Bankruptcy | Wall Street Folly

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 »

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

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

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 »

Tags: AIG, Alvarez & Marsal, Bankruptcy, Bears, Fees, Lehman Brothers, Marc Faber, Tim Geithner, U.S. Treasury; Bailout

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

Lehman examiner files sealed report on banks’ role in the firm’s downfall – he wants it public; DE Shaw is looking to pick off rival hedge funds’ distressed portfolios; A look at the SEC and the team that’s tasked to prevent another Madoff; Ex-Morgan Stanley banker Zaoui may put out his own shingle

Posted by WSF On February - 9 - 2010

Lehman Brothers Examiner Files Sealed Report on Role of Banks
DE Shaw mobilises team to buy distressed assets of fund rivals
S.E.C. Enforcers Focus on Avoiding Madoff Repeat
Ex-Morgan Stanley Banker Zaoui Said to Weigh Own Firm Read the rest of this entry »

Tags: Bankruptcy, Bernie Madoff, DE Shaw, Distressed, Hedge funds, Lehman Brothers, Morgan Stanley, SEC

Banks, Bernie Madoff, Hedge funds, SEC

Massachusetts Senate vote upset in the making? Turnout is key; Bonuses for Credit Suisse Senior UK managers getting hit by UK tax; Banks divided over new Obama tax, legal fight possible; Citigroup Earnings fail to impress; AIG looking to lower bonus payments; Berkshire Hathaway Baby B’s may soon more affordable; Warren Buffett’s Berkshire stake now below 25%; Kraft and Cadbury in a now friendly deal; Conan O’Brien said to be nearing $40M deal to leave, zip lip

Posted by WSF On January - 19 - 2010

Turnout Is Key in Massachusetts Battle
Credit Suisse Cuts Bonus Pool to Spread Costs From U.K. Taxes
Wall Street May Seek to Sway Congress by Hiring Top Lawyer
US investment banks divided over levy
Citigroup Reports 2009 Full Year Managed Revenues(1) of $91.1 Billion and Expenses of $47.8 Billion
AIG Tries to Defuse Bonus Pay Showdown
Berkshire Nears Smaller Baby Bs
Buffett Cuts Berkshire Stake Below 25% on Rail Deal, Charity Read the rest of this entry »

Tags: AIG, Bankruptcy, Barack Obama, Berkshire Hathaway, Bonuses, Citigroup, Compensation, Credit Suisse, Mergers, Politics, Taxes, UK, Warren Buffett

AIG, Bankruptcy, Banks, Barack Obama, Bonuses, Citigroup, Compensation, Credit Suisse, Politics, WSF, Warren Buffett

Tepper leads the hedge fund winners; Morgan Stanley reshuffles senior management again; 85 year old legend Marty Whitman stepping down from Third Avenue fund; 2009 saw the big rise of the quickie bankruptcy; Credit Suisse gets sued; Greece may borrow from banks; NYC real estate prices are down but buyers are coming back; Silicon Valley office building ‘bloodbath’; TCW liquidates ousted Gundlach’s treasury fund; Mesa Air Chapter 11; There were THREE white house party crashers, not two

Posted by WSF On January - 5 - 2010

Tepper Turns Panic to Profits With $6.5 Billion Hedge Fund Gain
Morgan Stanley Shuffles Leadership
Third Avenue co-chief investment officer steps down
The Quickie Bankruptcy
Suit Over Resorts Hits Credit Suisse
Greece May Borrow Privately Through Banks This Month
Plunging home prices pull Manhattan buyers back in
Silicon Valley ‘Bloodbath’ Leaves Entire Office Buildings Empty Read the rest of this entry »

Tags: Appaloosa, Bankruptcy, Credit Suisse, Dave Tepper, Hedge funds, Junk Bonds, Lawsuit, Marty Whitman, Morgan Stanley, Real Estate

Bankruptcy, Credit Suisse, Hedge funds, Lawsuit, Morgan Stanley, Real Estate

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 »

Tags: Autos, Bank of America, Bankruptcy, Chrysler, Citadel, Credit Crunch, Fed, Galleon, Gold, Goldman Sachs, Hedge funds, John Thain, JP Morgan, Ken Griffin, Lehman Brothers, Meredith Whitney, Merrill Lynch, Politics, Raj Rajratnam, Revolving Door, Tim Geithner

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

Video: Sam Zell talks to Bloomberg TV #SamZell #Tribune #Bankruptcy

Posted by WSF On October - 28 - 2009

Bloomberg TV interviewed the always candid Sam Zell earlier today. We still think he’s one of the smartest guys in the room, Tribune clinker purchase nothwithstanding:

On looking back at the purchase of the Tribune company:

DEIRDRE BOLTON (Bloomberg): Can we ask you if you regret this decision? Is this the worst business decision you ever made?

SAM ZELL: It’s certainly the most amount of money I’ve ever lost in a single deal. But the answer is -

BOLTON: So if you could turn back time….

ZELL: If you could. It’s like maybe I should have married somebody else.

Note: embedding has been disabled, you have to watch it at Youtube

Tags: Activists, Bankruptcy, Sam Zell, Tribune

Activists, WSF

Big banks not feeling so generous to Obama; Email: Did Fed tell B of A shares would gain on Merrill deal?; Ex-Bear fund manager supposedly said he was putting more $$$ into fund; Lehman bankruptcy fees continue to rise; Icahn’s $6B CIT rescue; Einhorn hugging his gold, says banks like JPM should shrink; Mark Green on Bruce Wasserstein; Will Blagojevich’s Apprentice role taint jury?; NY Times cutting 100 reporters; Polanski won’t get bail

Posted by WSF On October - 20 - 2009

Wall St. Giants Giving Little to Obama Party Fund-Raiser
Bank of America Was Told U.S. Aid May Help Shares, E-Mail Shows
Bear Manager Tannin Allegedly Said He Was Putting Money in Fund
Lehman Fees for European Insolvency Work Climb to $363 Million
Icahn Floats $6 Billion CIT Rescue
Einhorn Says U.S. Should Make JPMorgan, Wells Shrink
Einhorn shorts US ’short-term thinking’ Read the rest of this entry »

Tags: Bankruptcy, Barack Obama, Bear Stearns, Bruce Wasserstein, Carl Icahn, CIT, David Einhorn, Greenlight Capital, Hedge funds, Lehman Brothers, NY Times, Political Contributions, Politics, Ron Blagojevich

Hedge funds, WSF

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

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 »

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

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 »

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

WSF

Dodd doesn’t “rule out the possibility of government intervention financially” in $CIT; $NYT front page focuses on high frequency trading; Some $JPM bankers said to be getting salary bumps in ‘10; Buffett banking on $GS; Bloomberg’s gf asked to join Citi board; Amaranth makes a deal with FERC to settle charges; MSFT, AMZN disappoint

Posted by WSF On July - 24 - 2009

Dodd Says U.S. Shouldn’t Rule Out Helping CIT Avoid Bankruptcy
Traders Profit With Computers Set at High Speed
JPMorgan Said to Increase Some Banker Salaries Starting in 2010
Buffett’s Goldman Stake Pays Richly
Jersey Mayors Stung in Graft Probe
Citigroup asks Fannie Mae director to join board Read the rest of this entry »

Tags: Amaranth, Amazon, Bankruptcy, CIT, Citigroup, Crime, Goldman Sachs, JP Morgan, Legal, Microsoft, Politics, Warren Buffett

WSF

Jamie Dimon to the rescue again?: There’s speculation that JP Morgan may be negotiating to buy struggling CIT’s factoring unit $JPM $CIT

Posted by WSF On July - 17 - 2009

Is Jamie Dimon looking to cherry pick CIT’s profitable factoring unit? There’s speculation that JP Morgan may get involved.: Read the rest of this entry »

Tags: Bankruptcy, CIT, JP Morgan, retailers

Bankruptcy, Jamie Dimon, WSF

Congressional Budget office criticizes health plan; B of A, Citigroup earnings; AIG’s ‘Toxic Pool’; Henry Paulson’s tough day; CIT last gasp efforts to stay out of bankruptcy; CIT bankruptcy could wreak havoc on retailers; Lenders to bid on Delphi; NYC jobless rate hits 9.5%

Posted by WSF On July - 17 - 2009

Budget Blow for Health Plan
Bank of America Profit Drops Less Than Expected on Fee Income
Citigroup Reports Second Quarter Net Income of $4.3 Billion, $0.49 Diluted EPS
AIG Swaps May Take Decades to Expire Leaving a ‘Toxic Pool’
Lawmakers Blast Paulson For His Response to Crisis Read the rest of this entry »

Tags: AIG, Autos, Bank of America, Bankruptcy, CIT, Citigroup, Delphi, GE, Google, Healthcare, Henry Paulson, NYC, unemployment

WSF

Unless there’s a last minute deal, sounds like CIT is Chapter 11 bound; Retailers who rely on CIT’s factoring may have a rough Christmas holiday; Bayou’s Hedge fund fraudster Sam Israel gets 2 more years for his little bail jumping faux suicide incident; SEC charges 11 with insider trading; Madoff’s accountant may plead guilty

Posted by WSF On July - 15 - 2009

CIT Calls Bailout Unlikely, Fueling Speculation of Bankruptcy
CIT woes don’t bode well for holiday
Bayou’s Israel Gets Longer Sentence
Eleven Accused of Insider Trading by SEC
Madoff Accountant Waives Indictment, May Plead Guilty Read the rest of this entry »

Tags: Bankruptcy, Bayou, Bernie Madoff, CIT, fraudster, Hedge funds, Insider Trading, prison, Sam Israel, SEC

WSF

More must see TV: Jon Stewart lampoons the rise and fall of Lenny “Nails” Dykstra on The Daily Show. And he ties it neatly into another a Jim Cramer mockfest

Posted by WSF On July - 15 - 2009

This is WAY too funny. Jon Stewart gets two lampoons in for the price of one on last night’s ‘The Daily Show’. He looks at Lenny Dykstra’s rise and fall, from his days as a brainless foul mouthed jock (what the hell was he chewing?….classy!) to financial guru living the high life in his multi-million dollar estate to bankrupt delusional. And then Stewart ties it up with a big bow mocking his old buddy Jim Cramer who’s shown ridiculously and earnestly praising Dykstra on his show as “A guy who is applying the same skills to money that he applied to sports. It’s brilliant!”….”Not only is he sophisticated but he is one of the great ones in this business”.

Don’t miss this one. It’s pretty hilarious.

Yesterday’s Daily Show ‘must see tv’

Tags: Bankruptcy, delusionals, financial gurus, Jim Cramer, Lenny Dykstra, Sports, Videos

Bankruptcy, Jim Cramer, Videos, WSF

Geithner optimism; Increased Fed powers under attack; Small business getting the healthcare plan shaft; California credit rating takes another hit; Justice Dept derivatives probe focusing on Markit; B of A trying to get Merrill investment bankers who bailed back?; DeTARPED JP Morgan’s tougher stand; Chrysler Financial repays TARP loan; GM ex-CEO makes a pay deal

Posted by WSF On July - 15 - 2009

Geithner sees signs of US and global recovery
Coalition to attack plan for Fed powers
Small Business Faces Big Bite
California Credit Rating Lowered Again as Budget Talks Progress
U.S. Tightens Its Derivatives Vise
Bank of America Said to Court Former Merrill Bankers Read the rest of this entry »

Tags: Autos, Bank of America, Bankruptcy, California, Chrysler, CMBS, Derivatives, Fed, GM, Intel, JP Morgan, Politics, TARP, Taxes, Tim Geithner, U.S. Treasury

WSF

Justice Department investigating CDS market?; Congress may face trading curbs; Long overdue: SEC scrutinizing credit rating agencies; Did NY Probe take down auto czar Rattner?; Goldman sold $700M in stock during market meltdown; Fortress in loan refinancing discussions; Bankruptcy for Chicago Cubs?

Posted by WSF On July - 14 - 2009

Credit Swaps Investigated by U.S. Justice Department
Congress Mulls Trading Curbs for Its Own
SEC’s Schapiro Eyes Credit-Rating Firms
NY Probe May Have Stalled Rattner
Fortress Clashes on Both Sides of Talks Read the rest of this entry »

Tags: Bankruptcy, Blackrock, CDS, Fortress, Politics, SEC

WSF

Bankruptcy schadenfreude: Lenny Dykstra files chapter 11 and TMZ gloats a bit

Posted by WSF On July - 9 - 2009

The Ex-Met star turned entrepreneur filed Chapter 11, listing assets less than a paltry $50K and liabilities of between $10 – $50 million. Read the rest of this entry »

Tags: Bankruptcy, Lenny Dykstra, Schadenfreude, Sports, TMZ

Bankruptcy, WSF

To reappoint Bernanke or not?; Cyber attacks on big U.S. sites; Wagoner is still at GM, exit package in the works; Salida Capital won $1.68M Buffett lunch; Lehman bankruptcy $263M fees; 13 RE pros indicted in alleged mortgage fraud; Subprime bites again; CIT downgrade; Murdoch reporters phone hacking???; Twitter profit potential dissed at Allen conference; Jackson farewell ratings huge

Posted by WSF On July - 9 - 2009

White House Ponders Bernanke’s Future
Cyber Blitz Hits U.S., Korea
Exit Package for Wagoner in Works
GM Will Exit Bankruptcy With $48 Billion in Debt
Buffett eBay Auction Was Won by Canadian Firm
Lehman Pays Its Bankruptcy Advisers $262.6 Million for 9 Months Read the rest of this entry »

Tags: Autos, Bankruptcy, Ben Bernanke, Ebay, Fed, GM, Lehhman Brothers, Real Estate, Rupert Murdoch, SEC, Subprime, Twitter, Warren Buffett