Wall Street Folly

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

Obama will detail new bank tax plan on Thursday (fees that the banks will no doubt pass on); Get the popcorn ready: Bankers all set to get smacked around today as they testify before the latest congressional inquisition panel; Galleon tipper uncloaked; Rajaratnam slams the “cherry picked” wiretapped recordings; High frequency trading in the SEC spotlight; Thain talking to CIT; Google could exit China; Apple’s Steve Jobs still a bargain at $1 / year

Posted by WSF On January - 13 - 2010
  • 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 »

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Barack Obama, Bonuses, China, Compensation, Goldman Sachs, Google, Hedge funds, Insider Trading, JPM Chase, Jamie Dimon, Lloyd Blankfein, Morgan Stanley, Politics, SEC, Steve Jobs, Taxes

Looks like TARP program gonna be extended; Greek finance minister says country won’t default; Istithmar lost control of W Hotel; Nomura won’t extend fixed Lehman bonuses; Morgan Stanley reshuffling; Apollo stock offering; Barclays denies $5B Lehman windfall; AIG General Counsel may leave over pay flap; CIT emerging from bankruptcy; Tiger’s ads have disappeared

Posted by WSF On December - 9 - 2009

  • Geithner Said to Be Seeking TARP Extension Until Next October
  • Greece Finance Minister Says No Risk of Default
  • Jackson’s (W)Hole
  • Morgan Stanley reshuffles to take on Goldman
  • Morgan Stanley Ousts Petrick as Trading Chief, Promotes Porat
  • Nomura to wind down Lehman fixed bonuses
  • Apollo Investment plans to sell 10 million shares
  • Barclays Says Lehman Brokerage Sale Gave It No ‘Secret’ Gain
  • AIG General Counsel Kelly May Depart After Protesting Pay Limit
  • Judge Approves CIT Group’s Restructuring Read the rest of this entry »

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AIG, Bankruptcy, Barclays, Goldman Sachs, Sports, Tim Geithner

Fed lays down the law on bonuses to big banks; Buffett buying all of $BNI; Barclays in major restructuring; RBS and Lloyds getting $51B second bailout; Galleon: Ruiz exiting his job; UBS loss; SCOTUS hearing mutural fund fee case; California budged chief bolting; CIT chapter 11 could hit smaller retailers

Posted by WSF On November - 3 - 2009

  • Mack, Blankfein Said to Meet Fed Officials on Pay
  • Fed tells banks to adopt pay rules early
  • Berkshire Buys Burlington Northern in Buffett’s Biggest Takeover
  • Press Release: Berkshire Hathaway Inc. to Acquire Burlington Northern Santa Fe Corporation (BNSF) for $100 Per Share in Cash and Stock
  • Barclays Rejigs Management in Major Restructuring
  • RBS, Lloyds Get $51 Billion in Second Bank Bailout
  • Executive quits in Galleon case
  • Bernanke Housing Gamble May Bring Pressure to Extend Fed Aid
  • UBS Reports Fourth Consecutive Loss on Debt Charge
  • Justices tackle case on investment fees Read the rest of this entry »

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Barclays, Bonuses, Compensation, Fed, Goldman Sachs, Warren Buffett

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

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 »

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Hedge funds, WSF

Large banks losing clout in D.C.; Blackstone having trouble raising $$$ for new LBO fund?; Barclays chairman warns on perils of over regulation; Credit Suisse selling Canary Wharf building; Oil sets one year high and backs off; London real estate getting jiggy again; Nobel chairman taking heat; Jay Leno not helping NBC affiliates

Posted by WSF On October - 19 - 2009
  • Big financial firms losing power on Capitol Hill
  • Fade to blackstone
  • Barclays chief warns on regulation
  • Credit Suisse to sell Canary Wharf building
  • Crude Oil Retreats After Reaching One-Year High Above $79
  • CBOE Takeover May Have to Wait for Settlement of Ownership Suit
  • London Agents ‘Sold Out’ as Home Asking Prices Jump to Record Read the rest of this entry »

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WSF

Goldman beats estimates — was there ever any doubt?; Tough branding job: A kinder, gentler Goldman?; Citi’s itty bitty profit; R.I.P. Bruce Wasserstein, he’ll be a tough act to follow; Calpers’ ‘Pay to Play’ mess; ‘Twas inevitable: SEC gets sued by Madoff Scamee; Bear Stearns trial duel: Cioffi defense says tapes will help; prosecutors claims they lied

Posted by WSF On October - 15 - 2009
  • Goldman Sachs Net Beats Estimates on Trading, Investment Gains
  • Press release: Goldman Sachs Reports Third Quarter Earnings Per Common Share of $5.25
  • Goldman Sachs Bonus Stigma May Overshadow Charitable Endeavors
  • Goldman’s Soft Sell: Its Warm, Fuzzy Side
  • Press release: Citigroup Reports Third Quarter Net Income of $101 Million
  • Wasserstein Dies, Leaves Deal-Making Legacy
  • Lazerd Press Release: Lazard Chairman & CEO Bruce Wasserstein, Age 61, Dies
  • Wasserstein role will be hard to fill Read the rest of this entry »

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WSF

JP Morgan earnings beat; Wall Street expects record pay!; B of A emails cite pressure from U.S.; Geithner aides banked; AIG bonuses; Paulson investing $78M in Conseco; Ex-Citadel manager starting a new hedge fund; UBS European asset mgt shake up; Bloomberg buying BusinessWeek; Intel beats

Posted by WSF On October - 14 - 2009
  • JPMorgan Third-Quarter Profit Surpasses Analysts’ Estimates
  • Wall Street On Track To Award Record Pay
  • London Bonuses May Rise or Match 2008 Payouts, McKinley Says
  • BofA Emails Show Pique at U.S. Over Dividends
  • Geithner Aides Reaped Millions Working for Banks, Hedge Funds
  • AIG Advised to Limit Its Next Round of Bonuses
  • AIG Execs Returned $19M Of $45M In Pledged Repayments 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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WSF

CDS hedge: If CIT fails, Goldman banks; Sheila Bair wants no one to invest in banks (she wants secured creditors to take hits!); Audit faults U.S. assessment of bank health during crisis; Roubini skeptical on stocks’ rise; HSBC CEO scared of another downturn; Saudi prince wants orderly U.S. Citigroup sale; BofA speeding up CEO search process; internal clash?; Lehman paydown plan; September retail sales to foreshadow holiday sales?

Posted by WSF On October - 5 - 2009
  • Goldman to be paid $1bn if CIT fails
  • Goldman purchase puts CDS in focus
  • Bair Says Secured Creditors Should Help Pay for Bank Failure
  • U.S. Lost Credibility by Saying Banks Were Healthy, Audit Says
  • Roubini Says Stocks Have Risen ‘Too Much, Too Soon, Too Fast’
  • HSBC chief fears a second downturn
  • Saudi prince urges U.S. to sell Citigroup stake: report
  • BofA to Select Emergency CEO
  • Lewis departure sparks BofA internal clash Read the rest of this entry »

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WSF

Op Ed: Meredith Whitney sees more problems; Does John Thain really think that Lewis’ exit will repair his tattered reputation? (Can you spell ‘Commode’?); Lewis “combative mother******”?; The search for a successor; Citadel’s banks from high frequency trading; Lehman: Improper payment to Fed?; CIT starts exchange; GE *IS* in talks over NBC Universal

Posted by WSF On October - 2 - 2009
  • Meredith Whitney Op Ed: The Credit Crunch Continues
  • Revenge of Thain
  • Who Can Take Charge at Bank of America?
  • BofA lines up candidates to replace chief
  • BofA Directors Scramble To Lay a Succession Plan
  • High-Frequency Gain: Citadel Unit’s $1 Billion
  • Fed Draws Court’s Eyes in Lehman Bankruptcy
  • CIT Starts Exchange Offer to Cut At Least $5.7 Billion of Debt Read the rest of this entry »

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WSF

The big question: Who will be Ken Lewis’ successor; his resignation letter to the troops; Tension at JPM: NY vs London investment banking; Forbes super rich listers are less rich; CIT prepack option; KKR finally goes public; ‘Comcast deal for NBC Universal’ denied; Leno guest pool smaller thanks to rival networks?

Posted by WSF On October - 1 - 2009
  • For Bank of America’s Dealmaker, One Deal Too Many?
  • Ken Lewis farewell memo
  • He’s not even cold
  • A look at potential successors to Lewis
  • Lewis departure catches BofA board off guard
  • J.P. Morgan Hopes to Heal N.Y.-London Lacerations
  • Super rich are $300 billion lighter
  • CIT Draws Up Bankruptcy Option Read the rest of this entry »

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WSF

John Mack favors worldwide uber-regulator; Reports ream SEC; FDIC to be in red til 2012?; Fed’s Plosser says its not time for policiy shift; Hedge funds sweet on sugar; Clock ticking for CIT, Barclays, Citi offer them financing; JP Morgan shuffle; FDIC fees for 4 banks including B of A could top $10B; States’ tax revenues slide; GM ends short lived Ebay online sales experiment

Posted by WSF On September - 30 - 2009
  • Morgan Stanley’s Mack Proposes Single Global Bank Regulator
  • In Harsh Reports on S.E.C.’s Fraud Failures, a Watchdog Urges Sweeping Changes
  • Bank-Bailout Fund Faces Years in Red as Failures Jolt System
  • Fed’s Plosser: Not time yet to shift policy
  • Hedge funds find new sweet spot in sugar
  • J.P. Morgan Shuffles Executives
  • CIT in Last-Ditch Rescue Bid
  • Citi, Barclays offer financing to CIT Read the rest of this entry »

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WSF

U.S. claims “direct proof” against ex-Bear Stearns hedge fund managers; G-20 pay limits would hurt Citi and B of A most; Ohio may go after B of A for billions over Merrill deal; SEC looking at new securities lending rules; UBS chief forecasts its own health; John Paulson mulling merging CIT with IndyMac; JPM Inv banking co-CEO leaving; Stanford moved to new digs after scuffle; AIG’s Cassano is back in U.S.

Posted by WSF On September - 29 - 2009
  • U.S. Says It Has ‘Proof’ of Crimes by Cioffi, Tannin
  • Banker-Pay Limits May Hurt Most at Citigroup, Bank of America
  • BofA Sued by Funds Over Merrill
  • FDIC Prepayment Likely for Banks
  • SEC Weighs New Rules for Lending of Securities
  • UBS chief forecasts return to health in a year
  • Paulson’s plan
  • JPMorgan’s Winters to Leave; Staley Will Run Investment Bank
  • Cassano is back in US
  • BNP Paribas To Reimburse Aid With Rights Issue Read the rest of this entry »

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WSF

Wells Fargo close to de-TARPing, without an equity offering; New AIG CEO wants half off IPO fees; New 450 page Madoff tome from Inspector General coming out; Troubled Philadelphia gets $275M short term loan from JPM to pay vendors; CIT to defer 9/15 interest payment; Kerviel gets 2 month trial reprieve; Hospitalized Stanford back in jail; Kozlowski looking for prison out; Tea parties face record cost

Posted by WSF On September - 2 - 2009
  • Wells to Return $25 Billion To U.S. Without Stock Sale
  • AIG CEO Benmosche Says He Wants to Halve Wall Street’s IPO Fees
  • Madoff Details, and Property, on Tap
  • BofA TARP payment splits analysts
  • Cash-poor Philly borrows $275 million to pay vendors
  • CIT Will Defer an Interest Payment
  • Morgan Stanley’s Partnership Plan
  • Kerviel Wins Two-Month Reprieve in SocGen Case as Probe Halted Read the rest of this entry »

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WSF

Toxic loans could push 150 banks over the edge?; Fed wants to know how CIT is gonna survive; Warren Buffett’s derivatives valuation; Steve Schwarzman’s 2007 equity grants put him at the top of highest paid CEOs (Why are equity grants included?); Krawcheck has good timing with $1M B of A stock buy

Posted by WSF On August - 14 - 2009
  • Toxic Loans Topping 5% May Push 150 Banks to Point of No Return
  • Fed Pressures CIT for Survival Plans
  • CIT gives New York Fed oversight of restructuring
  • Berkshire Sheds Light on Valuation Process
  • Bank of America Wins Order on Colonial Bank Assets
  • Schwarzman’s $702 Million Tops List of Best-Paid Executives
  • Report on the 10 top-paid U.S. CEOs
  • Krawcheck buys $1 million Bank of America stock Read the rest of this entry »

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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 »

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WSF

Risk fee coming for banks?; Pelosi says she has the votes to jam health plan through; Berkshire cut Moody’s stake; AIG bonuses on hold; Credit Suisse earnings; Danny Pang indicted; SEC proposes pay-to-play restrictions, and orders Ex-CEO of CSK Auto to return his bonus; CIT may do prepack after debt swap; Ford loss smaller than expected; Amazon buying Zappos

Posted by WSF On July - 23 - 2009
  • Obama Indicates He’s Willing to Consider Risk Fee for Banks
  • Pelosi Says She Has Votes to Pass House Health Plan
  • Berkshire Hathaway reduces stake in Moody’s
  • AIG Held Off Bonuses Planned for Last Week
  • Goldman Relents, but Not Chase
  • Credit Suisse Profit Rises 29% on Gains From Trading Read the rest of this entry »

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WSF

Financial regulation overhaul may be stalling; Will California’s financing band-aid make things worse?; GE Capital to exit FDIC debt insurance plan; CIT passed on $2B GE Cap loan?; $MSFT ends CIT relationship; Credit ratings firm overhaul; Dimon cashes in on options; Nardelli back to Cerberus

Posted by WSF On July - 22 - 2009
  • Doubts Slow Financial Regulation Overhaul on Capitol Hill
  • Budget Agreement Deepens California’s Pain
  • GE Capital Approved for Plan to Exit FDIC-Backed Debt
  • CIT Said to Have Spurned $2 Billion Secured GE Loan
  • Microsoft Terminates Its Financing Relationship With CIT Group Read the rest of this entry »

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WSF

There’s finally a deal in California; CIT lifeline still doesn’t fix the problem; Obama looking to give auto parts makers some help; D.B. Zwirn’s ex ceo sues for defamation; Will Back to School shopping season be a bust?

Posted by WSF On July - 20 - 2009
  • California Lawmakers, Governor Strike Deal on Budget
  • CIT may be saved – but now what?
  • Obama Seeks Ways to Aid Auto-Parts Makers, Locke Says
  • Ex-CFO Sues D.B. Zwirn, Founder For Defamation
  • Back-to-School Shoppers Plan to Spend Less, Save More Read the rest of this entry »

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WSF

CIT thrown a lifeline; New report claims banks misused TARP $$$; Rahm Emanuel won’t be attending $JPM board meeting contrary to $NYT report; New Citi private investment group problems; Fortress has a new CEO; How’s Bernanke gonna keep rates down?; Recession easing says survey; KKR merging to still go public

Posted by WSF On July - 20 - 2009
  • Bondholders Plan CIT Rescue
  • Bailout Overseer Says Banks Misused TARP Funds
  • In Washington, One Bank Chief Still Holds Sway
  • White House chief of staff declines JPMorgan invite
  • Citi’s Latest Snag: Froman’s Funds Read the rest of this entry »

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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 »

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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 »

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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 »

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