Wall Street Folly

Harry Reid gets an earful from Goldman bankers at fundraiser; Lehman examiner says estate might have a claim against some of the banks; BofA set to report after “Fabulous Month” for Merrill Lynch; First there was Greece, next huge problem is Portugal per economists; SEC proposal will collect data on high frequencer traders; UBS shareholders express unhappiness with executive pay; UBS banker looking for shorter prison sentence; Massachusetts pulling money from BofA, Citigroup, and Wells Fargo in credit card rate protest

Posted by WSF On April - 15 - 2010
  • Goldman Sachs bankers harangue top Demoocrat at private fundraiser
  • Lehman may have grounds to sue banks
  • BofA May Post Profit After ‘Fabulous Month’ for Merrill Lynch
  • The Next Global Problem: Portugal
  • SEC votes to tag large equity traders
  • UBS investors speak out against pay plans
  • Former Banker for UBS Seeks Shorter Sentence
  • Massachusetts moving money out of 3 big banks to protest credit card rates Read the rest of this entry »

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WSF

SEC insider trading case involving Deutsche Bank, Millennium Partners staffers tests if they can go after CDS trades; 3 BofA / Merrill Lynch women file discrimination lawsuit alleging they’re “second-class citizens”; Allen Stanford wants new lawyers…again; Obama set to announce new expanded plans for offshore drilling; Home price rebound over?; Schottenfeld pays to settle SEC’s Galleon lawsuit

Posted by WSF On March - 31 - 2010
  • Trader’s ‘Nice Little Kiss’ Tests Reach of Regulators
  • 3 sue Bank of America alleging discrimination
  • Stanford asks for new team to defend him
  • Obama to Announce Expanded Offshore Oil Drilling Plan
  • Home prices inch up, but analysts fear rebound is fading
  • Schottenfeld Pays $1.2 Million to End SEC Insider-Trading Suit
  • BofA Hires Staff, Leans on Merrill Lynch to Expand Outside U.S. Read the rest of this entry »

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WSF

Greenspan jumping on the banking regulation band wagon; Merrill Lynch had spilled the beans to regulators over Lehman’s controversial accounting; JP Morgan also used ‘Repo 105s’ accounting gimmick, but made disclosures; SEC finds Lehman examiner’s report ‘helpful’; Hedge fund speculators accused of raising Greece’s borrowing costs; Trichet wants tougher CDS regs; Palm death spiral?

Posted by WSF On March - 19 - 2010
  • Greenspan Concedes That the Fed Failed to Gauge the Bubble
  • Rival warned regulators over Lehman
  • JPMorgan also used accounting gimmick
  • SEC welcomes Lehman report as ‘helpful’
  • Lehman estate fight with Barclays escalates
  • Speculators seen increasing Greek borrowing costs
  • CFTC Gensler: Determined To Reform OTC Market
  • Trichet backs tougher CDS regulation
  • Palm Narrows Loss, but Phone Sales Drop Read the rest of this entry »

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Bankruptcy, CDS, Fed, JPM, JPM Chase, SEC

GMAC looking to deTARP? Goldman, Citi said to have been hired; Obama caves and will appear on Fox News to appeal for Obamacare support; AIG takes down another $2.2B; B of A sued over Merrill loss claims; Madoff sons, brother want out of Trustee’s lawsuit; Mortgage demand tepid; Nobel winner Stiglitz says removing Fed stimulus may worsen housing crisis

Posted by WSF On March - 17 - 2010
  • GMAC Said to Hire Citigroup, Goldman Sachs for TARP Repayment
  • Obama to Appear on Fox News in Final Health-Care Push
  • SEC Didn’t Act on Lehman’s ‘Problematic’ Liquidity, Report Says
  • AIG Draws $2.2 Billion More From Treasury to Bolster Units
  • Bank of America Is Sued by ABP Over Merrill Lynch Loss Claims
  • Madoff relatives try to fend off lawsuits
  • US mortgage demand tepid even as loan rates sink
  • Stiglitz Says Fed Stimulus Withdrawal May Hurt U.S. Read the rest of this entry »

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AIG, Bank of America, Barack Obama, Bernie Madoff, Citigroup, Goldman Sachs

Lehman Whistle-blower was booted after raising red flags; TARP fraud charges for former Park Avenue Bank head; Hedge funds could see big inflows this year; Former Merrill trader gets banned for position mismarks

Posted by WSF On March - 16 - 2010
  • Lehman Whistle-Blower’s Fate: Fired
  • Lehman Might Put All Bankruptcy Creditors in Same Payment Pool
  • Former chief of Park Avenue Bank charged with TARP fraud
  • Hedge Funds May Get $222 Billion Inflows in 2010, Survey Says
  • Ex-Merrill Trader Is Banned for Mismarking Positions Read the rest of this entry »

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Bankruptcy, Hedge funds

Goldman Sachs’ Corrigan defends the Greek swaps, but acknowledges that there should have been more transparency; NY Comptroller: Wall Street bonuses increased 17% in 2009; TCW investors pulling $1.3B from Gundlach’s former funds

Posted by WSF On February - 23 - 2010
  • Goldman Sachs Says Greek Swaps Not ‘Inappropriate’
  • Wall Street Bonuses Rise 17%
  • TCW Investors to Pull $1.3 Billion From Credit Funds
  • UBS hires fifth former Merrill executive Read the rest of this entry »

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Bonuses, CDS, Goldman Sachs, Hedge funds, Revolving Door

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

Geithner may face probe over AIG; Party time! B of A bonuses back to nearly 2007 level!; As expected, Kumar cops a plea; Goldman Sachs sued over pay again; SAC ex-analyst name disclosed in insider trading case against Blackstone banker; Court rules that Swiss regulator broke the law forcing UBS to give up names; Gundlach sued over poaching from TCW; Leno may move back to his old time slot after NBC experiment bombs

Posted by WSF On January - 8 - 2010

  • Tim’s troubles
  • Bank of America Expects Record Bonuses for Some Staff
  • For BofA Investment Bankers, Bonuses Likely Close to 2007
  • Ex-Consultant Pleads Guilty in Galleon Insider Case
  • Goldman Sachs Board Sued Over Co.’s Bonuses, Compensation
  • SAC Analyst Linked in Case of Banker at Blackstone
  • Swiss Regulator Broke Law on UBS Client Disclosure Read the rest of this entry »

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AIG, Goldman Sachs, Hedge funds, Tim Geithner

Way less cash: Morgan Stanley’s overhauling their senior exec pay; Jamie Dimon may bite back over that 50% UK bonus tax; WSJ: The rise of “king of kings” Raj Rajaratnam (Part 2 tomorrow: the fall); Merrill Lynch bouncing back with new UK clients; Barton Biggs and Marc Faber see dollar rise; Goldman gets the biggest slice of ‘09 IPO fees; UK Banker wins age discrimination case

Posted by WSF On December - 29 - 2009
  • Morgan Stanley to Overhaul Pay Plan
  • Bonus tax on banks shapes JPMorgan plans
  • The Man Who Wired Silicon Valley
  • BofA Merrill back on track with new blue-chip clients
  • Biggs, Faber Predict Dollar Rally as S&P 500 Extends 67% Surge
  • U.S. central bank pushes for new exit tool Read the rest of this entry »

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Bank of America, Bonuses, Compensation, Goldman Sachs, Hedge funds, JPM Chase, Jamie Dimon, Morgan Stanley

Premature eTARPulation? Citigroup and the government make a deal but is Citi ready?; Greg Fleming lands: Merrill’s loss is Morgan Stanley’s gain; RIP Paul Samuelson; Abu Dhabi gives Dubai a $10B helping hand; B of A still having CEO recruiting problems?; Accenture gives Tiger the boot as the game of golf ponders his announced absence

Posted by WSF On December - 14 - 2009

  • Citigroup to Repay $20 Billion of Government Bailout
  • Press Release: Citigroup, U.S. Government and Regulators Agree to TARP Repayment
  • Dubai Gets $10B From Abu Dhabi; To Pay Nakheel Bond
  • Merrill Alumnus to Lead a Unit of Morgan Stanley
  • James Gorman’s Memo to Morgan Stanley Employees
  • Pay Worries Slow BofA Search
  • Paul Samuelson, Nobel Economics Laureate, Author, Dies at 94 Read the rest of this entry »

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Bank of America, Citigroup, Morgan Stanley

Take your TARP and shove it: Bank of America’s paying it off

Posted by WSF On December - 2 - 2009

Screw the pay czar!:  Bank of America is finally getting the  albatross known as TARP off of their back.  They’re planning to pay off $45 billion in short order. Bankers rejoice!

“We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to be able to fully repay the investment, with interest,” said Kenneth D. Lewis, chief executive officer and president. “As America’s largest bank, we have a responsibility to make good on the taxpayers’ investment, and our record shows that we have been able to fulfill that commitment while continuing to lend. We believe that this is good news, not only for the U.S. taxpayer and our company, but for the country as it is a milestone indicating that public policy has succeeded in helping our industry and the economy begin to recover. Read the rest of this entry »

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Bank of America, Ken Lewis, Politics

Breaking up is hard to do: B of A having more problems rounding up a CEO; Bernanke said to have support by Banking panel majority; SEC getting busy with more insider trading probes; TARP warrant auctions on tap; Henderson ousted; Rothstein charged in $1.2B Ponzi scheme; Merrill sued; FTC studying aid to news organizations; Poll shows November consumer pessimism

Posted by WSF On December - 2 - 2009

  • BofA Breakup Is New Snag in CEO Hunt
  • Bernanke to defend his record and the Fed’s
  • Bernanke Has Support of Majority of Senators on Banking Panel
  • SEC Steps Up Insider-Trading Probes
  • U.S. Taxpayers May Reap $3.17 Billion in TARP Warrant Auctions
  • GM fires CEO Henderson. The board wants an outsider.
  • Rothstein Charged in Ponzi Scheme
  • Wells Fargo to shut 122 branches in state
  • Merrill Sued by Client in Hong Kong Over $13 Million in Losses Read the rest of this entry »

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Autos, Bank of America, Ben Bernanke, Fed, Insider Trading, Revolving Door, SEC

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

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

B of A’s general counsel in legal hot water over Merrill deal advice?; Blankfein and Dimon had tête-à-têtes with pay czar Feinberg; Corzine gets the boot as NJ governor; Reid noncommittal on health care bill this year; Frank wants to out firms thought to pose systemic risk; Buffett wants FNM tax credits too; Discover survey suggests lower holiday spending plans

Posted by WSF On November - 4 - 2009

  • BofA’s counsel had no ‘legal’ authority in Merrill deal
  • Blankfein, Dimon Met Feinberg Ahead of Pay Order, Records Show
  • Christie Ousts Corzine in N.J. Governor’s Race
  • Reid Won’t Commit to Passing Health Bill This Year
  • Frank Says Measure Will Require Naming Risky Firms
  • Buffett joins Goldman bid for Fannie Mae tax credits
  • Buffett’s Lower Burlington Breakup Fee Shows Confidence in Deal
  • US sen. asks health insurers about small businesses Read the rest of this entry »

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Compensation, Goldman Sachs, JPM Chase, Jamie Dimon, Lloyd Blankfein, Politics

Overtaxed New Yorkers stampeding to the exits; George Soros says credit crisis will be felt for a long time; Goldman vs Merrill on the housing market; Nomura might increase stock based pay

Posted by WSF On October - 27 - 2009

  • Tax refugees staging escape from New York
  • Crisis to have ’serious and lasting’ impact-Soros
  • Goldman Sees U.S. Housing ‘False Bottom,’ Merrill Sees ‘Treat’
  • Nomura May Expand Use of Stock-Based Compensation Read the rest of this entry »

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George Soros, Goldman Sachs, Taxes, WSF

The ingratitude! Geithner on big bank bonuses: “deeply offensive”; Morgan Stanley beats estimates; Warren Buffett says big bonuses need a “downside”; More Barofsky TARP plan criticism, taxpayers likely to get screwed; B of A said to have known of Merrill losses in November; Cioffi’s $2M fund withdrawal; Easy money in junk over; Sun Micro cutting 3K jobs

Posted by WSF On October - 21 - 2009
  • Geithner: Wall Street pay “offensive”
  • Morgan Stanley Profit Beats Estimates on Investment Banking
  • Buffett Says Wall Street Pay Must Have ‘Downside’
  • U.S. bailout program increased moral hazard: watchdog
  • TARP ‘Extremely Unlikely’ to Yield Taxpayer Returns, Audit Says
  • BofA knew of Merrill losses in November: report
  • Bear Manager Cioffi Redeemed $2 Million From His Fund Read the rest of this entry »

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WSF

B of A caves and will fork over attorney privileged Merrill files; JP Morgan UK charm offensive?; Lloyd Blankfein op ed; Meredith Whitney cuts Goldman to ‘neutral’; UBS amnesty deadlines turning lawyers into shrinks?; Lazard succession questions; Gold hits another record high

Posted by WSF On October - 13 - 2009
  • Bank of America Relents, Will Hand Over Merrill Merger Files
  • JPMorgan tries to calm fears over UK
  • Lloyd Blankfein Op Ed: To avoid crises, we need more transparency
  • Goldman Sachs Cut to ‘Neutral’ by Meredith Whitney Read the rest of this entry »

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WSF

SEC wants B of A jury trial; David Einhorn and Bill Ackman placing short bets; Vikram Pandit breathing easier?; Lessons for Pay Czar; Goldman: Unemployment rate to 10.5% by end of ‘10?; Pimco, Baupost said to bail on CIT Bondholder committee; Ex Deutsche Bankers starting distressed fund; GM falling short of goals?; Volkswagen sees auto recovery a long way off

Posted by WSF On October - 8 - 2009
  • BofA to face 12 angry taxpayers in trial: SEC
  • Selling US short
  • Citigroup’s Pandit Said to Receive Positive Review From Egon
  • No longer a Vik-tim (Ed: Gotta love the Post’s headlines!)
  • In Merrill’s Failed Plan, Lessons for Pay Czar
  • JPMorgan, Goldman Profit Probably Rose as Citigroup Lost Again
  • Frank’s Plan Criticized As Too Lax 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

B of A to pay Uncle Sam $425M for unused backstop cancellation; Chasing their tails: SEC now trying to look tough by going after B of A; FDIC to borrow — from banks?; Amaranth sues Touradji; Hank Greenberg’s AIG plan gaining ground; Was RBC gal fired for bad choice in men?; Venezuela will pay oil svc debts; Rents for highest priced retail streets hit 24 year low

Posted by WSF On September - 22 - 2009
  • Bank of America to Pay for Merrill Backstop, Faces SEC Trial
  • SEC Gets Tougher With Bank of America
  • Amaranth Advisors Seeks at Least $350 Million From Touradji
  • F.D.I.C. May Borrow Funds From Banks
  • Fed to Miss Review Deadline
  • AIG banks that Hank gets it out of the tank
  • Gender bender at RBC
  • Venezuela says to pay $5 bln oil service debts Read the rest of this entry »

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WSF

If John Thain had a do over, he’d have redecorated his office in Ikea not fancy commodes; Maxine Waters getting probed by Ethics Committee; Larry Fink railing against broker commissions and trading fees; Meet Allen Stanford’s new public defender criminal defense team; Wall Street allure fading with grads; Ex Morgan Stanley HK banker gets 7 yrs for insider trading

Posted by WSF On September - 18 - 2009
  • Thain Says He Should Have Picked Ikea Furniture for Merrill
  • House Ethics Panel Probes Rep. Waters
  • Wall St. on notice
  • Stanford’s public defenders are top of the line
  • As Riches Fade, So Does Finance’s Allure
  • Blackstone to Buy 50% of London’s Broadgate Complex
  • Ex-M.Stanley HK banker gets 7 years for insider trading Read the rest of this entry »

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WSF

Fed wants more control on banker pay; Pandit says $100M too much to pay a banker; Thain says B of A knew everything about Merrill losses & bonuses; Barclays still can’t get no respect; Flash order ban; Hedge fund liquidations down; Pang had drugs in his system when he died; Madoff Montauk crib already sold to undisclosed buyer for over $8.75M

Posted by WSF On September - 18 - 2009
  • Bankers Face Sweeping Curbs on Pay
  • Pandit Says $100 Million Is Too Much for a Banker
  • Citigroup CEO Pandit Says Phibro Business Will Be Restructured
  • Citigroup eyes spinning off controversial oil unit
  • Thain Says Bank of America Knew About Merrill’s Bonuses, Losses
  • SEC Puts Forward Plan to Ban Flash Orders
  • Hurdles for a Bulked-Up Barclays
  • Barclays creates $12bn credit vehicle Read the rest of this entry »

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WSF

B of A ’stands ready to litigate’, SEC defends deal; More on Blankfein’s comments; UBS has to set aside $35M for potential judgement; Ex Morgan Stanley banker gets guilty verdict for insider trading in HK; Gold producer dehedging keeping gold prices high?; States gambling revenues take big hit

Posted by WSF On September - 10 - 2009
  • Bank of America defiant over Merrill Lynch bonuses
  • S.E.C. Defends Deal in Merrill Takeover
  • Goldman’s chief treads a fine line over remuneration
  • In Europe, Goldman’s Blankfein Assails Pay
  • Banks Face Loss of Debt Guarantee
  • Judge Orders UBS to Set Aside $35 Million in Hedge- Fund Case
  • Ex-Morgan Stanley HK banker found guilty of insider trading
  • Gold Producer De-Hedging Helps Explain High Prices, Says GFMS
  • States Face Drop in Gambling Revenues for the First Time Read the rest of this entry »

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