Wall Street Folly

Spend, spend, spend! Obama adviser suggests more stimulus; Has Sheila Bair overstepped?; Friday deadline — Banks balk at California IOU’s; CFTC considering tighter rules on speculation?; Nomura has lofty sights; High Yield’s best returns over?; AIG: Greenberg’s a liar!; Speed of GM, Chrysler bankruptcies shocks; Soggy June retail sales?

Posted by WSF On July - 7 - 2009
  • 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 »

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Paulson goes to Congress on B of A on July 16; SCOTUS gives states more power over banks; Sotomayor overruled; AIG possible “material adverse effect” over CDS valuation; El-Erian sees no Fed rate rise; Ivy league endowment problems; GM looking for sale ok; Porche / VW battle continues

Posted by WSF On June - 30 - 2009
  • Paulson to testify July 16 to House panel
  • Ruling Adds Teeth to State Oversight of Banks
  • AIG Discloses New Risk on Derivatives Sold to European Banks
  • Pimco’s El-Erian Says Federal Reserve Unlikely to Raise Rates
  • Supreme Court overturns ruling by Sotomayor Read the rest of this entry »

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Bernie Madoff’s day of reckoning; Less than last year’s $2.1M, Buffett’s annual lunch auction still fetched $1.68M; No bail yet for Allen Stanford; Worst over in treasuries?; UK recession ‘worse than thought’; TARP warrants to be sold quickly; BATS dark pool plan; GM looks for end to bankruptcy objections; Pitchman Billy Mays dies

Posted by WSF On June - 29 - 2009
  • 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 »

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WSF

Bernanke on the hot seat over B of A deal; AIG will owe $25B less to Fed with transfer of units; Short interest up; Stanford wants bail; AQR’s new mutual fund; KKR will trade publicly in Europe; Tishman Speyer CA default; Harvard issues 275 pink slips; Toyota sees 2 more tough years

Posted by WSF On June - 25 - 2009
  • Bernanke to Testify as New BofA Details Emerge
  • Lawmaker accuses Fed of “cover-up” in BofA deal
  • Fed Shielded Facts Of Merrill Sale, Republicans Say
  • G.O.P. Expected to Paint Bernanke as Ally of Big Government
  • AIG to Cut Debt to Federal Reserve of New York by $25 Billion
  • Short Selling of S&P 500 Increases for First Time Since March Read the rest of this entry »

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WSF

Fed shakeup of repo market?; World Bank cuts global economic forecast; Gold decline?; Morgan Stanley beating Goldman in M&A; Iceland to get junked?; RBS chief sweet pay deal; Home buy tax credits could rise; Milk prices to double?

Posted by WSF On June - 22 - 2009
  • Push to reduce risks in short-term funding
  • World Bank Cuts Forecast for Global Economy, Developing Nations
  • Gold May Decline in Asia as U.S. Dollar, Equities Strengthen
  • Mack’s On Track: Morgan Stanley Topples Goldman As M&A Leader
  • Hedge Funds Boost Profile in Lobbying
  • Iceland at risk of a ‘junk’ credit rating Read the rest of this entry »

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Western technology helping Iran’s web spying; Fed exit strategies for unwinding economic stimulus?; Global stimulus funds lost to bribes, ther fraud?; Watchdog battles looming; Many job cuts may be permanent; Barclays risky growth path?; Ecuador threatens litigious oil firms with expulsion

Posted by WSF On June - 21 - 2009
  • Iran’s Web Spying Aided By Western Technology
  • Timing, Tools of Fed’s Exit Strategies Come Into Focus
  • Warning of stimulus cash paying for bribes
  • Battle Is Brewing Over Watchdogs
  • Cuts Are Here to Stay, Companies Say
  • Barclays chooses a risky path to growth
  • GM Will Hold Ad Budget Steady Read the rest of this entry »

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Steve Jobs has a new liver; Time for him to step aside?; Citigroup’s most senior Asia exec is quitting to become MasterCard’s President/COO; California’s facing a “multi-notch” downgrade; Two more B of A directors quit; Georgia, NC and Kansas banks fail; GM sale opposition

Posted by WSF On June - 20 - 2009
  • Jobs Had Liver Transplant
  • Apple without Steve Jobs at the helm? Some investors think it’s time
  • MasterCard Hires Citigroup’s Banga as Potential CEO Successor
  • Moody’s warning on California debt stuns state
  • Bank of America’s Prueher and Franks Exit From Board
  • Banks in Georgia, North Carolina, Kansas Closed by Regulators Read the rest of this entry »

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Autos, Bank of America, Citigroup, Steve Jobs, WSF

Feds finally take Allen Stanford into custody; Ex-Merrill bigs wanted to buy firm back; Obama ratings take hit on auto bailouts; CIC looking at more hedge fund investments including Blackstone; Changes for brokers; More banks to be in Libor survey?; SCOTUS makes Ageism harder to prove

Posted by WSF On June - 19 - 2009
  • Stanford Surrenders to FBI in Virginia, Is Taken Into Custody
  • Ex-Merrill trio discussed buying back bank
  • GM, Chrysler Bailouts Trim Obama’s Approval Ratings
  • SEC’s Schapiro Urges Vigilance in Defining Swap Deals
  • Schapiro Says SEC May Force More Disclosure About ‘Dark Pools’
  • CIC Said to Invest $500 Million in Hedge Funds, Blackstone Read the rest of this entry »

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Obama’s approval ratings slipping?; New financial overhaul gets wary reception; Is Sheila Bair a financial overhaul loser?; World Bank ups China’s GDP forecast; Berkshire Hathaway options on CBOE; No sale of MGM Mirage strip casinos due to lowball offers; Eddie Bauer chapter 11

Posted by WSF On June - 18 - 2009
  • Obama’s Approval Rating Slips on Deficit, Intervention Worries
  • Obama Financial Plan Gets Wary Reception From Banks, Lawmakers
  • Sheila’s ‘Bair-ly’ There
  • U.S. Economy: Consumer Costs Fall Most In Six Decades
  • World Bank raises China GDP forecast Read the rest of this entry »

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Is BlackRock getting too big?; Obama sees 10% unemployment rate; National Bank supervisor coming?; California ratings may get cut again; Big payout to Barclays execs under fire; Morgan Stanley wants hedge fund business back; Citi’s investing in Brazilian private equity; The fall of MySpace

Posted by WSF On June - 17 - 2009
  • With BlackRock’s Reach Set to Expand, CEO Defends Money Manager’s Stability
  • Obama Sees 10% Unemployment Rate, Chides Wall Street Critics
  • Obama backs repeal of tax on personal cellphones
  • White House Reg Plan Would Create National Bank Supervisor
  • California’s credit rating may get cut further
  • Shareholder backlash at Barclays’ £380m payout to fund managers Read the rest of this entry »

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Banks, Barack Obama, Barclays, Blackrock, Hedge funds, Morgan Stanley, Politics, WSF

Obama Financial Markets reorg plans expected Wednesday; No UK growth til ‘10; Morgan Stanley / Citi IT problems; Geithner defends stimulus; Six Flags Files Ch 11; Diamond Banks large in BGI sale; Icahn my go after Delphi; China investment slumps

Posted by WSF On June - 15 - 2009
  • Details Set for Remake of Financial Regulations
  • U.K. Economy Won’t Resume Growth Until 2010, CBI Says
  • M Stanley and Citi venture keeps brokers waiting
  • Delphi: Carl’s Second Run
  • Auto Suppliers Attempt Reinvention
  • Six Flags Files for Bankruptcy as Visitors to Parks Dwindle Read the rest of this entry »

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Done deal: BlackRock buying Barclays global fund unit; TARP repayments start next Wednesday!; World bank predicting more economic woe; Might Bernanke’s wings be clipped?; AIG dragging it’s feet in settling Hudson landing claims

Posted by WSF On June - 12 - 2009
  • BlackRock to Buy Barclays Global Fund Unit for $13.5 Billion
  • Barclays To Be Well-Capitalized After BGI Sale – CEO
  • TARP Repayments to Start Next Week
  • World Bank Predicts Deeper Economic Contraction
  • Calls Resume for Single Banking Regulator
  • US lawmaker: BofA’s Lewis inconsistent Read the rest of this entry »

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WSF

California close to ‘meltdown’; Oil near 7 mo high; Citigroup adopts poison pill; May foreclosures 3rd highest on record; Delphi loses exclusivity; Boston Globe hires Goldman and puts out ‘For Sale’ sign

Posted by WSF On June - 11 - 2009
  • California nears financial “meltdown” as revenues tumble
  • Oil Trades Near Seven-Month High as IEA Raises Demand Forecast
  • Citigroup in defensive mode with poison pill
  • U.S. Pushes a Troubled Citigroup to Heal Itself
  • Ailing Banks Caught Between Regulators’ Competing Visions
  • BlackRock About to Be No. 1 Money Firm Read the rest of this entry »

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WSF

Obama vs Executive pay; Watch your backs: FDIC peace overtures toward Citi?; Lauria may take on GM; Paulson investing in CB Richard Ellis; Citadel may help shore up Etrade; NY Times not planning to close Globe; Eddie Bauer Ch 11?; Fontainbleu LV files

Posted by WSF On June - 10 - 2009
  • U.S. Said to Seek New Powers for SEC Over Banks’ Executive Pay
  • Salaries Safe, Bonuses Hit
  • FDIC looks to defuse Citigroup tension
  • Lawyer Who Slowed Chrysler Deal May Take On GM
  • Paulson & Co. To Invest $100M In CB Richard Ellis
  • E*Trade and Citadel Are in Talks on Aid Plan
  • Goals Shift For Reform Of Financial Regulation
  • Lawmakers Order Fed to Relinquish Merrill Documents
  • ‘Cash for Clunkers’ Car-Sale Plan Approved by House
  • New York Times does not plan to close Boston Globe
  • Microsoft Gets Search Market-Share Boost With Bing
  • Eddie Bauer Holdings May Seek Bankruptcy Protection
  • Fontainebleau Las Vegas Enters Chapter 11 Read the rest of this entry »

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WSF

Auto suppliers want $10B more aid; Obama wants rules spending rules; Will higher gas prices derail recovery?; Krugrman: recession may end this year; New stress tests for banks?; Goldman’s Hatzius more bullish, seels $500B more bank losses; hedge funds’ May gains

Posted by WSF On June - 9 - 2009
  • Auto Parts Makers Set to Seek as Much as $10 Billion More From U.S.
  • Obama Seeks Rules to Restrain Spending
  • Obama speeds projects to create, save 600,000 jobs
  • High Gas Prices Could Slow Recovery
  • Oil Rises as Krugman Comments Spark Speculation Demand May Gain
  • Banks May Need New Stress Tests, Panel Says
  • Hatzius Says U.S. Banks to Recognize $500 Bln More in Losses
  • Citi confirms plan to raise $33bn
  • Hedge Funds Rebound, Gaining 5% in a Month
  • Yahoo CEO Keeps Microsoft Deal Door Open, Shuts Out AOL
  • Some Chrysler sellers start a new chapter Read the rest of this entry »

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Autos, Barack Obama, Economy, Hedge funds, WSF

Fiat has no intention of walking away from Chrysler; 2 more B of A directors out; GM CDS auction moved up; Blackrock offer for Barclays unit; Credit card delinquencies increase; 10 banks about to DeTARP; Boston Globe union rejects cuts

Posted by WSF On June - 8 - 2009
  • Bank of America Says Ward, Mitchell Resign From Board
  • Fiat Will ‘Never’ Walk Away From Chrysler, CEO Says
  • GM Credit Swaps Traders Said to Accelerate Auction
  • BlackRock Said to Offer Cash, Stock for Barclays Unit
  • Credit-Card Delinquencies Increase
  • U.S. Said to Plan Approving 10 Banks to Repay TARP
  • Pimco Says ‘Rate Hikes Will Be Some Time in Coming’
  • Globe’s largest union rejects cuts
  • McDonald’s Falls After May U.S. Sales Trail Estimates
  • WL Homes Bankruptcy Case Converted to Liquidation Read the rest of this entry »

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Autos, Bank of America, Chrysler, WSF

WSF Headline Roundup-6/08/09 - More compensation meddling planned by Obama admin; DeTARP day?; Citi closer to doing swap?; More trouble for UK’s Brown; Fast Russia rebound?; Ireland Debt downgrade?; Auto dealer campaign giving; Zell may lose Tribune

Posted by WSF On June - 8 - 2009
  • U.S. to Propose Wider Oversight of Compensation
  • Bank Chiefs Await Report Cards
  • Citigroup May Gain Geithner Swap Backing as Pandit Bucks Bair
  • Brown hit by fresh Labour poll defeat
  • Doubts mount over US toxic asset plan
  • Medvedev Tells Executives Russia to Rebound Fast
  • S&P Downgrades Ireland’s Debt Rating
  • GM Bankruptcy May Turn on $13 Million Dealers Gave Campaigns
  • Barclays Gets Other Offers For Its iShares, BGI Businesses
  • Barclays in BGI talks, $12 bln BlackRock deal seen
  • BlackRock seeks to beat BNY Mellon to BGI
  • Airbus Said to Be Seeking $5 Billion State Loans for A350 Plane
  • Lenders may get control of Tribune Co
  • Clear Channel confident of debt solution Read the rest of this entry »

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Indiana Pension funds look to the Supreme Court; Palm Pre debuts (if you can find it); Gas prices > $2.60; Closing Chrysler dealers rush to get rid of inventory

Posted by WSF On June - 7 - 2009
  • 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 »

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Autos, Bank of America, Chrysler, Legal, WSF

WSF Headline Roundup-6/05/09 - Fed arm twisting forced $JPM / $AXP stock offers; Pay Czar to oversee TARP recipients; Jobs set to return to Apple; Mortgage rates at 6 mo high; Mozilo civil charges; B of A risk officer booted

Posted by WSF On June - 5 - 2009
  • Fed dismisses Tarp objections from Wall St
  • White House Set to Appoint a Pay Czar
  • Jobs Ready to Return to Apple Helm
  • TARP Nominee Says Program Needs $100 Billion Cushion
  • Mortgage rates rise to 6-month high above 5%
  • UK: A directionless government heads towards the cliff edge
  • Banks Put Off Plans To Sell Toxic Assets
  • Angelo Mozilo, mortgage risk-taker charged with fraud
  • BofA’s Risk Officer Leaving Amid Review
  • AIG Prices Reinsurer Shares in $988 Million Offering
  • Deutsche Bank’s Ackermann Says Conditions Haven’t Normalized
  • FDIC closes Atlanta bank instead of selling to private equity
  • $1.3-billion tax-shelter scam alleged
  • IRS May License Tax Preparers to Help Close ‘Tax Gap’
  • Microsoft Exec: Cloud Computing Could Undermine Margins Read the rest of this entry »

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WSF Headline Roundup-6/04/09 - No change in ECB rates; $GS raises Oil forecast price to $85; Finl svc cos trying to delay rule; AIG aircraft leasing group break up?; House expense reports going online; Temasek’s Barclays loss; Chrysler Finl explores financing options

Posted by WSF On June - 4 - 2009
  • ECB leaves interest rates on hold
  • Goldman Raises Year-End Crude Forecast by 31% to $85
  • Banks Try to Stiff-Arm New Rule
  • AIG considers break-up of aircraft leasing arm
  • House Lifts Lid On Its Expenses
  • Temasek loses £500m on Barclays sell-off
  • Dartmouth Joins Harvard, Princeton in Tapping Credit Markets
  • NYSE Chief ‘More Confident’ About Strength of Stocks
  • Chrysler Financial Explores Financing Options With Lenders
  • Toyota Said to Face $1 Billion in Extra California Rules Costs
  • Ballmer Says Tax Would Move Microsoft Jobs Offshore
  • Yahoo CEO says no pressure for deal despite Bing
  • Las Vegas Sands to Tap ‘Improving’ Capital Markets Read the rest of this entry »

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WSF Headline Roundup-6/03/09 - SEC to propose more pay disclosures; Moving the goal posts on TARP repayments; Appeals ct will hear Chrysler challenge; Obama may be open to taxing health benefits, or not; Layoff rate falls

Posted by WSF On June - 3 - 2009
  • SEC Ready to Require More Pay Disclosures
  • Fed Said to Raise Requirements for Banks to Repay TARP Funds
  • Court to Hear Challenge to Chrysler, Fiat Pact
  • Obama Said to Be Open to Taxing Health-Care Benefits
  • Obama Says August ‘Make or Break’ for Health Care
  • U.S. planned layoffs fall to lowest in 8 months
  • Schwarzenegger Warns of Deadline to Plug California Budget Hole
  • Judge orders Dish Network to stop using TiVo technology Read the rest of this entry »

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WSF Headline Roundup-6/02/09 - Making moves to DeTARP: $JPM, $MS, $AXP; $GM and Chrysler have a date with Congress; Goldman raises $$$; Europe unemployment rate highest since ‘99; GM losing its hummer; SCOTUS reviewing patents

Posted by WSF On June - 2 - 2009
  • JPMorgan, American Express Will Tap Stock Markets to Repay TARP
  • Morgan Stanley Reports $2.2 Bln Offering of Common Equity
  • Senators To Grill GM, Chrysler Execs About Dealerships On Wed
  • Goldman Sachs Raises $1.91 Billion Selling Shares in ICBC
  • Europe Unemployment Rate Rises to Highest Since 1999
  • Barclays Abu Dhabi Holders to Sell $6.8 Billion Stake
  • GM Wins Approval of $15 Billion Loan, Auction Plan
  • GM Bankruptcy Judge Approves Asset Sale on First Day
  • GM lines up Hummer sell-off
  • May auto sales to limp amid Chrysler, GM turmoil
  • Delphi lays out new plan for recovery
  • Supreme Court to review what can be patented
  • Icahn Group Wins Auction for Atlantic City Tropicana Read the rest of this entry »

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WSF Headline Roundup-6/01/09 – Anticlimactic: $GM files Chapter 11; Judge Gonzalez ok’s Chrysler / Fiat deal paving way for ch11 exit; Gas hits $2.50/gal; Saudi billionaire assets frozen; Pixar’s ‘Up’ rules

Posted by WSF On June - 1 - 2009
  • It’s official: GM files for bankruptcy protection
  • US Judge Ruling Paves Way For Marchionne As Chrylser CEO
  • U.S. Auto Market Likely Shrank 35% in May on Chrysler, Economy
  • Geithner to Reassure China U.S. Will Control Deficits
  • Ugh! Gas hits $2.50
  • Temasek Buys Olam Stake, Shifts Focus to Commodities
  • Saudi Billionaire With HSBC Stake Has Accounts Frozen
  • Pixar’s ‘Up’ Dominates Box Office Read the rest of this entry »

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WSF Headline Roundup-5/29/09 - Fed’s Fisher says Treasuries won’t lose AAA; 10yr nt worst 2 mos since ‘03; Oil gains; GM Ch11 Monday, suppliers facing big losses; Ackman failed Target fight cost both sides $21M; Dinallo resigns; AOL jettisoned (finally)

Posted by WSF On May - 29 - 2009

  • Financial Overhaul Raises Questions
  • Fed’s Fisher: US Treasurys Won’t Lose Triple-A Rating
  • U.S. 10-Year Notes Head for Steepest Two-Month Loss Since 2003
  • Oil Heads for Biggest Monthly Gain Since 1999 on OPEC Output
  • GM plans for bankruptcy Monday
  • GM Suppliers Face New Threat as Bankruptcy Looms for Automaker
  • GM prepares for biggest bankruptcy in US history
  • Chrysler CEO says Fiat deal to close Friday
  • Chrysler’s Rejected Dealers Sold Over Half Their Stock
  • NY insurance chief Dinallo to resign
  • Ackman’s Target quest falls flat
  • Bewkes sets AOL free
  • Dell Tops Profit Estimates as Cost Cuts Overcome Sales Slump
  • Toy’s ‘R’ Us deal means no more FAO Schwarz in Macy’s Read the rest of this entry »

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WSF Headline Roundup-5/28/09 - Part of PPIP program to be put on hold?; Pequot capital shutting down; $GM issues early paychecks, its OPEL talks stall; Chrysler back in bankruptcy ct looking for Fiat deal ok; Visteon chapter 11

Posted by WSF On May - 28 - 2009
  • Plan to Buy Banks’ Bad Loans Founders
  • Samberg to Shut Pequot Capital Amid SEC Insider-Trading Probe
  • GM issues paychecks early amid bankruptcy fears
  • Opel talks stall on GM financing demand
  • Chrysler Asks Bankruptcy Judge to Approve Fiat Sale
  • Auto Adviser to Obama Had Ties to Industry Fund
  • Auto Supplier Visteon Files for Chapter 11 in U.S.
  • U.S. Home Sales Remain Sluggish as Supply Soars
  • OPEC Set to Maintain Oil Quotas in Bet Demand Returns
  • Yahoo CEO:Open To Search Deal For ‘Boatloads Of Money’
  • Toys ‘R’ Us Acquires FAO Schwarz, Flagship Fifth Avenue Store
  • Tucker Carlson Plans a Huffington Post Rival

Read the rest of this entry »

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