Wall Street Folly

EU ministers meet on Greece but gave little detail of plans; Key points of Dodd’s financial regulation; EU finance ministers: no hedge fund financial rules deal; Toyota: Caliornia Prius incident can’t be replicated

Posted by WSF On March - 16 - 2010
  • Moody’s warns nations to cut spending or risk AAA ratings
  • EU ministers discuss standby plans for Greece
  • 6 key points of the financial regulation legislation
  • EU Finance Ministers Fail to Reach Deal on Hedge-Fund Rules
  • Toyota: Analysis Doesn’t Match Calif Prius Incident Read the rest of this entry »

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Autos, Hedge funds, Politics

‘Smoking gun’ Toyota memo from 2006 said to talk of “safety sacrifices”; Money Never Sleeps: Gordon Gekko’s relase delayed until September 24; Profile on Gary Gensler — From Goldman to regulator; The ugly fall of Pali Capital

Posted by WSF On March - 11 - 2010
  • ‘Smoking gun’ memo reveals Toyota workers’ safety fears
  • Fox holds ‘Wall Street’ sequel
  • Goldman Deal-Maker Now Advocates Regulation
  • Pali Capital: Lawsuits, poker and the death of a boutique bank Read the rest of this entry »

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WSF

Greece’s Papandreou: “”We don’t want to be the Lehman Brothers of the EU”; Hedge funds probed in Greek tragedy; Fannie & Freddie may stick banks with $21B in bad loans; Toyota still isn’t getting it right with fixed cars still accelerating

Posted by WSF On March - 5 - 2010
  • Funds’ role in Greek drama examined
  • Papandreou and Merkel meet today over Greek debt
  • Greek Protests Mount as Parliament Passes Budget Cuts
  • Fannie, Freddie May Ask Banks to Eat $21 Billion of Sour Loans
  • Fed’s TALF Winds Down With Most Loan Requests in Six Months
  • Toyota Gets Verifiable Info On Woes In Recall-Fixed Vehicles Read the rest of this entry »

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Autos, Hedge funds

Citigroup’s Pandit blowing a kiss to taxpayers as he goes to DC for more testimony; Obama still hoping Volcker Rule gets passed; JP Morgan beat Goldman in the ‘09 battle of investment banking fees; Ethically challenged Rangel finally steps down as committee head (now he just needs to get the boot from congress); Geithner adviser plans exit; Nissan the latest to recall cars

Posted by WSF On March - 4 - 2010
  • Citigroup’s Pandit Said to Plan to Thank Taxpayers for Bailout
  • Pandit Returns to Capitol’s Hot Seat
  • Obama Sends ‘Volcker Rule’ Proposal on Bank Trading to Congress
  • JPMorgan Tops Goldman in Investment Banking as Fees Swell 13%
  • Scandal-stained Rangel quits post
  • Geithner Adviser Sachs Plans to Resign as Banking Crisis Wanes
  • Nissan to Recall Over 500,000 Cars Read the rest of this entry »

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Autos, Barack Obama, Citigroup, Fees, Goldman Sachs, JPM Chase, Politics, Tim Geithner, Vikram Pandit, investment banking

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

Fed looking at Goldman’s Greece deals; Spain doesn’t want to be in Greece’s company; GMAC bankruptcy could have cost $50B per Treasury adviser; At least $2M pay deal for Harold Ford at Merrill, will it hurt his possible Gillibrand challenge?; Another Madoff big goes down; Steve Jobs rejects Apple dividend; GM looking at 2 Hummer offers

Posted by WSF On February - 26 - 2010
  • Fed Examines Swaps Deals by Goldman and Others
  • Goldman probed over crisis in Greece
  • Q&A: Goldman in line of fire
  • Spain battles to shore up plan’s credibility
  • GMAC Bankruptcy Would Have Cost Treasury $50 Billion
  • Merrill Lynch Guaranteed Ford Annual Pay of at Least $2 Million
  • Madoff Aide Bonventre Becomes Sixth Charged in Fraud Read the rest of this entry »

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Autos, Ben Bernanke, Bernie Madoff, Fed, GM, Goldman Sachs

Changes on the way for Obama’s proposed bank fee?; Could Spain be the euro’s undoing?; National Highway Traffic Safety Administration takes knocks at Toyota hearing; SEC passes new short selling rules; Bernanke expects low interest rates for awhile; Plug may be pulled on Hummer after Chinese deal collapse

Posted by WSF On February - 25 - 2010
  • Obama’s $90 Billion Bank Fee May Be Revised by Panel
  • The Euro’s Next Battleground: Spain
  • At Toyota hearings, auto safety agency feels the heat
  • Hoping to prevent stock meltdowns, SEC passes short-selling rules
  • Fed chief Bernanke expects extended hold on interest rates
  • Hummer Faces Shutdown After Chinese Sale Collapses Read the rest of this entry »

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Autos, Banks, Barack Obama, Ben Bernanke, Fed, Interest Rates, SEC, Short selling

702 banks now on FDIC endangered list; SEC is voting today on short selling changes; Credit Suisse bankers who opted for bonuses in toxic securities are banking!; Toyota big boss on congressional hot seat today; GM’s Hummer deal with China said to be in trouble; EU initiating a Google antitrust probe

Posted by WSF On February - 24 - 2010
  • At F.D.I.C. , Bracing for a Wave of Failures
  • SEC Disappointing Goldman Sachs Amid Vote on Short-Sale Curb
  • Bon Appétit: ‘Toxic’ Bonus Yields 72% at Credit Suisse
  • Japan to probe Toyota acceleration complaints
  • ‘Consumer Reports’ still likes Prius as top eco-friendly car
  • A Tough Test Before Congress for Toyota’s Chief
  • EU Opens Google Antitrust Inquiry
  • GM Said to Not Win China’s Approval for Hummer Deal Read the rest of this entry »

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Autos, Banks, Bonuses, Compensation, Credit Suisse, Goldman Sachs, SEC, Short selling

Goldman’s Antigone and the Greek tragedy; Goldman turns to outsiders to help its image problems; Greece PM: “our borrowing needs are covered until mid-March”; Toyota’s incriminating memo; Arnold says the “worst is over”; No bonus for RBS chief; Abbey Road studio no longer for sale

Posted by WSF On February - 22 - 2010
  • The Woman Behind Greece’s Debt Deal
  • Goldman’s rehab
  • Greece PM: Borrowing Needs Are Covered Until Mid-March
  • Greece Said to Have Arranged Swaps With 15 Banks
  • Toyota boasted it saved $100M with limited recall
  • Arnold Schwarzenegger Says “Worst Is Over” for Recession
  • No Bonus for RBS Chief Read the rest of this entry »

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WSF

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

Bailout for Greece said to be on the way but not done deal yet; More charges for Raj Rajaratnam, and he’s ordered to turn over wire tap tapes; Soros says Greece will do whatever they have to to stay euro member; Morgan Stanley has been hearing from large shareholders on pay issue; UBS clawing back some bonuses, and they’re facing more tax evasion allegations; Toyota and now Honda recalls

Posted by WSF On February - 10 - 2010
  • Germany Weighs Greek Support in Pre-Summit Switch
  • Judge Orders Galleon Defendants to Release Tapes
  • Galleon’s Raj Rajaratnam Faces More Charges in New Indictment
  • Soros Is ‘Confident’ Greece Will Stay in Euro Region
  • Morgan Stanley Gets Earful on Pay
  • UBS: Investigating Tax Evasion Allegations From German Client Read the rest of this entry »

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Bonuses, Compensation, George Soros, Hedge funds, Insider Trading, Morgan Stanley, Taxes, UBS

Danielle Chiesi speaks, claims there’s no chance she’ll do time and says “it’s an honor and privilege” to stand with Rajaratnam; Hedge funds in a Euro shorting spree; Would Greece asking for help send the ‘wrong signal’?; Barclays CEO disses the Volcker Plan; Judge questioning B of A SEC settlement (again), Price at peril?; UBS ups bonus pool by 34% (as its clients pull more money); Mired in Fannie and Freddie; Toyota recalling 437K hybrids

Posted by WSF On February - 9 - 2010
  • Confident Chiesi breaks silence
  • Galleon Tipper Goel Pleads Guilty, Says Rajaratnam Got Secrets
  • Traders in record bet against the euro
  • Greece Says Call for Aid Would Send ‘Worst Signal’
  • Barclays CEO Says U.S. Plans ‘Bad’ for Global Rules
  • Judge Questions Bank of America’s New Deal With S.E.C.
  • BofA’s Price may need to be sidelined
  • UBS Increases Bonus Pool 34% to 2.9 Billion Francs Read the rest of this entry »

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Autos, Barclays, Bonuses, Compensation, Hedge funds, Insider Trading, Politics, SEC

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

$100M Bonus for Goldman’s Blankfein? Can $GS really be that tone deaf?; Morgan Stanley gonna hire lots of traders!; This year bankers were pariahs at Davos; Obama unveils new budget with record deficit, his new jobs bill might cost $100B; Citigroup selling Private Equity unit?; Pandit pins faith on growth in Europe; TARP’s Barofsky proes up 41% last Q

Posted by WSF On February - 1 - 2010
  • Goldman Sachs and the $100 million question
  • M Stanley to recruit hundreds of traders
  • Obama 2010 budget projects new record for deficit
  • Obama’s Jobs Bill May Cost $100 Billion, Spokesman Gibbs Says
  • Bankers at Davos Face Global Ire
  • Gorman aims to strike a balance
  • Citigroup Said to Plan Sale of $10 Billion Private-Equity Unit
  • Pandit puts faith in overseas growth strategy
  • TARP’s Barofsky Increased Probes 41 Percent in Fourth Quarter Read the rest of this entry »

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Barack Obama, Bonuses, Citigroup, Compensation, Goldman Sachs, Lloyd Blankfein, Morgan Stanley

Goldman bankers should expect to be paid in stock this year; DeTARPing Bank of America sells shares; Citigroup getting left behind; Bernanke has a tough day but probably gets his second term; Feds probed Rajaratnam ten years ago but came up empty; Looking for new revenue, Democrats propose Wall St. transaction tax; More deck chair rearranging at GM

Posted by WSF On December - 4 - 2009
  • Goldman bonuses to be in shares amid effort to quell public anger
  • BofA sells $19.3 billion of securities for TARP repay
  • Bank of America’s $19.3 Billion Is Biggest U.S. Sale Since 2000
  • Bernanke May Get Second Term at Fed Shorn of Bank Supervision
  • Citigroup Said to Need Treasury Stake Sale Before TARP Payment
  • Citigroup Stands Alone
  • Rajaratnam Investigated Decade Ago
  • Geithner says need to cut budget deficit
  • Wall Street Transaction Tax Proposed by Democrats Read the rest of this entry »

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Autos, Bank of America, Ben Bernanke, Citigroup, Fed, Goldman Sachs, Hedge funds

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

Breaking up is hard to do: B of A having more problems rounding up a CEO; Bernanke said to have support by Banking panel majority; SEC getting busy with more insider trading probes; TARP warrant auctions on tap; Henderson ousted; Rothstein charged in $1.2B Ponzi scheme; Merrill sued; FTC studying aid to news organizations; Poll shows November consumer pessimism

Posted by WSF On December - 2 - 2009

  • BofA Breakup Is New Snag in CEO Hunt
  • Bernanke to defend his record and the Fed’s
  • Bernanke Has Support of Majority of Senators on Banking Panel
  • SEC Steps Up Insider-Trading Probes
  • U.S. Taxpayers May Reap $3.17 Billion in TARP Warrant Auctions
  • GM fires CEO Henderson. The board wants an outsider.
  • Rothstein Charged in Ponzi Scheme
  • Wells Fargo to shut 122 branches in state
  • Merrill Sued by Client in Hong Kong Over $13 Million in Losses Read the rest of this entry »

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Autos, Bank of America, Ben Bernanke, Fed, Insider Trading, Revolving Door, SEC

Big talent drain at Goldman says Whitney; Small businesses dialing for Goldman dollars; Former Galleon #2 guy emerges as another Galleon ring link; Citadel looking to bounce back from dreadful ‘08; Geithner: “This credit crunch is not over”; Lehman creditors’ claims $824M so far; Thain for B of A CEO? We’d bet not; Mack says more regulation ok with him; Chrysler may ax 145 dealers

Posted by WSF On November - 19 - 2009
  • Whitney Says Goldman Sachs Lost ‘Tremendous’ Talent
  • Small Businesses Turn to Goldman
  • New Link Seen in Galleon Insider-Trading Case
  • Geithner: ‘The credit crunch is not over’
  • A Hedge-Fund King Comes Under Siege
  • Lehman Brothers Creditors File $824 Billion in Claims
  • Thain self be true
  • Morgan Stanley’s Mack Welcomes Regulation by Fed Read the rest of this entry »

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Bank of America, Credit Crunch, Goldman Sachs, Hedge funds, Insider Trading, Politics, Revolving Door

Bernie & Ruth’s personal loot fetches $900K; Did B of A strong arm Uncle Sam into making Merrill loans?; Lots of hedge funds still below high water mark and won’t get paid; Fixed income the key to UBS turnaround?; Deutsche Bank CEO on global banking regulation; Gold hits another record; GM paying some of it’s debt back (but it’s only a drop in the bucket)

Posted by WSF On November - 16 - 2009

  • Madoff’s ‘Prisoner’ Watch, Mets Jacket Boost $900,000 N.Y. Sale
  • Madoff’s ill-gotten gains sold off
  • Bank of temerity
  • Hedge Funds Struggle
  • UBS’s Debt Trading, Cause of Near Collapse, Is Key for Revival
  • Deutsche Bank CEO Calls For Careful Global Bank Regulation
  • Gold hits record on weak dollar, technical momentum
  • JPMorgan Said to Be in Talks to Buy Remainder of Cazenove Stake
  • Sands to Put Macau Focus On Foreigner
  • GM Said to Repay Government $6.7 Billion Sooner Than Required Read the rest of this entry »

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Bank of America, Bernie Madoff, Hedge funds, Legal

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

GMAC has its hand out again; Pay Czar increased base pay at TARP firms; Home price gains may be fleeting; Icahn’s rival CIT restructuring plans; Will consumers open their purses for the holiday shopping season?; Ford leaves Chrysler and GM in the dust

Posted by WSF On October - 28 - 2009

  • GMAC Asks for Fresh Lifeline
  • Pay Czar Increased Base Pay at Firms
  • Dem bill urges new US powers over financial firms
  • U.S. home price gains may not be sustainable: Shiller
  • Fears of a New Chill in Home Sales
  • Icahn Sets Out to Derail CIT’s Revamp Read the rest of this entry »

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Compensation, Credit Crunch, WSF

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 »

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WSF

Twisting the pay knife is sure to empty the TARP bank hallways of senior talent; Small business may want to think twice about getting into bed with Uncle Sam’s new loan program (look how well it’s working out for TARP banks!); Rattner defending auto bailout even though taxpayer money has been pissed away; Credit Suisse profits; Stanford’s blowout sale; Good news for Lehman clients whose money has been held hostage

Posted by WSF On October - 22 - 2009
  • U.S. to cut pay for bailed-out bosses
  • Wall Street Pay Cuts Stoke Debate About Washington’s Reach
  • Obama Announces Small-Business Lending Push
  • Rattner defends rescue of automakers, says some money is gone
  • Credit Suisse Posts 3Q Net Pft On Invest Banking Read the rest of this entry »

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WSF

A third of Wall Streeters expect higher ‘09 bonuses; Pay czar cutting cash pay to rescued firms; Stiglitz sees “irrationally exhuberant” market; Goldman’s CIT loan talks; More private bankers for JPM; Nomura doubling US headcount; SocGen doing a rights offer; Fed’s Fisher sees double dip unlikely; Gold keeps chugging upward; Chrysler’s management upheavals; Holiday retail sales gonna suck?

Posted by WSF On October - 6 - 2009
  • One-Third of Wall Street Workers Expect Bigger Bonus This Year
  • Pay Czar Targets Salary Cuts
  • Stiglitz Says Markets ‘Irrationally Exuberant’ About Recovery
  • Goldman Sachs In Talks With CIT On $3B Loan
  • JPMorgan U.S. private bank to add jobs
  • Nomura to double headcount in the US
  • SocGen sets rights issue to repay state, make buys
  • Fed’s Fisher Says U.S. Probably Won’t Face Double-Dip Recession Read the rest of this entry »

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