Dell’s Internal Accounting Probe Uncovers Evidence of Misconduct Amaranth Sued by San Diego County Retirement Fund Blackstone to book profits earlier Blackstone Says IPO Tax Stance May Prompt IRS Action Bill Miller, Mired in Worst Slump of Career, Embraces AES, Tyco Citigroup plans to recruit 10,000 staff in Asia push Bear Stearns, IndyMac Say Subprime Woes Won’t Spread More headlines below
Archive for March, 2007
Wall Street Folly Headline Roundup – 3/30/07
On March - 30 - 2007
Circuit City looking for cheap labor after firing 3,400
On March - 29 - 2007
Circuit City Stores Inc., the second-largest U.S. electronics retailer after Best Buy Co., fired 3,400 of its highest-paid hourly workers and will hire replacements willing to work for less.
The company said its eliminating jobs that paid “well above” market rates. Those who were fired can apply for the lower pay, company spokesman Bill Cimino said today. He declined to give the wages of the fired workers or the new hires.
Circuit City, based in Richmond, Virginia, also hired Goldman, Sachs & Co. to study a sale of its 900 Canadian store.
"Firing 3,400 of arguably the most successful sales people in the company could prove terrible for morale," Colin McGranahan, an analyst with Sanford Bernstein, wrote in a note. "The question remains as to whether Circuit City can rebuild in time for the all-important holiday season."
Circuit City to Fire 3,400, Hire Less Costly Workers – Bloomberg
Tags: Revolving Door
Wall Street Folly Headline Roundup – 3/29/07
On March - 29 - 2007
China’s ICBC Overtakes Bank of America in Market Cap Citigroup Seeks China Securities Arm to Drive Growth Barclays hires Citigroup to rule rival out of ABN Amro counterbid ABN Amro urges voters to reject break-up demands Mergers and Acquisitions No Longer Shock Japanese How Street Hit Lender More headlines below
Wall Street Folly Headline Roundup – 3/28/07
On March - 28 - 2007
Ritchie Capital in deal with Reservior Cap-sources Bear Stearns Paid Chief Cayne $40 Million Last Year Goldman CEO targets $19-$20 bln LBO fund Money-Manager Raid Sparks Court Fight ABN Amro considers break-up vote India: PE funds likely to be regulated More headlines below
Wall Street Folly Headline Roundup – 3/27/07
On March - 27 - 2007
Diamond takes home £22m from Barclays Barclays’ Diamond Says `Confident’ on ABN Amro Talks Why the Blackstone offer may signify a bubble Credit Suisse Raised Chairman Kielholz’s Pay by 33% Citigroup denies insider trading charge Former Morgan Stanley CIO launches hedge fund Burned Tyco Bondholders Prepare to Wage `War’ With Shareholders More headlines below
Wall Street Folly Headline Roundup – 3/26/07
On March - 26 - 2007
Amaranth Investors Propose Plan to Pull Funds, Forego Lawsuits Amaranth proposes plan to speed liquidation Allan Sloan: Blackstone Is Hiding Its Private Parts Blackstone Figures Don’t Justify Talk of a $40 Billion Valuation Goldman, JPMorgan absent from Blackstone IPO Citigroup Likely To Propose Cuts Of 15,000 Jobs Hedge fund investors to put more money in: Goldman More headlines below
Wall Street Folly Headline Roundup – 3/23/07
On March - 23 - 2007
Blackstone to Raise as Much as $4 Billion in IPO Blackstone IPO shines light on office perks Blackstone’s Property Funds Generate Highest Returns Trader Behind Amaranth CollapseLaunches Fund Focusing on Commodities Boo-Hoo: Cramer ‘Mad Money’ Hosts Mea Culpa On Imus Morgan Stanley unveils radical shake-up More headlines below
Wall Street Folly Headline Roundup – 3/22/07
On March - 22 - 2007
Morgan Stanley Wins on Perelman’s $1.57 Billion Award SEC eases foreign groups’ exit from US Wasserstein & Co., LP Retains Credit Suisse to Explore Strategic Alternatives for ALM `Suspicious’ Trades Precede Most Big Canada Mergers, Study Says JPMorgan’s Capp Quits as Head of European High Yield JP Morgan’s Gambhir joins MPC Investors Regulators Scrutinized In Mortgage Meltdown More headlines below
Wall Street Folly Headline Roundup – 3/21/07
On March - 21 - 2007
If Blackstone Is Selling, Why Are You Buying?: Matthew Lynn Accredited Home Gets $200 Million Loan From Farallon Morgan Stanley Net Rises to Record on Trading Gains New Century Woes Grow, People’s Choice tt Bankrupt Milken Plans to Sell $1 Billion Stake in Knowledge Universe ABN deal could turn to LaSalle as sweetener Barclays Chief Has to Persuade Investors ABN Is Worth Premium More headlines below
Wall Street Folly Headline Roundup – 3/20/07
On March - 20 - 2007
- Goldman Management, Board Sued Over Executive Pay
- Hedge funds get taste for cocoa
- Hedge funds look East for investment plays
- Hedge fund returns look unimpressive in new study
- Bank of America Rewards CEO
- Lehman lose M&A head to Credit Suisse
- UBS’s Moelis Resigns, Leaving Firm Vulnerable in M&A
- More headlines below
Is this video gonna come back and bite Jim Cramer in the butt?
On March - 20 - 2007
It sounds like it could….
The host of CNBC’s daily program "Mad Money" had hedge fund-trading desks buzzing yesterday after he bragged about manipulating stock prices during his days as a trader.
In the video from TheStreet.com’s "Wall Street Confidential" Webcast, Cramer boasts about manipulating the price of a high-flying stock down, and even acknowledges that doing so might have been illegal. The video is making the rounds on YouTube.
"A lot of times when I was short, I would create a level of activity beforehand that would drive the futures. . . . It’s a fun game," Cramer said in the Webcast, which was moderated by TheStreet.com Executive Editor Aaron Task.
Cramer Reveals A Bit Too much – New York Post
Tags: Jim Cramer
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Wall Street Folly Headline Roundup – 3/19/07
On March - 19 - 2007
TXU counterbid plans advance UBS, Losing Moelis, Risks Falling Behind Competitors UBS’s Moelis, M&A Growth Spur, to Quit, Person Says Blackstone Plan Could Reshape Private Equity Public Profit$ – Blackstone Group’s IPO Could Trigger A Wave Turmoil Favors Private Equity Barclays in £80bn offer to ABN Amro More headlines below
Wall Street Folly Headline Roundup – 3/16/07
On March - 16 - 2007
G.M. Says It Has Found Serious Flaws in Accounting Accredited Home Lenders to Sell $2.7 Billion of Loans Nissan’s Ghosn Gives Up U.S. Duties After Goal Cut Subprime Defaults to Soar, Lenders to Fail, Hedge Funds Say Moelis considering leaving UBS Bear Stearns sees subprime woes contained Subprime Troubles Bite Into Office-Space Sector More headlines below
Financial Times interview with Harvard Management’s Mohamed El-Erian
On March - 15 - 2007
The Financial Times has an excellent interview with Harvard endowment investment manager Mohamed El-Erian:
FT: I wanted to start by asking you how concerned you are by the problems we’ve seen recently in the sub prime market.
EL-ERIAN: The serious problem that we are seeing is a shake out of certain creditors out of the market. I think it was long overdue. The big question is: Does it spread? And do you see a more general credit tightening? So far, the evidence is you won’t, but I think that it is something that needs to be watched very carefully.
Tags: Harvard
Uncategorized
Will the online gambling ban in the US be repealed?
On March - 15 - 2007
Yes, if Barney Frank has his way.
Barney Frank, the Democratic chairman of the powerful House financial services committee, is working on legislation to repeal the sweeping ban that was passed in Congress last year against online gaming, he told the Financial Times in an interview.
Mr Frank called the ban, formally known as the Unlawful Enforcement Gambling Act, one of the “stupidest laws” ever passed and said he wanted to “repeal” the law.
“I am working on legislation to cut back on this internet gambling thing….I think it’s preposterous,” he said, adding that he was considering some “innovative ideas”.
“I’m looking for ways, maybe we can make some money off of it,” he said, signalling that he could be considering a proposal that would make online gaming legal by both regulating – and taxing – the industry.
Repeal of online gaming ban sought - Financial Times
Tags: Casinos
Uncategorized
We agree with Martha: The picture sucks and looks nothing like her
On March - 15 - 2007
MARTHA Stewart lashed out at courtroom sketch artist Shirley Shepard during a taping of her show on Tuesday. When Stewart saw Shepard in the studio audience, she pointed her finger and exclaimed, ‘I know you!’ " Stewart (pictured, as sketched by Shirley) then declared, "She’s the bad artist who did all those terrible sketches of me" – and told Shirley to stand up. "Martha, you get prettier every day," Shirley responded. "It was so rude and so embarrassing," says her daughter, Andrea Shepard, who was also there. A rep for Stewart declined comment.
Ugly Moment – Page Six / New York Post
Tags: Martha Stewart
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Wall Street Folly Headline Roundup – 3/15/07
On March - 15 - 2007
Dunn in clear in HP boardroom spying case Lehman Net Rises to Record on Stock-Trading Revenue Fortress shares fall a third from debut highs Hedge fund investors embrace managed accounts Hedge Funds, the Usual Suspects, Blamed for Volatility in Asia Small Investors Embrace Rising Hedge-Fund Access More headlines below
Pervy hedge fund manager Albert Hsu axed
On March - 14 - 2007
Anchor Point Capital LLC told investors it no longer employs Albert Hsu, the hedge-fund firm’s co-founder, who faces attempted kidnapping and attempted sexual assault charges over an Internet posting about an ex-girlfriend.
“Albert would not be able to carry out his business duties and, therefore, is no longer an employee of the firm,” according to a March 7 letter sent to clients by Timothy Crowe, chief executive officer of Coral Gables, Florida-based Anchor Point. ….
The 43-year-old resident of New Canaan, Connecticut, is accused of using the Internet to impersonate a woman described as an ex-girlfriend and posting her address and travel schedule online, Ricki Goldstein, a deputy assistant state’s attorney, said March 5. Hsu fabricated an abduction and rape fantasy and attributed it to the woman, the state’s attorney said.
Anchor Point Says Jailed Hedge-Fund Manager No Longer With Firm – Bloomberg
Tags: Hedge funds, Legal
Wall Street Folly Headline Roundup – 3/14/07
On March - 14 - 2007
Goldman Goes Hunting In Battered Loan Sector After a Record Quarter Cerberus strengthens hand for Chrysler bid Goldman Profit Rises to Record on Gains From Trading Lehman Brothers Buys Stake in Hedge Fund D.E. Shaw House Panel Ponders the Growth and Risk of Hedge Funds The Activist Game: It’s Not Just for Hedgies More headlines below
Jockeying for funding: Even for Brian Hunter there might be life after Amaranth
On March - 13 - 2007
Is Amaranth’s Brian Hunter giving up his Ferrari and Bentley for a more fuel efficient mode of transportation? We’ve been hearing vague rumors for several months that Amaranth’s formerly high-rolling six billionish dollar money losing energy trader was raising money from Middle Eastern investors for a new fund. TheStreet.com confirms hearing the same thing:
The planned venture is said to have been seeded with around $750 million to $800 million, from primarily Middle East investors….
Two people familiar with the trader’s thinking say Hunter has been trawling for funds over the past several months and expects to kick off the commodities vehicle in the spring. Little else is known about the operation at this time, including its name or precise structure.
So will Amaranth’s Nick Maounis be looking to the Middle East as well?
Amaranth’s Hunter Tries Again – TheStreet.com
Tags: Amaranth, Hedge funds
Wall Street Folly Headline Roundup – 3/13/07
On March - 13 - 2007
Accredited Home May Raise Money, Seek Debt Waivers KKR begins a shopping spree for retail assets Boots to hold out for higher offer price KKR backs £10bn buyout approach for Alliance Boots Carlyle rethinks terms of Xugong deal Big Money Still Learning to Lobby Citigroup Raises Nikko Takeover Bid to $13.4 Billion More headlines below
Wall Street Folly Headline Roundup – 3/12/07
On March - 12 - 2007
Buyout firm that is no stranger to retailing Barbarians more savvy and sophisticated US private equity body raps ‘hostility’ Of Private Equity, Politics and Income Taxes Morgan Stanley buys into Asian hedge fund startup Hedge fund Pershing Square sues Ceridian
More headlines below
Wall Street Folly Headline Roundup – 3/09/07
On March - 9 - 2007
Lord Rothschild backs Darwinian survival of the fittest SEC Probes Stock `Spam,’ Freezes 35 Companies’ Shares Goldman makes measured return to Russia Lehman plans return to Russian market Citigroup Faces Mounting Opposition to Nikko Offer
More headlines below
Wall Street Folly Headline Roundup – 3/08/07
On March - 8 - 2007
D.R. Horton CEO: 2007 Is Going to ‘Suck’ Bets Come to Roost – Subprime Investments Are Starting to Hurt, Highlighting Volatility Hedge Funds Returned 0.65% in February, Report Says Ex-U.S. Commerce chief sees more energy industry M&A Private equity will stay on a roll, at least for now NYSE’s Thain Plans to Increase Derivatives Trading
More headlines below
Former Barings rogue trader Nick Leeson may be trading again full time…
On March - 7 - 2007
Nick Leeson, the rogue trader whose wrong-way bets on Japanese stocks ruined Britain’s oldest merchant bank, said he may go back to trading full-time with only his own money at stake.
Leeson said he trades “when I get the time” and has been buying and selling currencies for the past few months. He is considering “watching screens” for a living when he decides to leave his current job as commercial director of Irish soccer team Galway United FC.
“You wouldn’t believe how many people have asked me to manage their money,” Leeson, 40, said in an interview in Galway, on Ireland’s west coast on March 2. “If I make a decision and lose money, fair enough. If I make a decision for somebody else, then I would feel obligated to make it up to them.”
The Englishman amassed losses of $1.4 billion as Barings Plc’s former head trader in Singapore in 1995. The London-based bank collapsed and its assets were eventually sold to ING Groep NV of the Netherlands for 1 pound ($1.95). Barings, whose clients included Queen Elizabeth II, had financed Britain’s campaign against Napoleon Bonaparte between 1804 and 1815 and helped fund Thomas Jefferson’s Louisiana Purchase of 1803.
Leeson, Who Ruined Barings, May Return to Trading – Bloomberg
Tags: Nick Leeson
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