Wall Street Folly

Tags: CDS, Deutsche Bank, Greece, Hedge funds, liquidations, rumors, Sovereign debt, Taxes, Wealthy

• Fund Boss Made $7 Billion in the Panic
• Goldman Sachs threatens Spanish move
• Citigroup ‘Lottery Ticket’ Warrants May Pay U.S. Lowest Return
• TCW Loses Mutual-Fund Head Redell to Gundlach’s Startup Firm
• Cosmetic Surgery Tax Out, Tanning Tax In For Sen Health Bill
• Twitter Is Said to Be Profitable After Making Search Agreements
• Citadel Broadcasting files bankruptcy protection Read the rest of this entry »

Tags: Appaloosa, Bonuses, Citigroup, Compensation, Dave Tepper, Goldman Sachs, Hedge funds, Revolving Door, Taxes, Twitter

• Senator opposes Fed chief Bernanke renomination
• Shhh! Wall Street is Spending Again
• UAE central bank sets up emergency facility for banks
• Crisis Puts Focus on Dubai’s Complex Relationship With Abu Dhabi
• Dubai Default Swaps Show No Distress on Bailout Bets
• U.A.E. Blocks Sunday Times Over Coverage of Dubai Debt Crisis
• London Times Back on U.A.E. Newsstands After Sunday Edition Pulled
• Bank of America Trims Salary for 2 Top Executives
• UBS threatens to move HQ from Switzerland: report
• U.S. Treasury to Push Lenders to Finish More Home Modifications
• RIP: Fred Joseph, Former Drexel Burnham CEO, Dies at 72
• RIP: Ari Kiev, a Psychiatrist, Dies at 75 Read the rest of this entry »

Tags: Bank of America, Ben Bernanke, Bonuses, Compensation, Conspicuous consumption, Dubai, Fed, Obituaries, retailers, Sovereign wealth funds, Wealth

• Rajaratnam’s Brother Drew Scrutiny
• Galleon Chief Attacks Government’s Case Against Him
• Galleon Sells Commercial Bank, Sri Lanka Shares, Regulator Says
• Benmosche Reaffirms His Commitment to Leading AIG
• AIG’s Benmosche Signs Noncompete Deal
• Lehman Creditors Want Barclays Data From U.K.’s FSA
• Madoff Victim’s Proposed Probe of Liquidator Denied
• UBS, Ernst & Young Face Test Cases Over Madoff Funds
• Hedge funds set for rebound to pre-crisis level Read the rest of this entry »

Tags: AIG, Bernie Madoff, Compensation, Galleon, Hedge funds, Insider Trading, Legal, Lehman Brothers, LSE, Microsoft, Raj Rajaratnam, UBS

Timmy had kind of a tough day on the congressional hot seat, enduring slings and arrows.   Here’s one of the exchanges….

Tags: Politics, Stimulus, Temper, Tim Geithner, U.S. Treasury, Videos

• Whitney Says Goldman Sachs Lost ‘Tremendous’ Talent
• Small Businesses Turn to Goldman
• New Link Seen in Galleon Insider-Trading Case
• Geithner: ‘The credit crunch is not over’
• A Hedge-Fund King Comes Under Siege
• Lehman Brothers Creditors File $824 Billion in Claims
• Thain self be true
• Morgan Stanley’s Mack Welcomes Regulation by Fed Read the rest of this entry »

Tags: Autos, Bank of America, Bankruptcy, Chrysler, Citadel, Credit Crunch, Fed, Galleon, Gold, Goldman Sachs, Hedge funds, John Thain, JP Morgan, Ken Griffin, Lehman Brothers, Meredith Whitney, Merrill Lynch, Politics, Raj Rajratnam, Revolving Door, Tim Geithner

Tags: AIG, Apologies, Bank of America, Bernie Madoff, Bonuses, Citigroup, Compensation, Credit Crunch, Donald Trump, Fed, Gold, Goldman Sachs, John Paulson, Politics

• Bear Managers’ Acquittal May Hamper U.S. Fraud Prosecutions
• Bear Juror Says U.S. Case So Weak She’d Invest With Defendants
• E-mail strategy fails in Bear hedge fund case
• Bear Stearns Case Shows E-mail Isn’t Everything: Ann Woolner Read the rest of this entry »

Tags: Bear Stearns, Email, Galleon, Hedge funds, Legal, Meltdown

Prosecutorial smackdown:  CNBC reported that former Bear Stearns hedge managers Ralph Cioffi and Matthew Tannin have been found not guilty on all charges.

More:

Ex-Bear Stearns hedge fund managers acquitted – Reuters

Bear Stearns Managers Acquitted of Fraud Charges - NY Times

Ex-Bear Fund Managers Not Guilty of Subprime Fraud – Bloomberg

Tags: Bear Stearns, credit crunch legal, Hedge funds, Politics

Ouch!:  According to Page Six, John Paulson isn’t very happy with Greg Zuckerman’s new book, “The Greatest Trade Ever“, which explores how he made guzillions on his now legendary bets on the housing market meltdown. Read the rest of this entry »

Tags: Books, Credit Crunch, Hedge funds, Housing bubble, John Paulson, Meltdown, Paulson & Co

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Tags: AIG, Compensation, Economy, Goldman Sachs, Tim Geithner, U.S. Treasury, Vide

• GMAC Asks for Fresh Lifeline
• Pay Czar Increased Base Pay at Firms
• Dem bill urges new US powers over financial firms
• U.S. home price gains may not be sustainable: Shiller
• Fears of a New Chill in Home Sales
• Icahn Sets Out to Derail CIT’s Revamp Read the rest of this entry »

Tags: Autos, bailout, Carl Icahn, Compensation, GMAC, Pay czar, Real Estate, Retailing

Billionaire financier / registered sex offender Jeffrey Epstein is now out of prison — six months early apparently, because he’s cooperating with feds in prosecuting former Bear Stearns hedge fund managers Ralph Cioffi and Matthew Tannin. Read the rest of this entry »

Tags: Bear Stearns, Hedge funds, Jeffrey Epstein, Meltdowns

Tags: End of Wall Street, Michael Lewis, Videos

• Goldman Sachs to Repay U.S. Tomorrow, Blankfein Tells Lawmakers
• More auto industry bankruptcies loom
• Carlyle, TPG Said to Weigh Buying First Republic Bank
• Verizon and AT&T deny collusion on texting prices
• Adobe Profit Falls 41% on Slumping Software Demand
• Best Buy Pres: Customers’ Careful Spending To Continue Read the rest of this entry »

Tags: Autos, Carlyle, Goldman Sachs, Lloyd Blankfein, Private equity, retail, TPG

Political Schadenfreude:  We must confess to having a general disdain for most of the politicians out there, Republican and Democrat alike.   But we have a special dislike for Nancy Pelosi.  That being said, there’s something so poetically just about hearing that she and her hubby  took a bath in AIG stock last year.   We must confess, it made us laugh hysterically…. Read the rest of this entry »

Tags: AIG, Credit Crunch, Nancy Pelosi, Politics, Schadenfreude

Funny…at first she couldn't remember what PPIP stood for.

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Tags: BAC, Bank of America, Citigroup, Credit Crunch, Elizabeth Warren, Goldman Sachs, GS, Jon Stewart, JP Morgan, Morgan Stanley, MS, Politics, PPIP, TARP, The Daily Show, Wells Fargo, WFC

Andrew Luan used trade structured credit bonds at Deutsche Bank before the shit hit the fan and he lost his job.  Now he's turned lemons into lemonade, taking tourists on walking visits to the sites of the Wall Street meltdown.  For $40 he'll  show you where it all happened and give you the inside scoop: Lehman Brothers, the NY Stock Exchange, AIG and the charging Wall Street Bull….

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Tags: Credit Crunch, Deutsche Bank, Revolving Door

• George Soros: Britain may have to seek IMF rescue
• Banks Starting to Walk Away on Foreclosures
• Star Power Dimming At Some Firms
• Dresdner board payment 'obscene'
• Top Fund Manager Sees Decade Ruined

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Tags: Banks, Credit Crunch, Dresdner, George Soros, Hedge funds

A must read: Check out the NY Magazine piece written by Michael Osinski. "I wrote the software that turned mortgages into bonds."  It's pretty fascinating stuff….

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Tags: CDO, Credit Crunch

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Tags: Ben Bernanke, Credit Crunch, Economy, Fed

Don't miss Meredith Whitney's opinion piece in this morning's WSJ.  Here are some excerpts:

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Tags: Credit Crunch, Meredith Whitney

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Tags: Ben Bernanke, Credit Crunch, Economy, Fed

The enormous amounts of cash thrown down this sink hole again and again  to protect the financial markets from global thermonuclear destruction continues to astound us.  It's truly scary….

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Tags: AIG, Credit Crunch, Fed

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Tags: Credit Crunch, Politics