existence as a gigantic profit-maximizing hedge fund ..." [American Conservative via John Carney] $$$ Ivy League Cracks Down as Students Spiral Out of Control [Bloomberg] $$$ "I am tired of fooling around, he said. I’m forming a legal team. We have case studies, an office outside Lexington. He swept the strips off the table and held the beak in the air. We’re looking for a poet to write our anthem!" [The Awl]