Wall Street Folly

$40B bailout plan for Greece; U.S. Bailout seen as costing far less –now estimated at $89B; Most of AIG’s bad Goldman trades have been unwound; Big first quarter for UBS; UBS tax cases could net New York a lot of badly needed cash; Inspector General’s report faults regulatory supervision over WAMU failure; NBER isn’t willing to say the recession is over yet; Pimco sees continued low mortgage rates

Posted by WSF On April - 12 - 2010
  • Aid plan solves Greece’s near-term funding woes
  • Light At the End of the Bailout Tunnel
  • AIG, Goldman Unwind Soured Trades
  • UBS Hopes Big Profit Will Lift Client Confidence
  • NY state sees “deep well” of UBS client tax cases
  • U.S. Faults Regulators Over a Bank
  • Pimco Says Investors to Hold Down U.S. Mortgage Rates
  • Committee Reluctant to Mark End of Recession Read the rest of this entry »

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WSF

Goldman Sachs explains itself to shareholders in its annual letter; Paul Volcker calls for VAT tax; Jamie Dimon’s lobbying efforts; Greece pleas for more aid; Geithner wants Europeans to revise their hedge fund rule plan, also, he’s meeting with Chinese Vice Premier; Spirit Airlines pissing flyers off with new carry on baggage fee

Posted by WSF On April - 7 - 2010
  • Goldman Tells Its Side of ‘09
  • Volcker: Taxes likely to rise eventually to tame deficit
  • Mr. Dimon Goes to Washington
  • Greek banks plead for more aid in debt crisis
  • Geithner Urges Europe to Revise Hedge-Fund Rule Plan
  • Geithner to Meet With the Chinese Vice Premier
  • Fliers up in arms about carry-on fee Read the rest of this entry »

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WSF

Morgan Stanley’s Roach sees China bubble talk as “overblown”; Greece PM to press Obama to curb those nasty speculators (as if THEY’RE the problem); Nomura’s golden handcuffs on ex-Lehman bankers will soon expire; Madoff’s victims who don’t like loss calculations can appeal to 2nd Circuit; Employers still nervous about hiring; Amazon DKs Colorado affiliates over tax issue

Posted by WSF On March - 9 - 2010
  • Morgan Stanley’s Roach Sees ‘False Alarm’ on China
  • Greece to Press U.S. to Crack Down on ‘Speculators’
  • Lehman Bankers’ Lock-Ins to Expire at Nomura
  • Madoff victims may appeal directly to 2nd Circuit
  • Employers still skittish on hiring
  • Amazon cuts off Colo. affiliates because of tax Read the rest of this entry »

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Barack Obama, Bernie Madoff

AIG asset sale brings in another $15.5B; Icelanders vote down debt deal; No Greek bailout needed per IMF head; Fed wants to protect credit card holders by limiting fees; Dubai World lenders expect a proposal this week; Harrah’s is extending their debt; Bloomberg wants a soda tax

Posted by WSF On March - 8 - 2010
  • AIG, MetLife Reach Deal for Alico
  • Iceland Voters Reject Debt Deal
  • Greece will come through crisis without bailout, IMF head says
  • Fed proposes rule to limit credit card fees
  • Dubai World lenders await debt plan
  • Harrah’s to Extend $5.5 Billion CMBS Loan Maturities to 2015
  • Bloomberg Says a Soda Tax ‘Makes Sense’ Read the rest of this entry »

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AIG, Taxes

EU wants Goldman Sachs, other banks roles in Greek debt mess investigated; Greece loses their vote; After a tough 2009, Jim Simons’ Renaissance Institutional Equities fund down in January; Fed’s Hoenig raises his voice about the U.S.’s debt problem; AIG / MetLife deal being held up over tax issue; For Sale: Abbey Road Studios

Posted by WSF On February - 17 - 2010
  • Banks that inflated Greek debt should be investigated, EU urges
  • Greece loses EU voting power in blow to sovereignty
  • Renaissance suffers rare disappointment
  • Lone voice warns of debt threat to Fed
  • U.S. Seeks First Trial in Galleon Case
  • Tax Question Stalls AIG, MetLife Deal
  • Beatles’ Abbey Road Studios for Sale to Cut EMI Debt Read the rest of this entry »

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AIG, Goldman Sachs, Hedge funds, Insider Trading

Deutsche Bank: Greece problems “a dress rehearsal” for problems U.S. and UK could face?; Wealthy bailing out of New Jersey for CT, other less taxing states; Hedge fund BlueGold denies liquidation rumors

Posted by WSF On February - 5 - 2010
  • Greece ‘Dress Rehearsal’ for U.S., Deutsche Bank Says
  • Study finds the wealthy prefer Conn. to N.J.
  • Hedge Fund BlueGold Capital Says Liquidation Rumors False Read the rest of this entry »

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Credit Crunch, Hedge funds, Taxes

GOP mining for Wall Street donors suffering from Democratic buyers’ remorse; Geithner attacks AIG bonuses; Citigroup looking to Asia; Lazard bucking the less cash bonus trend; NY reeling from lower Wall Street related tax revenues; UK Hedge fund manager banned, fined; More Toyota problems

Posted by WSF On February - 4 - 2010
  • GOP Chases Wall Street Donors
  • Geithner attacks AIG’s ‘outrageous’ bonus pay-outs
  • Citi aims to build on gains in Asia
  • Lazard bucks trend among rivals by accelerating cash bonus payments
  • Greece, Portugal Woes Intensify
  • Cutbacks on Wall St. Are Burden for Albany
  • Treasury offers loans to banks funding community development
  • FSA fines ex-BlueBay manager £140,000 Read the rest of this entry »

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Autos, Citigroup, Hedge funds, Tim Geithner

Gordon Gekko inspiration Asher Edelman is no longer a corporate raider — he’s focusing on the art market; $GS Greece: Goldman Sachs to the rescue!; London mayor sees no banker stampede through the exit doors, at least not yet

Posted by WSF On January - 29 - 2010
  • The Art World’s Gordon Gekko
  • Goldman Sachs plays key role in rescue
  • London Mayor: Seeing No Stampede Of Bankers From London Read the rest of this entry »

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Activists, Goldman Sachs

Jeremy Grantham is bearish again; George Soros says Obama’s bank taxes and curbs are “premature”; Carlyle’s Rubenstein sees emerging markets as the best investment area, with U.S. “pretty attractive”; Rate of buying CDS on sovereign debt accelerating; Rules on Wall Street clawbacks are getting tougher

Posted by WSF On January - 27 - 2010
  • A Bear Reawakens After a Bullish Run
  • Soros Calls Obama Bank Plan ‘Premature’
  • Carlyle’s Rubenstein Says Emerging Markets Best Place to Invest
  • Swaps Trading Surges as National Deficits Rise: Credit Markets
  • Wall Street Toughens Rules on Clawbacks Read the rest of this entry »

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Bonuses, CDS, Carlyle, Compensation, George Soros, Hedge funds

Massachusetts Senate vote upset in the making? Turnout is key; Bonuses for Credit Suisse Senior UK managers getting hit by UK tax; Banks divided over new Obama tax, legal fight possible; Citigroup Earnings fail to impress; AIG looking to lower bonus payments; Berkshire Hathaway Baby B’s may soon more affordable; Warren Buffett’s Berkshire stake now below 25%; Kraft and Cadbury in a now friendly deal; Conan O’Brien said to be nearing $40M deal to leave, zip lip

Posted by WSF On January - 19 - 2010
  • Turnout Is Key in Massachusetts Battle
  • Credit Suisse Cuts Bonus Pool to Spread Costs From U.K. Taxes
  • Wall Street May Seek to Sway Congress by Hiring Top Lawyer
  • US investment banks divided over levy
  • Citigroup Reports 2009 Full Year Managed Revenues(1) of $91.1 Billion and Expenses of $47.8 Billion
  • AIG Tries to Defuse Bonus Pay Showdown
  • Berkshire Nears Smaller Baby Bs
  • Buffett Cuts Berkshire Stake Below 25% on Rail Deal, Charity Read the rest of this entry »

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AIG, Bankruptcy, Banks, Barack Obama, Bonuses, Citigroup, Compensation, Credit Suisse, Politics, WSF, Warren Buffett

AIG: Geithner on the testimony hot seat on Jan 27; Crisis panel calling Greenspan and Cox to testify; Citigroup cash bonuses to be capped at less than $100K?; JP Morgan earnings beat, but revenues light; Sheila Bair throws Fed under the bus; More fury over Obama’s new banker tax

Posted by WSF On January - 15 - 2010
  • Geithner to Testify Jan. 27 About AIG E-Mail Exchange
  • U.S. financial crisis panel to call Greenspan, Cox
  • Citigroup plans to cap cash bonuses
  • JPMorgan fourth-quarter profits soar
  • FDIC blames Federal Reserve for severity of financial crisis
  • Bankers’ fury at levy on US subsidiaries
  • Dodd Said to Weigh Dropping Consumer Agency From Overhaul Plan Read the rest of this entry »

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AIG, Banks, Barack Obama, Bonuses, Citigroup, Compensation, Economy, Fed, JPM, JPM Chase, Jamie Dimon, Taxes, Tim Geithner, U.S. Treasury

Obama’s new bank tax unveiled today; Barney Frank continuing assault on Wall Street pay; Geithner’s AIG phone records demanded by House committee; Dudley defends AIG bailout; Banker testimony post mortem; Bank of America’s bonuses getting much shorter on cash; More hedge funders winding up getting jobs at the SEC; Foreclosures at a record and still expected to rise

Posted by WSF On January - 14 - 2010
  • Obama’s Bank Tax Seeks $90 Billion to Repay Bailout
  • US Rep Frank: Determined To Look Into Wall Street Pay
  • Geithner faces demand for AIG phone records
  • Fed’s Dudley Defends AIG Bailout
  • Top bankers forced on to the defensive
  • Wall Street bankers on defensive in grilling over financial crisis
  • Panel Rips Wall Street Titans
  • Bank of America May Trim Cash Part of Bonuses to 15%
  • Hedge funds seen losing staff to the SEC: survey Read the rest of this entry »

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AIG, Bank of America, Barack Obama, Bonuses, Compensation, Goldman Sachs, Hedge funds, JPM Chase, Jamie Dimon, John Mack, Lloyd Blankfein, Morgan Stanley, Politics, Revolving Door, SEC, Taxes, Tim Geithner

Obama will detail new bank tax plan on Thursday (fees that the banks will no doubt pass on); Get the popcorn ready: Bankers all set to get smacked around today as they testify before the latest congressional inquisition panel; Galleon tipper uncloaked; Rajaratnam slams the “cherry picked” wiretapped recordings; High frequency trading in the SEC spotlight; Thain talking to CIT; Google could exit China; Apple’s Steve Jobs still a bargain at $1 / year

Posted by WSF On January - 13 - 2010
  • Obama To Unveil Bank Fee Proposal Thursday – Official
  • Wall Street labels levy plan ‘absurd’
  • Financial crisis panel seeks bankers’ testimony
  • ‘Tipper X’ Hangs Over Galleon
  • Galleon founder slams wiretaps
  • Citigroup Bonus May Trump Goldman’s
  • SEC Vote May Show Scope of High-Frequency Trading Regulations Read the rest of this entry »

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Barack Obama, Bonuses, China, Compensation, Goldman Sachs, Google, Hedge funds, Insider Trading, JPM Chase, Jamie Dimon, Lloyd Blankfein, Morgan Stanley, Politics, SEC, Steve Jobs, Taxes

Geithner’s NY Fed told AIG to zip its lip on CDS payouts to banks; Possible carried interest tax on hedge funds, private equity firms back in lawmakers’ sights; Now deTARPED Citi faces lawsuits from ex-execs with frozen severance packages; Blankfein, Dimon won’t go to Basel; Kumar going to court today in Galleon insider trading case; Warren Buffett in antitrust hot water?; FDIC looking to tie insurance fees to risk of pay packages; State tax revenues drop to lowest since ‘63; GM CEO is predicting a 2010 profit!

Posted by WSF On January - 7 - 2010
  • Geithner’s New York Fed Told AIG to Limit Swaps Disclosure
  • Congress Has Hedge Funds, Buyout Firms in Tax Sights
  • Citi hit by legal action in bankers’ pay battle
  • Top banks invited to Basel risk talks
  • Kumar set to appear in court in Galleon case
  • Buffett’s Mars bar
  • FDIC Weighs Tying Fees to Banks’ Pay Read the rest of this entry »

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AIG, Citigroup, Compensation, Fees, GM, Goldman Sachs, Hedge funds, Insider Trading, Jamie Dimon, Lawsuit, Lloyd Blankfein

GMAC may be getting another $3M bailout package; WSJ Part 2: How the Feds snared Raj Rajaratnam; If you’re gonna die, can you please wait a few days until 2010?; The Fannie Mae / Freddie Mac folly continues; Lehman cash held hostage may soon be released; Cell phone hackings could be on the rise now that the code’s been cracked; RIP Tavern on the Green (which dies on New Year’s eve)

Posted by WSF On December - 30 - 2009
  • GMAC Said to Discuss U.S. Aid Package of $3 Billion or More
  • GMAC Set for Another Cash Infusion
  • Fund Chief Snared by Taps, Turncoats
  • Rich Cling to Life to Beat Tax Man
  • The Price for Fannie and Freddie Keeps Going Up
  • Lehman move releases $11bn Read the rest of this entry »

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Hedge funds, Politics, Taxes

Dave Tepper’s Appaloosa banked $7B large this year!; Goldman threatens to move up to 20% of London staff to Spain over bonus tax; With the stock in the dumps, Citicorp warrants unsurprisingly may yield disappointing return; TCW loses another senior exec to Gundlach’s new firm; Attention Angelo Mozilo: tanning will be more expensive under the new health bill (but facelifts are safe); Twitter starting to make $

Posted by WSF On December - 21 - 2009

  • Fund Boss Made $7 Billion in the Panic
  • Goldman Sachs threatens Spanish move
  • Citigroup ‘Lottery Ticket’ Warrants May Pay U.S. Lowest Return
  • TCW Loses Mutual-Fund Head Redell to Gundlach’s Startup Firm
  • Cosmetic Surgery Tax Out, Tanning Tax In For Sen Health Bill
  • Twitter Is Said to Be Profitable After Making Search Agreements
  • Citadel Broadcasting files bankruptcy protection Read the rest of this entry »

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Credit Crunch, Goldman Sachs, Hedge funds, Politics, Revolving Door, Videos

Has Goldman sold its soul for profits?; SAC Capital uncomfortably in the spotlight; Ben Bernanke is Time Magazine’s Person of the Year; Citigroup gets a sure to be controversial $38B tax benefit, Abu Dhabi, claiming “fraudulent misrepresentations” wants out of its Citi investment, Citi cries bullshit; No change in rates expected from Fed; Rajaratnam indicted, proclaims innocence; France jumps on the bonus tax band wagon; Microsoft settles with EU

Posted by WSF On December - 16 - 2009

  • As Goldman Thrives, Some Say an Ethos has Faded
  • An Unwelcome Spotlight Falls on SAC Capital
  • Person of the Year 2009: Ben Bernanke
  • Citigroup Says Abu Dhabi Seeks to End Share Purchase
  • Citi: Abu Dhabi Investment Authority Claim Without Merit
  • A Tax Break for Citigroup With Payback of Bailout
  • Fed May Raise U.S. Economic Assessment, Affirm Near-Zero Rates
  • Rajaratnam, Chiesi Indicted for Conspiracy, Fraud
  • Credit Suisse to Pay U.S. $536 Million in Iran Probe Read the rest of this entry »

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Ben Bernanke, Fed, Goldman Sachs, Hedge funds, Legal, Lloyd Blankfein, Politics, Steven A. Cohen

Henry Kravis has Warren Buffett envy; A year later Madoff “is the godfather, the don” behind bars; Goldman cash bonuses will make bottom line look nicer; UK hedge funds not part of supertax; Lawyers scramble to find supertax loopholes; Moody’s says U.S., UK not threatened with downgrades (yet); Ex-UBS banker is a fugitive; Merrill squawk box broker gets probation

Posted by WSF On December - 11 - 2009

  • Bernie Madoff, the $19B Con, Makes New Friends Behind Bars
  • Buyout Pioneer Kravis Aims to Remake KKR Like Buffett
  • Goldman Sachs Bars Cash Bonus for Top Officers
  • Goldman Sachs Stock Bonus Plan to Defer Compensation Expense
  • UK: Revenue to clarify bonus rules
  • UK: Lawyers search for loopholes in supertax
  • Moody’s Analyst: No Threat To US, UK Triple-A Ratings Now
  • Ex-UBS Banker, Swiss Lawyer Declared U.S. Fugitives Read the rest of this entry »

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Bonuses, Compensation, 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

UK bankers facing windfall tax on bonuses (which of course will drive bankers and capital out of the UK); Citi naturally wants out of TARP asap; Jamie Dimon’s bets right on warrant auction; Kuwait sells Citi stake for a fat profit; Senior AIG execs threaten to walk over pay; TCW ousts their CIO

Posted by WSF On December - 7 - 2009
  • Darling lines up assault on bonuses
  • Pre-Budget Report: Darling plans windfall tax on bank bonuses
  • Banks criticise plans for windfall tax on bonuses
  • Estimated TARP Cost Is Cut by $200 Billion
  • Citigroup in race to repay bail-out funds
  • Dimon Guesses Right on Warrant Pricing
  • Kuwait sells Citigroup stake for $4.1 billion
  • Fresh Pay Skirmish Erupts at AIG Read the rest of this entry »

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AIG, Bonuses, Citigroup, Compensation, JPM Chase, Jamie Dimon

Goldman bankers should expect to be paid in stock this year; DeTARPing Bank of America sells shares; Citigroup getting left behind; Bernanke has a tough day but probably gets his second term; Feds probed Rajaratnam ten years ago but came up empty; Looking for new revenue, Democrats propose Wall St. transaction tax; More deck chair rearranging at GM

Posted by WSF On December - 4 - 2009
  • Goldman bonuses to be in shares amid effort to quell public anger
  • BofA sells $19.3 billion of securities for TARP repay
  • Bank of America’s $19.3 Billion Is Biggest U.S. Sale Since 2000
  • Bernanke May Get Second Term at Fed Shorn of Bank Supervision
  • Citigroup Said to Need Treasury Stake Sale Before TARP Payment
  • Citigroup Stands Alone
  • Rajaratnam Investigated Decade Ago
  • Geithner says need to cut budget deficit
  • Wall Street Transaction Tax Proposed by Democrats Read the rest of this entry »

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Autos, Bank of America, Ben Bernanke, Citigroup, Fed, Goldman Sachs, Hedge funds

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

John Mack favors worldwide uber-regulator; Reports ream SEC; FDIC to be in red til 2012?; Fed’s Plosser says its not time for policiy shift; Hedge funds sweet on sugar; Clock ticking for CIT, Barclays, Citi offer them financing; JP Morgan shuffle; FDIC fees for 4 banks including B of A could top $10B; States’ tax revenues slide; GM ends short lived Ebay online sales experiment

Posted by WSF On September - 30 - 2009
  • Morgan Stanley’s Mack Proposes Single Global Bank Regulator
  • In Harsh Reports on S.E.C.’s Fraud Failures, a Watchdog Urges Sweeping Changes
  • Bank-Bailout Fund Faces Years in Red as Failures Jolt System
  • Fed’s Plosser: Not time yet to shift policy
  • Hedge funds find new sweet spot in sugar
  • J.P. Morgan Shuffles Executives
  • CIT in Last-Ditch Rescue Bid
  • Citi, Barclays offer financing to CIT Read the rest of this entry »

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WSF

Citigroup wants to deTARP (someday), but Parsons give a date, stock sale on tap?; Ya, right: Geithner saying across-the-board tax increases not inevitable?; B of A rebound to beat forecasts?; Another slap down for B of A’s Merrill settlement with SEC; Obama plays to a tough Wall Street crowd; NY State says Lehman owes $1.2B in taxes; Wells Fargo fires exec who partied in foreclosed home

Posted by WSF On September - 15 - 2009
  • Parsons Says Citigroup Will Be Able to Repay
  • U.S. Said to Explore Selling Off Its Citigroup Stock
  • U.S. Treasury Sec says tax increases not likely
  • Bank of America CEO Says Rebound May Beat Forecasts
  • SEC suffers further humiliation over BofA
  • Bank of America Ruling Leaves SEC With Few Options for Pursuit
  • A Tough Crowd on Wall Street
  • For Obama, a Chance to Reform the Street Is Fading
  • New York State Says Bankrupt Lehman Owes $1.2 Billion in Tax Read the rest of this entry »

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WSF

Paulson bets on B of A; Ouch: Citigroup forced to hire consutants to assess senior management competance; Citi says Andrew Hall compensation deal exempt from Czar review; Will Judge’s bail refusal for Madoff Lieutenants chill other witnesses into not talking?; US & UBS have a deal; Record budget defcit; Foreclosures continue to set record highs; Lehman sued AIG; Amaranth Settles; Sugar shortage?

Posted by WSF On August - 13 - 2009
  • Paulson Bought 168 Million Shares of BofA
  • Huge Bonus Hangs Over Pay Review
  • SEC Is Ready to File Case Against Pequot
  • UBS and US strike tax evasion deal
  • U.S. Posted Record Year-to-Date Budget Gap in July
  • U.S. Foreclosure Filings Set Third Record-High in Five Months Read the rest of this entry »

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