Wall Street Folly

Archive for March, 2010

SEC insider trading case involving Deutsche Bank, Millennium Partners staffers tests if they can go after CDS trades; 3 BofA / Merrill Lynch women file discrimination lawsuit alleging they’re “second-class citizens”; Allen Stanford wants new lawyers…again; Obama set to announce new expanded plans for offshore drilling; Home price rebound over?; Schottenfeld pays to settle SEC’s Galleon lawsuit

Posted by WSF On March - 31 - 2010
  • Trader’s ‘Nice Little Kiss’ Tests Reach of Regulators
  • 3 sue Bank of America alleging discrimination
  • Stanford asks for new team to defend him
  • Obama to Announce Expanded Offshore Oil Drilling Plan
  • Home prices inch up, but analysts fear rebound is fading
  • Schottenfeld Pays $1.2 Million to End SEC Insider-Trading Suit
  • BofA Hires Staff, Leans on Merrill Lynch to Expand Outside U.S. Read the rest of this entry »
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SEC on the hunt for banks that used Lehman repurchase games to hide liabilities; ex-IBM guy pleads guilty in Galleon insider trading case; BofA Merrill poised to expand; At least 17 smaller TARP wards of the state not doing so well; Moody’s, S&P win at least temporary reprieve in investors’ lawsuit; Lehman unsecured claims may fall; New iPhone to bypass AT&T said to be on the way

Posted by WSF On March - 30 - 2010
  • SEC questions Wall Street firms on use of repurchase agreements
  • Ex-I.B.M Executive Pleads Guilty to Fraud in Galleon Trading Case
  • Some TARP Beneficiaries Continue to Stumble
  • BofA pushes on with corporate growth plans
  • Moody’s, S&P Win Dismissal of Investors’ Fraud, Negligence Suit
  • Lehman Says Unsecured Claims May Fall to $260 Billion in Review
  • New iPhone Could End AT&T’s U.S. Monopoly Read the rest of this entry »
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At $32B and counting is John Paulson’s fund getting just too big?; Deutsche bank adding to Asia hedge fund support

Posted by WSF On March - 29 - 2010
  • Paulson’s $32 Billion Funds Prompt Too-Big-to-Succeed Concerns
  • Deutsche Bank to Add Staff Targeting New Hedge Funds in Asia Read the rest of this entry »
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Not so fast for JP Morgan tax break as FDIC said to back away from support; Morgan Stanley picked to underwrite Uncle Sam’s Citigroup stock sale?; Greece issuing bonds; Dubai said to offer Dubai World creditors some guarantees; AIG aircraft leasing guy said to have left over pay restrictions; Junk bond issues hitting new records

Posted by WSF On March - 29 - 2010
  • FDIC Stands Between J.P. Morgan and a WaMu Payoff
  • M. Stanley to underwrite US’s Citi stock sale-CNBC
  • Greece to Issue Seven-Year Bond
  • Dubai World guarantees revealed
  • AIG Unit Feels Effects of Pay Limits
  • Junk bonds sell in record volumes Read the rest of this entry »
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Have they learned nothing? Cov-lite loans said to be making a comeback; Max Holmes’ Plainfield said to be liquidating so that he can start over (get that fee machine back up and running!)

Posted by WSF On March - 26 - 2010
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Legg Mason’s Bill Miller is having a pretty good year so far; Appaloosa short sales getting probed by SEC,

Posted by WSF On March - 26 - 2010
  • Miller Beats Miller as Legg Mason Opportunity Trounces Flagship
  • Appaloosa’s Short Sales on Wells Fargo Face SEC Probe Read the rest of this entry »
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UBS said to be firing 200; Lehman examiner’s report misleading?; Greece aid plan deal reached, Euro bounces; JP Morgan, UBS, others said to have engaged in muni bond bid rigging; 11 more may be charged next week in FSA insider trading probe

Posted by WSF On March - 26 - 2010
  • UBS’s U.S. Brokerage Unit Said to Fire Almost 200 Workers
  • Lehman Examiner’s Report Misleading, Lawyers Say
  • Bernanke says Fed is receptive to selling security holdings
  • Greek aid plan wins backing
  • Euro Rises From 10-Month Low as Trichet Welcomes Greek Solution
  • JPMorgan, Lehman, UBS Named as Conspirators in Muni Bid-Rigging
  • Ex-Cazenove, UBS Workers Said to Face Charges in Trading Probe Read the rest of this entry »
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Pimco’s Bill Gross says that Obamacare will increase deficits: “Long term bondholders beware”; Companies waste no time in telling employees bad news about what Obamacare will affect them; Citigroup slow turnaround

Posted by WSF On March - 25 - 2010
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Social Security payouts will be more than inflows THIS year, not in 2016 as CBO had predicted; Merkel’s terms for Greece aid are out; Dubai offers Dubai World $9.5B new funding; UBS director arrested for insider trading; Another nabbed in UK insider trading ring; B of A’s new mortgage foregiveness plan; Wells Fargo buying GMAC factoring; Bernie Madoff associate Bonventre indicted; USPS closer to eliminating Saturday mail delivery; Tiger Woods will face media questions on April 5

Posted by WSF On March - 25 - 2010
  • Social Security to See Payout Exceed Pay-In This Year
  • Merkel Sets Greek Terms, Calls IMF-EU Aid Last Resort
  • ECB Offers Olive Branch to Greece
  • Dubai Offers Dubai World $9.5 Billion in New Funds
  • UBS Director Poteroba Is Arrested for Insider Trading
  • Seventh Person Arrested in U.K. Insider Trading Probe
  • Bank of America to Reduce Mortgage Balances
  • Wells Fargo to Buy GMAC Assets Read the rest of this entry »
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Greenlight’s Einhorn, claiming vindication on Allied Capital bearish bets, lobs shots at the SEC, saying they waste time “needlessly” probing market players like him; Gawker provides details of embarrassing SEC porn surfing that surfaced in February; Rejected by your college of choice? Look no further than Warren Buffett, others, to see that it can still work out for the best

Posted by WSF On March - 24 - 2010
  • Einhorn Says SEC’s Watchdog Vindicates Him on Allied
  • SEC Employees Were Masturbating to Kiddie Porn While Your Economy Tanked
  • Before They Were Titans, Moguls and Newsmakers, These People Were…Rejected Read the rest of this entry »
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Obama administration’s mortgage loan modification program isn’t as successful as they’d have you believe; Dubai World holders might not want to hold their breath for their recoveries — it could take 9 years; Moore Capital’s Louis Bacon is in the spotlight as one of his traders is targeted in UK insider trading probe; Soros bought Lehman claims from Goldman

Posted by WSF On March - 24 - 2010
  • White House Inflates success of Loan Program, Watchdog Says
  • Dubai World creditors face nine-year wait for their cash
  • Financier Is Pulled Back Into Focus
  • Deutsche Bank, Moore Capital Workers Probed on Insider Trading
  • Soros Buys $38 Million in Lehman Claims From Goldman Read the rest of this entry »
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JP Morgan, others taking advantage of Stimulus package tax refund $; It took only 7 minutes after Obamacare became law for 13 states to sue; Jon Corzine returns to Wall Street with a new CEO gig at MF Global; ex-IBM Moffat waiving indictment in Galleon insider trading case; Most AIG top managers getting pay lifts; GMAC planning sale of factoring business?; Euro hits 10 month low; New Jersey cuts govt worker benefits

Posted by WSF On March - 24 - 2010
  • Tax-Break Battle Flares
  • States Sue to Block Health Law
  • Corzine to lead MF Global
  • Moffat to Waive Indictment in Galleon Case
  • AIG Increases Compensation for Most Top Managers Who Remained
  • GMAC Said to Plan Sale of U.S. Factoring Unit to Wells Fargo
  • Greece woes push euro to 10-month low
  • New Jersey Cuts Workers’ Benefits Read the rest of this entry »
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Even though he doesn’t have power over past pay, Ken Feinberg may resort to shaming pre-TARP bonus babies to cough up dough (Good luck with that…); Numbers show that not so many top execs bailed on banks with pay limits; NY Post highlights Goldman nepotism and the largesse paid to young kin; Flyonthewall.com court decision over publishing broker upgrade / downgrade headlines could have broader ramifications

Posted by WSF On March - 23 - 2010
  • Feinberg to Review Pay at Bailed-Out Firms
  • Few Fled Companies Constrained by Pay Limits
  • Family bonus(es) plan
  • Big Clients Keep Their Head Start Read the rest of this entry »
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Paulson, Elliott looking to help General Growth exit bankruptcy; M&A hedge funds said to be gaining new investors; Nomura said to have poached 10 from RBS; Tennenbaum Capital looking to raise $1B for distressed debt fund?

Posted by WSF On March - 23 - 2010
  • Elliott, Paulson Said to Discuss Investment in General Growth
  • Return-hungry investors flock to M&A hedge funds
  • Nomura Said to Hire About 10 RBS Analysts, Traders
  • Tennenbaum Capital Said to Raise Money for Distressed-Debt Fund Read the rest of this entry »
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Trichet rejects Greece loan subsidy; Greece claims it’ll fix its problems on its own even though it looks like its economic problems look to be worsening; Plans to finally deal with Fannie / Freddie on tap?; Madoff victims appeal; Buffett may buy more liquor companies; Google defies Chinese government and ends its own censorship; EU ruling could put damper on Google keyword usage

Posted by WSF On March - 23 - 2010
  • Greek economy ‘to worsen’ in 2010 says central bank
  • Greece to Address Problems ‘On Our Own’
  • Greek Impasse Deepens as Trichet Rejects Loan Subsidy
  • Plan to Reshape Mortgage Market
  • Madoff Victims Appeal Ruling on Method for Paying Fraud Claims
  • Buffett May Buy More Alcohol Distributors After Empire Purchase
  • Google Ends Self-Censorship, Defies China Government
  • Google Keyword Usage May Be Restricted by EU Ruling Read the rest of this entry »
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Bernie Madoff, Google, Warren Buffett

Fuld to be on congressional hot seat; FT focuses on Goldman execs returns from fund investments; Carl Icahn feels misunderstood; High end repo guys banking from grabbing jets, yachts

Posted by WSF On March - 22 - 2010
  • Fuld faces Lehman repo quizzing
  • Goldman executives benefit from fund investments
  • Does Icahn Still Make Them Tremble?
  • Cries of ‘Hey, That’s My Jet!’ Don’t Deter High-End Repo Men Read the rest of this entry »
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Kimberly Strassel Op Ed on the sordid dealings that pushed Obamacare through; Volker rule: “Shall” vs “May”?; Warren Buffett a better credit risk than the U.S.A.?; Euro seen under continued pressure owing to Greece problems; Citigroup expected to double hedge fund consulting team; Tiger Woods speaks

Posted by WSF On March - 22 - 2010
  • Opinion: Inside the Pelosi Sausage Factory
  • Fate of Volcker Rule May Hinge on Dodd’s ‘Shall’ Becoming ‘May’
  • Obama Pays More Than Buffett as U.S. Risks AAA Rating
  • Greece’s Woes Will Keep Euro Under Pressure
  • Citi to Double Team Helping Institutional Hedge Fund Investment
  • Tiger Woods Is ‘Nervous’ About Fan Reception for Masters Return Read the rest of this entry »
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Greenspan jumping on the banking regulation band wagon; Merrill Lynch had spilled the beans to regulators over Lehman’s controversial accounting; JP Morgan also used ‘Repo 105s’ accounting gimmick, but made disclosures; SEC finds Lehman examiner’s report ‘helpful’; Hedge fund speculators accused of raising Greece’s borrowing costs; Trichet wants tougher CDS regs; Palm death spiral?

Posted by WSF On March - 19 - 2010
  • Greenspan Concedes That the Fed Failed to Gauge the Bubble
  • Rival warned regulators over Lehman
  • JPMorgan also used accounting gimmick
  • SEC welcomes Lehman report as ‘helpful’
  • Lehman estate fight with Barclays escalates
  • Speculators seen increasing Greek borrowing costs
  • CFTC Gensler: Determined To Reform OTC Market
  • Trichet backs tougher CDS regulation
  • Palm Narrows Loss, but Phone Sales Drop Read the rest of this entry »
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Bankruptcy, CDS, Fed, JPM, JPM Chase, SEC

It’s War! German Finance Minister says they may resort to unleashing spies on hedge funds; Lenny Dykstra sues JP Morgan over his financial woes; Chris Dodd’s chief counsel bought financial stocks during the market meltdown

Posted by WSF On March - 18 - 2010
  • ‘Sinister’ German Plan Aimed at Funds, Analysts Say
  • Lenny: error by bank
  • Dodd’s Chief Counsel Bought Financial Stocks During 2008 Crisis Read the rest of this entry »
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High blood pressure? Bernie Madoff said to have gotten the crap kicked out of him in prison in December; Two Madoff programmers indicted; Schapiro: SEC fell down on the job over Lehman Brothers; Is Pelosi’s Healthcare vote end run even constitutional?; Alvarez & Marsal’s $247M Lehman Brothers pay day; Jim Cramer’s TheStreet.com is the focus of an SEC accounting probe

Posted by WSF On March - 18 - 2010
  • Madoff Beaten in Prison
  • Madoff computer programmers nailed
  • SEC on Lehman Oversight: Not Good Enough
  • Pelosi Tactic for Health-Care Vote Would Raise Legal Questions
  • Alvarez & Marsal Gets $247 Million for Advising Bankrupt Lehman
  • SEC probes TheStreet.com’s finances Read the rest of this entry »
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Bernie Madoff, SEC

GMAC looking to deTARP? Goldman, Citi said to have been hired; Obama caves and will appear on Fox News to appeal for Obamacare support; AIG takes down another $2.2B; B of A sued over Merrill loss claims; Madoff sons, brother want out of Trustee’s lawsuit; Mortgage demand tepid; Nobel winner Stiglitz says removing Fed stimulus may worsen housing crisis

Posted by WSF On March - 17 - 2010
  • GMAC Said to Hire Citigroup, Goldman Sachs for TARP Repayment
  • Obama to Appear on Fox News in Final Health-Care Push
  • SEC Didn’t Act on Lehman’s ‘Problematic’ Liquidity, Report Says
  • AIG Draws $2.2 Billion More From Treasury to Bolster Units
  • Bank of America Is Sued by ABP Over Merrill Lynch Loss Claims
  • Madoff relatives try to fend off lawsuits
  • US mortgage demand tepid even as loan rates sink
  • Stiglitz Says Fed Stimulus Withdrawal May Hurt U.S. Read the rest of this entry »
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AIG, Bank of America, Barack Obama, Bernie Madoff, Citigroup, Goldman Sachs

Lehman Whistle-blower was booted after raising red flags; TARP fraud charges for former Park Avenue Bank head; Hedge funds could see big inflows this year; Former Merrill trader gets banned for position mismarks

Posted by WSF On March - 16 - 2010
  • Lehman Whistle-Blower’s Fate: Fired
  • Lehman Might Put All Bankruptcy Creditors in Same Payment Pool
  • Former chief of Park Avenue Bank charged with TARP fraud
  • Hedge Funds May Get $222 Billion Inflows in 2010, Survey Says
  • Ex-Merrill Trader Is Banned for Mismarking Positions Read the rest of this entry »
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Bankruptcy, Hedge funds

EU ministers meet on Greece but gave little detail of plans; Key points of Dodd’s financial regulation; EU finance ministers: no hedge fund financial rules deal; Toyota: Caliornia Prius incident can’t be replicated

Posted by WSF On March - 16 - 2010
  • Moody’s warns nations to cut spending or risk AAA ratings
  • EU ministers discuss standby plans for Greece
  • 6 key points of the financial regulation legislation
  • EU Finance Ministers Fail to Reach Deal on Hedge-Fund Rules
  • Toyota: Analysis Doesn’t Match Calif Prius Incident Read the rest of this entry »
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Autos, Hedge funds, Politics

Moody’s warning on AAA ratings for U.S., UK, France, Germany; Goldman and JP Morgan forcing hedge funds to put up more collateral on CDS trades; Dodd’s financial overhaul plan due out today; AIG said to have cut bonuses by $21M; UBS sees 2010 turnaround

Posted by WSF On March - 15 - 2010
  • Moody’s Warning Weighs on Futures
  • Goldman Sachs Demands Derivatives Collateral It Won’t Dish Out
  • Sen. Dodd to introduce plan to overhaul financial regulatory system
  • AIG Said to Cut Bonuses by $21 Million to Meet Feinberg Mandate
  • UBS Sees Turnaround in 2010
  • Tests fail to duplicate acceleration problem in Prius Read the rest of this entry »
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AIG, Bonuses, CDS, Goldman Sachs, Hedge funds, JPM, JPM Chase

2200 page Lehman Examiner’s report: Lots of blame to go around including top execs, Were they insolvent weeks before filing?; EU defends its position on hedge fund rules after Geithner criticism; Obama said to want Yellen for Fed Vice Chairman; AIG still trying to get ex-employees to pony up at least part of those already paid bonuses; Tiger Woods reportedly to make comeback at Masters

Posted by WSF On March - 12 - 2010
  • Report Details How Lehman Hid Its Woes as It Collapsed
  • British law firm cleared way for Lehman cover-up
  • Lehman report lays wide blame for failure
  • EU rebuff for Geithner over rules on hedge funds
  • Obama Plans to Tap Yellen for Fed Vice Chairman
  • AIG Said to Query Bonus Holdouts on Pay in Push for Concessions
  • Reports: Tiger Woods likely to return from hiatus at Masters Read the rest of this entry »
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