Wall Street Folly

Obama will detail new bank tax plan on Thursday (fees that the banks will no doubt pass on); Get the popcorn ready: Bankers all set to get smacked around today as they testify before the latest congressional inquisition panel; Galleon tipper uncloaked; Rajaratnam slams the “cherry picked” wiretapped recordings; High frequency trading in the SEC spotlight; Thain talking to CIT; Google could exit China; Apple’s Steve Jobs still a bargain at $1 / year

Posted by WSF On January - 13 - 2010

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

Barack Obama, Bonuses, China, Compensation, Goldman Sachs, Google, Hedge funds, Insider Trading, JPM Chase, Jamie Dimon, Lloyd Blankfein, Morgan Stanley, Politics, SEC, Steve Jobs, Taxes

Last banker out the TARP banks doors turn out the lights! — how will taxpayers get paid back if the talent bails as they surely will?; Lobbyists said to abound at Citigroup despite taxpayer ownership; CIT and Goldman said to have a deal; The turnaround at Apollo, tensions with Calpers?; Limits on auto execs pay; Nokia sues Apple; Fortune slashes number of issues

Posted by WSF On October - 23 - 2009

Wall Street Reacts With Skepticism, Anger on Moves to Cut Pay
Pay Master Navigated Some Conflicting Demands
Fed Hits Banks With Sweeping Pay Limits
Citigroup Taxpayer Ownership Doesn’t Prevent Lobbying
CIT and Goldman Strike a Deal on Debt
Apollo Pulls Off a Turnaround With Funds
After a Decade-Plus Together, Calpers Reviews Apollo Ties Read the rest of this entry »

Tags: Amazon, Apollo, Apple, Autos, Bonuses, Calpers, CIT, Citigroup, Compensation, Fed, GM, Goldman Sachs, Lobbyists, Nokia, Revolving Door

SEC / CFTC looking to tighten market manipulation rules; Schumer wants SEC funding reform; Citi criticized for not having deTARPing plan; Fighting words: Gov Patterson vs Andrew Cuomo on attacks on bonuses; Moody’s smacked in lawsuit, Buffett sells more shares; Gold to $1200?; Lenny Dykstra accused of looting his own household assets before his chapter 11 filing; Oracle / Sun deal snags; iPhone finally getting multimedia messaging

Posted by WSF On September - 3 - 2009

SEC, CFTC May Sharpen Rules on Market Manipulation
Schumer seeks SEC funding reform
No Pity For Citi
Governor Paterson says bonuses paid to Wall Street financial executives were good for state
Buffett’s Berkshire Cuts Moody’s Stake Second Time in 2 Months
S&P Parent McGraw-Hill, Moody’s Tumble on Lawsuit
Deutsche Bank Chief Says Lenders Learned From Crisis
Gold May Advance on Higher Prices, Weaker Dollar, Survey Shows
Gold may touch $1,200 by end December – official Read the rest of this entry »

Tags: Apple, Bankruptcy, Bonuses, CFTC, Citigroup, Compensation, Credit Suisse, Deutsche Bank, Gold, Moody's, New York, Politics, S&P, SEC, Warren Buffett

After massive redemptions, Cerberus is looking for new blood to keep its fee machine going; Lehman’s European Administrator may claim $100B against parent; Barney Frank said to be in favor of broader audits of the Fed; Health bill longer odds now that Kennedy is gone?; Fed $14B bailout profit so far; Flash trading vs NYSE

Posted by WSF On August - 31 - 2009

Cerberus to Raise New Funds After Investors Pull $4.77 Billion
Lehman’s Europe Administrator May Claim $100 Billion
Frank Said to Back Broader Fed Audits
Kennedy Death Cuts Broad Health Bill Odds, Hatch Says
Raft of Deals for Failed Banks Puts U.S. on Hook for Billions
Fed makes $14bn profit on loans provided during financial turmoil
The Flash-Trading Thorn in NYSE’s Side Read the rest of this entry »

Tags: Apple, Barney Frank, Cerberus, Fed, Fees, Health Care, Hedge fund redemptions, Lehman Brothers, NYSE, Politics

“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 »

Tags: AIG, Allen Stanford, Amaranth, Apple, Autos, Bank of America, Banks, Ben Bernanke, Casinos, Chrysler, Donald Trump, Fed, Identity Theft, NYSE

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 »

Tags: Allen Stanford, Apple, Bank of America, Bankruptcy, Barack Obama, Ben Bernanke, Bonuses, California, Citadel, Compensation, FDIC, Fed, Goldman Sachs, lawsuits, Lehman Brothers, Merrill Lynch, Noncompetes, Private equity, Revolving Door, Steve Jobs, Yahoo

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 »

Tags: Allen Stanford, Apple, Autos, Bank of America, Bankruptcy, Casinos, Citigroup, Compensation, GM, Google, Microsoft, Oil, Politics, Yahoo

JP Morgan’s earnings beat; Paulson sits on the hot seat; Banks opening the pay spigots to compete; California still has no budget deal; Regulators play hardball with B of A (and Citi); Foreclosures up 33% over June last year; Some large hedge funds could be “Tier 1″ under Obama plan; Chronic Hyperbolizer Donald Trump’s defamation lawsuit gets the well deserved boot

Posted by WSF On July - 16 - 2009

JPMorgan Profit Rises 36 Percent, Beating Estimates
Paulson Expected to Face Hard Questioning on Merrill Deal
Banks Ramp Up Pay Packages to Top Talent
Schwarzenegger, California Lawmakers Fail to Reach Budget Deal
U.S. Regulators to BofA: Obey or Else
U.S. Foreclosures Rise 33 Percent From June 2008 Read the rest of this entry »

Tags: Apple, Bank of America, Banks, Barack Obama, California, Donald Trump, Earnings, Fed, Foreclosures, Hedge funds, Henry Paulson, JP Morgan, Lawsuit, Merrill Lynch, Politics

Video – CNBC interview with Warren Buffett: He sees no “green shoots” even after cataract surgery, is critical of Apple’s Steve Jobs health disclosure, doesn’t “see how you can do better” than Bernanke at the Fed and advocates another term, and utters a new Buffettism: “You can’t produce a baby in one month by getting nine women pregnant”

Posted by WSF On June - 25 - 2009

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

Ben Bernanke, Economy, Videos, WSF, Warren Buffett

Moody’s: U.S.’s Aaa “remains solid”; 3 banks suspend TARP dividends; Lack of new jobs complicating Obama plans; Harvard bond mgrs exit after changes; UBS case settlement?; Insurers $6B hit on board protection; Secrecy at Apple; Transplant questions; MySpace cuts; High end retailers try to create scarcity

Posted by WSF On June - 23 - 2009

Moody’s Says U.S.’s Aaa Debt Rating ‘Remains Solid’
Three Banks Suspend Their TARP Dividends
Recovery’s Missing Ingredient: New Jobs
Harvard Cuts Risk, Loses Bond Managers
Settlement Anticipated in UBS Case
Insurers face $6bn bill for board protection Read the rest of this entry »

Tags: Apple, Harvard, Headline roundup; Moody's, Ratings, retailers, TARP, UBS

Steve Jobs has a new liver; Time for him to step aside?; Citigroup’s most senior Asia exec is quitting to become MasterCard’s President/COO; California’s facing a “multi-notch” downgrade; Two more B of A directors quit; Georgia, NC and Kansas banks fail; GM sale opposition

Posted by WSF On June - 20 - 2009

Jobs Had Liver Transplant
Apple without Steve Jobs at the helm? Some investors think it’s time
MasterCard Hires Citigroup’s Banga as Potential CEO Successor
Moody’s warning on California debt stuns state
Bank of America’s Prueher and Franks Exit From Board
Banks in Georgia, North Carolina, Kansas Closed by Regulators Read the rest of this entry »

Tags: Apple, Bank of America, Citigroup, GM, Headline Roundup, Revolving Door, Steve Jobs

Autos, Bank of America, Citigroup, Steve Jobs, WSF

Indiana Pension funds look to the Supreme Court; Palm Pre debuts (if you can find it); Gas prices > $2.60; Closing Chrysler dealers rush to get rid of inventory

Posted by WSF On June - 7 - 2009

High Court Asked to Delay Fiat Deal
Palm Pre Sells Out as Sprint Customers Line Up for Thin Stock
Gas prices above $2.60
Ford to Face Tougher Rivals Following U.S. Rescue
Chrysler dealers scramble to unload vehicles
Chrysler Legal Releases for Officers Opposed By U.S.
Bank of America Stocks Board With Ex-Regulators, Former Bankers
Penske ‘a Good Home’ for Saturn as GM Shrinks in Bankruptcy
Filene’s Basement Sold to Men’s Wearhouse Affiliate for $62 Mln
Weinstein Company Takes Step to Ease Debt Read the rest of this entry »

Tags: Apple, Autos, Bank of America, Chrysler, Ford, GM, Headline Roundup, iPhone, SCOTUS

Autos, Bank of America, Chrysler, Legal, WSF

S&P Downgrades GE but it could have been worse; The Sears Tower has a new name and tenant; Americans’ net worth has largest drop in > 50 yrs of record keeping; New iPhone OS debuting 3/17!; Sirius XL in bid to expand audience by streaming to iPhone, iPod

Posted by WSF On March - 12 - 2009

Tags: Apple, Economy, Fed, GE

Economy

Steve Jobs’ letter to the troops

Posted by WSF On January - 14 - 2009

Tags: Apple, Health

Turns out investors’ fears were justified: Steve Jobs is taking a medical leave of absence to focus on his health

Posted by WSF On January - 14 - 2009

Sounds like Steve Jobs health is far worse than he's been letting on. He announced that he's taking a medical leave of absense until June. Jobs said recently that he has a hormone deficiency which was responsible for his dramatic weight loss. But per AP, in a memo to his staff, he acknowledged that his health issues are more complex than he thought.

While the news is sad and we hope he recovers and returns, we can't say we're surprised. We suspect that the stock will take it on the chin, down double digits. How long before the lawsuits start to fly over how the company has handled (or mishandled) the disclosure? Pretty damned fast.

Apple CEO Jobs takes medical leave – AP

Addendum: The stock opened after the halt down around 10 points.

Tags: Apple, Health

His Citigroup investment has gotten nailed and he’s buying more, but how are the rest of Saudi Prince Alwaleed bin Talal’s stock investments doing?

Posted by WSF On November - 20 - 2008

Well naturally, like everyone else, Saudi Prince Alwaleed bin Talal is taking some major stock market lumps. Here's what the charts look like:

Tags: 13F, 13F Charts, Alwaleed, Apple, Apple Computer, Citigroup, Disney, Eastman Kodak, Ebay, Hedge Fund Chart study, Hewlett Packard, investments, Kindom Holdings, Motorola, News Corp, Priceline, Procter & Gamble, Saks, Saudi Prince Alwaleed bin Talal, Time Warner

13F Charts, Citigroup, Ebay, Time Warner

Odd Lots: Steve Jobs is not dead; Lehman analyst’s apology ; Jeff Matthews: The day the newspapers died

Posted by WSF On August - 28 - 2008

Macabre: Bloomberg blunders by publishing Apple CEO Steve Jobs obituary, then retracts
it – Gawker

Tags: Apple, Bloomberg, Lehman Brothers, Odd Lots

Apple gets sued over iPhone bugs

Posted by WSF On August - 22 - 2008

iPhone-004

Let the lawsuits begin: With all the reports of dropped calls from users of the Apple iPhone, it was inevitable that someone would sue. And they have. Jessica Alena Smith, from Birmingham Alabama filed suit in U.S. District Court in Alabama. According to the San Francisco Chronicle:

Tags: Apple, Cell Phones, Lawsuit

Uncategorized

Reports of iPhone cases cracking are surfacing

Posted by WSF On August - 4 - 2008

So much for using plastic for the cases of the new iPhone 3g. Hairline cracks seem to be developing in many of the units only a few weeks after the newest hot toy came out. According to Apple Insider,

Those tracking the issue in an Apple
support discussion thread and elsewhere say the hairline fractures most often
appear on the plastic shell near the corners of the device, particularly near
the headphone jack, ringer switch, and volume controls.

The flaws appear regardless of how gently the user takes care of the phone and
can increase in number, according to multiple claims, although there are no
known reports of existing cracks growing in size. At least a few users, however,
report cracks deep enough to create a visible opening, particularly at the
headphone jack.

iPhone 3G owners report hairline cracks in their phone’s casing - Apple Insider

Tags: Apple, Cell Phones

Uncategorized

Apple CEO’s health questions: NY Times “slime bucket” reporter “who gets most of his facts wrong” gets a call and a scoop from Steve Jobs

Posted by WSF On July - 28 - 2008

Steve Jobs finally said something about his health. In a bizarre off the record conversation to a journalist he doesn’t seem to respect a whole lot — Joe Nocera, at the NY Times — Jobs apparently copped to an illness "a good deal more than a "common bug" in the Times’ words, but not life threatening, nor a recurrence of cancer. Will Steve Jobs’ odd call Nocera put to rest the questions over the Apple CEO’s health for now, or will people now question his mental health for giving a huge scoop to someone he disdains? The whole thing is weird. We wonder why he just didn’t come clean on the record. The stock is down nearly $5 on the day….

Tags: Apple, Health

Barron’s sources say Apple has slashed internal expectations for iphone sales by up to 16%

Posted by WSF On June - 7 - 2008

iPhone-004

If their sources are right, that’s gonna leave a mark. Look out below on Monday. The stock lost $3.79 in Friday’s market rout, closing at $185.64.

But what the fanboys won’t tell you — as
won’t many unabashed boosters in the press — is that the iPhone’s production
rollout is behind schedule. That’s what a number of tech hedge-fund managers are
saying, attributing their information to investigative research outfits that
talk with engineers and supply-chain managers at the contract manufacturer and
component suppliers in Asia. These sources say that Apple has slashed its
internal expectations for iPhone unit sales by up to 16%. They report that Apple
had planned to ship 12 million 3G units by the end of the third quarter, but now
expects to ship about 10 million to 10.5 million by the fourth quarter, owing to
production delays.

Tags: Apple

Uncategorized

Teen ager who hacked iPhone last year is the first to crack Apples new iPhone firmware

Posted by WSF On February - 13 - 2008

GeorgeHotz-004

Remember George Hotz, the teen hacker from New Jersey who gained fame last year by unlocking the Apple iPhone? Well Apple made a point of coming out with new firmware that has proved far more difficult to crack. At least until now. It seems that the industrious teen ager was the one to also crack the new firmware….