Wall Street Folly

Archive for the ‘Fed’ Category

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

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

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

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 Chase

Bernanke wins, but Fed weakened?; Top bankers huddle at Davos; More on Greek debt concerns; AIG draws $2.4B more, most employees may accept smaller bonuses; Bank tax poses conundrum for NY Senators; Barclays claims Lehman owes them $3B

Posted by WSF On January - 29 - 2010

  • Bernanke May Have Harder Fight Defending Fed After Confirmation
  • Top Bankers Huddle on Regulation Talks
  • DAVOS: Bank Of America Is Not Too Big, Says CEO
  • Euro Falls to Six-Month Low Versus Dollar on Greek Debt Concern
  • Greek Debt Swap Counterparty Risk May ‘Spook’ Market
  • AIG Gets Strong Response on Bonus Cuts
  • AIG Draws $2.4 Billion From Fed Credit Line, Most Since October
  • Bank Tax Is Knotty Issue for New York’s Senators
  • Barclays Says Lehman Owes It $3 Billion on Brokerage Deal

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AIG, Bank of America, Barack Obama, Barclays, Ben Bernanke, Bonuses, CDS, Fed

Friedman says Goldman had no advantage while he was at NY Fed; Steve Schwarzman: Banker bashing could hurt recovery; From Davos: Banks said to have mixed feelings over Obama plans; Peter Madoff getting the criminal probe treatment; Madoff creditors getting $220M more in settlement; Felix Rohatyn going back to Lazard

Posted by WSF On January - 28 - 2010
  • Goldman’s Friedman Says He Didn’t Favor Bank at Fed
  • Blackstone CEO Says Banker Bashing Risks Recovery
  • Obama Divides Davos With Proposal to Curb Size of Banks
  • Madoff brother subject of criminal probe
  • Madoff Trustee Reports $220 Million Accord With Levy Family
  • Citigroup Said to Have Short List of Bidders for Property Unit
  • Rohatyn Rejoining Lazard As Special Adviser To CEO Read the rest of this entry »
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Banks, Barack Obama, Bernie Madoff, Citigroup, Fed, Goldman Sachs

Bernanke vote may happen Thursday; Break out the popcorn: Geithner and Paulson set to testify today on AIG; Nouriel Roubini still pessimistic, Rubenstein doesn’t agree; Barclays’ Diamond wants coordinated bank rules

Posted by WSF On January - 27 - 2010
  • Bernanke Gains Senate Backers as Reid Sets a Procedural Vote
  • US’ Geithner, NY Fed defend actions on AIG payments
  • Geithner, Paulson Head to Hill to Defend AIG Bailout
  • Roubini Pessimistic on Euro Area, Calls Spain a Risk
  • Carlyle’s Rubenstein Warns Against Roubini Pessimism in Davos
  • Barclays’s Diamond Calls for Coordinated Bank Rules
  • Global economy ‘not out of the woods yet’ Read the rest of this entry »
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AIG, Barclays, Ben Bernanke, Carlyle, Fed, Henry Paulson, Tim Geithner, U.S. Treasury

Bernanke gains more Senate ground; Neil Barofsky is probing NY Fed over AIG disclosures; SEC wants Rajaratnam wiretaps; Barclays’ Varley says Obama trading curbs won’t have big impact on firm; Wilbur Ross may go after Stuyvesant Town; CDS at 5 week high

Posted by WSF On January - 26 - 2010
  • Bernanke rallies more Senate votes for confirmation
  • Probe into NY Fed over AIG disclosure
  • SEC Wants Rajaratnam to Turn Over Wiretaps in Civil Case
  • Barclays CEO Varley Tells Staff Obama Plan Impact To Be Small
  • Wilbur Ross Prepared to ‘Go All the Way,’ Buy Stuyvesant Town
  • Credit-Default Swaps Rising to Five-Week High: Credit Markets Read the rest of this entry »
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AIG, Barack Obama, Barclays, Ben Bernanke, CDS, Fed, Hedge funds, Insider Trading, SEC

Bernanke confirmation still a squeaker but White House is confident; Davos bankers vs Obama; UK’s Darling opposes Obama’s bank breakup plan; Goldman said to be limiting UK partners compensation; Barclays deferring top bonuses; More NY Fed / AIG controversy; Wal-Mart cutting 11K Sam’s club jobs, Tishman giving up on Stuyvesant Town; Avatar closing in on top grossing film

Posted by WSF On January - 25 - 2010
  • White House Is Confident Bernanke Will Be Confirmed
  • Davos bankers to lobby against Obama reforms
  • Darling reveals frustration over Obama bank plan
  • Goldman Said to Limit London Partners’ Compensation
  • Barclays to defer all top bonuses
  • AIG Analysis Reveals Bank Discussions
  • Wal-Mart to cut 11,200 jobs at Sam’s Club stores
  • Tishman Venture Gives Up Stuyvesant Project
  • Cameron’s ‘Avatar’ Becomes 2nd-Highest Grossing Movie Read the rest of this entry »
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AIG, Barack Obama, Barclays, Ben Bernanke, Bonuses, Compensation, Economy, Fed, Goldman Sachs, Real Estate, Revolving Door

Goldman reports; Obama’s new bank trading proposal; Issa: Where’s that AIG swap payment data?; U.S. doesn’t want Geithner deposed in lawsuit; Buffett disses Kraft / Cadbury deal; Greek bonds tank, finance minister says no need for rescue package; Conan and NBC sign agreement; Scummy John Edwards finally admits he’s the baby’s daddy

Posted by WSF On January - 21 - 2010
  • Goldman Sachs Reports 2009 Earnings Per Common Share of $22.13; Fourth Quarter Earnings Per Common Share were $8.20
  • Obama to Propose New Rules on Banks’ Size, Trading
  • Rep Issa: NY Fed AIG submissions “incomplete”
  • US Urges Judge to Bar Geithner Role in AIG Lawsuit
  • AIG Took Four Tries on Filing as Fed Asked to Withhold Data
  • Fed’s Dudley: Opposes Move In Congress To Audit Rate Policy Read the rest of this entry »
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AIG, Barack Obama, Fed, Goldman Sachs, Scandal, Tim Geithner, U.S. Treasury

AIG: Geithner on the testimony hot seat on Jan 27; Crisis panel calling Greenspan and Cox to testify; Citigroup cash bonuses to be capped at less than $100K?; JP Morgan earnings beat, but revenues light; Sheila Bair throws Fed under the bus; More fury over Obama’s new banker tax

Posted by WSF On January - 15 - 2010
  • 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 »
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AIG, Banks, Barack Obama, Bonuses, Citigroup, Compensation, Economy, Fed, JPM Chase, Jamie Dimon, Taxes, Tim Geithner, U.S. Treasury

Legal vendetta: Steve Cohen’s ex-wife surprises her lawyer giving him the boot for Harry Markopolos’ lawyer ; Goldman Sachs is making noises about pulling units out of UK over 50% bonus tax; UK asset managers encouraging portfolio managers to invest bonuses in thr own funds; Feldstein: Risks that economy will stall in ‘10?; Bernanke blame lax regulatory environment for housing bubble; Avatar banking at the box office

Posted by WSF On January - 4 - 2010
  • Billionaire’s Ex-Wife Hires New Lawyer in Civil Suit
  • Goldman Sachs teams could quit the City over taxes and regulations
  • Bonus tax provokes new action
  • Harvard’s Feldstein: Risk Economy Will Run Out Of Steam In ‘10
  • Bernanke calls for stronger financial regulation
  • Fed Chief Edges Closer to Using Rates to Pop Bubbles
  • ‘Avatar’ Is Top Film, Nears $1 Billion Sales Mark Read the rest of this entry »
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Ben Bernanke, Bonuses, Fed, Goldman Sachs, Hedge funds, Steven A. Cohen

Bloomberg Senate poll shows 3-1 confirmation support for Bernanke; Hedge funds like John Paulson’s betting on interest rate rises; Not many AIG execs who said they’d return bonuses have done so; Geithner doesn’t see job growth til the spring; Allen Stanford near ‘breakdown’?; Big sovereign debt sell off possible per Moody’s; Rajaratnam’s lawyers want later trial; Buffett sells more Moody’s shares; Infringment: Microsoft Wordless?

Posted by WSF On December - 23 - 2009
  • Bernanke’s Confirmation Support Runs 3-1 in Favor in Senate
  • Top hedge funds bet on big rise in yields
  • AIG executives’ promises to return bonuses have gone largely unfulfilled
  • Geithner-U.S. job growth unlikely before spring
  • Stanford again seeks bail, Lawyers say he risks ‘breakdown’
  • Moody’s warns of possible sharp sell-off in sovereign debt
  • Rajaratnam Lawyer Opposes Request for Summer Trial on Galleon
  • Buffett Sells Moody’s Shares for Sixth Time After Profit Drop
  • Fortress’s Intrawest Said to Be in Talks on Buyout Loan Payment
  • Microsoft Must Alter Word or Stop Sales, Court Says Read the rest of this entry »
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AIG, Allen Stanford, Ben Bernanke, Bonuses, Fed, Hedge funds, Insider Trading, Legal, Paulson & Co, Tim Geithner

Has Goldman sold its soul for profits?; SAC Capital uncomfortably in the spotlight; Ben Bernanke is Time Magazine’s Person of the Year; Citigroup gets a sure to be controversial $38B tax benefit, Abu Dhabi, claiming “fraudulent misrepresentations” wants out of its Citi investment, Citi cries bullshit; No change in rates expected from Fed; Rajaratnam indicted, proclaims innocence; France jumps on the bonus tax band wagon; Microsoft settles with EU

Posted by WSF On December - 16 - 2009

  • As Goldman Thrives, Some Say an Ethos has Faded
  • An Unwelcome Spotlight Falls on SAC Capital
  • Person of the Year 2009: Ben Bernanke
  • Citigroup Says Abu Dhabi Seeks to End Share Purchase
  • Citi: Abu Dhabi Investment Authority Claim Without Merit
  • A Tax Break for Citigroup With Payback of Bailout
  • Fed May Raise U.S. Economic Assessment, Affirm Near-Zero Rates
  • Rajaratnam, Chiesi Indicted for Conspiracy, Fraud
  • Credit Suisse to Pay U.S. $536 Million in Iran Probe Read the rest of this entry »
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Ben Bernanke, Fed, Goldman Sachs, Hedge funds, Legal, Lloyd Blankfein, Politics, Steven A. Cohen

Goldman bankers should expect to be paid in stock this year; DeTARPing Bank of America sells shares; Citigroup getting left behind; Bernanke has a tough day but probably gets his second term; Feds probed Rajaratnam ten years ago but came up empty; Looking for new revenue, Democrats propose Wall St. transaction tax; More deck chair rearranging at GM

Posted by WSF On December - 4 - 2009
  • Goldman bonuses to be in shares amid effort to quell public anger
  • BofA sells $19.3 billion of securities for TARP repay
  • Bank of America’s $19.3 Billion Is Biggest U.S. Sale Since 2000
  • Bernanke May Get Second Term at Fed Shorn of Bank Supervision
  • Citigroup Said to Need Treasury Stake Sale Before TARP Payment
  • Citigroup Stands Alone
  • Rajaratnam Investigated Decade Ago
  • Geithner says need to cut budget deficit
  • Wall Street Transaction Tax Proposed by Democrats Read the rest of this entry »
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Autos, Bank of America, Ben Bernanke, Citigroup, Fed, Goldman Sachs, Hedge funds

Goldman talking to big shareholders about pay; Lewis makes good on his promise to pay off TARP before he exits; Sanders throws up roadblock to Bernanke confirmation; Barclays planning salary increases; NY Fed’s Sack on Fed balance sheet risk; IRS on the hunt for Stanford investor tax cheats; GM may be stuck with Whitacre as chief for a while; Golf swinger Tiger Woods / Elin pre-nup mulligan?

Posted by WSF On December - 3 - 2009
  • Goldman Takes Offensive on Pay
  • Lewis and TARP
  • Bernanke confirmation hits new hurdle
  • Barclays Said to Plan Salary Increases, Lower Bonuses
  • NY Fed’s Sack: Larger Fed Balance Sheet Does Have More Risk
  • Stanford Offshore Investors Suspected of Cheating IRS on Taxes
  • Comcast Gains Majority Stake in NBC With GE Venture
  • GM’s CEO Search Won’t Be Easy Ride
  • Pay Limit May Hinder Search for a G.M. Chief Read the rest of this entry »
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Bank of America, Barclays, Ben Bernanke, Compensation, Fed, Goldman Sachs, Ken Lewis, Politics

Breaking up is hard to do: B of A having more problems rounding up a CEO; Bernanke said to have support by Banking panel majority; SEC getting busy with more insider trading probes; TARP warrant auctions on tap; Henderson ousted; Rothstein charged in $1.2B Ponzi scheme; Merrill sued; FTC studying aid to news organizations; Poll shows November consumer pessimism

Posted by WSF On December - 2 - 2009

  • BofA Breakup Is New Snag in CEO Hunt
  • Bernanke to defend his record and the Fed’s
  • Bernanke Has Support of Majority of Senators on Banking Panel
  • SEC Steps Up Insider-Trading Probes
  • U.S. Taxpayers May Reap $3.17 Billion in TARP Warrant Auctions
  • GM fires CEO Henderson. The board wants an outsider.
  • Rothstein Charged in Ponzi Scheme
  • Wells Fargo to shut 122 branches in state
  • Merrill Sued by Client in Hong Kong Over $13 Million in Losses Read the rest of this entry »
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Autos, Bank of America, Ben Bernanke, Fed, Insider Trading, Revolving Door, SEC

Senator Sanders won’t vote for Bernanke; Wall Streeter’s conspicuous spending returns!; Dubai debt crisis; UAE sets up emergency facility for banks; UAE blocks then unblocks the Times of London; B of A CFO, mtge unit president take salary hits; RIP Fred Joseph, former Drexel CEO; RIP Ari Kiev, SAC Capital’s & Wall Street’s favorite shrink; Holiday shopping not exactly ebullient

Posted by WSF On November - 30 - 2009
  • 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 »
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Bank of America, Ben Bernanke, Bonuses, Compensation, Credit Crunch, Fed

Obama’s AIG headache; Pinpointing when Madoff’s scam started key to loss calculations; Madoff trustee’s big fee bill; Hedge funds, others trapped in Lehman closer to getting $$$; Fed said to be looking for deTARPing plans; Apollo still looking for NYSE listing; Nomura fined over mismarking; If Murdoch papers, others bolt to Bing, will Google take a hit?; GM return plan “a scam”?

Posted by WSF On November - 24 - 2009
  • AIG’s Rescue Bedevils U.S.
  • Start Date Is Critical in Ponzi Plan
  • Madoff liquidator seeks fees of $22.1m
  • Fed Said to Ask Stress-Tested Banks to Submit Plans on TARP
  • Billions in Lehman accounts unfrozen
  • Black’s Apollo Revives Plan for New York Stock Exchange Listing
  • U.K. Bankers Chafe Under the Microscope
  • Nomura Fined $2.9 Million for Mis-marking Derivatives
  • Murdoch courts trouble if he blocks Google on news Read the rest of this entry »
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AIG, Bernie Madoff, Carl Icahn, Casinos, Fed, Fees, Legal, Politics

Fed lays down the law on bonuses to big banks; Buffett buying all of $BNI; Barclays in major restructuring; RBS and Lloyds getting $51B second bailout; Galleon: Ruiz exiting his job; UBS loss; SCOTUS hearing mutural fund fee case; California budged chief bolting; CIT chapter 11 could hit smaller retailers

Posted by WSF On November - 3 - 2009

  • Mack, Blankfein Said to Meet Fed Officials on Pay
  • Fed tells banks to adopt pay rules early
  • Berkshire Buys Burlington Northern in Buffett’s Biggest Takeover
  • Press Release: Berkshire Hathaway Inc. to Acquire Burlington Northern Santa Fe Corporation (BNSF) for $100 Per Share in Cash and Stock
  • Barclays Rejigs Management in Major Restructuring
  • RBS, Lloyds Get $51 Billion in Second Bank Bailout
  • Executive quits in Galleon case
  • Bernanke Housing Gamble May Bring Pressure to Extend Fed Aid
  • UBS Reports Fourth Consecutive Loss on Debt Charge
  • Justices tackle case on investment fees Read the rest of this entry »
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Barclays, Bonuses, Compensation, Fed, Goldman Sachs, Warren Buffett

Video: Jim Chanos on the new proposed financial regulations

Posted by WSF On June - 18 - 2009

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Banks, Barack Obama, Ben Bernanke, Fed, Hedge funds, Politics, Tim Geithner, U.S. Treasury, Videos, WSF

$5 billion ransom for TARP warrants; Can Marchionne turn Chrysler around?; Fed: downturn moderating?; There’s a new czar in town

Posted by WSF On June - 10 - 2009

  • Banks Fleeing TARP Face $5 Billion Warrant Repayment
  • Marchionne Has Dual Task of Reviving Chrysler, Keeping Fiat Fit
  • Fed Says Downturn May Be Moderating Amid Weakness
  • Overseer to Set Executive Pay at Rescued Companies Read the rest of this entry »
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Autos, Chrysler, Compensation, Fed, WSF

B of A / Merrill deal: Emails show Bernanke’s arm twisting

Posted by WSF On June - 10 - 2009

Break out the popcorn and grab a front row seat, because we suspect that this show  will probably have some fireworks:  Ken Lewis testifies in D.C. tomorrow about how the Merrill Lynch deal went down.  Turns out there’s email  evidence that Ben Bernanke engaged in some arm twisting to get the deal done……. Read the rest of this entry »

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Bank of America, Banks, Ben Bernanke, Fed, Ken Lewis, Politics, WSF

Testimony by Chairman Bernanke on current economic and financial conditions and the federal budget

Posted by WSF On June - 3 - 2009

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

Read the rest of this entry »

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Ben Bernanke, Economy, Fed, Politics, WSF

And another fund manager is shutting down: George Noble’s Gyrfalcon funds

Posted by WSF On June - 2 - 2009

Sounds like it’s all about the fees:  Add another under water hedge fund manager,  George Noble, to the list of those who’ve announced that they’re shutting their doors today.  Like Jim Pallotta, he’ll be rethinking his strategy and hopes to raise  more outside money in the near future, according to the WSJ.  Translation:   High water mark? No problem!  Just open a new fund and restart that fee meter! Read the rest of this entry »

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Fed, Hedge funds, WSF

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