Wall Street Folly

More Galleon witnesses were wired; Smarter money: Just as it was with short sellers, now it’s all CDS traders’ fault’ Barclays wants U.S. retail bank; Dubai World debt talks progress; More preying on Madoff victims; Business Coalition getting more vocal in Obamacare opposition; SEC economist said to be leaving after Short Sale rules conflict; Apollo said to be buying Citigroup real estate unit; Google launches web apps store

Posted by WSF On March - 10 - 2010
  • More Wore Wires in Bid to Investigate Inside Trades in Galleon Case
  • Swaps Come Under Fire
  • Barclays on the Hunt for a U.S. Retail Bank
  • Dubai Made Progress in Debt Talks, U.K. Minister Says
  • Internet hustlers go after Madoff victims
  • Obama’s Health-Care Push Gets Challenge From Business Coalition
  • SEC Economist Leaving Amid Short-Sale Rules Conflict Read the rest of this entry »

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WSF

Morgan Stanley’s Roach sees China bubble talk as “overblown”; Greece PM to press Obama to curb those nasty speculators (as if THEY’RE the problem); Nomura’s golden handcuffs on ex-Lehman bankers will soon expire; Madoff’s victims who don’t like loss calculations can appeal to 2nd Circuit; Employers still nervous about hiring; Amazon DKs Colorado affiliates over tax issue

Posted by WSF On March - 9 - 2010
  • Morgan Stanley’s Roach Sees ‘False Alarm’ on China
  • Greece to Press U.S. to Crack Down on ‘Speculators’
  • Lehman Bankers’ Lock-Ins to Expire at Nomura
  • Madoff victims may appeal directly to 2nd Circuit
  • Employers still skittish on hiring
  • Amazon cuts off Colo. affiliates because of tax Read the rest of this entry »

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Barack Obama, Bernie Madoff

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

John Mack thinks investment bankers get paid too much; Name of shame: Mark Madoff’s wife and kids are changing their last names to “Morgan”; Appaloosa getting active in Stuyvesant Town

Posted by WSF On February - 25 - 2010
  • Morgan Stanley’s Mack Says Investment Banker Pay Still Too High
  • Madoff Daughter-in-Law Seeks to Change Name After Death Threats
  • Appaloosa Seeks to Join Lawsuit Over Stuyvesant Town Read the rest of this entry »

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Bernie Madoff, Bonuses, Compensation, John Mack, Morgan Stanley, Real Estate

China ups reserve ratio; Ex-Goldman programmer indicted; Raj Rajaratnam wins one; Bank of America judge has more questions over their proposed SEC settlement; Prosecutors going after Madoff brother, sons over tax fraud; Madoff aide gets bail

Posted by WSF On February - 12 - 2010
  • China Hikes Reserve Ratio Amid Brisk Loan Growth
  • Programmer Indicted in Theft of Goldman Software
  • Rajaratnam Wins Ruling Postponing Wiretap Turnover
  • Bank of America Judge Poses 8 Questions on SEC Accord
  • Prosecutors Set Sights on Madoff Kin
  • Madoff Aide DiPascali Granted Bail Pending Sentencing Read the rest of this entry »

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Bank of America, Bernie Madoff, Goldman Sachs, Hedge funds, Insider Trading, SEC

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 »

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Banks, Bernie Madoff, Hedge funds, SEC

Derivatives probe: SEC asks John Paulson for info on his winning subprime bets; B of A going on broker hiring spree, it’s bonus pool is over $4B; Dodd knocks Obama’s Wall Street regulation plan;’ Volcker Rule’ meeting resistance; Wire wearing Slaine charged in Galleon insider trading case; AIG to pay reduced bonuses; Madoff victims’ claims decision on the way

Posted by WSF On February - 3 - 2010
  • SEC asks Paulson fund for information
  • BofA push for 2,000 more retail brokers
  • BofA’s Banker-Pay Pool: $4 Billion
  • Dodd Calls Obama Plan Too Grand
  • Senators cool to ‘Volcker rule’
  • Investor charged in Galleon insider trading case
  • Mole Who Wore Wire In Galleon Case Is Identified
  • Despite Critics, AIG Sets Bonuses Read the rest of this entry »

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AIG, Bank of America, Bernie Madoff, Hedge funds, Insider Trading

The spotlight is on Paul Volcker; Will banks find ways around the “Volcker Rule”?; CDS on Euro banks rising; UK’s Madoff Securities won’t face criminal charges; Madoff lieutenant giving up his home; Free checking at Citi through 2010; NY Senator Chuck Schumer’s poll numbers sinking

Posted by WSF On February - 2 - 2010
  • Bankers in Davos Seek a United Message on Volcker Rule
  • Banks Gear Up for a Battle
  • Volcker Looms Larger as Support for Bernanke Strengthens Ties
  • Volcker sees markets more fragile without reforms
  • Bank Debt Swaps Exceed Corporate Insurance by Most Since Lehman
  • Madoff Securities Won’t Face Charges in London Criminal Probe
  • Madoff Aide DiPascali Agrees To Forfeit Home, Personal Property
  • Citibank to Keep Free Checking Accounts Through 2010 Read the rest of this entry »

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Barclays, Bernie Madoff, CDS

Friedman says Goldman had no advantage while he was at NY Fed; Steve Schwarzman: Banker bashing could hurt recovery; From Davos: Banks said to have mixed feelings over Obama plans; Peter Madoff getting the criminal probe treatment; Madoff creditors getting $220M more in settlement; Felix Rohatyn going back to Lazard

Posted by WSF On January - 28 - 2010
  • Goldman’s Friedman Says He Didn’t Favor Bank at Fed
  • Blackstone CEO Says Banker Bashing Risks Recovery
  • Obama Divides Davos With Proposal to Curb Size of Banks
  • Madoff brother subject of criminal probe
  • Madoff Trustee Reports $220 Million Accord With Levy Family
  • Citigroup Said to Have Short List of Bidders for Property Unit
  • Rohatyn Rejoining Lazard As Special Adviser To CEO Read the rest of this entry »

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Banks, Barack Obama, Bernie Madoff, Citigroup, Fed, Goldman Sachs

Goldman Sachs said to have pulled the plug on its Global Equity Opportunities Fund; Barclays chairman tells bankers to stop whining and STFU; Mayor Bloomberg critical of Obama’s bank plan and congress; Bernie Madoff’s co-op has a buyer

Posted by WSF On January - 22 - 2010
  • Goldman winds down flagship hedge fund
  • Barclays chairman Marcus Agius tells bankers not to complain
  • ‘Populist’ prez bonks the banks
  • A bid for Bernie’s luxe apt. Read the rest of this entry »

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Barclays, Bernie Madoff, Goldman Sachs, Hedge funds

Kumar may sing for Feds against Raj Rajaratnam; AIG’s departing general counsel getting fat severance (we can hear the protest screams already); Madoff is back in prison after his high blood pressure treatment; Taxpayers now own a majority stake in GMAC; Fannie Mae / Freddie Mac cap lifts pissing off both sides of the aisle; More howls over UK bonus tax; Ex JP Morgan banker / embezzler, living in Buenos Aires and sponging off family, won’t defend himself vs JPM lawsuit

Posted by WSF On December - 31 - 2009
  • Ratting against Raj
  • AIG Said to Give Departing Lawyer $3.8 Million in Severance Pay
  • Madoff Returned From Hospital to Medium Security Cell
  • U.S. takes majority stake in GMAC, giving lender $3.8 billion more in aid
  • Freddie and Fannie cap lift draws anger
  • Bonus Tax May Drive Financial Firms Out of the U.K., BBA Says
  • Ex-Banker Arbizu Says He Won’t Respond to JPMorgan’s Lawsuit Read the rest of this entry »

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Bernie Madoff, Hedge funds, Insider Trading, JPM Chase, Politics

Henry Kravis has Warren Buffett envy; A year later Madoff “is the godfather, the don” behind bars; Goldman cash bonuses will make bottom line look nicer; UK hedge funds not part of supertax; Lawyers scramble to find supertax loopholes; Moody’s says U.S., UK not threatened with downgrades (yet); Ex-UBS banker is a fugitive; Merrill squawk box broker gets probation

Posted by WSF On December - 11 - 2009

  • Bernie Madoff, the $19B Con, Makes New Friends Behind Bars
  • Buyout Pioneer Kravis Aims to Remake KKR Like Buffett
  • Goldman Sachs Bars Cash Bonus for Top Officers
  • Goldman Sachs Stock Bonus Plan to Defer Compensation Expense
  • UK: Revenue to clarify bonus rules
  • UK: Lawyers search for loopholes in supertax
  • Moody’s Analyst: No Threat To US, UK Triple-A Ratings Now
  • Ex-UBS Banker, Swiss Lawyer Declared U.S. Fugitives Read the rest of this entry »

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Bonuses, Compensation, Goldman Sachs, Hedge funds, Legal

Dubai tensions seem to be easing; AIG closes on 2 debt for equity swaps with NY Fed; Investor who put money with Madoff 6 days before collapse slapped down; GE/Vivendi agree on NBC stake value; A 180: Jim Cramer retreats on stock transaction tax; Did SEC staffers being probe to see if they “committed acts of negligence”; CBOE demutualization close?

Posted by WSF On December - 1 - 2009
  • U.A.E. Leaders Try to Ease Concerns Over Dubai
  • Dubai World in Talks on $26 Billion of Debt, Rest Is ‘Stable’
  • AIG closes debt for equity deal with NY Fed
  • Madoff Investor Rosenman Loses Bid to Recover Assets
  • GE, Vivendi Agree on $5.8 Billion Value for NBC Stake
  • Cramer reverses his stance on stock-trade levy
  • SEC Watchdog Eyes Insider Trading Probe
  • Carlyle Group sued over collapsed fund
  • CBOE to demutualise ‘within days’ Read the rest of this entry »

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AIG, Bernie Madoff, Carlyle, Jim Cramer, SEC

Dubai debt problems roil world markets; Mobius says it may trigger that correction; UBS says Dubai’s debt could be greater than $80B; Dubai creditors may just have to suck it up; UBS whistle blower looks for a billion dollar payoff for ratting; Focus on Feinberg takes heat off of Obama administration?; UBS/E&Y say Madoff claims against them “vague”;

Posted by WSF On November - 27 - 2009
  • Dubai Shows Limits of Government Rescues, Roubini’s Das Says
  • Mobius Says Dubai May Trigger Markets ‘Correction’
  • Dubai Debt May Be Higher Than $80 Billion, UBS Analysts Say
  • Dubai creditors have little option but to accept the hand they’ve been dealt
  • Abu Dhabi Commercial Said Owed $1.9 Billion by Dubai
  • Ex-UBS Banker Seeks Billions for Blowing Whistle
  • Feinberg Stumping Helps Obama, Geithner Skirt Public’s Pay Ire
  • UBS, Ernst & Young Call Claims in Madoff Case ‘Vague’ Read the rest of this entry »

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Bernie Madoff, Sovereign wealth funds, UBS

All in the family: Raj wasn’t the first Rajaratnam to be under scrutiny; Raj says he’s innocent, wiretaps illegal; Benmosche staying at AIG, signs noncompete; Lehman creditors seeking “judicial assistance” to get info; UBS, Ernst sued over Madoff; A Madoff victim’s quest for trustee probe denied; Hedge funds rebound

Posted by WSF On November - 25 - 2009

  • Rajaratnam’s Brother Drew Scrutiny
  • Galleon Chief Attacks Government’s Case Against Him
  • Galleon Sells Commercial Bank, Sri Lanka Shares, Regulator Says
  • Benmosche Reaffirms His Commitment to Leading AIG
  • AIG’s Benmosche Signs Noncompete Deal
  • Lehman Creditors Want Barclays Data From U.K.’s FSA
  • Madoff Victim’s Proposed Probe of Liquidator Denied
  • UBS, Ernst & Young Face Test Cases Over Madoff Funds
  • Hedge funds set for rebound to pre-crisis level Read the rest of this entry »

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AIG, Bernie Madoff, Credit Crunch, Hedge funds, Legal, Revolving Door

Obama’s AIG headache; Pinpointing when Madoff’s scam started key to loss calculations; Madoff trustee’s big fee bill; Hedge funds, others trapped in Lehman closer to getting $$$; Fed said to be looking for deTARPing plans; Apollo still looking for NYSE listing; Nomura fined over mismarking; If Murdoch papers, others bolt to Bing, will Google take a hit?; GM return plan “a scam”?

Posted by WSF On November - 24 - 2009
  • AIG’s Rescue Bedevils U.S.
  • Start Date Is Critical in Ponzi Plan
  • Madoff liquidator seeks fees of $22.1m
  • Fed Said to Ask Stress-Tested Banks to Submit Plans on TARP
  • Billions in Lehman accounts unfrozen
  • Black’s Apollo Revives Plan for New York Stock Exchange Listing
  • U.K. Bankers Chafe Under the Microscope
  • Nomura Fined $2.9 Million for Mis-marking Derivatives
  • Murdoch courts trouble if he blocks Google on news Read the rest of this entry »

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AIG, Bernie Madoff, Carl Icahn, Casinos, Fed, Fees, Legal, Politics

Apologies for their credit crisis role and millions to assist small businesses from Goldman; Report says that if AIG collapsed, yes, Goldman would have been screwed; B of A’s Moynihan skewered in congressional testimony; Some Citigroup execs get big stock grant; Bernie Madoff’s boats sail away for $2M; Gold hits another record; Foiled Trump settles for AC casino stock consolation prize

Posted by WSF On November - 18 - 2009

  • Report Rebuts Goldman’s Claim on AIG
  • Goldman, Buffett Establish $500 Million Small-Business Program
  • It’s BofA-foonery!
  • Citi Pays Forese, Gerspach, Volk $11.7 Million Shares
  • Boats seized in Madoff scandal sell for $2 million
  • Gold hits record near $1,150/oz as dollar slips
  • Geithner, Bernanke, Schapiro Met Panel Probing Financial Crisis
  • Paulson Hedge Fund Sees BofA Almost Doubling by End of 2011
  • Trump Abandons Casino-Control Bid Read the rest of this entry »

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    Bank of America, Bernie Madoff, Citigroup, Credit Crunch, Goldman Sachs, Hedge funds, Politics

    Lehman is suing Barclays over windfall profit; FDIC getting buried under foreclosed real estate; Geithner getting heat over AIG payments; TARP can’t save all banks; You may have to repay some of that stimulus tax credit you may have received; Buffett’s latest 13F disclosures; Paul Allen has Lymphoma; Wachovia coluld lose Madoff claim; Ackman buys more McDonalds, GMAC CEO ousted

    Posted by WSF On November - 17 - 2009
    • Lehman Sues Barclays Capital
    • America’s Newest Land Baron: FDIC
    • Geithner under fire over AIG payments
    • Audit Is Critical of N.Y. Fed in AIG Bailout
    • New York Fed under fire over crisis bank payments
    • TARP Can’t Save Some Banks
    • Millions may have to repay part of stimulus tax credit
    • Buffett’s Berkshire Discloses Exxon, Nestle Stakes
    • Microsoft Co-Founder Treated for Lymphoma Read the rest of this entry »

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    AIG, Barclays, Wachovia, Warren Buffett

    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

    Uncle Sam, take your job and shove it, who needs the aggravation?: New AIG CEO may quit only 3 months in; Price slashed by $1M on Madoff’s NYC Pad; Picower’s widow wants a deal; Ambac, MBIA the latest to need taxpayers’ helping hand?; Blankfein defending Goldman pay again; Fed’s Fischer warns of possible low growth into ‘11; GM CEO says they can repay loans (we’re not holding our breath)

    Posted by WSF On November - 11 - 2009

    • AIG’s Benmosche Threatens to Jump Ship
    • Madoff Former NYC Penthouse Gets $1 Million Price Cut
    • Picower’s Widow Seeks Madoff Trustee Deal After Filing of Will
    • Goldman chief defends employees’ pay
    • Ambac, MBIA Tumble as Losses May Overwhelm Bond Insurers
    • Fed’s Fisher Says Growth May Be Suboptimal Into 2011
    • Dodd’s reform plan takes aim at the Fed Read the rest of this entry »

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    AIG, Bonuses, Compensation, Goldman Sachs, Lloyd Blankfein, Politics, Revolving Door

    Galleon said to have paid Wall Street some $250M for market ‘colour’, which now may be harder to come by; Pay czar says he’s not looking to expand his turf; He’s no Spitzer — Eric Dinallo isn’t looking to bury Wall Street; Will Lazard be sold?

    Posted by WSF On October - 29 - 2009

    • Galleon paid banks millions for edge
    • Pay Czar Tells House Panel He Wants No Wider Authority
    • Not Running Against Wall St.
    • Future of Lazard remains uncertain
    • Judge delays decision on bail for Madoff aide DiPascali
    • Goldman Sachs Sees 30% Gain for China Stocks Through End-2010
    • Ravitch Says States Face Total Deficits of $500 Billion in 2011
    • K1 Hedge Fund Said to Be Linked to FBI Money-Laundering Sting
    • GM to Draw Down More U.S. Funds
    • Government report expected to mark end to recession
    • Yahoo Returns To Make Its Case To Wall Street
    • Versace to Cut 26% of Workforce, Aims for 2011 Profit Read the rest of this entry »

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    Bernie Madoff, Compensation, Goldman Sachs, Hedge funds, WSF

    Jon Stewart on Bernie Madoff’s prison life (and the Yankees vs the Phillies) #BernieMadoff #JonStewart

    Posted by WSF On October - 27 - 2009
    The Daily Show With Jon Stewart Mon – Thurs 11p / 10c
    NY Yankees & Bernie Madoff’s Prison Life
    www.thedailyshow.com
    Daily Show
    Full Episodes    		 Political Humor Health Care Crisis

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    Bernie Madoff, Videos, WSF

    ‘Smoking gun’ emails won’t be admissible as evidence against ex Bear Stearns hedge fund managers; Greenberg rebuilding new firm, easily picking of AIG employees (Thanks Uncle Sam!); Picower’s lawyer says it was a heart attack that killed him, toxicology not due for weeks; Goldman Sachs defends dark pools, high frequency trading to SEC; McCann finally gets his UBS gig

    Posted by WSF On October - 27 - 2009

    • Judge tosses e-mail in Bear case
    • Ex-A.I.G. Chief Is Back, Luring Talent From Rescued Firm
    • Lawyer: Heart Attack Killed Picower
    • Goldman Sachs Tells SEC Dark Pools, Short Sales Help Cut Costs
    • UBS Taps McCann to Lead U.S. Brokerage
    • Cioffi ‘Upset’ When Told Bear Wouldn’t Permit Florida Loan Lien Read the rest of this entry »

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    AIG, Bear Stearns, Hedge funds, UBS, WSF

    More on Madoff buddy Jeffry Picower’s death: His family’s spokesperson says he had history of Parkinsons, heart disease; autopsy pending; Madoff case gets more complicated with Picower’s early exit

    Posted by WSF On October - 26 - 2009

    Read the rest of this entry »

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    Bernie Madoff

    Another suicide?: One of Bernie Madoff’s biggest fraud beneficiaries found dead in his Palm Beach pool

    Posted by WSF On October - 25 - 2009

    One of Bernie Madoff’s buddies and who had benefited to the tune of billions from the fraud was found dead in his swimming pool.  According to the Palm Beach Post:

    Billionaire Jeffry Picower, 67, whose reputation as a generous philanthropist was sullied when investigators claimed he was a beneficiary of Madoff’s $65 billion Ponzi scheme, was found by his wife and housekeeper shortly after noon at the bottom of the pool at his $28 million South Ocean Boulevard estate. Read the rest of this entry »

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