Wall Street Folly

SEC insider trading case involving Deutsche Bank, Millennium Partners staffers tests if they can go after CDS trades; 3 BofA / Merrill Lynch women file discrimination lawsuit alleging they’re “second-class citizens”; Allen Stanford wants new lawyers…again; Obama set to announce new expanded plans for offshore drilling; Home price rebound over?; Schottenfeld pays to settle SEC’s Galleon lawsuit

Posted by WSF On March - 31 - 2010
  • Trader’s ‘Nice Little Kiss’ Tests Reach of Regulators
  • 3 sue Bank of America alleging discrimination
  • Stanford asks for new team to defend him
  • Obama to Announce Expanded Offshore Oil Drilling Plan
  • Home prices inch up, but analysts fear rebound is fading
  • Schottenfeld Pays $1.2 Million to End SEC Insider-Trading Suit
  • BofA Hires Staff, Leans on Merrill Lynch to Expand Outside U.S. Read the rest of this entry »

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WSF

Toyota on the Congressional hot seat over misleading public; Judge reluctantly OKs B of A / SEC settlement; Harvard economist predicts multiple sovereign debt defaults; Jamie Dimon, other CEOs will break bread with Obama; Allen Stanford receiver suing Dems, Repubs to get contributions back

Posted by WSF On February - 23 - 2010
  • Congress says Toyota misled public about runaway cars, engine electronics
  • Toyota’s U.S. Chief Says No Problem With Electronics, Apologizes in Testimony
  • Judge approves BofA settlement with SEC
  • Harvard’s Rogoff Sees ‘Bunch’ of Sovereign Defaults
  • Seidenberg, Dimon Among CEOs Said to Dine With Obama Tomorrow
  • Stanford Receiver Sues Democratic, Republican Groups
  • TPG, KKR Said to Near Purchase of Morgan Stanley’s CICC Stake Read the rest of this entry »

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Allen Stanford, Autos, Bank of America, Barack Obama, Jamie Dimon, SEC

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

Guy Hands blasts “quick and remarkable” return to bankers’ bonuses as usual behavior; Hedge funds recovered in ‘09; Stanford ties to lawmakers being probed; OneWest, the new banking empire builder and it’s who’s who investor list; Holiday retail sales up 3.6% (but included an extra shopping day); Avatar and the Chipmunks score at the box office

Posted by WSF On December - 28 - 2009
  • Tycoon attacks return of bankers’ bonuses
  • Hedgies Exhale After Strong ‘09 Rebound
  • Feds investigating Stanford ties to lawmakers-report
  • Investors Reshape IndyMac
  • New Hedge Funds Gain Momentum
  • Holiday Retail Sales Rose an Estimated 3.6%, SpendingPulse Says
  • ‘Avatar,’ Chipmunks lead worldwide box office Read the rest of this entry »

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Allen Stanford, Bonuses, Compensation, Hedge funds

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

Hell hath no fury: Steve Cohen’s ex-wife alerted FBI of alleged insider trading 2 years before filing her recent lawsuit; FINRA looking at ‘trading huddles’; Government meddling said to shape B of A CEO search endgame; Finger pointing & in-fighting: TARP exit back story; Pimco ups cash to greatest level since Lehman implosion; Harvard’s toxic interest rate swaps; Stanford trials begin in January 2011; 40 TCW defections since Gundlach ousted; Microsoft sued over Bing trademark

Posted by WSF On December - 18 - 2009

  • Steven Cohen’s ex-wife dished to FBI
  • Finra Probes Wall Street’s Trade Huddles
  • Last Days of BofA’s Hunt For a CEO: Pay, Politics
  • Banking Panel Backs Bernanke for New Term
  • Discord Behind TARP Exits
  • Pimco’s Gross Boosts Cash to Most Since Lehman Failed
  • Harvard Swaps Are So Toxic Even Summers Won’t Explain
  • Judge sets January 2011 trial for Stanford defendants
  • TCW defections reach 40
  • Bing! Information Designs sues Microsoft for trademark Read the rest of this entry »

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Allen Stanford, Hedge funds, Revolving Door, Steven A. Cohen

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

More taxpayer $$ to get flushed? Seems like we’ll be paying off GMAC fines with the next round of bailout $$$; Geithner thinks commercial real estate problems won’t tank economy; Compensation: Will UK bankers take hits vs those in U.S.? Stanford receiver identifies 1.5B; White House fights cash for clunkers criticisms; Moody’s mortgage bonds downgrades on the way?; CDR Financial Products execs charged with bid rigging

Posted by WSF On October - 30 - 2009

  • Regulator says GMAC must pay £10.5m for treating customers unfairly
  • Geithner: Economy Can Withstand Commercial Real-Estate Woes
  • Bankers fear transatlantic pay split
  • Stanford receiver pinpoints $1.5bn
  • White House fights back on Cash for Clunkers
  • Moody’s May Downgrade Mortgage Bonds With New Outlook
  • CDR Financial Products, 3 executives charged in bid-rigging case Read the rest of this entry »

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Allen Stanford, Bonuses, Compensation, Hedge funds, Politics, Real Estate, Tim Geithner

Bruce Wasserstein in hospital with an irregular heartbeat; More Goldman pay bonanza speculation; Blackstone going on a listing spree?; Ex-Bear Stearns hedge fund managers trial about to begin; Allen Stanford gets a rare break; 2 Americans win Nobel econ prize; Barclays selling £4b in assets; Milk prices gonna spoil Starbucks recovery?

Posted by WSF On October - 12 - 2009
  • Lazard’s Wasserstein Hospitalized
  • Wasserstein Hospitalized With Irregular Heartbeat
  • Huge profits put Goldman on track for pay bonanza
  • Blackstone in listing spree
  • Cioffi, Tannin Face U.S. Jury Over Bear Stearns Funds Collapse
  • A Case Pitting Spin Against Fraud
  • Stanford wins ruling in battle over fraud case defence
  • Ostrom, Williamson of U.S. Win Nobel Economics Prize Read the rest of this entry »

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WSF

U.S. claims “direct proof” against ex-Bear Stearns hedge fund managers; G-20 pay limits would hurt Citi and B of A most; Ohio may go after B of A for billions over Merrill deal; SEC looking at new securities lending rules; UBS chief forecasts its own health; John Paulson mulling merging CIT with IndyMac; JPM Inv banking co-CEO leaving; Stanford moved to new digs after scuffle; AIG’s Cassano is back in U.S.

Posted by WSF On September - 29 - 2009
  • U.S. Says It Has ‘Proof’ of Crimes by Cioffi, Tannin
  • Banker-Pay Limits May Hurt Most at Citigroup, Bank of America
  • BofA Sued by Funds Over Merrill
  • FDIC Prepayment Likely for Banks
  • SEC Weighs New Rules for Lending of Securities
  • UBS chief forecasts return to health in a year
  • Paulson’s plan
  • JPMorgan’s Winters to Leave; Staley Will Run Investment Bank
  • Cassano is back in US
  • BNP Paribas To Reimburse Aid With Rights Issue Read the rest of this entry »

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WSF

Goldman Sachs is hiring!; B of A Acorn smack down; Social Security takes a hit; Trustee gonna sue Madoff kids, brother and niece for $198M; Taped then destroyed Countrywide calls add fuel to fire; Merkel wins; Paterson says says (for now) he’s running; Allen Stanford hospitalized after prison tussle; Taleb: why does Bernanke still have his job; Big advance ticket sales for MJ movie

Posted by WSF On September - 28 - 2009
  • Goldman Sachs launches recruiting drive
  • Bank Pulls Back From Acorn Work
  • Job losses, early retirements hurt Social Security
  • Trustee Plans to Sue Madoff Family Members for $198 Million
  • Phone Calls Add to Din Over Loans
  • Merkel Wins Majority for Tax-Cut Coalition in Germany
  • New York Governor Paterson Says He’ll Run in 2010
  • Stanford remains hospitalized after jail fight
  • ‘Black Swan’ Author Taleb Asks Why Bernanke Kept Post Read the rest of this entry »

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WSF

Fed scaling back emergency resuscitation programs; Fed’s Warsh’s Op Ed; $53B more bank loan losses on tap? Lehman wants documents unsealed; Credit Suisse selling $1B Lehman claim; Is new SEC rule gonna increase risk of insider trading?; Alleged Perot insider trader’s ‘79 hostage rescue; Twitter $1B value?

Posted by WSF On September - 25 - 2009
  • Fed, Treasury to Scale Back Emergency Programs as Crisis Eases
  • Fed’s Warsh’s Op Ed: The Fed’s Job Is Only Half Over
  • Losses on Banks’ Big Loans: $53 Billion
  • Lehman asks to unseal documents from Barclays probe
  • Credit Suisse Group Selling $1 Billion Lehman Claim
  • New S.E.C. Rule Heightens Risk of Insider Trading
  • Accused Perot Staffer Led ‘79 Hostage Rescue Read the rest of this entry »

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WSF

If John Thain had a do over, he’d have redecorated his office in Ikea not fancy commodes; Maxine Waters getting probed by Ethics Committee; Larry Fink railing against broker commissions and trading fees; Meet Allen Stanford’s new public defender criminal defense team; Wall Street allure fading with grads; Ex Morgan Stanley HK banker gets 7 yrs for insider trading

Posted by WSF On September - 18 - 2009
  • Thain Says He Should Have Picked Ikea Furniture for Merrill
  • House Ethics Panel Probes Rep. Waters
  • Wall St. on notice
  • Stanford’s public defenders are top of the line
  • As Riches Fade, So Does Finance’s Allure
  • Blackstone to Buy 50% of London’s Broadgate Complex
  • Ex-M.Stanley HK banker gets 7 years for insider trading Read the rest of this entry »

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WSF

Lehman wants Barclays ‘windfall’ back; B of A still fighting McCann move to UBS; Taleb wants his Obama vote back; Greenspan worries Congress will get in the Fed’s way; Hedging his bets?: New part time PE gig for Citi Chairman?; SocGen bankers mass exodus for their own hedge fund; deTARPing getting harder; Cash strapped Allen Stanford gets public defender; No JPM dividend hike anytime soon

Posted by WSF On September - 16 - 2009
  • Lehman Claims Barclays ‘Windfall’
  • Lehman Says Barclays Got $5 Billion Discount, Wants Assets Back
  • BofA Fights Ex-Merrill Brokerage Chief’s Move to UBS
  • ‘Black Swan’ Author Taleb Wants His Vote for Barack Obama Back
  • Greenspan Sees Threat U.S. Congress Will Hamper Fed
  • Citi’s Parsons Said to Join Equity Firm
  • What Kind of Judge Stands Up For Truth and Justice?
  • BofA Ruling Questions an SEC Weapon
  • Law Firms Put in Unfamiliar Spot
  • SocGen bankers quit to launch hedge fund Read the rest of this entry »

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WSF

Geithner wants bankers paid mostly in stock with claw-back option; With major egg on their faces, SEC promises big changes post Madoff; Wells Fargo exec said to party hard in foreclosed Malibu beach house formerly owned by defrauded Madoff investor; Post John Mack era: Morgan Stanley’s James Gorman has a big job ahead of him; Harvard, Yale endowments suffer huge losses; Microsoft Yahoo deal gets 2nd request

Posted by WSF On September - 11 - 2009
  • Geithner Wants Bankers’ Pay in Equity That Can Be ‘Clawed Back
  • SEC officials promise changes after Madoff failure
  • SEC Outlines Madoff Lessons
  • Wells Fargo exec used Malibu Colony home lost by Madoff-duped couple, neighbors say
  • Mack Steps Down as Morgan Stanley Chief After Shying From Risk
  • Morgan, Under Mack, Lagged Behind Peers This Year
  • For Gorman, a Test of His Leadership
  • Harvard and Yale endowments suffer heavy losses
  • Yale to Cut $150 Million Annually Through Fiscal 2014 Read the rest of this entry »

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WSF

Bernie Madoff: How do you spell incompetence? S-E-C; New outspoken AIG CEO already in hot water; Ashley Dupre, Spitzer’s hooker, coming out in his defense and takes a swipe at her detracters while plugging her new single; Marijuana farms on the rise in the U.S.; B of A and Wells Fargo accepting California IOUs

Posted by WSF On September - 3 - 2009
  • The Madoff Files: A Chronicle of SEC Failure
  • Will AIG Rein In Its Brash CEO?
  • Spitzer’s Babe Slaps the Snobs
  • Pot ‘Plantations’ on the Rise
  • Geithner urges G20 to consider leverage restraints
  • BofA, Wells Fargo will take California’s IOUs
  • Turner’s ‘Tobin Tax’ Proposal Criticized by Kaufman, Ferguson Read the rest of this entry »

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WSF

Wells Fargo close to de-TARPing, without an equity offering; New AIG CEO wants half off IPO fees; New 450 page Madoff tome from Inspector General coming out; Troubled Philadelphia gets $275M short term loan from JPM to pay vendors; CIT to defer 9/15 interest payment; Kerviel gets 2 month trial reprieve; Hospitalized Stanford back in jail; Kozlowski looking for prison out; Tea parties face record cost

Posted by WSF On September - 2 - 2009
  • Wells to Return $25 Billion To U.S. Without Stock Sale
  • AIG CEO Benmosche Says He Wants to Halve Wall Street’s IPO Fees
  • Madoff Details, and Property, on Tap
  • BofA TARP payment splits analysts
  • Cash-poor Philly borrows $275 million to pay vendors
  • CIT Will Defer an Interest Payment
  • Morgan Stanley’s Partnership Plan
  • Kerviel Wins Two-Month Reprieve in SocGen Case as Probe Halted Read the rest of this entry »

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WSF

“Problem banks” number over 400; Identity theft hits Bernanke family; B of A hiding behind lawyers?; AIG tock’s levitation act; Stanford still hospitalized with racing pulse; Too big to fail banks keep growing; Amaranth escapes SEC penalty; Chrysler agrees to accept some pre Chapter 11 liability claims; Trump setback in AC casino fight; iPhone China bound

Posted by WSF On August - 28 - 2009
  • Problem bank list tops 400
  • Bernanke Falls Victim to Identify Theft
  • Bank of America Told to Stop Hiding Behind Lawyers: Ann Woolner
  • Fed Raises Mortgage-Bond Purchases as Lacker Suggests Slowdown
  • A.I.G. Rises, and Many Ask Why
  • Stanford Remains Hospitalized After Pulse Hits 300 Before Court
  • Plea deal signals more charges in Stanford case-lawyer
  • Banks ‘Too Big to Fail’ Have Grown Even Bigger
  • No SEC Penalties in Amaranth’s Failure Read the rest of this entry »

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WSF

Ben Bernanke gets to keep his job!; Goldman “trading huddles” gonna be probed; Ex-Merrill exec Bob McCann suing B of A over noncompete preventing him from a “once-in-a-lifetime” job; Giuliani may run for Governor; B of A defending Merrill bonuses; Allen Stanford will stay in jail til his trial; Sarkozy wants bonus curbs; Citadel files $470M Lehman claim; California mortgage delinquencies to rise thru 09?

Posted by WSF On August - 25 - 2009
  • Obama to Reappoint Fed Chairman Ben Bernanke
  • Regulators to Examine Goldman’s Trade Tips
  • Ex-Merrill executive sues BofA over departure
  • McCann files lawsuit against BofA
  • Giuliani, Seeing Opening, Mulls a Governor Bid
  • BofA Denies Misleading Its Investors on Bonuses
  • Appellate court keeps Stanford behind bars
  • Sarkozy Will Urge BNP, SocGen to Curb Bonus Payouts for Bankers
  • FDIC to Ease Entry for Private-Equity Firms Buying Failed Banks
  • Citadel Files Lehman Claim to Recover $470.5 Million Read the rest of this entry »

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WSF

Sounds like short sellers could get screwed under new SEC proposal; Swiss government to sell UBS Stake?; Executive pay case goes to SCOTUS; New $AIG CEO gets salary of $6,999,999 more than his predecessor Credit Suisse broker convicted; Cash for Clunkers: Toyota passes GM; GM adding shifts; Terminator producers sue hedge fund; Spielberg gets $$$ for new studio

Posted by WSF On August - 18 - 2009
  • S.E.C. Floats a Short-Selling Proposal
  • Swiss government ready to sell UBS stake: report
  • Supreme Court to Hear Case on Executive Pay
  • Fed Says Banks Tightened Lending in Second Quarter
  • Stanford warnings ignored, US senators are told
  • Benmosche Gets $7 Million Salary to Take on AIG Turnaround Task
  • Jury Finds Butler Did It Read the rest of this entry »

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WSF

Executive compensation bill passes in the House; A look at how Goldman and BlackRock went to great lengths to win a PBGC money management contract (revoked on 7/20); Microsoft and Yahoo finally do a deal (bet $YHOO is wishing they could turn back the clock); No comment from Phibro after Obama decries pay package as “out of whack”; Oil Speculation limits?; $GM angling for more money from Uncle Sam?; Station Casinos Chapter 11

Posted by WSF On July - 29 - 2009
  • House Panel Passes Bill to Set Rules on Executive Compensation
  • How Firms Wooed a U.S. Agency With Billions to Invest
  • Microsoft, Yahoo! Change Search Landscape
  • Phibro mum after White House slams reported $100 million payday
  • Oil Speculation Limits Weighed
  • Stanford Receiver Seeks Clawback of $925 Million Read the rest of this entry »

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WSF

Allen Stanford not cool with his government provided accomodations

Posted by WSF On July - 28 - 2009

He’s *literally* not cool with them, and he wants to be moved.  According to the NY Post: Read the rest of this entry »

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Allen Stanford, Legal, WSF

Ben Bernanke’s op ed on the Fed’s exit strategy; Barofsky’s $23.7 trillion estimate: Bah!; Obama rails at remorseless banks; Morgan Stanley fixed income shake up; Allen Stanford makes another try at Bail; Barnes & Noble takes on Amazon’s Kindle

Posted by WSF On July - 21 - 2009
  • The Fed’s Exit Strategy
  • Big Estimate, Worth Little, on Bailout
  • Obama hits out at unrepentant Wall Street banks
  • Deutsche Bank Fires Two in Spying Probe
  • Morgan Stanley Picks DiMaio for Interest-Rate Unit Read the rest of this entry »

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WSF

More chatter that big Wall Street paydays are coming back; SEC staffer warned of Madoff in ‘04 but was ignored; Merrill’s Sontag making bullish noises about BofA merger; Taking less risk may cost Morgan Stanley; ACORN twittering to the wrong Goldman; Bill Miller comeback?; Singh dks Stanford; GM makes plea for sale; Facebook changes

Posted by WSF On July - 2 - 2009
  • Big Pay Packages Return to Wall Street
  • SEC investigator raised Madoff suspicions in 2004 to no avail
  • SEC’s Gaping Blind Spots Kept Madoff’s Misdeeds Out of Sight
  • SEC Plan Aims to Better Foretell Risks
  • Treasury to Name 9 ‘Toxic’ Managers
  • Merrill exec sounds bullish on future of BofA merger
  • Risk Cuts at Morgan May Lead to a Loss Read the rest of this entry »

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WSF

Bernie Madoff’s day of reckoning; Less than last year’s $2.1M, Buffett’s annual lunch auction still fetched $1.68M; No bail yet for Allen Stanford; Worst over in treasuries?; UK recession ‘worse than thought’; TARP warrants to be sold quickly; BATS dark pool plan; GM looks for end to bankruptcy objections; Pitchman Billy Mays dies

Posted by WSF On June - 29 - 2009
  • Madoff’s Prosecutors Recommend 150 Years or at Least Life
  • Buffett Lunch Meeting Draws $1.68 Million Donation to Charity
  • Stanford to Spend Weekend in Jail, Waits for June 29 Hearing
  • Wary Banks Hobble Toxic-Asset Plan
  • Bond Dealers Say Worst Over as Demand Soars at Treasury Sales
  • UK: Recession ‘worse than thought’ Read the rest of this entry »

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