Wall Street Folly

Pay Czar oks one big AIG bonus; Dubai World wants more time for standstill agreement with creditors; Lehman paying out big retention bonuses; As expected Rajaratnam pleads innocence of insider trading allegations; With just days left in ‘09 Goldman is #1 in Dealogic M&A rankings ; Fortress sues law firm over Dreier loss

Posted by WSF On December - 22 - 2009
  • AIG Permitted by Feinberg to Pay $3.3 Million Grant
  • Dubai World Seeks More Time for Debt ‘Standstill’ Agreement
  • Collapsed Lehman pays out big bonuses
  • Raj Rajaratnam, Chiesi Deny Insider Trading Charges
  • Goldman on top in annual tussle for M&A jackpot
  • Fortress Sues Law Firm Over Loss Read the rest of this entry »

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AIG, Bonuses, Goldman Sachs, Hedge funds, Legal

More pay caps coming from the U.S. pay czar; Yipes! Between tax on banks and bankers, Brits face total bonus tax of over 100%; Citi desperately wants out of TARP; B of A has officially DeTARPed; Sounds like the SEC isn’t done persecuting Cioffi, Tannin; B of A’s Montag took a newrly $5M piece of their recent stock offer; The ax is falling on 5% of Putnam’s staff

Posted by WSF On December - 10 - 2009

  • Firms Face New Curbs on Pay
  • Top bankers’ bonus rate to top 100%
  • ‘What banker wants to be in the UK?’
  • City tells Darling: your super-tax is pushing us out of Britain
  • Darling Forces U.K. Banks to Swallow ‘Poison Pill’ of Bonus Tax
  • Citi Is Eager to Pay Back Bailout Aid
  • BofA Repays $45 Billion TARP Funds
  • Cioffi’s Lawyer Says SEC ‘Not Likely’ to Settle Suit Read the rest of this entry »

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Bank of America, Bear Stearns, Bonuses, Citigroup, Compensation, Hedge funds, Revolving Door

Barclays Diamond dumps on bonus tax; Is the pay czar blinking over AIG pay caps?; Morgan Stanley management shuffle; SEC looking for public input on high frequency trading; Citi, Wells Fargo TARP impasse; Cuomo focusing on B of A’s Greg Curl; More Dubai debt problems?; So far debt raters have skated by relatively unscathed (which is bizarre); Galleon case delay, Ex FBI agent dishes on failed earlier Galleon probe

Posted by WSF On December - 8 - 2009
  • Barclays’ Diamond Criticizes Bonus Tax, Sees Regulator Missteps
  • Feinberg Said to Lift $500,000 Salary Limit for AIG Executives
  • Morgan Stanley Shuffles Executive Suite
  • SEC probing high-frequency strategies, co-location
  • Banks, U.S. Spar Over TARP Repayment
  • Bank of America Executive Under Scrutiny
  • Dubai World Met Six Creditors Yesterday on Debt, Banker Says
  • Dubai’s Debt Problems May Swell, Morgan Stanley Says
  • Debt Raters Avoid Overhaul After Crisis
  • Galleon Insider-Trading Case Delayed for a Month Read the rest of this entry »

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AIG, Barclays, Citigroup, Hedge funds, Insider Trading, Legal, Morgan Stanley, SEC

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

Dubai debt problems roil world markets; Mobius says it may trigger that correction; UBS says Dubai’s debt could be greater than $80B; Dubai creditors may just have to suck it up; UBS whistle blower looks for a billion dollar payoff for ratting; Focus on Feinberg takes heat off of Obama administration?; UBS/E&Y say Madoff claims against them “vague”;

Posted by WSF On November - 27 - 2009
  • Dubai Shows Limits of Government Rescues, Roubini’s Das Says
  • Mobius Says Dubai May Trigger Markets ‘Correction’
  • Dubai Debt May Be Higher Than $80 Billion, UBS Analysts Say
  • Dubai creditors have little option but to accept the hand they’ve been dealt
  • Abu Dhabi Commercial Said Owed $1.9 Billion by Dubai
  • Ex-UBS Banker Seeks Billions for Blowing Whistle
  • Feinberg Stumping Helps Obama, Geithner Skirt Public’s Pay Ire
  • UBS, Ernst & Young Call Claims in Madoff Case ‘Vague’ Read the rest of this entry »

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Bernie Madoff, Sovereign wealth funds, UBS

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

Galleon said to have paid Wall Street some $250M for market ‘colour’, which now may be harder to come by; Pay czar says he’s not looking to expand his turf; He’s no Spitzer — Eric Dinallo isn’t looking to bury Wall Street; Will Lazard be sold?

Posted by WSF On October - 29 - 2009

  • Galleon paid banks millions for edge
  • Pay Czar Tells House Panel He Wants No Wider Authority
  • Not Running Against Wall St.
  • Future of Lazard remains uncertain
  • Judge delays decision on bail for Madoff aide DiPascali
  • Goldman Sachs Sees 30% Gain for China Stocks Through End-2010
  • Ravitch Says States Face Total Deficits of $500 Billion in 2011
  • K1 Hedge Fund Said to Be Linked to FBI Money-Laundering Sting
  • GM to Draw Down More U.S. Funds
  • Government report expected to mark end to recession
  • Yahoo Returns To Make Its Case To Wall Street
  • Versace to Cut 26% of Workforce, Aims for 2011 Profit Read the rest of this entry »

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Bernie Madoff, Compensation, Goldman Sachs, Hedge funds, WSF

GMAC has its hand out again; Pay Czar increased base pay at TARP firms; Home price gains may be fleeting; Icahn’s rival CIT restructuring plans; Will consumers open their purses for the holiday shopping season?; Ford leaves Chrysler and GM in the dust

Posted by WSF On October - 28 - 2009

  • GMAC Asks for Fresh Lifeline
  • Pay Czar Increased Base Pay at Firms
  • Dem bill urges new US powers over financial firms
  • U.S. home price gains may not be sustainable: Shiller
  • Fears of a New Chill in Home Sales
  • Icahn Sets Out to Derail CIT’s Revamp Read the rest of this entry »

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Compensation, Credit Crunch, WSF

Ren Tec’s Simons retiring; Zoe Cruz is back — opening a $200M distressed hedge fund; Tim Geithner calling: Can I speak to Lloyd? Can I speak to Jamie?; Labor group turns to pay czar to limit B of A’s Lewis’ retirement largesse; Blackrock says apartment values decline likely not over; B of A selling Lehman claim?

Posted by WSF On October - 9 - 2009
  • Renaissance’s Simons Said to Retire From Hedge Fund
  • Hedge-Fund Legend Simons Will Retire
  • ‘Cruz Missile’ Returns With a Hedge Fund
  • Wall Street on Geithner’s Speed Dial
  • Pay czar urged to stop BofA CEO pension
  • Dollar Rises as Bernanke Says Fed Set to Tighten Upon Recovery
  • Apartment Values Likely to Drop More, BlackRock Realty Says Read the rest of this entry »

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