Wall Street Folly

• The Obama Motor Co.
• ‘New GM’ Products Face Triple Market Challenge
• What’s GM worth?
• GM Filing Pits UAW Against Investors
• GM’s Bankruptcy Plan Wins Support From Majority of Bondholders
• Germany Picks Magna to Buy Opel; 11,000 Jobs May Go
• Auto Suppliers Brace for Blow of GM Bankruptcy
• Chrysler Judge Plans to Rule June 1 on Asset Sale to Fiat Group
• Opponents of Chrysler Sale Fight to the End in Court

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Tags: Autos, Bankruptcy, Barack Obama, Chrysler, Economy, GM, Politics

If the headline read that a TARP funded bank CEO like Vikram Pandit or Ken Lewis hopped on the corporate Gulfstream for a date night jaunt with his wife, at company — er, taxpayer — expense, the press (and Congress) would be going hog wild.  So what if the CEO of the USA does the same thing?  According to the NY Post, the Obama’s hopped on aGulfstream and spent anintimate date night in NYC, at an estimated cost of over $70Kcompliments of the American taxpayers.  It’slovely that the president is fullfilling one of his campaign promises toMichelle, and he did economize by using a Gulfstream and not the way more expensive Air Force One, but they couldn’t have planned a similar outing at a time when thePresident was scheduled to be in NYC on official business?  The CEO of the U.S. in’t exactly setting a great example.  Per NY Post:

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Tags: Banks, Barack Obama, Government waste, Politics, TARP

Tags: Bankruptcy, Distressed, Hedge funds, leveraged loans, Marty Whitman, vulture investing

No surprise to us (and we agree), he says the union comes out the big winner.  And he worries about Chapter 22 despite GM emerging with a much lighter debt load:

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Tags: Autos, bailout, Bankruptcy, Barack Obama, Distressed, Economy, Ed Altman, GM, Politics, Taxes

• Pimco’s Gross Questions Investments of Harvard, Yale Endowments
• Mortgage Delinquency Reaches Record High
• Birinyi Expects Less Broad-Based Gains for Stocks Through 2011
• Temasek Lost Half Of Five-Year Gains In Eight Mos

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Tags: Bill Gross, Endowments, Harvard, mortgages, Pimco, Politics, Temasek, Yale

Briefing.com summarized the Tiffany conference call….

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Tags: conference call, Retailing, Tiffany

Ralph Nader came out swinging against Obama’s GM fix in a WSJ op ed piece…. Read the rest of this entry »

Tags: Autos, Bankruptcy, Barack Obama, congress, GM, Politics, Ralph Nader

• Financial Overhaul Raises Questions
• Fed’s Fisher: US Treasurys Won’t Lose Triple-A Rating
• U.S. 10-Year Notes Head for Steepest Two-Month Loss Since 2003
• Oil Heads for Biggest Monthly Gain Since 1999 on OPEC Output
• GM plans for bankruptcy Monday
• GM Suppliers Face New Threat as Bankruptcy Looms for Automaker
• GM prepares for biggest bankruptcy in US history
• Chrysler CEO says Fiat deal to close Friday
• Chrysler’s Rejected Dealers Sold Over Half Their Stock
• NY insurance chief Dinallo to resign
• Ackman’s Target quest falls flat
• Bewkes sets AOL free
• Dell Tops Profit Estimates as Cost Cuts Overcome Sales Slump
• Toy’s ‘R’ Us deal means no more FAO Schwarz in Macy’s Read the rest of this entry »

Tags: Headline Roundup

Is the SEC withholding documents in their investigation of Mark Cuban?  He thinks they are and has taken matters into his own hands — by suing the SEC:

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Tags: Lawsuit, Legal, Mark Cuban, SEC

So what equities did Art Samberg’s Pequot Capital report in their 13F as of 3/31/09?  Here’s the chart study for their 13F filing dated 3/31/09. Given that they’re now in liquidation mode, we thought it was particularly relevant:

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Tags: 13F Charts, Art Samberg, Charts, Hedge funds, liquidations, Pequot Capital, SEC

Greenlight Capital’s David Einhorn told Ira Sohn Conference attendees on Wednesday that he’s shorting Moody’s…

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Tags: David Einhorn, Greenlight Capital, Hedge funds, Moody's, rating agencies

• Plan to Buy Banks’ Bad Loans Founders
• Samberg to Shut Pequot Capital Amid SEC Insider-Trading Probe
• GM issues paychecks early amid bankruptcy fears
• Opel talks stall on GM financing demand
• Chrysler Asks Bankruptcy Judge to Approve Fiat Sale
• Auto Adviser to Obama Had Ties to Industry Fund
• Auto Supplier Visteon Files for Chapter 11 in U.S.
• U.S. Home Sales Remain Sluggish as Supply Soars
• OPEC Set to Maintain Oil Quotas in Bet Demand Returns
• Yahoo CEO:Open To Search Deal For ‘Boatloads Of Money’
• Toys ‘R’ Us Acquires FAO Schwarz, Flagship Fifth Avenue Store
• Tucker Carlson Plans a Huffington Post Rival

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Tags: Headline Roundup

That means that the U.S. deficit will grow ever higher.  And we all know who’s gonna foot the bill for the binging….

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Tags: Barack Obama, Deficit, Economy, Politics, Taxes

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Tags: Bank of America, Citigroup, Compensation, credit ratings, Funds of Funds, Morgan Stanley, Nomura, structured products, UBS

• U.S. Recession May End Next Quarter, Business Economists Say
• Roubini says bottom of U.S. recession not here yet
• Pension funds lose Chrysler fight in district court
• GM bond deadline passes, bankruptcy seen near
• GM bondholders reject offer
• US likely taking majority ownership of GM
• GM Cuts Stock Due UAW by 55%, Boosting Equity Reserve
• Secured Bank Lenders to GM to Get Full Recovery
• Up To 75% Of Modified Mortgages To Re-Default -Fitch
• Home Prices Continued Their Decline in March
• What Is Facebook Actually Worth?
• Staples Profit Falls as Companies Spend Less on Office Supplies Read the rest of this entry »

Tags: Headline Roundup

US News and World Report has put together a list of 10 thinks you didn’t know about Fed chief Ben Bernanke. (We knew some of them).  Here are a few from their list:

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Tags: Ben Bernanke, Economy, Fed

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Tags: Activists, Bill Ackman, Hedge funds, Pershing Square, Target

• Bank of America Revises 64,000 Loans After Pact With States
• JPMorgan $29 Billion WaMu Windfall Turned Bad Loans Into Income
• GM creditors watch Chrysler lawsuit
• Bankruptcy for G.M. Would Tax the Experts
• Chrysler dealer vows to fight to the finish
• Obama Says GM to Revive; Collapse Might Have Led to Depression
• ‘Orderly Insolvency’ May Be Opel’s Best Option, Guttenberg Says
• Apple Raised at Morgan Stanley on IPhone Outlook
• Colleges Consider 3-Year Degrees To Save Undergrads Time, Money
• Ackman Commits to Keeping Target Stake if Elected to Board
• Twitter Trips on Its Rapid Growth Read the rest of this entry »

Tags: Headline Roundup

• Pimco’s Gross Says U.S. ‘Eventually’ Will Lose AAA
• Geithner Vows to Cut U.S. Deficit on Rating Concern
• BankUnited Shuttered, Assets Sold to Kanas-Led Group
• BankUnited Sale May Signal Shift by FDIC in Bank Buyout Rules
• Ford hits out at German loan for GM unit
• GMAC Receives More Aid as Treasury Gets Board Seats
• Liddy to step down from AIG
• Hostile atmosphere too much for Liddy
• Chavez Takes Over Venezuelan Iron, Steel Companies
• Pershing Square Urges Target Directors to Step Down
• Libor Set for Biggest Weekly Drop This Year on Recovery Signs Read the rest of this entry »

Tags: Headline Roundup

• BofA seeks to repay $45bn by end of year
• U.S. Pension Insurer May Need Aid as Deficit Soars
• Lawmakers to Geithner: pay debt with TARP refunds
• SEC Objects to Idea of Losing Some Oversight Power
• S&P cuts UK’s rating outlook to negative
• Fitch Sees Early Warning Signs at Chinese Banks
• GMAC Said to Get More Than $7 Billion in Aid for Auto Lending
• Post-bankruptcy Chrysler takes shape
• GMAC Said to Get More Than $7 Billion for Chrysler, GM Lending
• I.P.O’s Offer Encouraging Signs
• Fifth Third, Huntington Plan Almost $1.8 Billion of New Capital
• OpenTable IPO prices for $20, above range
• Chrysler Names Kidder Chairman of New Auto Company Read the rest of this entry »

Tags: Headline Roundup

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Tags: Ben Bernanke, economics, Interest Rates, Politics, TARP, The Fed

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Tags: Politics, TARP, Tim Geithner, U.S. Treasury

• Bank of America Raises $13.5 Billion In New Share Sale
• Banks Use Life Insurance to Fund Bonuses
• U.S. Considers Stripping SEC of Powers in Regulatory Overhaul
• J.P. Morgan’s Meeting Is Noteworthy for Its Calm
• Senate passes tougher rules for credit card firms
• AIG Shaking Up Its Board
• Volatility index below 30 for 1st time since Sept
• Pension Benefit Guaranty’s Deficit Triples to $33.5 Billion
• 2 Firms Accused of Fraud in Debt Settlement
• Cerberus Said to Study Chrysler Financial as Stand-Alone Lender
• GM bankruptcy plan eyes quick sale to government
• GM Says It Hasn’t Reached Agreements With U.S., UAW
• VW, Porsche Affirm Goal Is to Combine Companies
• Allstate Declines Bailout Offer From U.S. Treasury
• HP cuts outlook and jobs – PC sales slump
• Fresh support for Ackman in Target battle
• Toll Says Second-Quarter Revenue Declined 51% on Housing Slump Read the rest of this entry »

Tags: Headline Roundup

Tags: Autos, Bankruptcy, Chrysler, Distressed, GM, Jon Stewart, Videos

• Bankers escape cap on salaries
• Lehman Wants Probe of Alleged Barclays Windfall on Purchase
• BlackRock Wears Multiple Hats
• US banks scramble to repay bail-out cash
• FDIC may charge banks emergency fee based on assets
• Local Banks Face Big Losses
• Morgan Stanley, JPMorgan, Goldman Said to Apply to Repay TARP
• Chais Would Help in Madoff-Related Criminal Probe, Lawyer Says
• California eyes Stanley Chais’ role in Madoff debacle
• American Express Will Slash 4,000 Jobs, Take Charge
• U.S. Orders Stricter Fuel Goals for Autos
• Ford Rejects Big Cuts in Dealer Network
• GM’s Opel to Receive Multiple Bids, Union Head Says
• Porsche owners move to restart VW talks
• Volkswagen, Porsche Need Foreign Investor, Wulff Says
• Conviction of Former Media Mogul Black to Be Reviewed
• Home Depot Tops Analysts’ Estimates After Cost Cuts Read the rest of this entry »

Tags: Headline Roundup