Wall Street Folly

Not everyone thinks that Goldman Sachs is the devil incarnate — some MBAs even still want to work there; Three Galleon orphaned employees are adopted by Soros, Citadel; UBS has a new employee ethics code; Robert Kissel’s ‘milkshake murder’ wife is appealing her conviction; Ex Merrill banker won’t face Enron retrial

Posted by WSF On January - 12 - 2010
  • Goldman Sachs Still Shines for MBAs Who Ignore ‘Hype’
  • Soros, Citadel Hire Hedge-Fund Analysts From Galleon
  • UBS Lays Out Employee Ethics Code
  • Murdered Merrill Banker’s Wife Appeals Her Conviction
  • Ex-Merrill Banker Bayly Won’t Be Retried in Enron Barge Case Read the rest of this entry »

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Citadel, George Soros, Goldman Sachs, Hedge funds, MBA, Revolving Door, UBS

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

Jamie Dimon Op Ed: Let big banks grow and fail; Now here’s a shocker: Barofsky says TARP will cost taxpayers money (Thanks auto companies!); Duh: Pay czar “very concerned” that pay limits backfiring; Charities like the Robin Hood Foundation are cheering the return of the bonus; The nasty fine print on Citadel redemptions; B of A: Corzine hasn’t met with them, unclear if he’s going back to Wall Street; Playboy has potential buyers; Spitzer sidesteps hookers in his ethics speech

Posted by WSF On November - 13 - 2009

  • Jamie Dimon Op Ed: No more ‘too big to fail’
  • Barofsky Says TARP ‘Almost Certainly’ Will Bring Loss to U.S.
  • Pay czar backtracks
  • Robin Hood Says ‘Hell Yeah’ to Recovery Led by Goldman Bonuses
  • Corzine to Aid Christie Transition, Has No Post-Governor Plans
  • Citadel’s Moment for Redemption
  • Eliot Spitzer Avoids Talk of Hookers in Harvard Ethics Speech
  • Buffett Says U.S. Should Put Pressure on CEOs of Rescued Firms
  • Two potential buyers closing in on Playboy Read the rest of this entry »

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Bonuses, Compensation, Eliot Spitzer, Goldman Sachs, Hedge funds, Hookers, JPM Chase, Jamie Dimon

Deutsche Bank bankers should have a merrier holiday this year with nice pay boosts; Citadel’s investment banking head bolts; Sheila Bair remains critical of financial reform plans; Maybe Paterson won’t be running for governor after all; Chuck Schumer has a fan in porn personality Robin Byrd who donated $500 to his cause

Posted by WSF On October - 29 - 2009

  • Deutsche Bank Boosts Banker Pay After Record Sales and Trading Share Business Exchange
  • Citadel Securities Head D’Souza Leaves After a Year
  • F.D.I.C. Chief Criticizes Reform Plan
  • Tanking Gov. Paterson may ‘reassess’ his election bid
  • Sex show host Robin Byrd forks over $500 to Sen. Schumer’s campaign Read the rest of this entry »

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Bonuses, Compensation, Hedge funds, Politics, Revolving Door, Sex

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

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

Warren Buffett loves his Chinese tailor; Goldman Sachs’ ‘embarrassing’ riches?’; 300-ish Credit Suisse bankers could bank large; Citigroup cutting back branch banking footprint?; California sell$8.8B debt sale a success; Citadel credit business expanding next month; Blackstone’s Jenkins says PE ain’t dead and will “thrive”; Nomura’s $5.6B stock sale

Posted by WSF On September - 24 - 2009
  • Omaha’s Oracle of Style Sings the Praises of a Chinese Suit
  • ‘Damage’ control
  • Credit Suisse bankers poised for pay-out
  • Citigroup Will Pare Back to Six Major U.S. Cities
  • Griffin’s Citadel Securities to Unveil Credit Team in October
  • California sees big demand for $8.8 billion in short-term debt
  • Blackstone’s Jenkins Says Buyout Firms to Thrive, Debt Limited Read the rest of this entry »

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Goldman Sachs, Hedge funds, 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 »

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WSF

NY State claiming bankrupt Lehman owes it $627M in taxes; Flash orders facing extinction?; Economists up 2H GDP forecasts; Centaurus’ John Arnold expected to urge gas market changes; Citadel to return $$$; Four of top clunker deal cars are foreign; GM looks to defend market share; NJ credit outlook cut; Trump deal challenge?; Paula Abdul leaving American Idol (at least as of now)

Posted by WSF On August - 5 - 2009
  • New York Seeks Millions in Tax From Lehman
  • Ban on Flash Orders Is Considered by SEC
  • Economists Upgrade Second-Half GDP Forecasts
  • Two Traders Will Urge Changes in Gas Market
  • Citadel to Return $250 Million After Funds Gain 44%
  • Sontag Said to Leave Merrill as Krawcheck Is Hired
  • Gruebel Says Fixing UBS’s Investment Bank May Take Until 2010 Read the rest of this entry »

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WSF

Greenspan and Geithner on economic growth; Roubini says commodity prices might rise in ‘10; Goldman’s reputation has taken a hit according to FT survey; Banks profiting at Fed’s expense?; BarCap’s Diamond: Writedowns are “past the worst”; No fine for UBS?; Citadel a primary dealer for Euro govt bonds?; Microsoft’s Bing gains more share; FCC wants info on AAPL’s rejection of GOOG app

Posted by WSF On August - 3 - 2009
  • Greenspan Says 2.5% Growth Possible in Third Quarter
  • Housing could take another turn downward: Greenspan
  • Transcript: Treasury Secretary Timothy Geithner and Alan Greenspan
  • Roubini Says Commodity Prices May Rise in 2010
  • Wall Street profits from trades with Fed
  • Goldman Sachs’ reputation tarnished Read the rest of this entry »

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WSF

Cerberus apologizes and gives investors a menu of unappetizing redemption options; TARP watchdogs say taxpayers getting screwed on wt valuation; SEC: CA IOUs to be treated as securities; UBS not backing down; AIG bonus issue is back; Madoff won’t appeal; Citadel sues software firm in Goldman code download mess; GM bankruptcy exit

Posted by WSF On July - 10 - 2009
  • Contrite, Cerberus Looks to Appease Its Investors
  • Cerberus Partners Fund Being Restructured
  • TARP Watchdog Challenges Treasury On Warrant Repayments
  • SEC calls for Calif. IOUs treated as securities
  • California IOUs Spurned as Schwarzenegger State Shutdowns Begin
  • AIG Seeks Clearance to Release Bonuses
  • Citadel Group Sues Ex-Executives for Contract Breach Read the rest of this entry »

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WSF

Renaissance’s Simons’ retirement plans on hold, will he sell a chunk of his company?; Citadel and Canyon make up losses with converts; Jabre’s fund is up 30% in 09; Oaktree raisng more money for distressed; Spence School’s Druckenmiller fund investment leads to downgrade

Posted by WSF On June - 11 - 2009

  • Renaissance’s Simons Delays Retirement Plans
  • Canyon, Citadel Ride Convertibles Resurgence to Recoup Losses
  • Jabre Says Funds Rose 30% in 2009 After Shunning ‘Safe’ Stocks
  • Oaktree Back In Market Again As It Continues To See Distress
  • Spence School Debt Downgrade Triggered by Druckenmiller Stake Read the rest of this entry »

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Hedge funds, WSF

Forbes billionaires list: The hedge funders and private equity guys

Posted by WSF On March - 12 - 2009

FINalternatives has culled through the Forbes list for all of the alternative investment guys who are represented.  Notably missing: Allen Stanford.  Here's the list:

Read the rest of this entry »

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Citadel, George Soros, Hedge funds, Stephen Schwarzman, Steven A. Cohen, T Boone Pickens, Ted Forstmann, Wilbur Ross

CNBC interview with Bethany McLean: “The hedge-fund time bomb”

Posted by WSF On March - 10 - 2009

 

CNBC intervewed Bethany McLean, who penned the must read Vanity Fair piece entitled "The hedge-fund time bomb: Over the hedge"

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Citadel

Really oogly: Citadel’s main fund was down some 53% in 2008

Posted by WSF On January - 7 - 2009

Bet Ken Griffin is glad 2008 is mercifully over:

Citadel Investment Group's main hedge fund lost 53% for 2008, according to a person familiar with Citadel's preliminary estimates.

The $10 billion Kensington and Wellington funds lost about 9% during the first 24 days of December, punctuating the toughest year yet for Citadel founder Ken Griffin. That came after a 13% loss in November. In 2007, the fund was up 30%

A bright spot this year was Citadel's $3 billion market-making family of funds, which ended 2008 up about 43%, according to preliminary estimates.

Main Citadel Hedge Funds Dropped Estimated 53% In '08 – DJ Newswires

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Citadel, Hedge funds

Citadel locks the gates on its two largest funds that have lost nearly half their value this year

Posted by WSF On December - 12 - 2008

Citadel, Ken Griffin, hedge funds, halt withdrawals, locks the gate

With its two largest funds taking nearly 50% hits year to date through December 5 and investors looking to cash out $1.2 billion, Citadel is suspending redemptions until at least 3/31/09 according to a letter to investors signed by Ken Griffin.  Citadel will pick up “a substantial portion” of the funds' expenses, which usually are passed on to investors and generally amount to 3-4% of assets.  It's holding cash of around 25-30% of assets.

Read the rest of this entry »

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Citadel, Credit Crunch, Hedge funds

More misery for Citadel predicted for December on leveraged loan declines

Posted by WSF On December - 10 - 2008

Ken Griffin, Citadel, leveraged loans, credit crunchThat's what the NY Post is suggesting:

Though we're only 10 days into the month, sources said a drop in the value of leveraged loans might further pinch Griffin's Chicago-based hedge fund, whose Kensington and Wellington flagships have shed $10 billion year-to-date – nearly half their value.

On Wall Street, both Griffin's friends and foes are closely watching the health of the firm. The worry is that an escalating crisis might trigger another tidal wave of trouble for the market, given the hedge fund's size and scope….

Citadel also issued letters last Friday to Kensington and Wellington investors offering them a one-time chance before the end of the year to invest in its well-performing, market-making Tactical fund. That may serve as little consolation to investors who've been pummeled by the flagship funds' losses, though.

Citadel Buffeted By December Storm Warning – NY Post

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Citadel, Credit Crunch

Citadel is closing its Tokyo office and won’t be making Asian principal investments

Posted by WSF On December - 8 - 2008

Citadel, logo, credit crunchMore belt tightening news coming from the shrinking-by-the-day Citadel:  It's shuttering its Tokyo office as well as its Asian principal investments operations.  The remaining businesses will be run out of its Hong Kong office.

Read the rest of this entry »

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Citadel, Credit Crunch, Revolving Door

House Oversight Committee hearing opening statement transcripts: John Paulson, Phil Falcone, Ken Griffin, Jim Simons and George Soros

Posted by WSF On November - 13 - 2008

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Citadel, George Soros, Hedge funds, Politics

Nice gratuitous book plug, George

Posted by WSF On November - 13 - 2008

We're listening to the House Oversight Committee testimony of the hedge fund bigs, including George Soros, Jim Simons, John Paulson, Phil Falcone and Ken Griffin.  Soros just came up to bat as the first speaker.  And he plugs his new book.

LOL

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Citadel, George Soros, Hedge funds, Politics

Hedge fund bigs have a date with the House Committee on Oversight and Government Reform on Thursday

Posted by WSF On November - 10 - 2008

Harbinger's Phil Falcone, Citadel's Ken Griffin, Paulson & Co's John Paulson, RenTech's Jim Simons and George Soros have a date with congress on Thursday, as they become the latest group on the hot seat to face what's likely to be some hostile questions. 

Read the rest of this entry »

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Citadel, George Soros, Hedge funds, Politics

Citadel shuttering $1 billion fund of funds

Posted by WSF On October - 30 - 2008

More pain for Ken Griffin's Citadel: The firm is shutting down Fusion, its $1 billion fund of funds which was set up only last year.  Instead of investing in hedge funds, the remaining funds will be shifted to another business that funds new managers.

“We have seen strong interest in the incubation and seeding strategies that we've developed,'' Katie Spring, a spokeswoman for Chicago-based Citadel, said today in an e-mailed statement. “We believe these will be important components of expanding investment talent over the years to come.

About 95 percent of the money in the Fusion fund of hedge funds is Citadel's and is set to be reinvested in a unit that helps finance new asset managers. The remaining 5 percent is from outside clients and will be returned.

Citadel to Wind Down $1 Billion Fund, Shift Capital – Bloomberg

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Citadel, Hedge funds

Greenspan ‘found a flaw’ in his ideology; Bair on loan guarantees / foreclosure; Lehman bankruptcy fees could eclipse Enron; Citadel’s Ken Griffin on hedge fund industry challenges

Posted by WSF On October - 23 - 2008

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Citadel, Credit Crunch, Hedge funds

Round up the usual suspects: Over 50 hedge funds supoenaed

Posted by WSF On July - 15 - 2008

According to the Wall Street Journal the SEC has subpoenaed over 50 hedge
funds in their quest to find out if there were false rumors spread, leading to
the demise of Bear Stearns and the plunge in Lehman Brothers shares.  The
firms subpoenaed may or may not be the focus of the probe; they were asked for
information regarding their trading in the securities of BSC and LEH, as well as
correspondences between hedge funds and others.  Reportedly among the
names: SAC Capital and Citadel. 

Hedge Funds Subpoenaed in SEC Probe – Wall Street Journal

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Citadel, Hedge funds, SEC, Short selling

Trader Monthly’s 5th Annual Top 100 Highest Earning hedge fund manager list is out….

Posted by WSF On April - 7 - 2008

And no suprise here, John Paulson, who shorted sub-prime related issues in arguably the best trade in history, tops the list at $3 billion plus….

To make the top 100, you had to make at least $75 million….

Here’s the top 10:

Read the rest of this entry »

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Citadel, Hedge funds, Steven A. Cohen

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