Wall Street Folly

Jon Stewart’s / The Daily Show’s response to the flap over Gizmodo publishing details of the new Apple iPhone secret prototype that they bought for $5k after an Apple guy somehow managed to leave it behind in a bar (then Apple had the cops storm the Gizmodo guy’s apartment even after the phone was returned): They’re “Appholes”

Tags: Appholes, Apple, Gizmodo, iPhone, Jon Stewart, The Daily Show, Videos

• Greek Record Debt Swaps May Force EU’s Hand in Aid ‘Poker Game’
• Greek banks seek more aid as savers withdraw €10bn deposits
• Greece Credit-Default Swaps Rise Above Iceland’s for First Time
• Premium for Greek debt reaches decade high
• High-Speed Traders Face Order Reporting Requirement From SEC
• Fed’s Bernanke: US Must Plan Now For Public Debt Cuts
• Hedge Fund Rules Are Fair to U.S., EU’s Barnier Tells Geithner
• Bernanke, Dudley Say Recovery Hasn’t Produced Major Job Gains
• Greenspan on Capitol Hot Seat
• Toyota exec: Time to hide troubles over
• Apple’s IPhone Software May Deliver Multitasking, Mobile Ads

Greek Record Debt Swaps May Force EU’s Hand in Aid ‘Poker Game’ – Bloomberg

Greece’s debt insurance costs surged to a record and bond yields jumped on concern the nation’s ability to borrow is becoming “untenable” and the European Union will be forced to lead a bailout.

The “poker game” between the EU and the market “suggests that we may be getting close to the point where the market asks to see the EU’s hand,” said Gary Jenkins, head of credit strategy at Evolution Securities Ltd. “If it is thought that the market price will prove untenable for Greece, then the probability of the market not funding Greece increases.”….

Greek banks seek more aid as savers withdraw €10bn deposits – Financial Times

Greece’s four biggest banks are seeking help from the government after savers took €10bn (£8.8bn) of deposits out of the nation’s financial system.

The flight of money from domestic deposits reflects growing anxiety among wealthy Greeks about keeping their assets in the country as its debt crisis has escalated…..

Greece Credit-Default Swaps Rise Above Iceland’s for First Time – Bloomberg

The cost of insuring against a default on Greek government bonds rose above that for Iceland for the first time, helping push indicators of corporate credit risk to the highest levels in as much as two weeks.

Credit-default swaps linked to Greek sovereign debt rose 32 basis points to a record 445.5 today, while Iceland traded at 402 basis points, according to CMA DataVision prices……

Premium for Greek debt reaches decade high – Financial Times

The premium investors are asking to buy Greek government bonds relative to the benchmark German equivalent reached its highest level since the country joined the euro in 2000, as fears around its debt crisis escalated and Greek bank shares plummeted.

Yields on Greek 10 year bonds rose 34 basis points to 7.508 per cent on Thursday, having closed yesterday at 7.16 per cent. The most recent high was in January after investors dumped Greece’s newly issued five-year euro-denominated bond, sending its 10-year benchmark bond yield up to 7.25 per cent……

High-Speed Traders Face Order Reporting Requirement From SEC – Bloomberg

The Securities and Exchange Commission may give some firms that engage in high-frequency stock trading identification codes to better track transactions accounting for more than 60 percent of U.S. volume.

SEC commissioners will vote April 14 on a proposal to require companies that exceed a volume threshold to report their executions to regulators, the agency said in a statement yesterday. Brokerages would have to maintain records on the orders, the SEC said…..

Fed’s Bernanke: US Must Plan Now For Public Debt Cuts – WSJ

The U.S. must start to prepare now for the challenges posed by an aging population with a credible plan to gradually reduce a soaring public debt, Federal Reserve Chairman Ben Bernanke said Wednesday.

Health spending is set to increase over the long term as the U.S. population grows older, posing challenges on the country’s already strained finances, the Fed chief warned.

“Unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth,” Bernanke said during a speech at a Dallas Chamber of Commerce event……

Hedge Fund Rules Are Fair to U.S., EU’s Barnier Tells Geithner – Bloomberg

Hedge-fund rules proposed by the European Union aren’t protectionist, the bloc’s financial services chief told U.S. Treasury Secretary Timothy F. Geithner.

Michel Barnier, the EU’s financial services commissioner, said the law wouldn’t shut out U.S. funds and managers from the 27-nation region, according to a copy of a letter to Geithner obtained by Bloomberg News. The Frenchman was responding to Geithner’s concerns that the proposals may harm American fund managers and cause a regulatory dispute…..

Bernanke, Dudley Say Recovery Hasn’t Produced Major Job Gains – Bloomberg

Federal Reserve Chairman Ben S. Bernanke and a top lieutenant said the U.S. economic rebound has yet to produce a significant recovery in jobs, signaling there’s no need yet to consider raising interest rates.

Bernanke, speaking to businesspeople in Dallas today, said the labor market contains “some of the toughest problems” for the economy and that he’s “particularly concerned” about the number of people out of work for at least six months. New York Fed President William Dudley said in a separate speech that “we are not getting the job gains we would like to get.”…..

Greenspan on Capitol Hot Seat – Wall Street Journal

Former Fed chief Alan Greenspan faced some of the toughest questioning yet about his role in the financial crisis at a hearing Wednesday marked by tense exchanges with a longtime foe.

Later in the day, members of the congressionally chartered Financial Crisis Inquiry Commission also ripped Citigroup Inc. executives for their role in the subprime meltdown, where Citigroup was a major casualty. The commission is holding three days of hearings on the evolution of the subprime market……

Toyota exec: Time to hide troubles over – Detroit Free Press

Toyota’s top U.S. public relations executive warned in January that the automaker needed to “come clean” about sticking accelerator pedals that could trigger sudden acceleration, and that the company “was not protecting our customers by keeping this quiet.”

The e-mail from Irv Miller came five days before Toyota launched a recall of 2.3 million vehicles in the U.S. to fix gas pedals. The Obama administration said earlier this week that Toyota hid the problem from U.S. auto safety officials for at least four months and slapped Toyota with a $16.4-million fine, the largest ever for a vehicle defect…..

Apple’s IPhone Software May Deliver Multitasking, Mobile Ads – Bloomberg

Apple Inc. is readying a new version of its iPhone software that analysts predict will add support for multitasking and advertising, features that escalate its competition with Google Inc. for mobile users and developers.

Apple said it will hold an event today to give a “sneak peek into the future” of the iPhone operating system — software that third-party developers have used to create 150,000 applications for the iPhone, iPod Touch and new iPad tablet…..

Tags: Apple, Autos, Banks, Ben Bernanke, CDS, Economy, Email, European Union, Fed, Greece, Hedge funds, High speed trading, Iceland, iPad, iPhone, SEC, Smoking guns, Sovereign debt, Tim Geithner, Toyota, U.S.. Treasury

• 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 »

Tags: AIG, Apple, Banks, Berkshire Hathaway, Bernie Madoff, Citigroup, Fannie Mae / Freddie Mac, Goldman Sachs, Hedge funds, iPad, Warren Buffett, Wilbur Ross

• 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 »

Tags: AIG, Amazon, Andrew Cuomo, Apple, Bear Stearns, Bernie Madoff, FDIC, Insider Trading, iPad, Jamie Dimon, JP Morgan, Kindle, NY Fed, Tim Geithner, Toxic assets, U.S.. Treasury, unemployment

• SEC questions Wall Street firms on use of repurchase agreements
• Ex-I.B.M Executive Pleads Guilty to Fraud in Galleon Trading Case
• Some TARP Beneficiaries Continue to Stumble
• BofA pushes on with corporate growth plans
• Moody’s, S&P Win Dismissal of Investors’ Fraud, Negligence Suit
• Lehman Says Unsecured Claims May Fall to $260 Billion in Review
• New iPhone Could End AT&T’s U.S. Monopoly Read the rest of this entry »

Tags: Apple, AT&T, Bank of America, Bankruptcy, Galleon, Insider Trading, iPhone, Lehman Brothers, Moody's, Raj Rajaratnam, rating agencies, S&P, SEC, TARP

Tags: Apple, Autos, Bankruptcy, Ben Bernanke, Bernie Madoff, Fed, GM, GMAC, Goldman Sachs, Greece, Politics, Sovereign debt, Spain, Steve Jobs, U.S.. Treasury

Tags: Apple, Books, Enron, Hamptons, Henry Paulson, iPad, Real Estate, TARP, U.S. Treasury

• 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

• 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 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

• 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 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

• 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

• 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

• 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

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

• 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

• 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

• 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

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Tags: Apple, Economy, Fed, GE

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Tags: Apple, Health

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

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

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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

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

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Tags: Apple, Bloomberg, Lehman Brothers, Odd Lots

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:

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Tags: Apple, Cell Phones, Lawsuit