Wall Street Folly

• 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

• 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 »

Tags: Autos, Bonuses, Chrysler, CIT, Compensation, Czars, Economy, Fed, Gold, Goldman Sachs, JP Morgan, Nomura, retailers, Societe Generale

• 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

• Decade of Debt: $9 Trillion
• Stephen Roach Op Ed: The case against Ben Bernanke
• US says debt outlook worsening
• Bank of America Judge Calls SEC Response ‘Puzzling’
• Senator Edward Kennedy dies at 77
• Hedge Funds’ Holdings in Financials: $70 Billion
• Sarkozy to Deny Work to Bankers Bucking Bonus Rules
• Temasek Steps Back From Singapore Inc. Read the rest of this entry »

Tags: Bank of America, Ben Bernanke, Chrysler, deficits, Fed, Hedge funds, National Debt, Nicolas Sarkozy, Obituaries, Politics, SEC, USPS

• U.S. pay czar says he can “claw back” exec compensation
• Citigroup May Shift Phibro Trader Hall’s Pay to Stock From Cash
• Chances Dim for a Public Plan
• Barclays £30 million offer sparks City pay row
• JPMorgan calls for BarCap scrutiny
• France Seeking Ban on Guaranteed Bonuses for Bankers
• Failed Banks Weighing on FDIC
• UBS to name 5,000 accounts under U.S. deal: paper
• UBS Tax Crackdown Widens to Hong Kong Read the rest of this entry »

Tags: Autos, Barack Obama, Barclays, Bonuses, Chrysler, Citigroup, Compensation, FDIC, Health, JP Morgan, Politics, UBS

• 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

• Obama Adviser Says U.S. Should Mull Second Stimulus
• Not the Bair Minimum
• Big Banks Don’t Want California’s IOUs
• Regulator may tighten rules on commodities speculation
• Nomura has Lehman’s old crown in sight
• High-Yield Heyday Has Mostly Passed Read the rest of this entry »

Tags: Autos, Bankruptcy, Barack Obama, California, Chrysler, GM, Headline Roundup, High yield, Lehman Brothers, Nomura, Politics, Sheila Bair

• California misses budget deadline, readies “IOUs”
• Tepid offers for BofA asset manager
• Citi raises card rates on millions
• U.S. Plan to Sell TARP Warrants Will Favor Banks, Wilson Says
• Goldman Gotcha Read the rest of this entry »

Tags: Autos, Bank of America, California, Chrysler, Citigroup; Fed, GM, Headline roundup; Goldman Sachs, SEC, TARP, Walmart

• Madoff’s Prosecutors Recommend 150 Years or at Least Life
• Buffett Lunch Meeting Draws $1.68 Million Donation to Charity
• Stanford to Spend Weekend in Jail, Waits for June 29 Hearing
• Wary Banks Hobble Toxic-Asset Plan
• Bond Dealers Say Worst Over as Demand Soars at Treasury Sales
• UK: Recession ‘worse than thought’ Read the rest of this entry »

Tags: Allen Stanford, Autos, Bernie Madoff, Chrysler, GM, Headline Roundup, TARP, Warren Buffett

If you want to piss of Fiat boss and the new head of Chrysler, Sergio Marchionne, put together a really long PowerPoint presentation, or give long winded problem explanations. According to an ex-Fiat Automotive News source: Read the rest of this entry »

Tags: Autos, Chrysler, Sergio Marchionne

Fox Business News wonders where the very scarce auto czar Steven Rattner has been hiding himself and they propose seven ways to smoke him out (Dog the Bounty Hunter, anyone?).  Neil Cavuto proclaims him harder to find than Ferris Bueller. And then Ben Stein reprises his famous “Bueller? Bueller? Bueller? Bueller?” line from the movie, but inserts “Rattner? Rattner?” instead. It’s pretty funny….

Tags: Autos, Barack Obama, Ben Stein, Chrysler, Czars, Fox Business, GM, MIA, Politics, Steven Rattner, Videos

• Banks Fleeing TARP Face $5 Billion Warrant Repayment
• Marchionne Has Dual Task of Reviving Chrysler, Keeping Fiat Fit
• Fed Says Downturn May Be Moderating Amid Weakness
• Overseer to Set Executive Pay at Rescued Companies Read the rest of this entry »

Tags: Chrysler, Compensation, Czars, Fed, Fiat, TARP

It’s over.  No love from the Supreme Court for the Indiana state pension funds that tried to block the Chrysler asset sale to Fiat.   We still believe that the secured creditors were completely robbed.

Late Tuesday, the Supreme Court turned down the opponents’ last-ditch bid. The court issued a brief, unsigned opinion explaining its action. To obtain a delay, or stay, someone must show that at least four of the nine justices find that the issue raised is serious enough to warrant hearing a full appeal and that a majority of the court will conclude the lower court decision was wrong.

“The applicants have not carried that burden,” the court said.

Supreme Court to let Chrysler sale go forward – AP

Tags: Autos, Bankruptcy, Barack Obama, Chrysler, creditors' rights, highway robbery, Politics, SCOTUS

Not so fast: A small window of hope has opened that long held legal rules may still actually mean something.  The Supreme Court has stayed, at least temporarily, the sale of Chrysler assets to Fiat.  No time frame was noted in Ruth Bader Ginsburg’s order.

Tags: Autos, Bankruptcy, Barack Obama, Chrysler, creditors' rights, Politics, Supreme court

• 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

The stay has been extended to June 8 (Monday) to allow what sounds like a likely appeal to the Supreme Court.

Tags: Asset Sale, Autos, Bankruptcy, Barack Obama, Chrysler, creditors' rights, Fiat, Legal, Politics, Supreme court, UAW

Last night super lawyer David Boies talked to Charlie Rose.  While he came on the show to discuss Proposition 8, at around the 12:46 mark the discussion veered to economics where he had some interesting remarks.  They talked about AIG, which he thinks is just going to “dribble away” with not enough money for even the government to get fully repaid.  And of the Chrysler secured lenders, he thinks they’re getting screwed.

Tags: AIG, Charlie Rose, Chrysler, David Boies, GM, Legal

Future scape goat?: The New York Times focused on Brian Deese, a 31 year old who interrupted his Yale law school studies to work for Obama and who ultimately found himself on his auto task force.  They say he’s “emerged as one of the most influential voices” behind Obama’s restructuring game plan.  With a build up like that, we know who they’re gonna be point the finger at if it fails…..

Read the rest of this entry »

Tags: auto task force, Autos, Bankruptcy, Barack Obama, Chrysler, creditors' rights, GM, Politics

• The Obama Motor Co.
• ‘New GM’ Products Face Triple Market Challenge
• What’s GM worth?
• GM Filing Pits UAW Against Investors
• GM’s Bankruptcy Plan Wins Support From Majority of Bondholders
• Germany Picks Magna to Buy Opel; 11,000 Jobs May Go
• Auto Suppliers Brace for Blow of GM Bankruptcy
• Chrysler Judge Plans to Rule June 1 on Asset Sale to Fiat Group
• Opponents of Chrysler Sale Fight to the End in Court

Read the rest of this entry »

Tags: Autos, Bankruptcy, Barack Obama, Chrysler, Economy, GM, Politics

Tags: Autos, Bankruptcy, Chrysler, Distressed, GM, Jon Stewart, Videos

The Non-TARP lender group is apparently smaller today than it was before the filing.  Sounds like the bad publicity made some of the holders shy, not to mention that they could have also owned CDS and didn’t want to have to make such a disclosure.  Excerpts from the filing, shown in its entirety below:

3. White & Case has represented, at various times prior to today, other Senior Lenders who have elected for various reasons to withdraw from the Chrysler Non-TARP Lenders, and is aware of other Senior Lenders who have not consented to the current proposal made by the Debtors to the Senior Lenders but who have declined to join the Chrysler NonTARP Lenders, as a consequence of concerns stemming from publicity of these chapter 11 cases. Each of the Chrysler Non-TARP Lenders will lose money for their investors based on the current proposal made by the Debtors to the Senior Lenders.

4. None of the Chrysler Non-TARP Lenders hold any credit default swaps or hedges with respect to their holdings of Senior Debt. Read the rest of this entry »

Tags: Autos, Bankruptcy, Barack Obama, Chrysler, creditors' rights, Non-TARP lenders, Politics, TARP

Obama’s money pit:  We kind of thought that the point of lending bailout money was to get a return on it, or at the very least to get all or most of it back. But those deep thinking gurus in D.C., in charge of doling out our taxpayer funds to temporarily prop up ailing companies don’t seem to be doing so well on our behalf.  Turns out that the funds that were lent to Chrysler just months ago, not to mention what we’ve just lent them days ago to see them through their bankruptcy, won’t be paid back. Gone. *Poof*  All that we’ll have to show for it is a not even 10% Chrysler equity stake, of questionable value, if the firm somehow manages to survive.  And that’s a big IF.

So all in all, along with the nonTARP senior lenders, we the taxpayers are getting screwed royally in the deal. And we didn’t even have the chance to file an objection with the bankruptcy judge.  So who reaps the benefit? Obama and his cozy relationship with the UAW that we’ve all now apparently subsidized. If we really wanted to lose money that badly, we could have put it with Bernie Madoff.

And Joe Biden tells us that paying taxes is patriotic? *COUGH* Read the rest of this entry »

Tags: Bankruptcy, Barack Obama, Chrysler, creditors' rights, Politics, Screwed, TARP, UAW

CNBC just reported that Judge Gonzalez ruled that the Non-TARP Chrysler lenders can’t have their names filed under seal;  They have to reveal them by tomorrow.  So much for that request.

Tags: Autos, Bankruptcy, Barack Obama, Chrysler, creditors' rights, NonTarp Lenders, TARP

More talk about the heavy handedness of the Obama regime, as well as how the “propaganda” has led to death threats to members of the Non-Tarp Lenders…..

Here are some excerpts as well as the full filing: Read the rest of this entry »

Tags: Autos, Bankruptcy, Barack Obama, Chrysler, creditors' rights, NonTarp Lenders, Politics, TARP

Excellent reads: Here are the bankruptcy court filings made yesterday and this morning by the Chrysler NonTARP Lenders objecting to the flawed and unfair plan that tramples all over creditors’ rights.  Read the rest of this entry »

Tags: Bankruptcy, Barack Obama, Chrysler, creditors' rights, NonTarp Lenders, UAW