Wall Street Folly

John Paulson Gold fund not so tempting to investors?; Hank Paulson urges bank restraint on pay; Temasek may be setting up a hedge fund; Guy hands says private equity will still be tough this year

Posted by WSF On February - 10 - 2010
  • Midas Touch Lost? Paulson Hits Hurdles in Gold Fund
  • Paulson, Once a Top Earner, Tells Buffett Bankers Make Too Much
  • Temasek May Set Up Hedge Fund, AsianInvestor Reports
  • Terra Firma’s Guy Hands Predicts Low Buyout Volumes This Year Read the rest of this entry »

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Bonuses, Compensation, Hedge funds, Henry Paulson, Paulson & Co, Private equity, Sovereign wealth funds

Chanos sees China crashing, NY Commercial real estate hits expected to continue its slide; No shock, but private equity money raising plunged 68% last year

Posted by WSF On January - 8 - 2010

  • Contrarian Investor Sees Economic Crash in China
  • Further Slide Seen in N.Y. Commercial Real Estate
  • US Private Equity Fund-Raising Falls 68% To $95.8 Bln In 2009 Read the rest of this entry »

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Jim Chanos, Private equity, Real Estate, Short selling

Goldman Sachs is hiring!; B of A Acorn smack down; Social Security takes a hit; Trustee gonna sue Madoff kids, brother and niece for $198M; Taped then destroyed Countrywide calls add fuel to fire; Merkel wins; Paterson says says (for now) he’s running; Allen Stanford hospitalized after prison tussle; Taleb: why does Bernanke still have his job; Big advance ticket sales for MJ movie

Posted by WSF On September - 28 - 2009
  • Goldman Sachs launches recruiting drive
  • Bank Pulls Back From Acorn Work
  • Job losses, early retirements hurt Social Security
  • Trustee Plans to Sue Madoff Family Members for $198 Million
  • Phone Calls Add to Din Over Loans
  • Merkel Wins Majority for Tax-Cut Coalition in Germany
  • New York Governor Paterson Says He’ll Run in 2010
  • Stanford remains hospitalized after jail fight
  • ‘Black Swan’ Author Taleb Asks Why Bernanke Kept Post 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

UBS sees “encouraging signs”; SEC looking at better Muni bond market disclosure; Private equity: so much for big bank deals; UK hedge funds may get their frozen Lehman Brothers assets back next year; NYC office rents plummet 44%

Posted by WSF On July - 15 - 2009

  • UBS Sees Signs of a Turnaround
  • SEC’s Schapiro Targets Muni Bond Market Disclosure
  • Private equity sees prospect of bank deals fade
  • Lehman’s U.K. Administrator Seeks Return of Assets
  • Manhattan office rents drop 44% Read the rest of this entry »

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WSF

Debt is the new equity: Private equity finding more buyout activity in bankruptcy court; Need a job? If you’re a credit trader, you might be in luck; Pickens says oil will average $80 – $85; Junked: Moody’s downgrades $761 Credit Suisse RMBS

Posted by WSF On June - 18 - 2009

  • Barbarians in Bankruptcy Court
  • Credit Traders In Demand As Banks Look To Rebuild
  • Pickens Says Oil Will Average $80 to $85 a Barrel
  • Moody’s Downgrades $761M Of Credit Suisse RMBS, Most To Junk Read the rest of this entry »

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Bankruptcy, Hedge funds, Oil, Private equity, Revolving Door, T Boone Pickens, WSF

Goldman’s $10B deTARPing finally happening tomorrow; More auto supplier bankruptcies coming?; Carlyle, TPG noodling over First Republic Bank buy; Verizon and AT&T say no texting price collusion; Adobe slumps; Best Buy says customers will spend carefully

Posted by WSF On June - 16 - 2009

  • Goldman Sachs to Repay U.S. Tomorrow, Blankfein Tells Lawmakers
  • More auto industry bankruptcies loom
  • Carlyle, TPG Said to Weigh Buying First Republic Bank
  • Verizon and AT&T deny collusion on texting prices
  • Adobe Profit Falls 41% on Slumping Software Demand
  • Best Buy Pres: Customers’ Careful Spending To Continue Read the rest of this entry »

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Credit Crunch, Goldman Sachs, Lloyd Blankfein, WSF

Cerberus is lighter of 2 partners including Ken Leet; Will Fidelity’s flock get fleeced in its new deal with KKR?; GLG recovering from its near death experience; NYC bankruptcy court is used to getting big cases

Posted by WSF On June - 8 - 2009

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Bankruptcy, Hedge funds, Private equity, WSF

Former Treasury official says Fed may need to raise interest rates soon; April hedge fund best performance since January ‘06; Private equity investor exodus?; Economists less optimistic on U.S. economic recovery

Posted by WSF On May - 12 - 2009

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Fed, Hedge funds, Interest Rates, Private equity, WSF

Some funds like Highbridge are seeing cash inflows; Fortress, Elliott file their Dreier bankruptcy claims; The return of convertible bonds; Private equity fund raising these days is tough

Posted by WSF On April - 2 - 2009

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Hedge funds, bonds

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:

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

Citigroup may have to raise private capital alongside the government

Posted by WSF On February - 26 - 2009
The Obama administration may require Citigroup Inc. to raise private capital and make changes to its board of directors as part of an effort to strengthen the bank, according to people familiar with the matter.

The plan could be announced as soon as tomorrow according to Bloomberg.

So say someone actually throws in with Uncle Sam and buys common stock.  What if the bottomless pit known as Citigroup needs even more capital?  Does the government dilute the their new private equity capital partner along with the rest of the common holders?  We suspect that there would be big dilution.  Personally in this one, we wouldn't want common stock, only something higher up in the capital structure. No way. No how.  But would Uncle Sam go along with new money coming in senior to them?   Probably not.

Citigroup May Be Required to Get Private Capital Alongside U.S. – Bloomberg

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Citigroup, Politics, Vikram Pandit

Former Fed chief Volcker pushing for “strong restrictions on risk-prone capital market activities — hedge funds, equity funds, proprietary trading and the like”

Posted by WSF On February - 26 - 2009

According to Bloomberg:

“We must not again leave the markets so vulnerable that a breakdown will again threaten the national and world economies,” Volcker, who heads President Barack Obama’s Economic Recovery Advisory Board, said today in a hearing of the congressional Joint Economic Committee in Washington.

He urged “strong restrictions on risk-prone capital market activities — hedge funds, equity funds, proprietary trading and the like” to help ensure the stability of banking institutions and limit potential conflicts of interest.

“We are living in a difficult time for the economy, with unprecedented complexities, complications and risks for financial markets and financial institutions,” Volcker said.

Volcker Urges ‘Strong’ Restrictions on Hedge Funds – Bloomberg

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Barack Obama, Hedge funds

Set your tivos! NY Madam Kristin Davis talks to 20/20: Among her clients– Goldman $GS, $JPM, Lehman, Merrill, Deutsche Bank, a private equity CEO and a major NY real estate developer who “will come to the door wearing women’s panties”; Corporate plastic?

Posted by WSF On February - 6 - 2009

Busted Madam Kristin Davis

The "best little whorehouse on Wall Street": Busted Manhattan madam Kristin Davis who's said to be writing a tell all book, is starting to open up.  She's let the folks at 20/20 have a peek at a computerized high profile client list — one that she shared with prosecutors (who at least so far aren't interested in prosecuting any of the johns) –  which included meticulous notes detailing names,  credit card numbers and mobile phone numbers.  She'll be interviewed tonight at 10pm where she'll talk about how many of her clients would even use corporate plastic charged to disguised vendor names designed to get by firm accountants to pay for her $2K an hour hookers. 

"Some of these guys, I was invoicing on corporate credit cards," she
said. "I was writing up monthly bills for computer consulting,
construction expenses, all of these things, I was invoicing them
monthly so they could get it by their accountants," Davis said.

And while the press release surrounding her 20/20 appearance didn't name specific Johns' names — she hasn't yet decided if they'll be released publicly — they did tantalize us with some of the firms that they come from, including Goldman Sachs, JP Morgan, Deutsche Bank, Merrill Lynch, Lehman Brothers, law firm Cravath Swaine Moore, and "the CEO of one of the largest private equity firms".  Hmmmm.  Here's the description of some of them:

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Goldman Sachs, Hookers

Back to its distressed investing roots for Apollo

Posted by WSF On February - 3 - 2009

With the buyout market effectively shut down, private equity firms necessarily must look elsewhere for returns.  Apollo's focus will be on its roots: debt investing.  They've apparently had little problem attracting money in this market, having finished raising nearly $15 billion in December; the fund is already around 20-25% invested, mostly in credit.  Apollo CEO spoke at the SuperReturn converence in Berlin.  According to Reuters:

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Uncategorized

Cerberus cutting 10% of its staff

Posted by WSF On January - 20 - 2009

Stephen Feinberg, layoffsCerberus will be cutting around 10% of its 275 staff members according to the Financial Times….

Cerberus declined to comment on the number of planned job cuts. But it
issued a statement saying: “Cerberus, like every responsible business,
is constantly evaluating its cost structure to ensure alignment with
the available market opportunities. In today’s challenging economic
environment, we, like many other private investment firms, are
considering a variety of options.”

Cerberus to cut staff as it seeks assistance – Financial Times

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Hedge funds, Revolving Door, Stephen Feinberg

Excellent Vanity Fair piece: Might some private equity firms be on the financial brink? Carlyle? KKR?; More losing hedge funds going activist “to do something to justify their existence”?; Grabbing control of companies through distressed debt

Posted by WSF On December - 31 - 2008

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Bankruptcy, Hedge funds

Bernie Madoff may be the most hated man in New York, but Steve Feinberg might win that award in Kimberly, Wisconsin

Posted by WSF On December - 24 - 2008

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Hedge funds, Stephen Feinberg

TPG is letting investors out of funding commitments by up to 10% and is reducing fees

Posted by WSF On December - 23 - 2008

With liquidity problems facing many of its investors who have committed some $20 billion in funding to its deals, TPG is reducing their obligations by as much as 10%.  TPG is also cutting annual management fees.

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Credit Crunch, TPG

Governor Paterson is beating Obama to the punch: NY budget plan includes higher taxes on non-resident hedge fund income and management fees, as well as on luxury items

Posted by WSF On December - 16 - 2008

With the credit crunch hitting New York State's budget hard, Governor Paterson is looking for ways to raise income:

New York should expand its personal income tax for non-residents to include income from hedge funds and management fees, and limit itemized deductions for millionaires, according to the governor's new budget plan.

New York Gov. David Paterson has repeatedly blocked Democrats in the state Assembly from wringing higher income taxes out of millionaires, saying this would just drive them out of state.

The governor's new $121 billion budget also targets the well-to-do in other ways, including levying an extra 5 percent sales tax on luxury goods, from yachts and jets to jewels and furs.

NY gov. mulls tax hike on hedge funds, luxury goods – Reuters

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Hedge funds, Taxes, Wealth, Yachts

JP Morgan is “Investment Bank Of The Year”; Private equity funds getting hit up by investors to let them out of their funding commitments; FASB 15 fight; Morgan Stanley M&A head suffers fatal heart attack; New Star auction

Posted by WSF On December - 8 - 2008


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Hedge funds, Jamie Dimon, Morgan Stanley

Carlyle’s Rubenstein predicts weakness for hedge funds & private equity for years; Ramius is closing four funds; Avenue’s Lasry thinks that “now is a phenomenal time to buy”; 20% of hedge funds history in 2 years?; New Star trying to halt talent exodus

Posted by WSF On December - 3 - 2008

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Credit Crunch, Hedge funds

Microsoft may sell debt for first time; More hedge fund selling thru year end?; Loan prices falling; Junk bond yields surge to record 20%; Options trading slows; Calpers sold $2 billion in private equity before shit hit the fan

Posted by WSF On November - 20 - 2008

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Hedge funds, high yield bonds

Blackstone’s Steve Schwarzman: “I’m not Robert de Niro, but I’m a raging bull on private equity”

Posted by WSF On November - 7 - 2008

Is now the time for a private equity turnaround?  With the market in turmoil, Blackstone CEO Stephen Schwarzman thinks there are tremendous opportunities.  He was the focus of a piece in The Economist:

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Credit Crunch, Stephen Schwarzman

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