http://dealbreaker.com Wall Street Insider – Financial News, Headlines, Commentary and Analysis - Hedge Funds, Private Equity, Banks Fri, 25 May 2012 20:58:13 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 40.72596-73.998345http://creativecommons.org/licenses/by-nc-nd/3.0/dealbreakerhttp://feedburner.google.comhttp://feedproxy.google.com/~r/dealbreaker/~3/lfGw-tsmXmw/ http://dealbreaker.com/2012/05/write-offs-05-25-12/#comments Fri, 25 May 2012 18:30:37 +0000 Dealbreaker http://dealbreaker.com/?p=77399 <p><b>$$$</b> <a href="http://www.ft.com/intl/cms/s/0/27db02ec-a643-11e1-aef2-00144feabdc0.html#axzz1vtP8gH7e">Spain to inject up to €19bn into Bankia</a> [FT]</p><p><b>$$$</b> <a href="http://www.bloomberg.com/news/2012-05-25/new-democracy-syriza-tied-in-greek-race-for-first-poll-says.html">New Democracy, Syriza Tied In Greek Race For First, Poll Says</a> [Bloomberg]</p><p><b>$$$</b> &#8220;Banks get to play a fun game every quarter that could be called <a href="http://dealbook.nytimes.com/2012/05/25/the-dark-nooks-in-jpmorgans-fortress-balance-sheet/">Guess the Value of Your Assets</a>! JPMorgan Chase plays it more than its peers.&#8221; [DealBook]</p><p><b>$$$</b> &#8220;This study proposes a novel framework for capital regulation that addresses banks’ incentives to take on excessive risk and leverage. The framework consists of a special capital account in addition to a core capital requirement. The special account would accrue to a bank’s shareholders as long as the bank is solvent, <a href="http://www.newyorkfed.org/research/current_issues/ci18-4.html">but would pass to the bank’s regulators — rather than its creditors — if the bank fails</a>.&#8221; [FRBNY]</p><p><b>$$$</b> &#8220;<a href="http://nymag.com/daily/intel/2012/05/barack-obama-interceptions-choom-weed-pot.html">Barry</a> also had a knack for interceptions. When a joint was making the rounds, he often elbowed his way in, out of turn, shouted &#8220;Intercepted!,&#8221; and took an extra hit. No one seemed to mind.&#8221; [DI]</p><p><b>$$$ <large><i>That’s it for us today. We’re off Monday for the holiday, enjoy the long weekend and see you on Tuesday!</i></large></b><br /> <br /> <b>$$$</b> Fortress Investment Group is <a href="http://jobs.dealbreaker.efinancialcareers.com/job-4000000000994301.htm">looking for a treasury analyst in San Francisco</a> [<a href="http://dealbreaker.efinancialcareers.com/?source=WL:efc_namerica=168">DBCC</a>]</p><p><b>$$$</b> <a href="http://www.cnbc.com/id/47566735">Marc Faber: 100% Chance of Global Recession</a> [CNBC!]</p><p><b>$$$</b> <a href="http://newsandinsight.thomsonreuters.com/Securities/News/2012/05_-_May/Breakingviews__Prosecutors_gain_early_edge_in_Raj_Gupta_trial/">Prosecutors gain early edge in Raj Gupta trial</a> [Breakingviews]</p><p><b>$$$</b> <a href="http://dealbook.nytimes.com/2012/05/24/despite-doubts-lehman-charges-still-possible/">Despite Doubts, Lehman Charges Still Possible</a> [DealBook]</p><p><b>$$$</b> &#8220;<a href="http://www.taipeitimes.com/News/world/archives/2012/05/26/2003533784">A penguin on the run from a Tokyo aquarium since early March was adjusting to life back on the inside yesterday</a> after being recaptured on a riverbank. The Humboldt penguin, one of 135 kept at Tokyo Sea Life Park, was recaptured after 82 days of freedom that had even seen it outwit Japan’s well-resourced coast guard. &#8230; The hunt for the bird, which the aquarium said did not have a name, began in early March after it was spotted bathing in a river that runs into Tokyo Bay. Keepers believe the creature made its break for freedom after being startled into climbing over a rock twice its size.&#8221; [AFP]</p><p><strong><a href="http://dealbreaker.com/2012/05/write-offs-05-25-12/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /> <p><a href="http://feedads.g.doubleclick.net/~a/M6EXwr_WOtBasWHUwa6wI1kEyns/0/da"><img src="http://feedads.g.doubleclick.net/~a/M6EXwr_WOtBasWHUwa6wI1kEyns/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/M6EXwr_WOtBasWHUwa6wI1kEyns/1/da"><img src="http://feedads.g.doubleclick.net/~a/M6EXwr_WOtBasWHUwa6wI1kEyns/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/lfGw-tsmXmw" height="1" width="1"/> http://dealbreaker.com/2012/05/write-offs-05-25-12/feed/ 13 http://dealbreaker.com/2012/05/write-offs-05-25-12/ http://feedproxy.google.com/~r/dealbreaker/~3/1SCh4PEI0ew/ http://dealbreaker.com/2012/05/there-is-no-doubt-in-marc-fabers-mind-were-headed-for-a-worldwide-recession/#comments Fri, 25 May 2012 18:28:14 +0000 Bess Levin http://dealbreaker.com/?p=77443 <p>“I think we could have a global recession either in Q4 or early 2013.&#8221; When asked what were the odds, Faber replied, &#8220;100%.&#8221; [CNBC]</p><p><strong><a href="http://dealbreaker.com/2012/05/there-is-no-doubt-in-marc-fabers-mind-were-headed-for-a-worldwide-recession/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/marc-faber/">Marc Faber</a>, <a href="http://dealbreaker.com/tag/predictions/">predictions</a>, <a href="http://dealbreaker.com/tag/recessions/">recessions</a>, <a href="http://dealbreaker.com/tag/so-have-a-great-weekend/">so have a great weekend!</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/sTMsPLMZuJPOh4WyaRMbe3IzIXM/0/da"><img src="http://feedads.g.doubleclick.net/~a/sTMsPLMZuJPOh4WyaRMbe3IzIXM/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/sTMsPLMZuJPOh4WyaRMbe3IzIXM/1/da"><img src="http://feedads.g.doubleclick.net/~a/sTMsPLMZuJPOh4WyaRMbe3IzIXM/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/1SCh4PEI0ew" height="1" width="1"/> http://dealbreaker.com/2012/05/there-is-no-doubt-in-marc-fabers-mind-were-headed-for-a-worldwide-recession/feed/ 1 http://dealbreaker.com/2012/05/there-is-no-doubt-in-marc-fabers-mind-were-headed-for-a-worldwide-recession/ http://feedproxy.google.com/~r/dealbreaker/~3/IA3DXaWEP0E/ http://dealbreaker.com/2012/05/jon-corzine-bids-hoboken-adieu/#comments Fri, 25 May 2012 18:25:59 +0000 Bess Levin http://dealbreaker.com/?p=77435 <p>JSC has reportedly unloaded his waterfront penthouse, for $2.8 million. That&#8217;s 14 percent less than what he bought it for in 2008, which hurts, but on the bright side he&#8217;s got some money, if you&#8217;ve got any ideas.</p><p><strong><a href="http://dealbreaker.com/2012/05/jon-corzine-bids-hoboken-adieu/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/hoboken/">Hoboken</a>, <a href="http://dealbreaker.com/tag/if-these-walls-could-talk/">if these walls could talk</a>, <a href="http://dealbreaker.com/tag/jon-corzine/">Jon Corzine</a>, <a href="http://dealbreaker.com/tag/mf-global/">MF Global</a>, <a href="http://dealbreaker.com/tag/real-estate/">real estate</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/s6l2mK21IB92sjub7PZC4SA80LM/0/da"><img src="http://feedads.g.doubleclick.net/~a/s6l2mK21IB92sjub7PZC4SA80LM/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/s6l2mK21IB92sjub7PZC4SA80LM/1/da"><img src="http://feedads.g.doubleclick.net/~a/s6l2mK21IB92sjub7PZC4SA80LM/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/IA3DXaWEP0E" height="1" width="1"/> http://dealbreaker.com/2012/05/jon-corzine-bids-hoboken-adieu/feed/ 2 http://dealbreaker.com/2012/05/jon-corzine-bids-hoboken-adieu/ http://feedproxy.google.com/~r/dealbreaker/~3/cKRtkb2a3io/ http://dealbreaker.com/2012/05/the-bar-has-been-set-for-lengths-gone-to-in-order-to-secure-seed-capital/#comments Fri, 25 May 2012 17:59:07 +0000 Bess Levin http://dealbreaker.com/?p=77415 [caption id="attachment_77416" align="alignleft" width="260" caption="Home?"]<a href="http://dealbreaker.com/?attachment_id=77416" rel="attachment wp-att-77416"><img src="http://dealbreaker.com/uploads/2012/05/goldmansachsHQ-260x156.jpg" alt="" title="goldmansachsHQ" width="260" height="156" class="size-medium wp-image-77416" /></a>[/caption]<p>Want to get in shape? Want to save money? Want to impress industry execs with your problem solving skills and can-do attitude? Want to hole up and pound out a business plan for the [hedge fund/private equity firm/boutique investment bank/whathaveyou] you want to get off the ground? What if we told you there was a foolproof way to accomplish all those goals and more, that it wouldn&#8217;t cost you a thing, that you might even have some fun doing it, and that there&#8217;d be free cereal and Coke involved? Would that sound like something you&#8217;d be interested in? Then, congratulations, you&#8217;re already halfway there. Step 1 was getting on board, Step 2 is choosing the investment bank or asset management firm that&#8217;s lax on night security and moving in.</p><blockquote><p><small>Eric Simons wanted to get straight into the thick of it, so after high school, and a short period crashing on couches with friends at the University of Illinois, Simons accepted a slot in the inaugural class of Imagine K12, a new Silicon Valley incubator focused entirely on education. His plan? Start a company that builds tools allowing teachers to create and discover lesson plans, and share them with students and teachers&#8230;But his initial idea wasn&#8217;t quite working. Imagine K12 was a great place to get mentorship and learn how startups are built, but he and his ClassConnect partners had been given just $20,000 by the incubator, and after the four-month program ended, the money was gone. When his friends left to go back to college, Simons needed another solution. Imagine K12 is hosted at AOL&#8217;s Palo Alto campus, and everyone involved gets a building badge. As it turns out, Simons told CNET, the badges kept working, even after the program ended, giving him ongoing access, along with a face that had become familiar to others who worked there. &#8220;I couldn&#8217;t afford to live anywhere,&#8221; Simons recalled. &#8220;I started living out of AOL&#8217;s headquarters.&#8221;</p><p>For someone with neither money nor an aversion to sleeping on others&#8217; couches, the AOL building had plenty of allure. &#8220;They had a gym there with showers,&#8221; Simons said. &#8220;I&#8217;d take a shower after work. I was like, &#8216;I could totally work here&#8230;They have food upstairs, they have every drink on tap. This would be a sweet place to live.&#8217;&#8221;<br /> Note that Simons said he would work there. After his four months in the incubator, he was used to toiling away at ClassConnect inside the building, and with other programs, from the Stanford-focused incubator StartX to AOL&#8217;s own First Floor Labs also taking up space there, there was no shortage of non-AOL employees shuffling in and out all the time. But Simons was intent on launching his startup, so why not find a desk and pound away for 12 to 16 hours a day? &#8220;There were so many people going in and out each day,&#8221; he said. &#8220;They&#8217;d say, &#8216;Oh, he just works, here, he&#8217;s working late every night. Wow, what a hard worker.&#8217;&#8221; Having spent several months legitimately working in the building, often quite late, Simons had noticed that although there were security guards with nightly rounds, there were at least three couches that seemed outside those patrols. Plus, they looked fairly comfortable. He claimed them. This was his routine: He&#8217;d work until midnight or later, and then fall asleep around 2 a.m. on one of the couches. At 7 a.m. &#8212; and no later than 8 a.m. so he&#8217;d be safely out of his field bed before anyone else arrived &#8212; he&#8217;d wake up, go down to the gym for a workout and a shower, and then go back upstairs and scarf a breakfast of cereal and water or Coke. Then he&#8217;d work all day, finally waiting until everyone else in the building had gone home before returning to one of his three favored couches. &#8220;I got a really good work ethic,&#8221; he said, &#8220;and I got in shape, since I had to work out every morning.&#8221;</p><p>Simons could probably have crashed elsewhere, but he wanted to see how long he could make the AOL squatting work. Some friends knew what he was doing, and they thought it was funny. But no one helped him, other than a couple buddies who discussed strategies with him on how to evade security. And then came that fateful morning with the 6 a.m. yelling. &#8220;One of the guys who manages the building came in at like 5 or 6 in the morning,&#8221; Simons lamented, &#8220;and he scoured the entire place to find me. And he ripped me a new one. He was pissed that I was treating it like a dorm. Which was reasonable.&#8221;</small></p></blockquote><p>No one called the police, Simons &#8220;continues to go to the AOL building for meetings to this day,&#8221; and a venture capitalist, Paul Sherer, threw some seed money Simons&#8217; way, based on the fact that the guy lived out of the place. (&#8220;Tenacity and commitment are key attributes of a great entrepreneur,&#8221; Sherer said. &#8220;Eric has these in spades as demonstrated by his willingness to do whatever it takes to get his company off the ground.&#8221;) This could be you.</p><p><a href="http://news.cnet.com/8301-32973_3-57440513-296/meet-the-tireless-entrepreneur-who-squatted-at-aol/">Meet The Tireless Entrepreneur Who Squatted At AOL</a> [CNET]</p><p><strong><a href="http://dealbreaker.com/2012/05/the-bar-has-been-set-for-lengths-gone-to-in-order-to-secure-seed-capital/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/aol/">AOL</a>, <a href="http://dealbreaker.com/tag/couches/">couches</a>, <a href="http://dealbreaker.com/tag/crash-pads/">crash pads</a>, <a href="http://dealbreaker.com/tag/eric-simons/">Eric Simons</a>, <a href="http://dealbreaker.com/tag/friday-before-memorial-day/">Friday before Memorial Day</a>, <a href="http://dealbreaker.com/tag/great-ideas/">great ideas</a>, <a href="http://dealbreaker.com/tag/oh-he-just-works-here/">oh he just works here</a>, <a href="http://dealbreaker.com/tag/or-the-night-guard-could-tase-you-and-have-you-sent-to-rikers-based-on-which-building-you-occupy/">or the night guard could tase you and have you sent to Riker's based on which building you occupy</a>, <a href="http://dealbreaker.com/tag/this-would-be-a-sweet-place-to-live/">this would be a sweet place to live</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/b_c2zx6NdgNa8uV1P-NFxwCPcMc/0/da"><img src="http://feedads.g.doubleclick.net/~a/b_c2zx6NdgNa8uV1P-NFxwCPcMc/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/b_c2zx6NdgNa8uV1P-NFxwCPcMc/1/da"><img src="http://feedads.g.doubleclick.net/~a/b_c2zx6NdgNa8uV1P-NFxwCPcMc/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/cKRtkb2a3io" height="1" width="1"/> http://dealbreaker.com/2012/05/the-bar-has-been-set-for-lengths-gone-to-in-order-to-secure-seed-capital/feed/ 9 http://dealbreaker.com/2012/05/the-bar-has-been-set-for-lengths-gone-to-in-order-to-secure-seed-capital/ http://feedproxy.google.com/~r/dealbreaker/~3/Gq7QSfS-Jv0/ http://dealbreaker.com/2012/05/a-running-list-of-thing-that-turn-on-silvio-berlusconi/#comments Fri, 25 May 2012 16:14:27 +0000 Bess Levin http://dealbreaker.com/?p=77398 <p>Should you ever find yourself in a situation in which knowledge pertaining to the arousal triggers of the former Italian prime minister would come in handy, whether it&#8217;s bar trivia night or one of his bunga bunga parties, try and remember that Silvio likes prostitutes dressed as:</p><p>1. Nuns</p><p>2. Communists</p><p>3. President Obama</p><blockquote><p>One of the young women who attended Silvio Berlusconi&#8217;s &#8220;bunga bunga&#8221; parties told a court on Friday that she dressed up as a burlesque version of U.S. President Barack Obama to entertain the former Italian prime minister. In testimony during a trial against the 75-year-old Berlusconi on charges of paying for sex with an underage prostitute, Marysthell Polanco said she had also dressed as prosecutor Ilda Boccassini. Boccassini, known as &#8220;Ilda the Red&#8221; because of her hair color and what Berlusconi says is her communist political sympathies, is one of the prosecutors in the ongoing trial. &#8220;I dressed up as Boccassini with a toga to make him laugh, and also as Obama,&#8221; Polanco told the court&#8230;Previous witnesses who attended his parties painted a more sordid picture, including nudity, mimicked sex, and one described two women wearing nasty versions of nuns&#8217; habits performing a raunchy pole dance.</p></blockquote><p>Hope this helps.</p><p><a href="http://www.reuters.com/article/2012/05/25/us-berlusconi-obama-idUSBRE84O0QR20120525">Berlusconi party girl says masqueraded as Obama</a> [Reuters<br /> Earlier: <a href="http://dealbreaker.com/2012/04/former-italian-primer-minister-loved-a-good-costume-party/">Former Italian Prime Minister Loved A Good Costume Party</a></p><p><strong><a href="http://dealbreaker.com/2012/05/a-running-list-of-thing-that-turn-on-silvio-berlusconi/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/a-burlesque-version-of-u-s-president-barack-obama/">a burlesque version of U.S. President Barack Obama</a>, <a href="http://dealbreaker.com/tag/friday-before-memorial-day/">Friday before Memorial Day</a>, <a href="http://dealbreaker.com/tag/ilda-boccassini/">Ilda Boccassini</a>, <a href="http://dealbreaker.com/tag/in-sum-slutty-anything-costumes/">in sum: slutty [anything] costumes</a>, <a href="http://dealbreaker.com/tag/italy/">Italy</a>, <a href="http://dealbreaker.com/tag/nasty-versions-of-nuns-habits/">nasty versions of nuns' habits</a>, <a href="http://dealbreaker.com/tag/prostitutes/">prostitutes</a>, <a href="http://dealbreaker.com/tag/silvio-berlusconi/">Silvio Berlusconi</a>, <a href="http://dealbreaker.com/tag/so-yeah/">so...yeah</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/kA1VgPAi3vV3ZFmrOLo34lJK4xs/0/da"><img src="http://feedads.g.doubleclick.net/~a/kA1VgPAi3vV3ZFmrOLo34lJK4xs/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/kA1VgPAi3vV3ZFmrOLo34lJK4xs/1/da"><img src="http://feedads.g.doubleclick.net/~a/kA1VgPAi3vV3ZFmrOLo34lJK4xs/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/Gq7QSfS-Jv0" height="1" width="1"/> http://dealbreaker.com/2012/05/a-running-list-of-thing-that-turn-on-silvio-berlusconi/feed/ 12 http://dealbreaker.com/2012/05/a-running-list-of-thing-that-turn-on-silvio-berlusconi/ http://feedproxy.google.com/~r/dealbreaker/~3/LHUDlMdl2o8/ http://dealbreaker.com/2012/05/some-people-were-selling-facebook-on-friday/#comments Fri, 25 May 2012 15:23:32 +0000 Matt Levine http://dealbreaker.com/?p=77365 <p>There&#8217;s this interesting article in the Journal today about how quickly and expensively short sellers managed to find shares of Facebook to borrow, including a graphic showing that like 150 million shares were shorted on Friday, at -10% to -40% rebates, which, what? Anyway you should read it; I for one was surprised that that&hellip;</p><p><strong><a href="http://dealbreaker.com/2012/05/some-people-were-selling-facebook-on-friday/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/facebook/">FaceBook</a>, <a href="http://dealbreaker.com/tag/ipos/">IPOs</a>, <a href="http://dealbreaker.com/tag/securities-lending/">securities lending</a>, <a href="http://dealbreaker.com/tag/short-selling/">short selling</a>, <a href="http://dealbreaker.com/tag/we-keep-swearing-were-done-with-facebook-and-yet-here-we-are/">we keep swearing we're done with Facebook and yet here we are</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/fO8h2SlZgi_V4zGiBKeoDP9ynbg/0/da"><img src="http://feedads.g.doubleclick.net/~a/fO8h2SlZgi_V4zGiBKeoDP9ynbg/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/fO8h2SlZgi_V4zGiBKeoDP9ynbg/1/da"><img src="http://feedads.g.doubleclick.net/~a/fO8h2SlZgi_V4zGiBKeoDP9ynbg/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/LHUDlMdl2o8" height="1" width="1"/> http://dealbreaker.com/2012/05/some-people-were-selling-facebook-on-friday/feed/ 13 http://dealbreaker.com/2012/05/some-people-were-selling-facebook-on-friday/ http://feedproxy.google.com/~r/dealbreaker/~3/s5VSl_iD36g/ http://dealbreaker.com/2012/05/jpmorgan-risk-committee-directors-big-on-life-experience-wall-street-experience-less-so/#comments Fri, 25 May 2012 14:45:57 +0000 Bess Levin http://dealbreaker.com/?p=77367 <p>The three directors who oversee risk at JPMorgan Chase include a museum head who sat on American International Group Inc.’s governance committee in 2008, the grandson of a billionaire and the chief executive officer of a company that makes flight controls and work boots. What the risk committee of the biggest U.S. lender lacks, and&hellip;</p><p><strong><a href="http://dealbreaker.com/2012/05/jpmorgan-risk-committee-directors-big-on-life-experience-wall-street-experience-less-so/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/aig/">AIG</a>, <a href="http://dealbreaker.com/tag/coulda-woulda-shoulda/">coulda woulda shoulda</a>, <a href="http://dealbreaker.com/tag/give-it-up-for-james-crown/">give it up for James Crown!</a>, <a href="http://dealbreaker.com/tag/jamie-dimon/">Jamie Dimon</a>, <a href="http://dealbreaker.com/tag/jpmorgan/">JPMorgan</a>, <a href="http://dealbreaker.com/tag/london-whale/">London Whale</a>, <a href="http://dealbreaker.com/tag/risk/">risk</a>, <a href="http://dealbreaker.com/tag/work-boots/">work boots.</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/Tsv5eq9XgFsS43rVs7E7BCnNtD8/0/da"><img src="http://feedads.g.doubleclick.net/~a/Tsv5eq9XgFsS43rVs7E7BCnNtD8/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/Tsv5eq9XgFsS43rVs7E7BCnNtD8/1/da"><img src="http://feedads.g.doubleclick.net/~a/Tsv5eq9XgFsS43rVs7E7BCnNtD8/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/s5VSl_iD36g" height="1" width="1"/> http://dealbreaker.com/2012/05/jpmorgan-risk-committee-directors-big-on-life-experience-wall-street-experience-less-so/feed/ 37 http://dealbreaker.com/2012/05/jpmorgan-risk-committee-directors-big-on-life-experience-wall-street-experience-less-so/ http://feedproxy.google.com/~r/dealbreaker/~3/ui1zta_1zHg/ http://dealbreaker.com/2012/05/opening-bell-05-25-12/#comments Fri, 25 May 2012 13:22:30 +0000 Dealbreaker http://dealbreaker.com/?p=77359 <p><a href="http://dealbreaker.com/?attachment_id=77360" rel="attachment wp-att-77360"><img src="http://dealbreaker.com/uploads/2012/05/mittromeny.jpg" alt="" title="mittromeny" width="241" height="352" class="alignleft size-full wp-image-77360" /></a><a href="http://online.wsj.com/article/SB10001424052702304065704577424630055781026.html?mod=WSJ_hps_MIDDLENexttoWhatsNewsThird">J.P. Morgan Unit Made Risky Bets on Firms</a> (WSJ)<br /> The JPMorgan unit whose wrong-way bets on corporate credit cost the bank more than $2 billion includes a group that has invested in financially challenged companies, including LightSquared Inc., the wireless broadband provider that this month filed for Chapter 11 bankruptcy protection&#8230;The Special Investments Group last year took a $150 million stake in closely held LightSquared, in a deal that J.P. Morgan lost money on, according to a person familiar with the bank.</p><p><a href="http://www.nytimes.com/2012/05/25/us/politics/perceptions-of-bain-years-help-and-hinder-romney.html">Both Campaigns Seize on Romney’s Years at Bain</a> (NYT)<br /> &#8230;the Romney campaign is actively recruiting testimonials from workers who have had positive experiences with Bain. It is getting ready to release advertising highlighting Bain’s marquee success stories, like the turnaround of Staples. It is considering seeking out middle-class surrogates — a fireman or members of a teachers union, for instance — who would be willing to talk about how Bain managed and increased the size of their pension funds, a lesser-known aspect of private equity&#8230;Mr. Romney’s advisers are betting that if they stay out of the nuances of private equity and tell a story about turning around failing companies, they can transform the Bain attacks into a narrative that underscores Mr. Romney’s image as a skilled executive who can steer a troubled economy back to prosperity.</p><p><a href="http://www.cnbc.com/id/47550409">ECB Official: On Greece, ‘We Are Working on Plan A’</a> (CNBC)<br /> &#8220;It&#8217;s our strong preference that Greece stays in the euro zone&#8230;We are working on plan A,&#8221; Joerg Asmussen said in the interview yesterday. &#8220;I always work on plan A. I am not speculating, I am working to make plan A successful,&#8221; he added.</p><p><a href="http://www.cnbc.com/id/47562567">What Would A Greek Exit Mean For The US Economy?</a> (Reuters)<br /> usiness investment would stall, banks would pull back on credit, and lost wealth as equity prices fall would cause consumers to slow their spending. Commodity prices would plunge, helping importers but hurting growth in export economies.</p><p><a href="http://www.bloomberg.com/news/2012-05-25/merkel-may-be-persuaded-on-euro-debt-sharing-compromise.html">Merkel May Be Persuaded On Euro Debt-Sharing Compromise</a> (Bloomberg)<br /> Chancellor Angela Merkel left the door open to a compromise on debt sharing in the euro area as Italian Prime Minister Mario Monti said he can help bring Germany round to acting in Europe’s “common good.”</p><p><a href="http://online.wsj.com/article/SB10001424052702304065704577424733907622256.html?mod=WSJ_hps_LEFTTopStories">Short Sellers Find Friends In Banks</a> (WSJ)<br /> As traders at Morgan Stanley were frantically trying to shore up Facebook Inc.&#8217;s FB share price following the company&#8217;s initial public offering, other managers on the deal were helping short sellers bet that the newly minted stock would fall. Trading desks at Goldman Sachs Group and J.P. Morgan Chase, two of the firms that helped Morgan Stanley underwrite the IPO, were among those lending out Facebook shares that hedge funds needed for short sales, according to people familiar with the matter. While it isn&#8217;t uncommon for Wall Street firms to make shares available for shorting on IPOs they manage, Morgan Stanley, the lead underwriter, didn&#8217;t lend shares, according to people familiar with the matter.</p><p><a href="http://www.nypost.com/p/news/local/escaped_monkey_holds_up_flight_at_tK1dbQM6VLLfD0fXXIiqvL#ixzz1vt1ohhEz">Escaped monkey holds up flight at JFK for hours</a> (NYP)<br /> Monkey business held up a Beijing-bound flight at Kennedy Airport nearly four hours yesterday.<br /> A monkey escaped its crate in the cargo hold of an Air China Boeing 747 scheduled to leave Terminal 1 at 4:50 p.m., said Port Authority police. Port Authority emergency services officers and an airport worker caught the monkey and handed it over to the airline. The animal never got out of the jet’s cargo hold. The foot-tall monkey was one of about 50 to 60 being shipped to China for medical research, said police sources. “He was a slippery little beast,” one source said.</p><p><a href="http://online.wsj.com/article/SB10001424052702304840904577425730120083816.html?mod=WSJ_hp_LEFTWhatsNewsCollection">Bankia Shares Suspended Ahead of Board Meeting</a> (WSJ)<br /> EFE news agency reported Thursday that the lender will ask the government for more than €15 billion ($18.80 billion). The bank said it requested the suspension ahead of the meeting, at which it will also approve its 2011 earnings report. The board meeting will begin at 2:30 p.m. GMT.</p><p><a href="http://online.wsj.com/article/SB10001424052702304840904577425713601083178.html?mod=WSJ_hp_LEFTWhatsNewsCollection">Moody&#8217;s Downgrades Major Nordic Banks</a> (WSJ)<br /> Moody&#8217;s said the funding and margin issues left the banks susceptible to unexpected losses from which it would be a challenge for them to rebuild capital. It also highlighted risks to asset quality, with the Swedish economy exposed to weakness in Europe and the banks&#8217; variable-rate mortgage books vulnerable to interest rate changes.</p><p><a href="http://online.wsj.com/article/SB10001424052702304371504577406002591760584.html?mod=WSJ_hps_LEFTTopStories">USDA Is a Tough Collector When Mortgages Go Bad</a> (WSJ)<br /> Unlike private firms, the USDA doesn&#8217;t need permission from a court to start collecting on unpaid debts. It can in some cases seize government benefits and tax refunds before a foreclosure is completed. After foreclosure, the USDA can go after unpaid balances, even in states that limit such actions by private lenders.</p><p><a href="http://www.nypost.com/p/news/business/nasdaq_bugged_fb_ipo_568M2mzc7tg3tMy9MBW6XP#ixzz1vt3ppEIB">Nasdaq CEO went ahead with Facebook IPO despite signs new software had bugs</a> (NYP)<br /> During a conference call on Monday evening, Nasdaq officials said that they were unaware of any problems with the system. However, sources said that there may have been signs that the system wasn’t glitch-free even at the 11th hour and that Nasdaq opted to roll the dice. “They may have thought they did not have any material issues with the systems,” said one exchange platform official.</p><p><a href="http://www.bloomberg.com/news/2012-05-25/lacrosse-party-boy-image-worries-coaches-who-see-slower-growth.html">Lacrosse Party-Boy Image Worries Coaches Who See Slower Growth</a> (Bloomberg)<br /> “It’s really important that the lacrosse world grows up a little bit,” Danowski said from his office in Durham, North Carolina. “We are getting more TV exposure; more people are able to make a living through lacrosse. If we want to be accepted in the mainstream, then it’s time for us to grow up.”</p><p><strong><a href="http://dealbreaker.com/2012/05/opening-bell-05-25-12/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /> <p><a href="http://feedads.g.doubleclick.net/~a/BdP6sex_83JWY9BeOuR42zIa_Vk/0/da"><img src="http://feedads.g.doubleclick.net/~a/BdP6sex_83JWY9BeOuR42zIa_Vk/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/BdP6sex_83JWY9BeOuR42zIa_Vk/1/da"><img src="http://feedads.g.doubleclick.net/~a/BdP6sex_83JWY9BeOuR42zIa_Vk/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/ui1zta_1zHg" height="1" width="1"/> http://dealbreaker.com/2012/05/opening-bell-05-25-12/feed/ 35 http://dealbreaker.com/2012/05/opening-bell-05-25-12/ http://feedproxy.google.com/~r/dealbreaker/~3/B-qxWL6cyJA/ http://dealbreaker.com/2012/05/write-offs-05-24-12/#comments Thu, 24 May 2012 23:16:24 +0000 Dealbreaker http://dealbreaker.com/?p=77287 <p><b>$$$</b> <a href="http://www.nytimes.com/2012/05/25/business/global/daily-euro-zone-watch.html?hp">European Economic Outlook Dims Amid Leaders’ Impasse</a> [NYT]</p><p><b>$$$</b> <a href="http://professional.wsj.com/article/SB10001424052702304707604577424101192978154.html?mod=WSJ_hp_LEFTWhatsNewsCollection">U.S. Bank Lending Falls, Profits Rise</a> [WSJ]</p><p><b>$$$</b> <a href="http://dealbook.nytimes.com/2012/05/23/buffetts-goldman-deal-is-topic-in-an-insider-case/">Buffett’s Goldman Deal Is Topic in an Insider Case</a> [DealBook]</p><p><b>$$$</b> <a href="http://www.spiegel.de/international/zeitgeist/study-finds-germans-incapable-of-enjoying-life-a-834973.html">Study Finds Germans Incapable of Enjoying Life</a> [Der Spiegel]</p><p><b>$$$</b> This happened:</p><blockquote class="twitter-tweet"><p>New York nun asks Blankfein if he&#8217;ll hire her, Blankfein says &#8220;I don&#8217;t think I could outbid your current employer&#8221; <a href="https://twitter.com/search/%2523godswork">#godswork</a></p><p>&mdash; Tracy Alloway (@tracyalloway) <a href="https://twitter.com/tracyalloway/status/205666787486994433" data-datetime="2012-05-24T14:29:17+00:00">May 24, 2012</a></p></blockquote><p><script src="//platform.twitter.com/widgets.js" charset="utf-8"></script></p><p><b>$$$</b> Man who formerly claimed to be a &#8220;certified member of the quiet society of pimps&#8221; and asked to be certified as an expert witness in pimpology now says &#8220;I was a failure as a pimp. I was a much better car salesman, I was a much better telemarketer, <a href="http://www.nypost.com/p/news/local/brooklyn/expert_pimp_slapped_with_years_to_oHdLV2a1KkbcIBozk4L3HO#ixzz1vpQ0suDX">I was much better when I was selling mortgages by phone</a>. I really wasn&#8217;t very good at it. A lot of it was exaggerated.&#8221; [NYP, <a href="http://dealbreaker.com/2011/12/write-offs-12-02-11/">earlier</a>]<br /> <br /> <b>$$$</b> A leading electronic trading platform is looking for a <a href="http://jobs.dealbreaker.efinancialcareers.com/job-4000000001010949.htm">CDS / fixed income sales associate</a> [<a href="http://dealbreaker.efinancialcareers.com/?source=WL:efc_namerica=168">DBCC</a>]</p><p><b>$$$</b> <a href="http://www.ft.com/intl/cms/s/0/92f5c37a-a5a1-11e1-a77b-00144feabdc0.html#axzz1viYh85eR">Big European funds dump euro assets</a> [FT]</p><p><b>$$$</b> <a href="http://www.reuters.com/article/2012/05/24/net-us-facebook-fidelity-thousands-idUSBRE84N10120120524">Facebook market makers&#8217; losses total at least $100 million</a> [Reuters]</p><p><b>$$$</b> This is some enjoyable <a href="http://www.concurringopinions.com/archives/2012/05/spitzers-loose-public-talk-and-private-emails.html">Eliot Spitzer schadenfreude</a> [Concurring Opinions]</p><p><b>$$$</b> &#8220;The festival features 10 different types of bacon, plus all things bacon — bacon sausage, bacon meatballs, bacon doughnuts, bacon butterscotch cupcakes — even a walking slab of bacon! There’s a bacon-eating contest, bacon lectures and a bacon song contest — and yes, there’s a crowning of the Bacon Queen! Contestants are asked questions like their <a href="http://www.cnbc.com/id/47537540">favorite memory of bacon, their favorite kind of bacon and their favorite way to cook bacon</a> (the most common answer is “naked,” incidentally).&#8221; [CNBC]</p><p><b>$$$</b> <a href="http://bostonglobe.com/metro/2012/05/23/harvard-alumni-directory-contains-bizarre-entry-for-ted-kaczynski-unabomber/Cjhy7Hu4Na7lakHdU7N11J/story.html">Unabomber lists self as ‘prisoner’ in Harvard directory</a> [Boston Globe]</p><p><strong><a href="http://dealbreaker.com/2012/05/write-offs-05-24-12/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /> <p><a href="http://feedads.g.doubleclick.net/~a/BKb8F3lx53jV56FBgKzLdx2CmUc/0/da"><img src="http://feedads.g.doubleclick.net/~a/BKb8F3lx53jV56FBgKzLdx2CmUc/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/BKb8F3lx53jV56FBgKzLdx2CmUc/1/da"><img src="http://feedads.g.doubleclick.net/~a/BKb8F3lx53jV56FBgKzLdx2CmUc/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/B-qxWL6cyJA" height="1" width="1"/> http://dealbreaker.com/2012/05/write-offs-05-24-12/feed/ 2 http://dealbreaker.com/2012/05/write-offs-05-24-12/ http://feedproxy.google.com/~r/dealbreaker/~3/vusJxo17hOQ/ http://dealbreaker.com/2012/05/dick-fuld-attends-hockey-game-without-getting-into-physical-altercation/#comments Thu, 24 May 2012 23:06:22 +0000 Bess Levin http://dealbreaker.com/?p=77321 <p><a href="http://dealbreaker.com/?attachment_id=77335" rel="attachment wp-att-77335"><img src="http://dealbreaker.com/uploads/2012/05/dickfuld2-260x195.jpg" alt="" title="dickfuld2" width="260" height="195" class="alignleft size-medium wp-image-77335" /></a>One tale many love to tell about Richard S. Fuld, besides the one involving him destroying an 158 year-old institution, is that of <a href="http://dealbreaker.com/2008/09/charlie-gasparino-thinks-you-r-bosses-are-all-pussies/">the time</a> he got into a fistfight at his son&#8217;s hockey game, with a parent from the opposing team. Though there have been many stories over the years of adults who lack impulse control throwing down at their children&#8217;s sporting events, perhaps people were fascinated by the fact that the the CEO of a public company was unable to reason that punching someone in the face at a Peewee hockey game = bad, keeping your hands to yourself = good.  On that note, one sports fan reports that Fuld has since matured, and realizing his own limitations, now travels with protection (for himself/spectators in his section).</p><blockquote><p>&#8220;Was at the Rangers/Devils game last night sitting a few rows behind Dick Fuld and his wife. He was with two goons who were clearly his body guards, one sitting next to him in a tan jacket and the other one standing behind him in black. Fuld was wearing a suit&#8230;I guess to try and look like he actually has a job he was coming from befoe the game.&#8221;</p></blockquote><p><strong><a href="http://dealbreaker.com/2012/05/dick-fuld-attends-hockey-game-without-getting-into-physical-altercation/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/detailed-fashion-reports/">detailed fashion reports</a>, <a href="http://dealbreaker.com/tag/dick-fuld/">Dick Fuld</a>, <a href="http://dealbreaker.com/tag/fistfights-or-lack-thereof/">fistfights or lack thereof</a>, <a href="http://dealbreaker.com/tag/hockey/">hockey</a>, <a href="http://dealbreaker.com/tag/lehman-brothers/">Lehman Brothers</a>, <a href="http://dealbreaker.com/tag/new-jersey-devils/">New Jersey Devils</a>, <a href="http://dealbreaker.com/tag/new-york-rangers/">New York Rangers</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/sHYSaCbbWeLdi2zPT05b2bY5Rxw/0/da"><img src="http://feedads.g.doubleclick.net/~a/sHYSaCbbWeLdi2zPT05b2bY5Rxw/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/sHYSaCbbWeLdi2zPT05b2bY5Rxw/1/da"><img src="http://feedads.g.doubleclick.net/~a/sHYSaCbbWeLdi2zPT05b2bY5Rxw/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/vusJxo17hOQ" height="1" width="1"/> http://dealbreaker.com/2012/05/dick-fuld-attends-hockey-game-without-getting-into-physical-altercation/feed/ 13 http://dealbreaker.com/2012/05/dick-fuld-attends-hockey-game-without-getting-into-physical-altercation/ http://feedproxy.google.com/~r/dealbreaker/~3/_ziPcKwzXgY/ http://dealbreaker.com/2012/05/dick-fulds-weekend-is-looking-up/#comments Thu, 24 May 2012 19:56:33 +0000 Bess Levin http://dealbreaker.com/?p=77299 <p><a href="http://dealbreaker.com/2012/05/dick-fulds-weekend-is-looking-up/"><img width="150" height="105" src="http://dealbreaker.com/uploads/2012/05/richardfuld-150x105.jpg" class="attachment-thumbnail wp-post-image" alt="richardfuld" title="richardfuld" style="float:left;margin: 0 15px 15px 0;" /></a></p><p>U.S. Securities and Exchange Commission investigators have concluded their probe of possible financial fraud at Lehman Brothers Holdings Inc. and determined that they will probably not recommend any enforcement action against the firm or its former executives, according to an excerpt of an internal agency memo. Under a heading reading “Activity in the Last Four Weeks,”&hellip;</p><p><strong><a href="http://dealbreaker.com/2012/05/dick-fulds-weekend-is-looking-up/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/dick-fuld/">Dick Fuld</a>, <a href="http://dealbreaker.com/tag/lehman-brothers/">Lehman Brothers</a>, <a href="http://dealbreaker.com/tag/probes/">probes</a>, <a href="http://dealbreaker.com/tag/thats-nice/">that's nice</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/dxNLlxKXO3PtKoVKRIR8ovD_PNg/0/da"><img src="http://feedads.g.doubleclick.net/~a/dxNLlxKXO3PtKoVKRIR8ovD_PNg/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/dxNLlxKXO3PtKoVKRIR8ovD_PNg/1/da"><img src="http://feedads.g.doubleclick.net/~a/dxNLlxKXO3PtKoVKRIR8ovD_PNg/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/_ziPcKwzXgY" height="1" width="1"/> http://dealbreaker.com/2012/05/dick-fulds-weekend-is-looking-up/feed/ 17 http://dealbreaker.com/2012/05/dick-fulds-weekend-is-looking-up/ http://feedproxy.google.com/~r/dealbreaker/~3/Taf8oHWE5pI/ http://dealbreaker.com/2012/05/what-hank-and-hal-steinbrenner-need-to-ask-themselves-right-about-is-do-we-want-3-billion-deposited-in-our-bank-account-in-a-friendly-manner-or-do-we-want-it-shoved-down-our-throats/#comments Thu, 24 May 2012 19:28:40 +0000 Bess Levin http://dealbreaker.com/?p=77290 <p><a href="http://dealbreaker.com/?attachment_id=77291" rel="attachment wp-att-77291"><img src="http://dealbreaker.com/uploads/2012/05/stevecohen.jpg" alt="" title="stevecohen" width="250" height="375" class="alignleft size-full wp-image-77291" /></a>Are the Yankees for sale? &#8220;Baseball and financial sources&#8221; say <a href="http://www.nydailynews.com/sports/baseball/yankees/yankees-sale-rumors-swirl-baseball-banking-cirlcles-sources-article-1.1083600">yes</a>. People with the last name Steinbrenner <a href="http://sportsillustrated.cnn.com/2012/baseball/mlb/05/24/yankees.sale.steinbrenner.ap/">say no</a>. Perhaps the latter, though, just needs to meet the right buyer? A buyer who&#8217;s got money to spend? A buyer who wants a Major League Baseball team so badly he can taste it? Who has so far bid on not <a href="http://dealbreaker.com/2011/04/steve-cohen-bids-for-mets-stake/">one</a>, not <a href="http://dealbreaker.com/2012/03/one-iota-of-horseplay-in-the-locker-room-and-he-wouldve-pulled-the-plug-on-the-whole-thing/">two</a>, but <a href="http://articles.latimes.com/2012/may/12/sports/la-sp-0513-down-the-line-20120513">three</a> organizations in the last year? A buyer who  can do this the easy way or the hard way? He&#8217;s going to get his hands on a team one way or another and the sooner people realize that the better. So everyone is preparped, when the Big Guy is running the show, the first order of business will be:</p><p>a) Shitcan A-Rod<br /> b) Reassign A-Rod to clean SAC&#8217;s offices<br /> c) Rehire Ping Jiang to discipline underperforming players<br /> d) Gather all Yankee employees and unleash four hour-long string of obscenities about garbage performance<br /> e) all of the above</p><p><strong><a href="http://dealbreaker.com/2012/05/what-hank-and-hal-steinbrenner-need-to-ask-themselves-right-about-is-do-we-want-3-billion-deposited-in-our-bank-account-in-a-friendly-manner-or-do-we-want-it-shoved-down-our-throats/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/baseball/">baseball</a>, <a href="http://dealbreaker.com/tag/blood-in-the-water/">blood in the water</a>, <a href="http://dealbreaker.com/tag/fourth-times-a-charm/">fourth time's a charm</a>, <a href="http://dealbreaker.com/tag/steve-cohen/">Steve Cohen</a>, <a href="http://dealbreaker.com/tag/what-the-fuck-am-i-paying-you-for/">what the fuck am I paying you for?</a>, <a href="http://dealbreaker.com/tag/yankees/">Yankees</a>, <a href="http://dealbreaker.com/tag/you-dont-want-to-find-out-what-the-hard-way-is/">you don't want to find out what the hard way is</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/9vRrLtuTs7gp8f2A5h9-J3IHICM/0/da"><img src="http://feedads.g.doubleclick.net/~a/9vRrLtuTs7gp8f2A5h9-J3IHICM/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/9vRrLtuTs7gp8f2A5h9-J3IHICM/1/da"><img src="http://feedads.g.doubleclick.net/~a/9vRrLtuTs7gp8f2A5h9-J3IHICM/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/Taf8oHWE5pI" height="1" width="1"/> http://dealbreaker.com/2012/05/what-hank-and-hal-steinbrenner-need-to-ask-themselves-right-about-is-do-we-want-3-billion-deposited-in-our-bank-account-in-a-friendly-manner-or-do-we-want-it-shoved-down-our-throats/feed/ 39 http://dealbreaker.com/2012/05/what-hank-and-hal-steinbrenner-need-to-ask-themselves-right-about-is-do-we-want-3-billion-deposited-in-our-bank-account-in-a-friendly-manner-or-do-we-want-it-shoved-down-our-throats/ http://feedproxy.google.com/~r/dealbreaker/~3/BYYFRTdojrM/ http://dealbreaker.com/2012/05/having-said-all-that-he-continues-to-prop-a-ladder-up-against-his-open-bedroom-window-each-night/#comments Thu, 24 May 2012 17:22:32 +0000 Bess Levin http://dealbreaker.com/?p=77272 <p><a href="http://dealbreaker.com/?attachment_id=77274" rel="attachment wp-att-77274"><img class="alignleft size-medium wp-image-77274" title="dick-bove" src="http://dealbreaker.com/uploads/2012/05/dick-bove-260x136.jpg" alt="" width="260" height="136" /></a>Rochdale analyst Dick Bové loves fairy tales as much as the next guy. He loves the romance, he loves the drama, he loves the idea of magical footwear. Does he start every morning asking the question, &#8220;Mirror, Mirror on the wall, who&#8217;s the fairest analyst of them all?&#8221;? Yes. Does he consider Mike Mayo and Meredith Whitney his evil step-sisters? Yes. Does he dream about being awoken from his slumber by <a href="http://dealbreaker.com/2009/11/dick-bove-bank-of-america-should-beg-ken-lewis-to-stay/">a handsome prince</a>? But even Dick knows that five minutes after the prince wakes you up you&#8217;re going to be bitching to your girlfriends about being stuck with this asshole who lets the dishes pile up like you&#8217;re the god damn maid service.</p><blockquote><p>Everyone knows that when the handsome prince kissed the beautiful Snow White she awakened and everyone lived happily ever after. “It’s in the book” said comic John Standley when discussing another one solution character Little Bo Peep. This “one solution fits all,” or what I like to call the Snow White Syndrome, is a core belief of most who look at the financial crisis. There are three examples of this in today’s press: Just about everyone is unhappy that the EU leaders could not solve all of the European debt problems with one single solution – i.e., creating Euro Bonds that absorbed all individual country debt. In today’s Financial Times Senator Sherrod Brown (OH, Dem.) and Dallas Fed President Richard Fisher have a single solution to the nation’s banking problem – i.e., break up the big banks. The Wall Street Journal has a different single solution to the problems in banking – i.e., eliminate hedging in bank portfolios.</p><p>Then there are the other big-time single solutions: The central banks in the North Atlantic Communities believe that by printing money economic woes will go away. Conservatives argue that by cutting taxes, this nation’s economic woes will disappear. The President and Congress believe that by passing laws the economic cycle will be eliminated (“kinda” like the dot-comers who had already eliminated the economic cycle in the 1990s). The Snow White Syndrome is everywhere. We only need to find that prince with the potent lips. The problem, of course, is that no single solution quickly arrived at is likely to achieve the results promised.</p></blockquote><p><a href="http://dealbreaker.com/?attachment_id=77273">Snow White Syndrome</a> [Rochdale Research]</p><p><strong><a href="http://dealbreaker.com/2012/05/having-said-all-that-he-continues-to-prop-a-ladder-up-against-his-open-bedroom-window-each-night/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/everyone-knows/">"everyone knows"</a>, <a href="http://dealbreaker.com/tag/dick-bove/">Dick Bové</a>, <a href="http://dealbreaker.com/tag/handsome-princes/">handsome princes</a>, <a href="http://dealbreaker.com/tag/potent-lips/">potent lips</a>, <a href="http://dealbreaker.com/tag/research/">research</a>, <a href="http://dealbreaker.com/tag/snow-white-syndrome/">Snow White Syndrome</a>, <a href="http://dealbreaker.com/tag/wake-up-ladies/">wake up ladies</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/N_KDkLKX5ZvZgwqDxwOnaOcBuNA/0/da"><img src="http://feedads.g.doubleclick.net/~a/N_KDkLKX5ZvZgwqDxwOnaOcBuNA/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/N_KDkLKX5ZvZgwqDxwOnaOcBuNA/1/da"><img src="http://feedads.g.doubleclick.net/~a/N_KDkLKX5ZvZgwqDxwOnaOcBuNA/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/BYYFRTdojrM" height="1" width="1"/> http://dealbreaker.com/2012/05/having-said-all-that-he-continues-to-prop-a-ladder-up-against-his-open-bedroom-window-each-night/feed/ 29 http://dealbreaker.com/2012/05/having-said-all-that-he-continues-to-prop-a-ladder-up-against-his-open-bedroom-window-each-night/ http://feedproxy.google.com/~r/dealbreaker/~3/UkktNMfLUFA/ http://dealbreaker.com/2012/05/reducing-high-frequency-trading-by-regulating-it-less/#comments Thu, 24 May 2012 16:37:28 +0000 Matt Levine http://dealbreaker.com/?p=77192 <p>Market microstructure is a thing that I don&#8217;t really understand and that seems daunting to me so I&#8217;ll pass this along as tentatively as possible, but: I thought this piece was really good.* Again, not my area, so if you disagree just get furious at me in the comments, but I thought it might be&hellip;</p><p><strong><a href="http://dealbreaker.com/2012/05/reducing-high-frequency-trading-by-regulating-it-less/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /><p><strong>Tags:</strong> <a href="http://dealbreaker.com/tag/hft/">HFT</a>, <a href="http://dealbreaker.com/tag/high-frequency-trading/">high frequency trading</a>, <a href="http://dealbreaker.com/tag/regulation/">Regulation</a></p> <p><a href="http://feedads.g.doubleclick.net/~a/F0NfzAQHh75mShvmSHeorzOovHs/0/da"><img src="http://feedads.g.doubleclick.net/~a/F0NfzAQHh75mShvmSHeorzOovHs/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/F0NfzAQHh75mShvmSHeorzOovHs/1/da"><img src="http://feedads.g.doubleclick.net/~a/F0NfzAQHh75mShvmSHeorzOovHs/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/UkktNMfLUFA" height="1" width="1"/> http://dealbreaker.com/2012/05/reducing-high-frequency-trading-by-regulating-it-less/feed/ 69 http://dealbreaker.com/2012/05/reducing-high-frequency-trading-by-regulating-it-less/ http://feedproxy.google.com/~r/dealbreaker/~3/7YepYy-uomg/ http://dealbreaker.com/2012/05/opening-bell-05-24-12/#comments Thu, 24 May 2012 12:40:50 +0000 Dealbreaker http://dealbreaker.com/?p=77185 <p><a href="http://dealbreaker.com/?attachment_id=77186" rel="attachment wp-att-77186"><img src="http://dealbreaker.com/uploads/2012/05/Ronald_Reagan-260x335.gif" alt="" title="Ronald_Reagan" width="260" height="335" class="alignleft size-medium wp-image-77186" /></a><a href="http://online.wsj.com/article/SB10001424052702304840904577422352580407454.html?mod=WSJ_hps_LEFTTopStories">Europe Plans Girds Greece Exit</a> (WSJ)<br /> Emerging from Wednesday night&#8217;s informal European Union summit, Italian Prime Minister Mario Monti said most leaders had backed issuing common debt, or euro-zone bonds, to help support troubled members. But Germany and others opposed them and demanded Greece do more. &#8220;We want Greece to remain in the euro zone,&#8221; German Chancellor Angela Merkel told reporters after nearly eight hours of talks. &#8220;But the precondition is that Greece upholds the commitments it has made.&#8221;</p><p><a href="http://www.cnbc.com/id/47547122">Citi: Greek To Exit Euro, New Currency To Fall 60%</a> (CNBC)<br /> Greece will leave the euro zone next year and the country&#8217;s new currency will &#8220;immediately fall by 60 percent,&#8221; according to Citi chief economist Willem Buiter. &#8220;The elections (on June 17th) will not produce a viable government that can follow the troika plan, leading to a stalemate between the Greek government and official creditors, and to the suspension of EFSF-IMF funding,” Buiter wrote in Citi&#8217;s latest Global Economic Outlook.</p><p><a href="http://www.bloomberg.com/news/2012-05-23/slim-family-sees-european-crisis-as-good-time-to-invest.html">Slim Family Sees European Crisis As Good Time To Invest</a> (Bloomberg)<br /> Carlos Slim sees Europe’s debt crisis as a “good moment” to apply his strategy of investing in times of turmoil, said the billionaire’s son, America Movil SAB Co-Chairman Carlos Slim Domit. America Movil, controlled by the elder Slim, announced a $3.4 billion bid to increase its stake in former Dutch phone monopoly Royal KPN NV earlier this month. While the acquisition would be Slim’s first major European foray, it follows a longstanding pattern, his son said. America Movil tries to stay as efficient and financially sound as possible so that it can quickly capitalize on fresh opportunities, he said. “When hard times come, you can look at opportunities in a very agile way,” Slim Domit, 45, said in an interview this week in Mexico City. “Europe is in a good moment.”</p><p><a href="http://online.wsj.com/article/SB10001424052702304840904577422681265408406.html?mod=WSJ_hps_LEFTTopStories">After Facebook Fiasco, NYSE-Nasdaq Rivalry Heats Up</a> (WSJ)<br /> &#8220;In the short term, if I&#8217;m deciding which platform to go with, I&#8217;d think twice at this point&#8221; before choosing Nasdaq, said Sang Lee, managing partner with Aite Group, a consultancy that researches exchanges.</p><p><a href="http://www.nypost.com/p/news/business/laying_golden_egg_yu0As9lwmoBFYEM8Fy24aM">Investors Leery Of Paulson&#8217;s Big Gold Bet</a> (NYP)<br /> Investors are upset over Paulson’s huge gold positions — specifically, his outsize holding of AngloGold Ashanti, down 20 percent this year. That has dragged down two of Paulson’s funds. “I would be happier if he cut the gold position in half,” says one investor who put in a notice to take his money out of the fund in June. “He would have been up 4 percent in the first quarter if it weren’t for the goddamned gold.”</p><p><a href="http://online.wsj.com/article/SB10001424052702304707604577422922620798292.html?mod=WSJ_hps_editorsPicks_1">Auction Of Ronald Reagan&#8217;s Blood Stirs Debate</a> (WSJ)<br /> <small>Since his death in 2004 at age 93, President Ronald Reagan&#8217;s popularity has only increased. Republican candidates invoke his name and policies. About 400,000 visitors a year flock to his hilltop museum outside Los Angeles, where a gift shop sells biographies, photos and his favorite jelly beans. Many people, it seems, want a piece of Mr. Reagan. But now, the sale of a very personal effect of the late president is stirring a controversy. Bidding for a vial purported to hold Mr. Reagan&#8217;s blood topped $14,000 Wednesday in an online auction scheduled to end Thursday—if the Ronald Reagan Presidential Foundation doesn&#8217;t try to block the sale first. PFC Auctions, based in the British Channel Islands, is offering the vial, said to have been obtained from a Maryland laboratory after the failed assassination attempt on Mr. Reagan in 1981. The sample was sent to the lab to test Mr. Reagan&#8217;s blood for lead. A lab employee kept the vial as a memento and later passed it on to her adult child, according to the auction site. The head of the Reagan Foundation, a nonprofit group, called the sale &#8220;a craven act&#8221; and is fighting to stop it. It is uncertain what claims, if any, the foundation may have on the vial, which appears to contain dried blood residue, as depicted in a picture on the auction site&#8230;The seller, an admirer of Mr. Reagan&#8217;s free-market policies, said in comments on the auction page, &#8220;I was a real fan of Reaganomics and felt that Pres. Reagan himself would rather see me sell it rather than donating it.&#8221;</small></p><p><a href="http://online.wsj.com/article/SB10001424052702304840904577422940058583600.html?mod=WSJ_hpp_LEFTTopStories">Morgan Stanley, Others Make Profit of $100 Million Stabilizing Facebook</a> (WSJ)<br /> These gains are expected to be offset somewhat by losses associated with reimbursing clients who lost money because of technology snafus at the Nasdaq Stock Market in Facebook&#8217;s first day of trading, one of these people added.</p><p><a href="http://economix.blogs.nytimes.com/2012/05/23/the-next-treasury-secretary/?ref=business">The Next Treasury Secretary</a> (NYT)<br /> On the Democratic side, possibilities include Laurence D. Fink of BlackRock, the asset manager; Erskine Bowles, who served on President Obama’s National Commission on Fiscal Responsibility and Reform; Daniel K. Tarullo, a member of the Federal Reserve Board; and Roger C. Altman, the investment banker. For the Republicans, the front-runners include Robert B. Zoellick, the head of the World Bank; John B. Taylor, the Stanford economist; Glenn Hubbard, the head of Columbia Business School and a Mitt Romney adviser; and Kevin Warsh, a former member of the Federal Reserve Board.</p><p><a href="http://online.wsj.com/article/SB10001424052702304065704577422452301770384.html?mod=WSJ_hp_LEFTWhatsNewsCollection">Spain To Recapitalize Bankia</a> (WSJ)<br /> The Spanish government will provide about €9 billion ($11.4 billion) to cover Bankia SA&#8217;s provisioning needs, Finance Minister Luis de Guindos said Wednesday, in the latest sign that Spain&#8217;s economic deterioration is forcing authorities to inject more public funds to bail out ailing banks. Since Bankia won&#8217;t be able to meet provisioning and capital needs, Spain&#8217;s Fund for Orderly Bank Restructuring will be ready to inject capital into Bankia&#8217;s unlisted parent company, Banco Financiero &#038; de Ahorros SA, which holds the company&#8217;s most toxic real-estate assets, Mr. de Guindos told legislators in Parliament.</p><p><a href="http://www.npr.org/templates/story/story.php?storyId=153366654">Indian State OKs Shooting Tiger Poachers On Sight</a> (AP)<br /> A state in western India has declared war on animal poaching by allowing forest guards to shoot hunters on sight in an effort to curb rampant attacks on tigers and other wildlife. The government in Maharashtra says injuring or killing suspected poachers will no longer be considered a crime. Forest guards should not be &#8220;booked for human rights violations when they have taken action against poachers,&#8221; Maharashtra Forest Minister Patangrao Kadam said Tuesday. The state also will send more rangers and jeeps into the forest, and will offer secret payments to informers who give tips about poachers and animal smugglers, he said.</p><p><strong><a href="http://dealbreaker.com/2012/05/opening-bell-05-24-12/">Continue reading &raquo;</a></strong></p><br /><hr style="clear:both" /><h3 style="text-align: center"><em>Follow Dealbreaker on <a href="http://twitter.com/dealbreaker">Twitter</a> or become a fan on <a href="http://www.facebook.com/DealbreakerBlog">Facebook</a>.</em></h3><hr /> <p><a href="http://feedads.g.doubleclick.net/~a/4vD5lUEVUzq55ef5EnaROTqimyk/0/da"><img src="http://feedads.g.doubleclick.net/~a/4vD5lUEVUzq55ef5EnaROTqimyk/0/di" border="0" ismap="true"></img></a><br/> <a href="http://feedads.g.doubleclick.net/~a/4vD5lUEVUzq55ef5EnaROTqimyk/1/da"><img src="http://feedads.g.doubleclick.net/~a/4vD5lUEVUzq55ef5EnaROTqimyk/1/di" border="0" ismap="true"></img></a></p><img src="http://feeds.feedburner.com/~r/dealbreaker/~4/7YepYy-uomg" height="1" width="1"/> http://dealbreaker.com/2012/05/opening-bell-05-24-12/feed/ 61 http://dealbreaker.com/2012/05/opening-bell-05-24-12/