Wall Street Folly

Wall Street braces itself for Obama’s visit; Greece ‘09 deficit wider than expected, its bond yields hit a new high; Swiss panel calling for possible split up of UBS, Credit Suisse if there’s another crisis, new rules have them holding 30 days of liquid assets; Senate edging closer to financial reform deal; U.S. contemplating 2 year plan to exit AIG shares; Quattrone and Boutros together again; Businessweek gets a revamp: Bloomberg Businessweek

Posted by WSF On April - 22 - 2010
  • 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 »

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WSF

Goldman’s earnings beat; Employees rally around Lloyd Blankfein, senior management; Deal said to have been ok’d by senior execs; FSA to probe Goldman; SEC’s vote was partisan at 3-2, split leads to questions about how strong case is; More timing questions; AIG looking for an angle to recoup cash; Dodd says Goldman “shenanigans’ would be barred in reform bill; Politician returning Goldman campaign contribution; John Paulson hedges his bets by giving to Dems, Republicans

Posted by WSF On April - 20 - 2010
  • 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 »

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WSF

Lehman “alter ego” company used to get investments off its books; Syracuse students petition to prevent Jamie Dimon from speaking at graduation; Prosecutors naming more companies Galleon’s alleged insider trading ring profited from; AIG puts its pay czar compensation beef in writing; Donald Trump team’s casino bankruptcy exit plan picked over Carl Icahn’s; Consumer reports rips Lexus GX460 as unsafe; Twitter to start advertising

Posted by WSF On April - 13 - 2010
  • 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 »

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WSF

$40B bailout plan for Greece; U.S. Bailout seen as costing far less –now estimated at $89B; Most of AIG’s bad Goldman trades have been unwound; Big first quarter for UBS; UBS tax cases could net New York a lot of badly needed cash; Inspector General’s report faults regulatory supervision over WAMU failure; NBER isn’t willing to say the recession is over yet; Pimco sees continued low mortgage rates

Posted by WSF On April - 12 - 2010
  • 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 »

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WSF

Warren Buffett’s Berkshire Hathaway is the best regarded U.S. company, Goldman sits at the bottom with Fannie, Freddie, Citigroup and AIG!; $2.5B “Christmas capital’ present for U.S. Banks?; No federal charges for AIG?; Wilbur Ross said to be backing Virgin Money RBS branch network bid; Macro hedge funds not benefiting from int’l crises; Madoff investors may see no brokerage sale cash; iPad teardown findings: round up the usual suspects

Posted by WSF On April - 5 - 2010
  • 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 »

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WSF

Jamie Dimon expresses regrets to shareholders — they didn’t need the FDIC guarantees, also, he’s looking for his successor; NY Fed reveals the Bear Stearns / AIG crap on their books; Geithner concedes jobless rate will remain ‘unacceptably’ high; Andrew Cuomo’s Madoff probe of closing Ivy Asset heating up; UK charges seven from banks’ printers in insider trading ring; General Growth files Ch11 exit plan; On the eve of the iPad’s debut Amazon caves on discount E-book pricing

Posted by WSF On April - 1 - 2010
  • 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 »

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WSF

Not so fast for JP Morgan tax break as FDIC said to back away from support; Morgan Stanley picked to underwrite Uncle Sam’s Citigroup stock sale?; Greece issuing bonds; Dubai said to offer Dubai World creditors some guarantees; AIG aircraft leasing guy said to have left over pay restrictions; Junk bond issues hitting new records

Posted by WSF On March - 29 - 2010
  • FDIC Stands Between J.P. Morgan and a WaMu Payoff
  • M. Stanley to underwrite US’s Citi stock sale-CNBC
  • Greece to Issue Seven-Year Bond
  • Dubai World guarantees revealed
  • AIG Unit Feels Effects of Pay Limits
  • Junk bonds sell in record volumes Read the rest of this entry »

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WSF

JP Morgan, others taking advantage of Stimulus package tax refund $; It took only 7 minutes after Obamacare became law for 13 states to sue; Jon Corzine returns to Wall Street with a new CEO gig at MF Global; ex-IBM Moffat waiving indictment in Galleon insider trading case; Most AIG top managers getting pay lifts; GMAC planning sale of factoring business?; Euro hits 10 month low; New Jersey cuts govt worker benefits

Posted by WSF On March - 24 - 2010
  • Tax-Break Battle Flares
  • States Sue to Block Health Law
  • Corzine to lead MF Global
  • Moffat to Waive Indictment in Galleon Case
  • AIG Increases Compensation for Most Top Managers Who Remained
  • GMAC Said to Plan Sale of U.S. Factoring Unit to Wells Fargo
  • Greece woes push euro to 10-month low
  • New Jersey Cuts Workers’ Benefits Read the rest of this entry »

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WSF

GMAC looking to deTARP? Goldman, Citi said to have been hired; Obama caves and will appear on Fox News to appeal for Obamacare support; AIG takes down another $2.2B; B of A sued over Merrill loss claims; Madoff sons, brother want out of Trustee’s lawsuit; Mortgage demand tepid; Nobel winner Stiglitz says removing Fed stimulus may worsen housing crisis

Posted by WSF On March - 17 - 2010
  • GMAC Said to Hire Citigroup, Goldman Sachs for TARP Repayment
  • Obama to Appear on Fox News in Final Health-Care Push
  • SEC Didn’t Act on Lehman’s ‘Problematic’ Liquidity, Report Says
  • AIG Draws $2.2 Billion More From Treasury to Bolster Units
  • Bank of America Is Sued by ABP Over Merrill Lynch Loss Claims
  • Madoff relatives try to fend off lawsuits
  • US mortgage demand tepid even as loan rates sink
  • Stiglitz Says Fed Stimulus Withdrawal May Hurt U.S. Read the rest of this entry »

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AIG, Bank of America, Barack Obama, Bernie Madoff, Citigroup, Goldman Sachs

Moody’s warning on AAA ratings for U.S., UK, France, Germany; Goldman and JP Morgan forcing hedge funds to put up more collateral on CDS trades; Dodd’s financial overhaul plan due out today; AIG said to have cut bonuses by $21M; UBS sees 2010 turnaround

Posted by WSF On March - 15 - 2010
  • Moody’s Warning Weighs on Futures
  • Goldman Sachs Demands Derivatives Collateral It Won’t Dish Out
  • Sen. Dodd to introduce plan to overhaul financial regulatory system
  • AIG Said to Cut Bonuses by $21 Million to Meet Feinberg Mandate
  • UBS Sees Turnaround in 2010
  • Tests fail to duplicate acceleration problem in Prius Read the rest of this entry »

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AIG, Bonuses, CDS, Goldman Sachs, Hedge funds, JPM, JPM Chase

2200 page Lehman Examiner’s report: Lots of blame to go around including top execs, Were they insolvent weeks before filing?; EU defends its position on hedge fund rules after Geithner criticism; Obama said to want Yellen for Fed Vice Chairman; AIG still trying to get ex-employees to pony up at least part of those already paid bonuses; Tiger Woods reportedly to make comeback at Masters

Posted by WSF On March - 12 - 2010
  • Report Details How Lehman Hid Its Woes as It Collapsed
  • British law firm cleared way for Lehman cover-up
  • Lehman report lays wide blame for failure
  • EU rebuff for Geithner over rules on hedge funds
  • Obama Plans to Tap Yellen for Fed Vice Chairman
  • AIG Said to Query Bonus Holdouts on Pay in Push for Concessions
  • Reports: Tiger Woods likely to return from hiatus at Masters Read the rest of this entry »

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WSF

AIG asset sale brings in another $15.5B; Icelanders vote down debt deal; No Greek bailout needed per IMF head; Fed wants to protect credit card holders by limiting fees; Dubai World lenders expect a proposal this week; Harrah’s is extending their debt; Bloomberg wants a soda tax

Posted by WSF On March - 8 - 2010
  • AIG, MetLife Reach Deal for Alico
  • Iceland Voters Reject Debt Deal
  • Greece will come through crisis without bailout, IMF head says
  • Fed proposes rule to limit credit card fees
  • Dubai World lenders await debt plan
  • Harrah’s to Extend $5.5 Billion CMBS Loan Maturities to 2015
  • Bloomberg Says a Soda Tax ‘Makes Sense’ Read the rest of this entry »

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AIG, Taxes

Are Charlie Rangel’s days FINALLY numbered as House Ways and Means committee head?; Memo to hedge funds: Save your Euro trading records; Fed’s Fisher wants international accord to break up “too big to fail” banks; AIG big earners may get higher salaries; Blagojevich giving speeches on government ethics?

Posted by WSF On March - 3 - 2010
  • Rangel Loses Support In House
  • U.S. Said to Tell Hedge Funds to Save Euro Records
  • Fed’s Fisher Calls for Accord to Break Up Big Financial Firms
  • AIG’s Top-Earning Executives May Get Bigger Salaries
  • Indicted Blagojevich Lectures on Government Ethics
  • Kissel Said Indicted for Murder in Husband’s Death Read the rest of this entry »

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AIG, Hedge funds

GMAC execs banking despite Ward of the State status; Banking regulation rules deal getting closer?; EU probing sovereign debt CDS trading; SCOTUS may give Ex-Enron CEO Jeff Skilling a break; Ruling says that Madoff Trustee doesn’t have to count faux profits in victim claims calculation; AIG shows you should avoid selling assets in a distressed market; Poll says Toyota took too long before responding (Duh); GM has their own recall

Posted by WSF On March - 2 - 2010
  • GMAC CEO Carpenter Gets Pay Package Rivaling That of Blankfein
  • Deal Near on Banking Rules
  • Dodd wants Democratic support for consumer-protection regulator at Fed
  • Sovereign CDS Trading to Be Probed by European Union
  • Justices Question Selection of Skilling Jury
  • Madoff Trustee May Disregard Fake Profit, Judge Says
  • For AIG Deal, It Paid to Wait
  • USA TODAY/Gallup poll: 55% say Toyota too slow to act
  • GM Recalls 1.3 Million Compact Cars for Power-Steering Issue Read the rest of this entry »

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AIG, Autos

John Paulson (and a few other hedge funds) said to have banked on the Greek debt mess; Will SCOTUS help Ex-Enron CEO Jeff Skilling score a new trial?; AIG makes a $35.5B sale!

Posted by WSF On March - 1 - 2010
  • Hedge funds prosper from buying Greek debt
  • Greeks braced for fresh austerity measures
  • Toyota Chief Apologizes to China
  • Former Enron CEO could see new trial
  • AIG: Prudential Plc Agrees to buy AIA for $35.5 Billion Read the rest of this entry »

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AIG, Hedge funds, Paulson & Co

Marc Faber expects stocks to fall; Geithner still plagued by bailout anger; AIG stabilizing?; Alvarez & Marsal bank $233M in fees from bankrupt Lehman Brothers

Posted by WSF On February - 22 - 2010
  • U.S. Stocks to Fall, Faber Says; Wood Doubts Recovery
  • Bailout Anger Undermines Geithner
  • AIG Death Spiral Ends as Bailout Support Brings Stable Revenue
  • Alvarez & Marsal Gets $233 Million for Advising Bankrupt Lehman Read the rest of this entry »

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AIG, Bankruptcy, Fees, Tim Geithner, U.S. Treasury

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

EU wants Goldman Sachs, other banks roles in Greek debt mess investigated; Greece loses their vote; After a tough 2009, Jim Simons’ Renaissance Institutional Equities fund down in January; Fed’s Hoenig raises his voice about the U.S.’s debt problem; AIG / MetLife deal being held up over tax issue; For Sale: Abbey Road Studios

Posted by WSF On February - 17 - 2010
  • Banks that inflated Greek debt should be investigated, EU urges
  • Greece loses EU voting power in blow to sovereignty
  • Renaissance suffers rare disappointment
  • Lone voice warns of debt threat to Fed
  • U.S. Seeks First Trial in Galleon Case
  • Tax Question Stalls AIG, MetLife Deal
  • Beatles’ Abbey Road Studios for Sale to Cut EMI Debt Read the rest of this entry »

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AIG, Goldman Sachs, Hedge funds, Insider Trading

EU deal on Greece set, but no details yet; Goldman cuts Euro target,This year Biggest Bonuses went to Wall Street lesser knowns; AIG’s new compensation plan; Credit Suisse bonuses 60% cash; As they’ve been saying for awhile, commercial real estate is the next shoe to drop and small banks could be in trouble; CIT’s TARP debt officially wiped out; Foreclosures still coming big time

Posted by WSF On February - 11 - 2010
  • EU Reaches Greek Accord, Will Apply Strict Rules, Officials Say
  • Goldman Cuts Euro Target on ‘Most Threatening’ Crisis
  • AIG Pay Plan: Rank and Rile
  • Wall St.’s Biggest Bonuses Go to Not-So-Big Names
  • Bernanke Lays More Groundwork for Exit Without Giving Timetable
  • Credit Suisse says 2009 bonuses average $135,000
  • TARP Panel: Small Banks Are Facing Loan Woes Read the rest of this entry »

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Barack Obama, Ben Bernanke, Bonuses, Compensation, Credit Suisse, Real Estate

It’s all Goldman’s fault: Front page NYT article essentially blames them for AIG mess (as if no firms play hardball in negotiations….); Never say never: Geithner says U.S. will never lose AAA; John Thain is back now heading CIT; Blankfein gets $9M in stock; Toyota recall fears spreading to Lexus; Argentina debt swap?; Hell freezes over at Google with Super Bowl ad; Health summit to be on TV

Posted by WSF On February - 8 - 2010
  • Testy Conflict With Goldman Helped Push A.I.G. to Edge
  • Geithner Says U.S. Will ‘Never’ Lose Aaa Debt Rating
  • Goldman Bows on CEO Pay
  • Merrill’s Ex-Chief Is Back, Atop CIT
  • Obama to hold televised health summit
  • Argentina Will Swap Debt in March, Pagina/12 Says
  • Toyota Prius global recall fears spread to luxury Lexus brand Read the rest of this entry »

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AIG, Autos, Bonuses, Compensation, Goldman Sachs, Lloyd Blankfein, Tim Geithner

GOP mining for Wall Street donors suffering from Democratic buyers’ remorse; Geithner attacks AIG bonuses; Citigroup looking to Asia; Lazard bucking the less cash bonus trend; NY reeling from lower Wall Street related tax revenues; UK Hedge fund manager banned, fined; More Toyota problems

Posted by WSF On February - 4 - 2010
  • GOP Chases Wall Street Donors
  • Geithner attacks AIG’s ‘outrageous’ bonus pay-outs
  • Citi aims to build on gains in Asia
  • Lazard bucks trend among rivals by accelerating cash bonus payments
  • Greece, Portugal Woes Intensify
  • Cutbacks on Wall St. Are Burden for Albany
  • Treasury offers loans to banks funding community development
  • FSA fines ex-BlueBay manager £140,000 Read the rest of this entry »

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Autos, Citigroup, Hedge funds, Tim Geithner

Derivatives probe: SEC asks John Paulson for info on his winning subprime bets; B of A going on broker hiring spree, it’s bonus pool is over $4B; Dodd knocks Obama’s Wall Street regulation plan;’ Volcker Rule’ meeting resistance; Wire wearing Slaine charged in Galleon insider trading case; AIG to pay reduced bonuses; Madoff victims’ claims decision on the way

Posted by WSF On February - 3 - 2010
  • SEC asks Paulson fund for information
  • BofA push for 2,000 more retail brokers
  • BofA’s Banker-Pay Pool: $4 Billion
  • Dodd Calls Obama Plan Too Grand
  • Senators cool to ‘Volcker rule’
  • Investor charged in Galleon insider trading case
  • Mole Who Wore Wire In Galleon Case Is Identified
  • Despite Critics, AIG Sets Bonuses Read the rest of this entry »

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AIG, Bank of America, Bernie Madoff, Hedge funds, Insider Trading

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

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

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