Wall Street Folly

Jon Stewart’s / The Daily Show’s response to the flap over Gizmodo publishing details of the new Apple iPhone secret prototype that they bought for $5k after an Apple guy somehow managed to leave it behind in a bar (then Apple had the cops storm the Gizmodo guy’s apartment even after the phone was returned): They’re “Appholes”

Tags: Appholes, Apple, Gizmodo, iPhone, Jon Stewart, The Daily Show, Videos

We noted that he was mentioned in a 2006 Hamptons Magazine “Black Book” profile as one of their list of eligible Hamptons singles.  Today Josh Birnbaum, formerly of Goldman Sachs, testified before the Senate Subcommittee in their Goldman Sachs mortgage market meltdown probe.  Here’s his opening statement:

Tags: Dating, Goldman Sachs, Hamptons, Inquisitions, Politics, Singles

Tags: Bill Ackman, Hedge funds, Jim Chanos, Short sellers, Videos

Tags: Bill Ackman, Goldman Sachs, Hedge funds, Pershing Square, Videos

Tags: Billionaires, Palaces, Prince Alwaleed, Real Estate, Saudi Arabia, video, Wealth

Tags: Bailouts, Barack Obama, Expensive meals, Financial reform, Politics, SNL, Videos, Wall Street fat cats

• Obama to Castigate Wall Street
• Greek 2009 Deficit Was Wider Than Expected
• Greek bond yields hit in spite of debt talks
• UBS, Credit Suisse May Be Split in Crisis, Panel Says
• UBS, Credit Suisse Must Hold 30 Days of Liquid Assets
• Senators Closer to Bridging Partisan Divide on Finance Overhaul
• Senate Derivatives Bill Faces Battle on Bank Spinoff Provision
• U.S. Said To Weigh AIG Exit Through Two Years of Share Sales
• Quattrone Reunites With Credit Suisse Investment Banker Boutros
• Businessweek Wears New Mantle Read the rest of this entry »

Tags: AIG, Barack Obama, Bloomberg, Credit Suisse, Financial reform, Frank Quattrone, Greece, Politics, Sovereign debt; Switzerland, UBS

• Questions Raised About Evidence on Goldman
• SEC vs Goldman Sachs
• Goldman exec Cohn to attend Obama speech-source
• Blankfein attacks ‘political’ SEC case
• Tourre Expected Before Senate Panel
• Obama Says SEC, White House Didn’t Discuss Goldman
• Along with SEC, other investigators and suits may target Goldman Sachs
• Obama Doesn’t Intend to Give Back Goldman Campaign Donations Read the rest of this entry »

Tags: Barack Obama, Campaign contributions, CDO, fraud, Gary Cohn, Goldman Sachs, lawsuits, Lloyd Blankfein, Politics, SEC, Subprime mortgages

• Paulson & Co tells investors it was ‘open’
• Paulson & Co. Says Its Role in Goldman CDO Was ‘Appropriate’
• Suspecting politics in Goldman Sachs charges, Rep. Issa asks SEC for information
• It’s Lloyd’s of Washington next week
• Goldman takes aggressive line on fraud claims after bumper profits
• Goldman mounts defense on SEC charges, saying clients knew its products well
• Goldman Sachs Says SEC Case Hinges on Actions of One Employee
• Bank Says Losses Prove No Ill Intent
• Goldman Sachs Donations Loom Over Republicans, Democrats Alike Read the rest of this entry »

Tags: CDO, fraud, Goldman Sachs, John Paulson, Lawsuit, Lloyd Blankfein, Paulson & Co, Politics, SEC, Subprime mortgages, Witchhunts

• Goldman Tops Forecast, With $3.46 Billion in Earnings
• Goldman Employees Rally Around Blankfein
• What the Committee Knew
• Goldman’s London Units Face Formal U.K. FSA Probe
• Financial News: FSA Goldman Probe May Spark Intl Crackdown
• Goldman Sachs CDO Lawsuit Split SEC Commissioners in 3-2 Vote
• The SEC’s Impeccable Timing
• AIG eyes action on Goldman over CDOs
• Goldman ‘Shenanigans’ to Be Barred by Bill, Dodd Says
• Kirk to Return Goldman Donations in Illinois Campaign Read the rest of this entry »

Tags: AIG, CDO, fraud, FSA, Goldman Sachs, Hedge funds, John Paulson, Lloyd Blankfein, Paulson & Co, Politics, SEC, Subprime mortgages, Witchhunts

• The SEC vs. Goldman
• SEC faces fight to produce an open-and-shut court case
• SEC Probes Other Soured Deals
• Paulson May Face Litigation Following Goldman Suit, Whalen Says
• Top Goldman Leaders Said to Have Overseen Mortgage Unit
• Fabrice Tourre email is key to SEC’s evidence
• Goldman Sachs SEC Case May Hinge on Meaning of Word ‘Selected’
• Goldman May Face U.K., German Inquiries After Suit
• Brown Says He Wants Special Investigation of Goldman Sachs
• Goldman attacked by UK premier Read the rest of this entry »

Tags: CDO, Emails, fraud, Goldman Sachs, John Paulson, Lawsuit, Paulson & Co, Politics, SEC, Subprime mortgages

• Goldman Sachs’s New Palace Creates Princes, Serfs
• Goldman fund down to last $30m Read the rest of this entry »

Tags: Banking Culture, Goldman Sachs, Hedge funds, Real Estate

• Bank of America Returns to Profit as Merrill Boosts Revenue
• Bank of America Earns $3.2 Billion in First Quarter
• Goldman Director Gupta to Leave
• Troubles Mount For Former Car Czar
• LBO Firms Extract Dividends as Blackstone Sells: Credit Markets
• ‘Liquidity Puts’ That Cost Citigroup $14 Billion May Be Curbed Read the rest of this entry »

Tags: Bank of America, Blackstone Group, Citigroup, Galleon Group, Goldman Sachs, Insider Trading, LBOs, Politics, Quadrangle Group, Raj Rajaratnam, Steven Rattner

• Goldman Sachs bankers harangue top Demoocrat at private fundraiser
• Lehman may have grounds to sue banks
• BofA May Post Profit After ‘Fabulous Month’ for Merrill Lynch
• The Next Global Problem: Portugal
• SEC votes to tag large equity traders
• UBS investors speak out against pay plans
• Former Banker for UBS Seeks Shorter Sentence
• Massachusetts moving money out of 3 big banks to protest credit card rates Read the rest of this entry »

Tags: Bank bashing; Bank of America, Bonuses, Citigroup, Compensation, credit cards, Goldman Sachs, Greece, Harry Reid, High Frequency Trading, Merrill Lynch, Politics, Portugal, SEC, Sovereign debt, UBS, Wells Fargo

• WaMu Chief Killinger Didn’t Trust Goldman Sachs, E-Mails Show
• Blankfein, Dimon Urged by White House to Stop Fighting Rules Read the rest of this entry »

Tags: Bank of America, Goldman Sachs, JP Morgan, Politics, WAMU, Washington Mutual

• JPMorgan Profit Rises 55% on Trading, Beats Analysts’ Estimates
• U.S. bank chief mobbed by angry borrowers
• Soros Says Risk of Greek ‘Death Spiral’ Remains
• Morgan Stanley Said to Lose 61% on Real Estate Fund
• M Stanley warns of $5.4bn property losses
• Sale of ResCap a flop
• Tiger Woods Enters June’s U.S. Open at Pebble Beach Read the rest of this entry »

Tags: George Soros, Greece, JP Morgan, Morgan Stanley, mortgages, Real Estate, Sovereign debt, Tiger Woods

• Lehman Channeled Risks Through ‘Alter Ego’ Firm
• Dimon’s Syracuse Commencement Speech Fought in Student Petition
• Morgan Stanley CEO calls for partnering with regulators and legislators
• Galleon Insider Case Widens
• AIG ’strongly objects’ to pay tsar’s restrictions on executive pay-outs
• Donald Trump Beats Carl Icahn in Bankruptcy Battle for Casinos
• Consumer Reports calls Lexus GX460 unsafe
• Twitter to Start Rolling Out Advertising Read the rest of this entry »

Tags: Accounting gimmicks, AIG, Autos, Carl Icahn, Casinos, Compensation, Donald Trump, Galleon, Insider Trading, James Gorman, Jamie Dimon, JP Morgan, Lehman Brothers, Morgan Stanley, Pay czar, Raj Rajaratnam, Toyota, Twitter

• Soros warns Europe of disintegration
• Corzine: ‘Bankers are right down there with politicians’
• City star in ‘phantom’ fees probe
• Activist Holders Eye Top Managers for Boards Read the rest of this entry »

Tags: Activist Investing, European Union, George Soros, Goldman Sachs, JC Flowers, Jon Corzine

• Aid plan solves Greece’s near-term funding woes
• Light At the End of the Bailout Tunnel
• AIG, Goldman Unwind Soured Trades
• UBS Hopes Big Profit Will Lift Client Confidence
• NY state sees “deep well” of UBS client tax cases
• U.S. Faults Regulators Over a Bank
• Pimco Says Investors to Hold Down U.S. Mortgage Rates
• Committee Reluctant to Mark End of Recession Read the rest of this entry »

Tags: AIG, Bailouts, Economy, Goldman Sachs, Greece, New York, Pimco, recession, Sovereign debt, Taxes, UBS, Washington Mutual

• Big Banks Mask Risk Levels
• Wall Street Bonus Tax Should Be Considered, Liu Says
• Los Angeles Faces Threat of Insolvency
• Hedge Funds Rose 2.7% in March, Strongest Month Since September
• Citi’s ex-grandees strain to keep cool
• Citigroup executives apologize for not averting financial crisis
• Judge Faults Prosecutors in ‘Squawk Box’ Case
• Tiger Woods Shoots His Best Masters First Round; Couples Leads Read the rest of this entry »

Tags: Accounting games, Bank of America, Bob Rubin, Bonuses, Chuck Prince, Citigroup, Compensation, Goldman Sachs, Golf, Hedge funds, JP Morgan, Los Angeles, Morgan Stanley, Municipal debt, Tiger Woods, Windowdressing

• Greek Record Debt Swaps May Force EU’s Hand in Aid ‘Poker Game’
• Greek banks seek more aid as savers withdraw €10bn deposits
• Greece Credit-Default Swaps Rise Above Iceland’s for First Time
• Premium for Greek debt reaches decade high
• High-Speed Traders Face Order Reporting Requirement From SEC
• Fed’s Bernanke: US Must Plan Now For Public Debt Cuts
• Hedge Fund Rules Are Fair to U.S., EU’s Barnier Tells Geithner
• Bernanke, Dudley Say Recovery Hasn’t Produced Major Job Gains
• Greenspan on Capitol Hot Seat
• Toyota exec: Time to hide troubles over
• Apple’s IPhone Software May Deliver Multitasking, Mobile Ads

Greek Record Debt Swaps May Force EU’s Hand in Aid ‘Poker Game’ – Bloomberg

Greece’s debt insurance costs surged to a record and bond yields jumped on concern the nation’s ability to borrow is becoming “untenable” and the European Union will be forced to lead a bailout.

The “poker game” between the EU and the market “suggests that we may be getting close to the point where the market asks to see the EU’s hand,” said Gary Jenkins, head of credit strategy at Evolution Securities Ltd. “If it is thought that the market price will prove untenable for Greece, then the probability of the market not funding Greece increases.”….

Greek banks seek more aid as savers withdraw €10bn deposits – Financial Times

Greece’s four biggest banks are seeking help from the government after savers took €10bn (£8.8bn) of deposits out of the nation’s financial system.

The flight of money from domestic deposits reflects growing anxiety among wealthy Greeks about keeping their assets in the country as its debt crisis has escalated…..

Greece Credit-Default Swaps Rise Above Iceland’s for First Time – Bloomberg

The cost of insuring against a default on Greek government bonds rose above that for Iceland for the first time, helping push indicators of corporate credit risk to the highest levels in as much as two weeks.

Credit-default swaps linked to Greek sovereign debt rose 32 basis points to a record 445.5 today, while Iceland traded at 402 basis points, according to CMA DataVision prices……

Premium for Greek debt reaches decade high – Financial Times

The premium investors are asking to buy Greek government bonds relative to the benchmark German equivalent reached its highest level since the country joined the euro in 2000, as fears around its debt crisis escalated and Greek bank shares plummeted.

Yields on Greek 10 year bonds rose 34 basis points to 7.508 per cent on Thursday, having closed yesterday at 7.16 per cent. The most recent high was in January after investors dumped Greece’s newly issued five-year euro-denominated bond, sending its 10-year benchmark bond yield up to 7.25 per cent……

High-Speed Traders Face Order Reporting Requirement From SEC – Bloomberg

The Securities and Exchange Commission may give some firms that engage in high-frequency stock trading identification codes to better track transactions accounting for more than 60 percent of U.S. volume.

SEC commissioners will vote April 14 on a proposal to require companies that exceed a volume threshold to report their executions to regulators, the agency said in a statement yesterday. Brokerages would have to maintain records on the orders, the SEC said…..

Fed’s Bernanke: US Must Plan Now For Public Debt Cuts – WSJ

The U.S. must start to prepare now for the challenges posed by an aging population with a credible plan to gradually reduce a soaring public debt, Federal Reserve Chairman Ben Bernanke said Wednesday.

Health spending is set to increase over the long term as the U.S. population grows older, posing challenges on the country’s already strained finances, the Fed chief warned.

“Unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth,” Bernanke said during a speech at a Dallas Chamber of Commerce event……

Hedge Fund Rules Are Fair to U.S., EU’s Barnier Tells Geithner – Bloomberg

Hedge-fund rules proposed by the European Union aren’t protectionist, the bloc’s financial services chief told U.S. Treasury Secretary Timothy F. Geithner.

Michel Barnier, the EU’s financial services commissioner, said the law wouldn’t shut out U.S. funds and managers from the 27-nation region, according to a copy of a letter to Geithner obtained by Bloomberg News. The Frenchman was responding to Geithner’s concerns that the proposals may harm American fund managers and cause a regulatory dispute…..

Bernanke, Dudley Say Recovery Hasn’t Produced Major Job Gains – Bloomberg

Federal Reserve Chairman Ben S. Bernanke and a top lieutenant said the U.S. economic rebound has yet to produce a significant recovery in jobs, signaling there’s no need yet to consider raising interest rates.

Bernanke, speaking to businesspeople in Dallas today, said the labor market contains “some of the toughest problems” for the economy and that he’s “particularly concerned” about the number of people out of work for at least six months. New York Fed President William Dudley said in a separate speech that “we are not getting the job gains we would like to get.”…..

Greenspan on Capitol Hot Seat – Wall Street Journal

Former Fed chief Alan Greenspan faced some of the toughest questioning yet about his role in the financial crisis at a hearing Wednesday marked by tense exchanges with a longtime foe.

Later in the day, members of the congressionally chartered Financial Crisis Inquiry Commission also ripped Citigroup Inc. executives for their role in the subprime meltdown, where Citigroup was a major casualty. The commission is holding three days of hearings on the evolution of the subprime market……

Toyota exec: Time to hide troubles over – Detroit Free Press

Toyota’s top U.S. public relations executive warned in January that the automaker needed to “come clean” about sticking accelerator pedals that could trigger sudden acceleration, and that the company “was not protecting our customers by keeping this quiet.”

The e-mail from Irv Miller came five days before Toyota launched a recall of 2.3 million vehicles in the U.S. to fix gas pedals. The Obama administration said earlier this week that Toyota hid the problem from U.S. auto safety officials for at least four months and slapped Toyota with a $16.4-million fine, the largest ever for a vehicle defect…..

Apple’s IPhone Software May Deliver Multitasking, Mobile Ads – Bloomberg

Apple Inc. is readying a new version of its iPhone software that analysts predict will add support for multitasking and advertising, features that escalate its competition with Google Inc. for mobile users and developers.

Apple said it will hold an event today to give a “sneak peek into the future” of the iPhone operating system — software that third-party developers have used to create 150,000 applications for the iPhone, iPod Touch and new iPad tablet…..

Tags: Apple, Autos, Banks, Ben Bernanke, CDS, Economy, Email, European Union, Fed, Greece, Hedge funds, High speed trading, Iceland, iPad, iPhone, SEC, Smoking guns, Sovereign debt, Tim Geithner, Toyota, U.S.. Treasury

• Goldman Tells Its Side of ‘09
• Volcker: Taxes likely to rise eventually to tame deficit
• Mr. Dimon Goes to Washington
• Greek banks plead for more aid in debt crisis
• Geithner Urges Europe to Revise Hedge-Fund Rule Plan
• Geithner to Meet With the Chinese Vice Premier
• Fliers up in arms about carry-on fee Read the rest of this entry »

Tags: Airlines, Baggage fees, CDS, China, Economy, Goldman Sachs, Greece, Mortgage meltdown, Paul Volcker, Sovereign debt, Taxes, Tim Geithner, U.S.. Treasury, VAT

• Traders Beat Wall Street CEOs in Pay
• Now to Explain the Party Favors
• Fannie, Freddie Touch Off Swaps Scrap
• SEC faces setbacks, skepticism in trying to reform its enforcement image
• Moody’s and S&P reproached
• A grim assessment of L.A.’s finances
• Shortfall Awaits California’s Big Pension Funds
• Apartment Rents Rise as Sector Stabilizes Read the rest of this entry »

Tags: Bonuses, California, Casinos, Compensation, Fannie Mae / Freddie Mac, Financial Crisis, Financial Distress, Mary Schapiro, Moody's, Morgan Stanley, rating agencies, Rental market, SEC, Standard & Poors

• Buffett’s Berkshire is best-regarded U.S. company
• US banks in $2.5bn ‘Christmas capital’ gain
• Federal Prosecutors Leaning Against Charges in AIG Probe
• Wilbur Ross backing Virgin Money in RBS branch bid
• Macro hedge funds fail to profit from crisis
• Madoff investors may not see cash from brokerage sale Read the rest of this entry »

Tags: AIG, Apple, Banks, Berkshire Hathaway, Bernie Madoff, Citigroup, Fannie Mae / Freddie Mac, Goldman Sachs, Hedge funds, iPad, Warren Buffett, Wilbur Ross

• JP Morgan’s Dimon Regrets Using FDIC Guarantee Program
• Fed Opens the Books on Bear, AIG Toxic Assets
• Jobless Rate Will Stay ‘Unacceptably’ High: Geithner
• Ivy Asset Draws Probe Over Roles With Madoff
• Seven Charged in Inside-Trade Ring at Banks’ Printers
• General Growth Files $6.55 Billion Plan to Exit Bankruptcy
• Amazon Gives Way On E-Book Pricing Read the rest of this entry »

Tags: AIG, Amazon, Andrew Cuomo, Apple, Bear Stearns, Bernie Madoff, FDIC, Insider Trading, iPad, Jamie Dimon, JP Morgan, Kindle, NY Fed, Tim Geithner, Toxic assets, U.S.. Treasury, unemployment