Wall Street Folly

Tags: AIG, Bailouts, Casinos, credit cards, Dubai World, Fed, Greece, Harrah's, Iceland, IMF, Michael Bloomberg, Sovereign debt, Taxes

Tags: Autos, Bailouts, Bonuses, Compensation, Galleon, George Soros, Greece, Insider Trading, Morgan Stanley, Raj Rajaratnam, recalls, Sovereign debt, Tax evasion, Toyota, UBS

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

Tags: Andrew Cuomo, Bank of America, Bonuses, CDS, Compensation, Goldman Sachs, Greece, Jamie Dimon, JP Morgan, Ken Lewis, Lloyd Blankfein, Politics, SEC, Sovereign debt

• 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

• Obama’s Bank Tax Seeks $90 Billion to Repay Bailout
• US Rep Frank: Determined To Look Into Wall Street Pay
• Geithner faces demand for AIG phone records
• Fed’s Dudley Defends AIG Bailout
• Top bankers forced on to the defensive
• Wall Street bankers on defensive in grilling over financial crisis
• Panel Rips Wall Street Titans
• Bank of America May Trim Cash Part of Bonuses to 15%
• Hedge funds seen losing staff to the SEC: survey Read the rest of this entry »

Tags: AIG, Bank of America, Banks, Barack Obama, Barney Frank, Bonuses, Compensations, Foreclosures, Hedge funds, Politics, Real Estate, SEC, Taxes, Tim Geithner

• Obama To Unveil Bank Fee Proposal Thursday – Official
• Wall Street labels levy plan ‘absurd’
• Financial crisis panel seeks bankers’ testimony
• ‘Tipper X’ Hangs Over Galleon
• Galleon founder slams wiretaps
• Citigroup Bonus May Trump Goldman’s
• SEC Vote May Show Scope of High-Frequency Trading Regulations Read the rest of this entry »

Tags: Apple, Barack Obama, Bonuses, CIT, Compensation, Galleon, Google, Hedge funds, Insider Trading, John Thain, Politics, Raj Rajaratnam, SEC, Steve Jobs, Taxes

• Banks Brace for Bailout Fee
• JPMorgan’s Dimon defends bank’s pay policy
• SEC broadens charges on Bank of America
• Bank Is in Talks to Settle State Claims Over Merrill
• N.Y.’s Cuomo Seeks Bonus Data From Bailed-Out Banks
• SEC Should Probe NY Fed Staff Over AIG, Senator Says
• Pandit Shakes Up Citi’s Upper Ranks
• Federal Reserve earned $45 billion in 2009 Read the rest of this entry »

Tags: AIG, Andrew Cuomo, Bank of America, Banks, Barack Obama, Citigroup, Deck shair reshuffling; Ponzi schemes, Fed, Fees, Jamie Dimon, JP Morgan, Lehman Brothers, Politics, Pound of flesh; SEC, TARP, Vikram Pandit

• GMAC Said to Discuss U.S. Aid Package of $3 Billion or More
• GMAC Set for Another Cash Infusion
• Fund Chief Snared by Taps, Turncoats
• Rich Cling to Life to Beat Tax Man
• The Price for Fannie and Freddie Keeps Going Up
• Lehman move releases $11bn Read the rest of this entry »

Tags: Bailouts, Cell Phones, Fannie Mae / Freddie Mac, Food, Galleon, GMAC, Lehman Brothers, Politics, Raj Rajaratnam, Restaurants, RIP, TARP, Taxes

• Tax refugees staging escape from New York
• Crisis to have ’serious and lasting’ impact-Soros
• Goldman Sees U.S. Housing ‘False Bottom,’ Merrill Sees ‘Treat’
• Nomura May Expand Use of Stock-Based Compensation Read the rest of this entry »

Tags: Compensation, George Soros, Goldman Sachs, Housing, Merrill Lynch, New York, Nomura, Taxes

That means that the U.S. deficit will grow ever higher.  And we all know who’s gonna foot the bill for the binging….

Read the rest of this entry »

Tags: Barack Obama, Deficit, Economy, Politics, Taxes

Read the rest of this entry »

Tags: Dresner, Fees, Hedge funds, Revolving Door, Taxes, UK

• Albany Agrees on a Plan to Raise Taxes on Top Earners
• Obama says GM, Chrysler "not there yet"
• Biden Coke Shock

Read the rest of this entry »

Tags: Autos, Barack Obama, Drugs, Politics

As if the economic meltdown isn't taxing enough, now the cost of drowning your sorrows with a shot of liquid courage could be getting more expensive:

Read the rest of this entry »

Tags: Food/Drink

• Stanford’s dad disbelieving
• SEC faces fresh controversy over Stanford
• Billionaire’s investment clients in painful limbo
• Disgraced banker Stanford didn't pay his own taxes
• Stanford 'drug cartel' links
• Mexico regulator probing Stanford unit
• Stanford: Signs That Should Have Worried Investors
• Venezuela government seizes failed Stanford Bank
• Stanford Lured Clients With ‘No Worry’ Promise, Rates
• S.E.C. Fines Didn’t Avert Stanford Group Case
• Savers besiege Stanford banks

Read the rest of this entry »

Tags: Allen Stanford, Drugs, Legal, Politics

So much for the Obama team's vetting process:  It's back to the drawing board for President Obama who is gonna have to pick someone else to fill the Health and Human Services cabinet slot.  Dogged by tax issues, Tom Daschle has withdrawn his name from consideration.

Tags: Barack Obama, Politics

With the credit crunch hitting New York State's budget hard, Governor Paterson is looking for ways to raise income:

NY gov. mulls tax hike on hedge funds, luxury goods – Reuters

Tags: Hedge funds, Private equity, Private jets

• Hedge Funds Get Rattled As Investors Seek Exits – WSJ
• Swiss lowering taxes on hedge funds – Reuters
• Sept ‘08 Investment Outlook – There’s a Bull Market Somewhere? – Bill Gross / Pimco
• The Alternative Asset Management Industry: Inexorable Forces for Change – Information Arbitrage

Tags: Hedge funds, Pimco

Just hours before his sentencing hearing yesterday for tax evasion, Wesley Snipes surprised federal prosecutors with 3 checks for $5 million made out to Uncle Sam in a last ditch attempt to make sure he wouldn’t have to serve prison time. So much for the grand gesture. The judge saw right through it.  Citing a history of contempt, Snipes got slapped with the maximum 3 year sentence for not filing his tax returns for 3 years.  His lawyers had naturally asked that he be placed on probation because he’s “not a dangerous man” and has lived an “otherwise lawful life".  Naturally, he’s gonna appeal….

Read the rest of this entry »

Tags: Legal

While not abandoning their lobbying to quash proposed tax increases facing them, Blackstone and other firms that will be forced to pony up are looking at "Plan B": stalling any increases for as long as 10 years….

Lawmakers say pressure from the firms has
pushed them into discussions about doubling the five-year grace period contained
in a draft of legislation introduced in June by Senate Finance Committee
Chairman Max Baucus, a Montana Democrat, and Iowa Senator Charles Grassley, the
top Republican on the panel.

The length of the grace period “is in
flux,” Grassley, 74, said in an interview. Massachusetts Senator John Kerry, a
Democrat on the panel who has expressed skepticism about the legislation,
agreed. Ten years is “what we’re looking at,” said Kerry, 63.

For Blackstone, Fortress Investment Group
LLC, and Oaktree Capital Management LLC, a 10-year delay might be the next best
thing to killing the bill outright. Under the current proposal, those firms
would obtain a five-year reprieve because they either completed their initial
public offerings or filed to do so before the legislation was introduced.

Read the rest of this entry »

Tags: Blackstone, Private equity

But the reception at Chez Kravis isn’t very warm.  Go figure.

Tags: Hamptons, Henry Kravis, KKR

• Hedge fund offshore tax breaks at risk as the Senate Finance committee is
    looking at taking away shelter benefits
• The WSJ looks at the huge six year LBO run where they proclaim "The
    party is over"; August and September deals registered the weakest totals
    since November 2004 after the credit crunch hit.
• Dan Dorfman on how $1,000 an oz gold is coming closer to reality
• Pummeled junk bonds recovering, but on borrowed time for a bigger rout?

Read the rest of this entry »

Tags: bonds, Commodities, Distressed, Gold, Hedge funds

Blackstone’s Steve Schwarzman will be out partying again tonight, this time with the Kennedys:

WASHINGTON lawmakers are looking for ways
to tax billionaire Blackstone CEO Stephen Schwarzman, but the investment guru
clearly still has some friends in high places. Tonight, he’ll toast Rep. Patrick
Kennedy at the Rhode Island congressman’s 40th birthday party at the New York
Yacht Club. Joining Schwarzman, who chairs the Kennedy Center board in D.C.,
will be Patrick’s father, Sen. Ted Kennedy, cousin Caroline Kennedy and brother
Ted Kennedy Jr.

Kennedy Crowd – Page Six New York Post

Tags: Blackstone, Politics

Doubts suface over strategy at Lazard London attracts top 14 European hedge funds Unsinkable junk Paying The Piper – CEO’s Drilled By Angry IRS

Read the rest of this entry »

Tags: Bruce Wasserstein, Distressed, Hedge funds, high yield bonds, Lazard

Goldman Sachs CEO Lloyd Blankfein is concerned about the noises that congress is making over taxing private equity.  And he doesn’t want Goldman to be lumped together with the private equity firms. He quipped: “All ants look the same to me but to other ants they probably look quite different.”….

Legislators were being driven by “emotion” in response to the huge sums amassed by private equity executives and the low tax rates they enjoy. In particular, attention has focused on Steve
Schwarzman, chief executive of Blackstone, whose shareholding is expected to be worth more than $7bn after Friday’s flotation.

Read the rest of this entry »

Tags: Goldman Sachs, Hedge funds, Lloyd Blankfein, Private equity