Merrill Lynch | Wall Street Folly

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 »

Tags: Bonuses, CDS, Compensation, Goldman lSachs, Greece, Hedge funds, Merrill Lynch, Revolving Door, TCW, UBS

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 »

Tags: AIG, Argentina, Autos, Bonuses, CIT, Compensation, Debt ratings; AAA, Goldman Sachs, Google, John Thain, Lloyd Blankfein, Merrill Lynch, recalls, Tim Geithner, Toyota, U.S.. Treasury

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 »

Tags: Bank of America, Bonuses, Goldman Sachs, Hedge funds, Insider Trading, Merrill Lynch, NBC, SAC Capital, TV, UBS

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 »

Tags: Bank of America, Bonuses, Compensation, Galleon, Goldman Sachs, Hedge funds, IPOs, Jamie Dimon, JP Morgan, Merrill Lynch, Morgan Stanley, Raj Rajaratnam

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 »

Tags: Bank of America, Citigroup, Merrill Lynch, Morgan Stanley, RIP, Sovereign wealth funds, TARP, Tiger Woods

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 »

Tags: Bank of America, Ken Lewis, Merrill Lynch, Pay czar, TARP

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 »

Tags: Autos, Bank of America, Ben Bernanke, Fed, GM, Insider Trading, Merrill Lynch, ponzi schemes, Retailing, Revolving Door, SEC, TARP, Wells Fargo

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 »

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

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 »

Tags: Autos, Bank of America, Bernie Madoff, Deutsche Bank, GM, Gold, Hedge funds, JP Morgan, Merrill Lynch, Politics, TARP, UBS

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 »

Tags: Bank of America, GM, Goldman Sachs, Health Care, Jamie Dimon, JP Morgan, Lloyd Blankfein, Merrill Lynch, Politics, Warren Buffett

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 »

Tags: Compensation, George Soros, Goldman Sachs, Housing, Merrill Lynch, New York, Nomura, Taxes

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 »

Tags: Bank of America, Bear Stearns, Bernie Madoff, Bonuses, Compensation, Deutsche Bank, Fed, Junk Bonds, Merrill Lynch, Morgan Stanley, Revolving Door, TARP, Tim Geithner, Warren Buffett

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 »

Tags: AIG, Andrew Cuomo, Bank of America, Bruce Wasserstein, Citigroup, Goldman Sachs, JP Morgan, Lazard, Lloyd Blankfein, Merrill Lynch, UBS

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 »

Tags: Bank of America; SEC, Baupost, Bill Ackman, Citigroup, Compensation, Czars, David Einhorn, GM, Goldman Sachs, Greenlight Capital, Hedge funds, JP Morgan, Merrill Lynch, Pershing Square Capital, Pimco, Short selling, Vikram Pandit

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 »

Tags: Bank of America, CDS, CIT, Citigroup, Credit Crunch, FDIC, Goldman Sachs, HSBC, Ken Lewis, Lehman Brothers, Merrill Lynch, Nouriel Roubini, PPIP, Prince Alwaleed, Retail sales, Sheila Bair, TARP

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 »

Tags: Bank of America, CIT, Citadel, Credit cruncy, Fed, GE, High Frequency Trading, John Thain, Lehman Brothers, Meredith Whitney, Merrill Lynch

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 »

Tags: AIG, Amaranth, Bank of America, Deutsche Bank, Discrimination, FDIC, Fed, Hedge funds, high yield bonds, Merrill Lynch, Oil, RBC, Real Estate, retail, SEC

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 »

Tags: Allen Stanford, Blackrock, Blackstone, Careers, Commissions, Ethics, John Thain, Larry Fink, Merrill Lynch, Morgan Stanley, Politics

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 »

Tags: Bank of America, Barclays, Bernie Madoff, Bonuses, Citigroup, Compensation, Fraudsters, Hedge funds, John Thain, Merrill Lynch, SEC, Vikram Pandit

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 »

Tags: Bank of America, Foreclosures, Gambling, Gold, Goldman Sachs, Insider Trading, Lloyd Blankfein, Merrill Lynch, Morgan Stanley, SEC, UBS

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 »

Tags: Allen Stanford, Apple, Bank of America, Bankruptcy, Barack Obama, Ben Bernanke, Bonuses, California, Citadel, Compensation, FDIC, Fed, Goldman Sachs, lawsuits, Lehman Brothers, Merrill Lynch, Noncompetes, Private equity, Revolving Door, Steve Jobs, Yahoo

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 »

Tags: Autos, Bank of America, Citadel, Donald Trump, Economy, GM, Lehman Brothers, Merrill Lynch, SEC, Taxes, UBS