Wall Street Folly

Archive for February, 2010

Warren Buffett’s annual tome out tomorrow; Hedge funds balking at reducing the 2/20 fee model; Like Barclays, Nomura is banking from it’s Lehman asset buy; Charlie Rangel guilty of some House rules violations per Ethics Committee, but what about those tax charges?

Posted by WSF On February - 26 - 2010
  • Buffett letter has big audience as Berkshire bulges
  • Hedge funds shy away from lowering fees
  • Lehman swoop reaps rewards for Nomura
  • Charles Rangel accepted Caribbean trips against House laws, Ethics Committee rules Read the rest of this entry »
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Hedge funds, Politics, Warren Buffett

Fed looking at Goldman’s Greece deals; Spain doesn’t want to be in Greece’s company; GMAC bankruptcy could have cost $50B per Treasury adviser; At least $2M pay deal for Harold Ford at Merrill, will it hurt his possible Gillibrand challenge?; Another Madoff big goes down; Steve Jobs rejects Apple dividend; GM looking at 2 Hummer offers

Posted by WSF On February - 26 - 2010
  • Fed Examines Swaps Deals by Goldman and Others
  • Goldman probed over crisis in Greece
  • Q&A: Goldman in line of fire
  • Spain battles to shore up plan’s credibility
  • GMAC Bankruptcy Would Have Cost Treasury $50 Billion
  • Merrill Lynch Guaranteed Ford Annual Pay of at Least $2 Million
  • Madoff Aide Bonventre Becomes Sixth Charged in Fraud Read the rest of this entry »
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Autos, Ben Bernanke, Bernie Madoff, Fed, GM, Goldman Sachs

John Mack thinks investment bankers get paid too much; Name of shame: Mark Madoff’s wife and kids are changing their last names to “Morgan”; Appaloosa getting active in Stuyvesant Town

Posted by WSF On February - 25 - 2010
  • Morgan Stanley’s Mack Says Investment Banker Pay Still Too High
  • Madoff Daughter-in-Law Seeks to Change Name After Death Threats
  • Appaloosa Seeks to Join Lawsuit Over Stuyvesant Town Read the rest of this entry »
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Bernie Madoff, Bonuses, Compensation, John Mack, Morgan Stanley, Real Estate

Changes on the way for Obama’s proposed bank fee?; Could Spain be the euro’s undoing?; National Highway Traffic Safety Administration takes knocks at Toyota hearing; SEC passes new short selling rules; Bernanke expects low interest rates for awhile; Plug may be pulled on Hummer after Chinese deal collapse

Posted by WSF On February - 25 - 2010
  • Obama’s $90 Billion Bank Fee May Be Revised by Panel
  • The Euro’s Next Battleground: Spain
  • At Toyota hearings, auto safety agency feels the heat
  • Hoping to prevent stock meltdowns, SEC passes short-selling rules
  • Fed chief Bernanke expects extended hold on interest rates
  • Hummer Faces Shutdown After Chinese Sale Collapses Read the rest of this entry »
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Autos, Banks, Barack Obama, Ben Bernanke, Fed, Interest Rates, SEC, Short selling

Greece facing possible downgrades from Moody’s, S&P; Greece is on strike

Posted by WSF On February - 25 - 2010
  • Greece Risks Downgrade Within Month on Struggle to Cut Budget
  • Moody’s Says Greece May Be Cut If Fiscal Plan Missed
  • Nationwide Strike Paralyzes Greece Read the rest of this entry »
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WSF

702 banks now on FDIC endangered list; SEC is voting today on short selling changes; Credit Suisse bankers who opted for bonuses in toxic securities are banking!; Toyota big boss on congressional hot seat today; GM’s Hummer deal with China said to be in trouble; EU initiating a Google antitrust probe

Posted by WSF On February - 24 - 2010
  • At F.D.I.C. , Bracing for a Wave of Failures
  • SEC Disappointing Goldman Sachs Amid Vote on Short-Sale Curb
  • Bon Appétit: ‘Toxic’ Bonus Yields 72% at Credit Suisse
  • Japan to probe Toyota acceleration complaints
  • ‘Consumer Reports’ still likes Prius as top eco-friendly car
  • A Tough Test Before Congress for Toyota’s Chief
  • EU Opens Google Antitrust Inquiry
  • GM Said to Not Win China’s Approval for Hummer Deal Read the rest of this entry »
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Autos, Banks, Bonuses, Compensation, Credit Suisse, Goldman Sachs, SEC, Short selling

So much for Obama’s ‘Volcker Rule’; Citi looking to dump hedge fund business; Hedge fund assets slumped $2.85B in January; UK’s FSA says hedge funds aren’t so risky from leverage perspective; Trump vs Icahn in Atlantic City

Posted by WSF On February - 24 - 2010
  • ‘Volcker Rule’ Stalls in Senate
  • Citi in Talks to Sell Hedge-Fund Business
  • Hedge Funds Don’t Pose ‘Destabilizing Risk,’ FSA Says
  • Hedge-Fund Assets Fell $2.85 Billion in January as Stocks Fell
  • Trump Argues Name Can’t Be Used By Icahn for Casinos Read the rest of this entry »
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Barack Obama, Carl Icahn, Citigroup, Donald Trump, Hedge funds, Politics

Goldman Sachs’ Corrigan defends the Greek swaps, but acknowledges that there should have been more transparency; NY Comptroller: Wall Street bonuses increased 17% in 2009; TCW investors pulling $1.3B from Gundlach’s former funds

Posted by WSF On February - 23 - 2010
  • Goldman Sachs Says Greek Swaps Not ‘Inappropriate’
  • Wall Street Bonuses Rise 17%
  • TCW Investors to Pull $1.3 Billion From Credit Funds
  • UBS hires fifth former Merrill executive Read the rest of this entry »
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Bonuses, CDS, Goldman Sachs, Hedge funds, Revolving Door

Toyota on the Congressional hot seat over misleading public; Judge reluctantly OKs B of A / SEC settlement; Harvard economist predicts multiple sovereign debt defaults; Jamie Dimon, other CEOs will break bread with Obama; Allen Stanford receiver suing Dems, Repubs to get contributions back

Posted by WSF On February - 23 - 2010
  • Congress says Toyota misled public about runaway cars, engine electronics
  • Toyota’s U.S. Chief Says No Problem With Electronics, Apologizes in Testimony
  • Judge approves BofA settlement with SEC
  • Harvard’s Rogoff Sees ‘Bunch’ of Sovereign Defaults
  • Seidenberg, Dimon Among CEOs Said to Dine With Obama Tomorrow
  • Stanford Receiver Sues Democratic, Republican Groups
  • TPG, KKR Said to Near Purchase of Morgan Stanley’s CICC Stake Read the rest of this entry »
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Allen Stanford, Autos, Bank of America, Barack Obama, Jamie Dimon, SEC

Marc Faber expects stocks to fall; Geithner still plagued by bailout anger; AIG stabilizing?; Alvarez & Marsal bank $233M in fees from bankrupt Lehman Brothers

Posted by WSF On February - 22 - 2010
  • U.S. Stocks to Fall, Faber Says; Wood Doubts Recovery
  • Bailout Anger Undermines Geithner
  • AIG Death Spiral Ends as Bailout Support Brings Stable Revenue
  • Alvarez & Marsal Gets $233 Million for Advising Bankrupt Lehman Read the rest of this entry »
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AIG, Bankruptcy, Fees, Tim Geithner, U.S. Treasury

Goldman’s Antigone and the Greek tragedy; Goldman turns to outsiders to help its image problems; Greece PM: “our borrowing needs are covered until mid-March”; Toyota’s incriminating memo; Arnold says the “worst is over”; No bonus for RBS chief; Abbey Road studio no longer for sale

Posted by WSF On February - 22 - 2010
  • The Woman Behind Greece’s Debt Deal
  • Goldman’s rehab
  • Greece PM: Borrowing Needs Are Covered Until Mid-March
  • Greece Said to Have Arranged Swaps With 15 Banks
  • Toyota boasted it saved $100M with limited recall
  • Arnold Schwarzenegger Says “Worst Is Over” for Recession
  • No Bonus for RBS Chief Read the rest of this entry »
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WSF

Crotch grabbing and anti-gay slurs? Harbinger’s Phil Falcone and his wife sued for sexual harassment by their gay former house manager; JP Morgan UK analyst suspended for crashing a food retailer’s suppliers only meeting (even though he was banned); Volcker thinks the retirement age should be hiked; Former TCW trader’s ex-clients face Friday deadline

Posted by WSF On February - 19 - 2010
  • Billionaire hedge funder, wife tossed anti-gay slurs at employee, forced him to live like pig: suit – NY Daily News
  • JP Morgan suspends analyst after Asda ‘ruse’
  • Former Fed Chairman Volcker Favors Increasing Retirement Age
  • Jeffrey Gundlach’s ex-clients at TCW face choice Read the rest of this entry »
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Hedge funds, JPM, JPM Chase

Discount rate hike a signal of lower bank profits to come?; New Dodd financial overhaul bill coming next week; Toyota president will testify before congress; AIG scotches plan to sell derivatives portfolio; Allen Sanford wants SEC fraud lawsuit dismissed; Blackstone joining GGP bid?; States face big retiree benefit shortfall

Posted by WSF On February - 19 - 2010
  • Fed Move May Signal End to Easy Bank Profits
  • Dodd to Unveil Financial Overhaul Bill Next Week
  • Toyota’s Chief to Testify to U.S. Congress on Recalls
  • AIG drops plan to sell derivatives portfolio
  • Allen Stanford Asks Judge to Dismiss SEC Lawsuit Alleging Fraud
  • Blackstone Said to Consider Joining Simon’s GGP Bid
  • States short $1 trillion to fund retiree benefits Read the rest of this entry »
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AIG, Allen Stanford, Autos, Banks, Fed, Politics, SEC

Goldman Sachs sues ex employees over move to Credit Suisse; Euro at nearly 9 month low; Germany’s Merkel on Greece: “It’s a scandal if it turned out that the same banks that brought us to the brink of the abyss helped fake the statistics”; Top 400 U.S. earning households averaged $345 million per IRS

Posted by WSF On February - 18 - 2010
  • Goldman Sachs Sues 7 Managers for Credit Suisse Move
  • Dollar Rally Drives Euro Near Nine-Month Low as Metals Retreat
  • Merkel Slams Greek ‘Scandal’ as Goldman Role Examined
  • Top Earners Averaged $345 Million in 2007, IRS Says
  • Junk Bonds Erase 2010 Loss as Spreads Fall Most Since September Read the rest of this entry »
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Credit Suisse, Goldman Sachs, Wealth

B of A: The SEC vs Cuomo; SEC says B of A general counsel fired so that Moynihan would stay; Raj Rajaratnam victory: his trial will begin Oct 25, after civil trial date; Bill Ackman’s GGP score stands to be more than a 20 bagger; LBO debt getting hit

Posted by WSF On February - 18 - 2010
  • SEC Sets Up Showdown With Cuomo Over BofA
  • BofA Fired Top Lawyer to Retain Moynihan, SEC Says
  • Rajaratnam Wins Fraud Trial Date After SEC Civil Case
  • Ackman May Make $170 Million on ‘Grand Slam’ General Growth Bet
  • LBO Debt Sinks as Stock Investors Reject IPOs: Credit Markets Read the rest of this entry »
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Bank of America, Hedge funds, SEC

EU wants Goldman Sachs, other banks roles in Greek debt mess investigated; Greece loses their vote; After a tough 2009, Jim Simons’ Renaissance Institutional Equities fund down in January; Fed’s Hoenig raises his voice about the U.S.’s debt problem; AIG / MetLife deal being held up over tax issue; For Sale: Abbey Road Studios

Posted by WSF On February - 17 - 2010
  • Banks that inflated Greek debt should be investigated, EU urges
  • Greece loses EU voting power in blow to sovereignty
  • Renaissance suffers rare disappointment
  • Lone voice warns of debt threat to Fed
  • U.S. Seeks First Trial in Galleon Case
  • Tax Question Stalls AIG, MetLife Deal
  • Beatles’ Abbey Road Studios for Sale to Cut EMI Debt Read the rest of this entry »
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AIG, Goldman Sachs, Hedge funds, Insider Trading

Greece: A new fire storm for Goldman; Greece and the EU at odds over bailout; Barclays’ Varley and Diamond won’t take bonuses; Evan Bayh bailing on the Senate, presidential aspirations?; JP Morgan said near deal to buy RBS unit; Fed’s Bear Stearns backstop is in the red

Posted by WSF On February - 16 - 2010
  • Wall St. Helped to Mask Debt Fueling Europe’s Crisis
  • Greece refuses EU austerity measures demand
  • Barclays Soars as Profit Doubles; Varley Shuns Bonus
  • Bayh’s Retirement Adds to U.S. Senate Democrats’ List of Woes
  • JPMorgan Said Near to $1.7 Billion Purchase of RBS Sempra Units
  • Cost of Dubai default insurance rises sharply
  • Fed’s Bear Stearns portfolio value falls Read the rest of this entry »
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Barclays, Bear Stearns, Bonuses, Fed, Goldman Sachs, JPM, JPM Chase

Related Cos Stephen Ross said to have raised money for bank investments from Greenlight, Elliott; Gary Gensler pushing against Wall Street for derivatives reform; Robert Kissel’s wife to be indicted again in ‘milkshake murder’

Posted by WSF On February - 12 - 2010
  • Ross’s SJB Said to Raise $1.1 Billion From Einhorn, Elliott
  • Gensler Turns Back on Wall Street to Push Derivatives Overhaul
  • Kissel May Be Indicted for Murder Next Week, Prosecutor Says Read the rest of this entry »
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Hedge funds

China ups reserve ratio; Ex-Goldman programmer indicted; Raj Rajaratnam wins one; Bank of America judge has more questions over their proposed SEC settlement; Prosecutors going after Madoff brother, sons over tax fraud; Madoff aide gets bail

Posted by WSF On February - 12 - 2010
  • China Hikes Reserve Ratio Amid Brisk Loan Growth
  • Programmer Indicted in Theft of Goldman Software
  • Rajaratnam Wins Ruling Postponing Wiretap Turnover
  • Bank of America Judge Poses 8 Questions on SEC Accord
  • Prosecutors Set Sights on Madoff Kin
  • Madoff Aide DiPascali Granted Bail Pending Sentencing Read the rest of this entry »
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Bank of America, Bernie Madoff, Goldman Sachs, Hedge funds, Insider Trading, SEC

“Obama doesn’t begrudge bonuses” to Lloyd and Jamie? Not so fast — he was taken out of context; Jeffrey Immelt has a different recollection of events than Hank Paulson; Milkshake murderess’ conviction overturned

Posted by WSF On February - 11 - 2010
  • Bloomberg Xs & O
  • Immelt Disagrees With Paulson’s Memory of September ’08 Talks
  • Kissel’s Murder Conviction Overturned by Hong Kong High Court Share Business Exchange Read the rest of this entry »
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Barack Obama, Bonuses, Compensation, Goldman Sachs, Henry Paulson, JPM, JPM Chase, Jamie Dimon, Lloyd Blankfein, Scandal

EU deal on Greece set, but no details yet; Goldman cuts Euro target,This year Biggest Bonuses went to Wall Street lesser knowns; AIG’s new compensation plan; Credit Suisse bonuses 60% cash; As they’ve been saying for awhile, commercial real estate is the next shoe to drop and small banks could be in trouble; CIT’s TARP debt officially wiped out; Foreclosures still coming big time

Posted by WSF On February - 11 - 2010
  • EU Reaches Greek Accord, Will Apply Strict Rules, Officials Say
  • Goldman Cuts Euro Target on ‘Most Threatening’ Crisis
  • AIG Pay Plan: Rank and Rile
  • Wall St.’s Biggest Bonuses Go to Not-So-Big Names
  • Bernanke Lays More Groundwork for Exit Without Giving Timetable
  • Credit Suisse says 2009 bonuses average $135,000
  • TARP Panel: Small Banks Are Facing Loan Woes Read the rest of this entry »
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Barack Obama, Ben Bernanke, Bonuses, Compensation, Credit Suisse, Real Estate

Bailout for Greece said to be on the way but not done deal yet; More charges for Raj Rajaratnam, and he’s ordered to turn over wire tap tapes; Soros says Greece will do whatever they have to to stay euro member; Morgan Stanley has been hearing from large shareholders on pay issue; UBS clawing back some bonuses, and they’re facing more tax evasion allegations; Toyota and now Honda recalls

Posted by WSF On February - 10 - 2010
  • Germany Weighs Greek Support in Pre-Summit Switch
  • Judge Orders Galleon Defendants to Release Tapes
  • Galleon’s Raj Rajaratnam Faces More Charges in New Indictment
  • Soros Is ‘Confident’ Greece Will Stay in Euro Region
  • Morgan Stanley Gets Earful on Pay
  • UBS: Investigating Tax Evasion Allegations From German Client Read the rest of this entry »
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Bonuses, Compensation, George Soros, Hedge funds, Insider Trading, Morgan Stanley, Taxes, UBS

John Paulson Gold fund not so tempting to investors?; Hank Paulson urges bank restraint on pay; Temasek may be setting up a hedge fund; Guy hands says private equity will still be tough this year

Posted by WSF On February - 10 - 2010
  • Midas Touch Lost? Paulson Hits Hurdles in Gold Fund
  • Paulson, Once a Top Earner, Tells Buffett Bankers Make Too Much
  • Temasek May Set Up Hedge Fund, AsianInvestor Reports
  • Terra Firma’s Guy Hands Predicts Low Buyout Volumes This Year Read the rest of this entry »
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Bonuses, Compensation, Hedge funds, Henry Paulson, Paulson & Co, Private equity, Sovereign wealth funds

Lehman examiner files sealed report on banks’ role in the firm’s downfall – he wants it public; DE Shaw is looking to pick off rival hedge funds’ distressed portfolios; A look at the SEC and the team that’s tasked to prevent another Madoff; Ex-Morgan Stanley banker Zaoui may put out his own shingle

Posted by WSF On February - 9 - 2010
  • Lehman Brothers Examiner Files Sealed Report on Role of Banks
  • DE Shaw mobilises team to buy distressed assets of fund rivals
  • S.E.C. Enforcers Focus on Avoiding Madoff Repeat
  • Ex-Morgan Stanley Banker Zaoui Said to Weigh Own Firm Read the rest of this entry »
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Banks, Bernie Madoff, Hedge funds, SEC

Danielle Chiesi speaks, claims there’s no chance she’ll do time and says “it’s an honor and privilege” to stand with Rajaratnam; Hedge funds in a Euro shorting spree; Would Greece asking for help send the ‘wrong signal’?; Barclays CEO disses the Volcker Plan; Judge questioning B of A SEC settlement (again), Price at peril?; UBS ups bonus pool by 34% (as its clients pull more money); Mired in Fannie and Freddie; Toyota recalling 437K hybrids

Posted by WSF On February - 9 - 2010
  • Confident Chiesi breaks silence
  • Galleon Tipper Goel Pleads Guilty, Says Rajaratnam Got Secrets
  • Traders in record bet against the euro
  • Greece Says Call for Aid Would Send ‘Worst Signal’
  • Barclays CEO Says U.S. Plans ‘Bad’ for Global Rules
  • Judge Questions Bank of America’s New Deal With S.E.C.
  • BofA’s Price may need to be sidelined
  • UBS Increases Bonus Pool 34% to 2.9 Billion Francs Read the rest of this entry »
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Autos, Barclays, Bonuses, Compensation, Hedge funds, Insider Trading, Politics, SEC

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