Wall Street Folly

Tags: AIG, Barack Obama, Barclays, Ben Bernanke, Bonuses, Compensation, Davos, Economy, Fed, Goldman Sachs, job cuts, Movies, Politics, Real Estate, UK

• Geithner to Testify Jan. 27 About AIG E-Mail Exchange
• U.S. financial crisis panel to call Greenspan, Cox
• Citigroup plans to cap cash bonuses
• JPMorgan fourth-quarter profits soar
• FDIC blames Federal Reserve for severity of financial crisis
• Bankers’ fury at levy on US subsidiaries
• Dodd Said to Weigh Dropping Consumer Agency From Overhaul Plan Read the rest of this entry »

Tags: AIG, Alan Greenspan, Barack Obama, Bonuses, Chris Cox, Compensation, FDIC, Intel, JP Morgan, Politics, retailers, SEC, Sheila Bair, Taxes, Tim Geithner, U.S.. Treasury

So much for the rally:  Early in the afternoon word came out that Nouriel “Dr. Doom” Roubini was said to have changed his tune and  commented that the economy was improving and would emerge from the recession this year; that sparked a broad rally.  Turns out that he had reiterated comments that he’d already made, and he really hadn’t changed his tune at all…. Read the rest of this entry »

Tags: Bears, Economy, Nouriel Roubini, recession

Warren Buffett chatted with Bianna Golodryga this morning on Good Morning America and he shared his thoughts on whether or not we need a second stimulus package: Read the rest of this entry »

Tags: Apple, Barack Obama, Ben Bernanke, Economy, Fed, Politics, Steve Jobs, video, Warren Buffett

• Auto Parts Makers Set to Seek as Much as $10 Billion More From U.S.
• Obama Seeks Rules to Restrain Spending
• Obama speeds projects to create, save 600,000 jobs
• High Gas Prices Could Slow Recovery
• Oil Rises as Krugman Comments Spark Speculation Demand May Gain
• Banks May Need New Stress Tests, Panel Says
• Hatzius Says U.S. Banks to Recognize $500 Bln More in Losses
• Citi confirms plan to raise $33bn
• Hedge Funds Rebound, Gaining 5% in a Month
• Yahoo CEO Keeps Microsoft Deal Door Open, Shuts Out AOL
• Some Chrysler sellers start a new chapter Read the rest of this entry »

Tags: Autos, Barack Obama, Headline Roundup, Hedge funds, Oil, Politics, Stress Tests

Here’s the text of Ben Bernanke’s testimony before the congressional budget committee…..

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Tags: Ben Bernanke, Economy, Fed, Politics, TARP, testimony, unemployment

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: Allen Stanford, Barack Obama, Economy, Legal, Politics, Ponzi

Tags: Economy, Goldman Sachs, Politics, Protesters

Tags: Economy, Goldman Sachs, Lloyd Blankfein, Politics

Q&A during Blankfein's remarks to the Council of Institutional Investors -  Part 1:


Parts 2 & 3 continue below

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Tags: Barack Obama, Bonuses, Compensation, Economy, Goldman Sachs, Politics

Tags: CNBC, Economy, G-20, George Soros, hedge fund, Hedge funds, Politics

The G20 summit ought to be really lively next week if wacko comments like those coming from Brazil's president during a press conference with UK Prime Minister Gordon Brown are any indication. :

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Tags: Economy, Politics

In a town hall meeting today, Barack Obama responded to questions from the internet.  One of the most popular questions asked: whether legalization of marijuana would help the country recover from the recession.

“I don’t think that is a good strategy to grow our economy,” he said.

We say pfffffft.  And we imagine George Soros does too.

Tags: Barack Obama, Drugs, Economy, George Soros, marijuana

Here's the link to the pdf

Tags: Banks, Barney Frank, CDS, Economy, Hedge funds, House Financial Services Committee, Politics, Secretary of the Treasury, Tim Geithner, U.S. Treasury

• Bernie's John Hancock
• Roubini Says Stocks Will Drop as Banks Go ‘Belly Up’
• Dreier Receiver Recovers Artwork, Yacht, Property for Victims
• Canary Wharf owner worries about debt

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Tags: Banks, Bernie Madoff, Canary Wharf, Economy, Marc Dreier, Nouriel Roubini

And then they can get back to business (like having conferences when and where they want to, paying bonuses without political interference, and snapping up smart new hires)  without the albatross known as TARP hanging around their necks. Word that Goldman wanted out emerged in early February.  According to the NY Times:

So here’s something else to ponder: Goldman Sachs is planning to give back its TARP money soon. Very soon, actually — ideally within the next month, according to people involved in the process. That’s a much quicker timetable than the end-of-year goal previously set out by Lloyd C. Blankfein, Goldman Sachs’s chief executive. As taxpayers, we should be thrilled that Goldman is going to quickly pay back the $10 billion it was given last October, right?

If Goldman Returns Aid, Will Others? – NY Times

Tags: Bonuses, Compensation, Economy, Goldman Sachs, Lloyd Blankfein, Politics

Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build "the premier corporate aircraft hangar on the eastern seaboard" to house them, ABC News has learned.

The financial giant's upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.

"It's a remarkably boneheaded decision," said corporate watchdog Nell Minow, the editor and founder of The Corporate Library, a group that provides independent corporate governance research and analysis. "It's completely tone deaf."

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Tags: Economy, Jamie Dimon, JPM Chase, Politics, Private jets

After a bad patch last week on Intrade when the odds spiked, and after Barack Obama's endorsement of the beleaguered Treasury Secretary on last night's '60 Minutes', traders are betting that it's slighly less likely that Geithner will leave the Treasury by the end of June.  But still more likely than a week or so ago before the spike.

Tags: Barack Obama, Economy, Politics, Revolving Door, Tim Geithner, U.S. Treasury

Here's the press release from the Treasury.

Tags: Barack Obama, Economy

 Part 1: 20:36

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Tags: AIG, Banks, Barack Obama, Bonuses, Compensation, Economy

Maybe after the broadcast some doors will open up: Ken Karpman used to buy and sell stock for institutional clients down in Florida, pulling in as much as $750K. His family bought a great house, took vacations in Aspen, were country club members playing tennis and golf.   Four years ago he left that job to start his own hedge fund…

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Tags: Economy, Hedge funds, Revolving Door

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Tags: Ben Bernanke, Credit Crunch, Economy, Fed

From the Wall Street Journal transcript: Leno asks how Tim Geithner is holding up under all of the heat…

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Tags: Barack Obama, Economy, Politics