Wall $treet Folly

• 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

  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 [...]
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  Posted: December 11, 2009, 7:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• More pay caps coming from the U.S. pay czar; Yipes! Total tax on a UK bonuses 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

  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 [...]
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  Posted: December 10, 2009, 7:46am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Looks like TARP program gonna be extended; Greek finance minister says country won’t default; Istithmar lost control of W Hotel; Nomura won’t extend fixed Lehman bonuses; Morgan Stanley reshuffling; Apollo stock offering; Barclays denies $5B Lehman

  Geithner Said to Be Seeking TARP Extension Until Next October Greece Finance Minister Says No Risk of Default Jackson’s (W)Hole Morgan Stanley reshuffles to take on Goldman Morgan Stanley Ousts Petrick as Trading Chief, Promotes Porat Nomura to wind down Lehman fixed bonuses Apollo Investment plans to sell 10 million shares Barclays Says Lehman Brokerage Sale Gave [...]
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  Posted: December 09, 2009, 7:54am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Video: Meredith Whitney is still as bearish as she’s ever been on financials, Uncle Sam is out of bullets

  
  
  
  Meredith Whitney - Business - Financial services - Banking Services - Banks and Institutions [...]
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  Posted: December 08, 2009, 8:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Barclays Diamond dumps on bonus tax; Is the pay czar blinking over AIG pay caps?; Morgan Stanley management shuffle; SEC looking for public input on high frequency trading; Citi, Wells Fargo TARP impasse; Cuomo focusing on B of A’s Greg Curl; More Duba

  Barclays’ Diamond Criticizes Bonus Tax, Sees Regulator Missteps Feinberg Said to Lift $500,000 Salary Limit for AIG Executives Morgan Stanley Shuffles Executive Suite SEC probing high-frequency strategies, co-location Banks, U.S. Spar Over TARP Repayment Bank of America Executive Under Scrutiny Dubai World Met Six Creditors Yesterday on Debt, Banker Says Dubai’s Debt Problems May Swell, Morgan Stanley [...]
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  Posted: December 08, 2009, 7:41am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• 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 thr

  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 Ousted [...]
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  Posted: December 07, 2009, 7:37am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• 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; Lookin

  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 [...]
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  Posted: December 04, 2009, 7:49am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Goldman talking to big shareholders about pay; Lewis makes good on his promise to pay off TARP before he exits; Sanders throws up roadblock to Bernanke confirmation; Barclays planning salary increases; NY Fed’s Sack on Fed balance sheet risk; IRS on th

  Goldman Takes Offensive on Pay Lewis and TARP Bernanke confirmation hits new hurdle Barclays Said to Plan Salary Increases, Lower Bonuses NY Fed’s Sack: Larger Fed Balance Sheet Does Have More Risk Stanford Offshore Investors Suspected of Cheating IRS on Taxes Comcast Gains Majority Stake in NBC With GE Venture GM’s CEO Search Won’t Be Easy Ride Pay [...]
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  Posted: December 03, 2009, 7:55am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Take your TARP and shove it: Bank of America’s paying it off

  Screw the pay czar!:  Bank of America is finally getting the  albatross known as TARP off of their back.  They’re planning to pay off $45 billion in short order. Bankers rejoice! “We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we [...]
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  Posted: December 02, 2009, 10:46pm EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Breaking up is hard to do: B of A having more problems rounding up a CEO; Bernanke said to have support by Banking panel majority; SEC getting busy with more insider trading probes; TARP warrant auctions on tap; Henderson ousted; Rothstein charged in $1.

  BofA Breakup Is New Snag in CEO Hunt Bernanke to defend his record and the Fed’s Bernanke Has Support of Majority of Senators on Banking Panel SEC Steps Up Insider-Trading Probes U.S. Taxpayers May Reap $3.17 Billion in TARP Warrant Auctions GM fires CEO Henderson. The board wants an outsider. Rothstein Charged in Ponzi Scheme Wells Fargo [...]
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  Posted: December 02, 2009, 7:39am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Scary: Are Goldman bankers loading up on pistols for protection just in case there’s a mob uprising?; Stressed out workers calling in sick more often; COBRA subsidies expiring

  Arming Goldman With Pistols Against Public: Alice Schroeder Companies say more calling in sick COBRA subsidies begin expiring for the unemployed Arming Goldman With Pistols Against Public: Alice Schroeder – Bloomberg “I just wrote my first reference for a gun permit,” said a friend, who told me of swearing to the good character of [...]
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  Posted: December 01, 2009, 8:21am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Dubai tensions seem to be easing; AIG closes on 2 debt for equity swaps with NY Fed; Investor who put money with Madoff 6 days before collapse slapped down; GE/Vivendi agree on NBC stake value; A 180: Jim Cramer retreats on stock transaction tax; Did SEC

  U.A.E. Leaders Try to Ease Concerns Over Dubai Dubai World in Talks on $26 Billion of Debt, Rest Is ‘Stable’ AIG closes debt for equity deal with NY Fed Madoff Investor Rosenman Loses Bid to Recover Assets GE, Vivendi Agree on $5.8 Billion Value for NBC Stake Cramer reverses his stance on stock-trade levy SEC Watchdog [...]
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  Posted: December 01, 2009, 7:42am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Senator Sanders won’t vote for Bernanke; Wall Streeter’s conspicuous spending returns!; Dubai debt crisis; UAE sets up emergency facility for banks; UAE blocks then unblocks the Times of London; B of A CFO, mtge unit president take salary hits; RIP F

  Senator opposes Fed chief Bernanke renomination Shhh! Wall Street is Spending Again UAE central bank sets up emergency facility for banks Crisis Puts Focus on Dubai’s Complex Relationship With Abu Dhabi Dubai Default Swaps Show No Distress on Bailout Bets U.A.E. Blocks Sunday Times Over Coverage of Dubai Debt Crisis London Times Back on U.A.E. Newsstands [...]
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  Posted: November 30, 2009, 7:43am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Dubai debt problems roil world markets; Mobius says it may trigger that correction; UBS says Dubai’s debt could be greater than $80B; Dubai creditors may just have to suck it up; UBS whistle blower looks for a billion dollar payoff for ratting; Focus o

  Dubai Shows Limits of Government Rescues, Roubini’s Das Says Mobius Says Dubai May Trigger Markets ‘Correction’ Dubai Debt May Be Higher Than $80 Billion, UBS Analysts Say Dubai creditors have little option but to accept the hand they’ve been dealt Abu Dhabi Commercial Said Owed $1.9 Billion by Dubai Ex-UBS Banker Seeks Billions for Blowing [...]
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  Posted: November 27, 2009, 9:46am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• All in the family: Raj wasn’t the first Rajaratnam to be under scrutiny; Raj says he’s innocent, wiretaps illegal; Benmosche staying at AIG, signs noncompete; Lehman creditors seeking “judicial assistance” to get info; UBS, Ernst sued over Madoff

  Rajaratnam’s Brother Drew Scrutiny Galleon Chief Attacks Government’s Case Against Him Galleon Sells Commercial Bank, Sri Lanka Shares, Regulator Says Benmosche Reaffirms His Commitment to Leading AIG AIG’s Benmosche Signs Noncompete Deal Lehman Creditors Want Barclays Data From U.K.’s FSA Madoff Victim’s Proposed Probe of Liquidator Denied UBS, Ernst & Young Face Test Cases Over Madoff Funds Hedge [...]
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  Posted: November 25, 2009, 7:50am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Obama’s AIG headache; Pinpointing when Madoff’s scam started key to loss calculations; Madoff trustee’s big fee bill; Hedge funds, others trapped in Lehman closer to getting $$$; Fed said to be looking for deTARPing plans; Apollo still looking for

  AIG’s Rescue Bedevils U.S. Start Date Is Critical in Ponzi Plan Madoff liquidator seeks fees of $22.1m Fed Said to Ask Stress-Tested Banks to Submit Plans on TARP Billions in Lehman accounts unfrozen Black’s Apollo Revives Plan for New York Stock Exchange Listing U.K. Bankers Chafe Under the Microscope Nomura Fined $2.9 Million for Mis-marking Derivatives Murdoch courts [...]
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  Posted: November 24, 2009, 8:45am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Jamie Dimon for Treasury! — sounds like a lot of wishful thinking; No takers: B of A’s CEO search could drag into 2010; Goldman answers some AIG questions; Pay disclosure for top UK bankers?; Chieftain: Personality conflicts said to fuel hedge fund

  Jamie Dimon seen as good fit for Treasury BofA May Name Stopgap Chief If Board Needs More Time for Search Goldman’s Response to Questions About A.I.G. UK: Top bank traders face pay disclosure Investment Firm Splits in Two Over Internal Rifts Microsoft, News Corp. In Early Talks On Web Deal Would Bing switch really dent Google? G.E. [...]
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  Posted: November 23, 2009, 7:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• File this under accidents waiting to happen: FHA making easy big loans to those with little cash down #EasyMoney #CreditCrunch #RealEstate #FHA

  Sounds like they’ve learned little, if nothing during the real estate meltdown.  According to the NY Times the FHA is making easy money for big mortgages available to those with virtually no cash  down.  It recently  loaned three nearly cashless twenty-something guys the scratch to buy a 2 unit apartment [...]
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  Posted: November 20, 2009, 8:23am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Goldman Sachs bonuses now said to be coming under assault from large shareholders; SEC must fix the way it chooses who to investigate; Former Pequot guy told his therapist he was fired after he stopped providing tips to Samberg; Tough day at the office f

  Goldman Holders Miffed at Bonuses SEC told to improve ways it chooses probe targets Pequot Worker Told Therapist That Samberg Sought Tips House Attacks Fed, Treasury Commodities to Get Record $60 Billion, Barclays Says Giuliani Said to Consider Run for U.S. Senate Over Governorship Problem mortgages hit new high at 14 percent GM Says Auto Sales Rate [...]
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  Posted: November 20, 2009, 7:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Video: Jon Stewart on Goldman Sachs’ apology $GS #JonStewart #TheDailyShow #GoldmanSachs

  More Goldman Sachs love from Jon Stewart on The Daily Show…. The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Things Not to Be Thankful For – Silverdome, Goldman Sachs & Congressional Recess www.thedailyshow.com Daily Show Full Episodes Political Humor Health Care Crisis
  
  
  [...]
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  Posted: November 20, 2009, 6:40am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Video: Tim Geithner getting a wee bit testy during his congressional testimony

  Timmy had kind of a tough day on the congressional hot seat, enduring slings and arrows.   Here’s one of the exchanges….
  
  
  Video - Arts - Atari - Expert Witnesses - Business [...]
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  Posted: November 19, 2009, 3:25pm EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Big talent drain at Goldman says Whitney; Small businesses dialing for Goldman dollars; Former Galleon #2 guy emerges as another Galleon ring link; Citadel looking to bounce back from dreadful ‘08; Geithner: “This credit crunch is not over”; Lehma

  Whitney Says Goldman Sachs Lost ‘Tremendous’ Talent Small Businesses Turn to Goldman New Link Seen in Galleon Insider-Trading Case Geithner: ‘The credit crunch is not over’ A Hedge-Fund King Comes Under Siege Lehman Brothers Creditors File $824 Billion in Claims Thain self be true Morgan Stanley’s Mack Welcomes Regulation by Fed Obama says government won’t try to help [...]
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  Posted: November 19, 2009, 8:41am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Apologies for their credit crisis role and millions to assist small businesses from Goldman; Report says that if AIG collapsed, yes, Goldman would have been screwed; B of A’s Moynihan skewered in congressional testimony; Some Citigroup execs get big st

  Report Rebuts Goldman’s Claim on AIG Goldman, Buffett Establish $500 Million Small-Business Program It’s BofA-foonery! Citi Pays Forese, Gerspach, Volk $11.7 Million Shares Boats seized in Madoff scandal sell for $2 million Gold hits record near $1,150/oz as dollar slips Geithner, Bernanke, Schapiro Met Panel Probing Financial Crisis Paulson Hedge Fund Sees BofA Almost Doubling by End [...]
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  Posted: November 18, 2009, 7:47am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Lehman is suing Barclays over windfall profit; FDIC getting buried under foreclosed real estate; Geithner getting heat over AIG payments; TARP can’t save all banks; You may have to repay some of that stimulus tax credit you may have received; Buffett�

  Lehman Sues Barclays Capital America’s Newest Land Baron: FDIC Geithner under fire over AIG payments Audit Is Critical of N.Y. Fed in AIG Bailout New York Fed under fire over crisis bank payments TARP Can’t Save Some Banks Millions may have to repay part of stimulus tax credit Buffett’s Berkshire Discloses Exxon, Nestle Stakes Microsoft Co-Founder Treated for [...]
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  Posted: November 17, 2009, 7:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Ivanka Trump isn’t so happy with the Crains NY story about her and Jared

  Crain’s NY published a piece on Ivanka Trump and her new hubby Jared Kushner.  Doesn’t seem like she’s so pleased with the piece given her Twitter tweets from a little while ago: IvankaTrump Crain’s wrote a cover story on me and my husband this week that was both misinformed and pointless.  11/16, [...]
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  Posted: November 16, 2009, 12:05pm EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Bernie & Ruth’s personal loot fetches $900K; Did B of A strong arm Uncle Sam into making Merrill loans?; Lots of hedge funds still below high water mark and won’t get paid; Fixed income the key to UBS turnaround?; Deutsche Bank CEO on global banking

  Madoff’s ‘Prisoner’ Watch, Mets Jacket Boost $900,000 N.Y. Sale Madoff’s ill-gotten gains sold off Bank of temerity Hedge Funds Struggle UBS’s Debt Trading, Cause of Near Collapse, Is Key for Revival Deutsche Bank CEO Calls For Careful Global Bank Regulation Gold hits record on weak dollar, technical momentum JPMorgan Said to Be in Talks to Buy Remainder [...]
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  Posted: November 16, 2009, 8:33am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Jamie Dimon Op Ed: Let big banks grow and fail; Now here’s a shocker: Barofsky says TARP will cost taxpayers money (Thanks auto companies!); Duh: Pay czar “very concerned” that pay limits backfiring; Charities like the Robin Hood Foundation are ch

  Jamie Dimon Op Ed: No more ‘too big to fail’ Barofsky Says TARP ‘Almost Certainly’ Will Bring Loss to U.S. Pay czar backtracks Robin Hood Says ‘Hell Yeah’ to Recovery Led by Goldman Bonuses Corzine to Aid Christie Transition, Has No Post-Governor Plans Citadel’s Moment for Redemption Eliot Spitzer Avoids Talk of Hookers in Harvard Ethics [...]
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  Posted: November 13, 2009, 7:46am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Ex SAC/Balyasny analyst probed in Galleon web; Goldman’s charity tax filing; U.S. may have to change tactics after embarrassing Bear Stearns case loss; A look at past defeats; Bill Gates thinks Wall St pay is too high but thinks gov’t meddling could

  SAC Capital Ex-Analyst Under Probe in Inside Case Ex-Balyasny Analyst Linked to Fortuna in Galleon Trading Case In Charity Tax Filing, a Glimpse of Goldman Bear Stearns Loss Echoes Long Line of U.S. Prosecution Defeats Feds may change tactics after Bear Billionaire Bill Gates says Wall St pay too high White House Aims to Cut Deficit [...]
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  Posted: November 12, 2009, 7:41am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Will Bear Stearns ex-hedge fund managers’ acquittal hamper other cases, like the one against Galleon?; OUCH! Adding insult to prosecutorial injury: Not only didn’t the gov’t make their case, but one juror said she’d even invest with Cioffi and Ta

  Bear Managers’ Acquittal May Hamper U.S. Fraud Prosecutions Bear Juror Says U.S. Case So Weak She’d Invest With Defendants E-mail strategy fails in Bear hedge fund case Bear Stearns Case Shows E-mail Isn’t Everything: Ann Woolner Bear Managers’ Acquittal May Hamper U.S. Fraud Prosecutions – Bloomberg The acquittal of two Bear Stearns Cos. hedge-fund managers [...]
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  Posted: November 11, 2009, 8:22am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Uncle Sam, take your job and shove it, who needs the aggravation?: New AIG CEO may quit only 3 months in; Price slashed by $1M on Madoff’s NYC Pad; Picower’s widow wants a deal; Ambac, MBIA the latest to need taxpayers’ helping hand?; Blankfein de

  Enclosure: [download]

  AIG’s Benmosche Threatens to Jump Ship Madoff Former NYC Penthouse Gets $1 Million Price Cut Picower’s Widow Seeks Madoff Trustee Deal After Filing of Will Goldman chief defends employees’ pay Ambac, MBIA Tumble as Losses May Overwhelm Bond Insurers Fed’s Fisher Says Growth May Be Suboptimal Into 2011 Dodd’s reform plan takes aim at the Fed Dollar [...]
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  Posted: November 11, 2009, 7:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• The verdict is in and the prosecution has egg on their faces: Ex Bear Stearns hedge fund managers NOT GUILTY on all counts

  Prosecutorial smackdown:  CNBC reported that former Bear Stearns hedge managers Ralph Cioffi and Matthew Tannin have been found not guilty on all charges. More: Ex-Bear Stearns hedge fund managers acquitted – Reuters Bear Stearns Managers Acquitted of Fraud Charges - NY Times Ex-Bear Fund Managers Not Guilty of Subprime Fraud – Bloomberg
  
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  Posted: November 10, 2009, 3:15pm EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Barclay’s Lehman purchase a steal?; Bernie Madoff blowout sale this weekend — watches, furs, lots more on the block; Picower estate could be fertile ground for Madoff victims; Morgan Stanley had 5 money losing days last Q (vs Goldman’s 1); New mgt

  Barclays’ Remarkable Bargain Pieces of Madoff Are on the Block Trustee Seeks Billions for Madoff Investors Morgan Stanley trading behind Goldman Lazard eyeing new leadership structure Fannie May Write Down $5.2 Billion in Tax Credits Wage Freeze Is Lifted for Some at J.P. Morgan Barclays’s Net Drops 54% on Impairment Charges Fed Says All Banks Except GMAC Meet [...]
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  Posted: November 10, 2009, 7:43am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Really! SNL Needles Goldman Sachs over getting swine flu vaccine before hospitals #Goldman $GS #Politics #SNL #humor

  
  
  
  Swine influenza - Health - Conditions and Diseases - Infectious Diseases - Viral [...]
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  Posted: November 09, 2009, 7:55am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Must read: Goldman Sach’s Lloyd Blankfein: doing ‘God’s work’; More on those big bonuses; Lewis’ recommendations for CEO may not hold much sway; Jamie Dimon’s dad joins him at JP Morgan; Taxpayers may have to eat some of Citi’s losses; NBC

  I’m doing ‘God’s work’. Meet Mr Goldman Sachs Wall Street Record Bonuses Return as Big 3 May Pay $30 Billion Board May Reject Lewis’s Picks to Succeed Him Dimon dad takes job at JPMorgan Citigroup Asset Guarantees May Cost U.S. Taxpayers, Panel Says U.S., U.K. Split Over Bank-Tax Proposal at G-20 JPMorgan to Grow Indian Investment [...]
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  Posted: November 09, 2009, 7:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• The Galleon web: What a cast of characters: Octopussy, the Greek, bat phones; Spotlight on Schottenfeld and other ‘eat-what-you-kill’ trading firms; No bail reduction for Raj Rajaratnam, but he gets to travel the U.S.; The complaints

  A tale of ‘Greek’, ‘Rat’ and ‘bat phones’ Inside-Trade Probe Snares ‘Octopussy’ Rajaratnam’s Former Colleagues Cooperate, Plead Guilty in Case Schottenfeld Draws Scrutiny After Goffer Arrest in Insider Case Rajaratnam Judge Denies Bail Cut, Allows Wider Travel Spotlight Shines on Small Trading Firms Organized as ‘Eat-What-You-Kill’ Shops SEC Complaint pdfs A tale of ‘Greek’, ‘Rat’ and ‘bat [...]
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  Posted: November 06, 2009, 7:55am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• $FNM has a deal to sell its unused tax credits but Treasury still stands in the way; Citi gonna IPO Primerica; Banks getting more guff for getting swine flu vaccines before hospitals; AIG earnings; B of A’s Moynihan to testify?; BNY’s Kelly still doe

  Fannie Arrives at a Deal to Sell $2.6 Billion in Unused Tax Credits Citigroup Plans IPO For Primerica Life-Insurance Unit Uproar as Firms Get Swine-Flu Vaccine AIG Posts Net Income of $455 Million, Second Straight Profit Fannie’s Draws From Emergency Treasury Fund Reach $60 Billion Share Business Exchange Buffett’s ‘Wake-Up Call’ to Managers May Signal [...]
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  Posted: November 06, 2009, 7:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• The Galleon insider trading web is getting larger with 14 more people busted #Galleon #insiderTrading #hedgefunds

  The alleged Galleon insider trading web expanded this morning with the FBI busting 14 more: U.S. prosecutors charged 14 people, including a former employee at the offices of the Galleon Group hedge fund firm, as part of an investigation of an alleged $20 million insider trading scheme. Craig Drimal, who according to [...]
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  Posted: November 05, 2009, 10:13am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• More Galleon related insider trading charges expected; Prosecutors said to have ‘more than one’ witness; Galleon investors should get back most of their money ’shortly after’ the end of November

  S.E.C. Likely to Charge More People in Galleon Case Rajaratnam Prosecutors Have ‘More Than One’ Witness to Trades Galleon to Return Most Money ‘Shortly After’ Nov. 30 S.E.C. Likely to Charge More People in Galleon Case – NY Times Prosecutors indicated Wednesday they intend to bring charges against additional defendants in the wide-ranging insider-trading [...]
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  Posted: November 05, 2009, 7:57am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Bonuses are back, baby!; Dodd wants major financial overhaul; UBS can’t get no respect; Mozilo can’t escape SEC fraud charges; Goldman banking; JP Morgan settles SEC swap probe; Berkshire Hathaway on S&P negative creditwatch; Ex Bear Stearns hedge f

  Big Bonuses Are Back for Many on Street Some Wall Street Year-End Bonuses Could Hit Pre-Downturn Highs Clash Looms on Banks Dodd to Move on Financial Revamp Without Republicans UBS Gets Fewest ‘Buys’ as Analysts Fret Over Fleeing Clients Countrywide ex-CEO Mozilo must face SEC fraud case Goldman reaps benefits as trading boom returns JPMorgan Ends SEC [...]
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  Posted: November 05, 2009, 7:47am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Ex Bear Stearns hedge fund managers didn’t testify and rested their case; Galleon’s Rajaratnam said to not have plans to sell Sri Lankan investments; Q&A with KKR’s Kravis and Roberts, Marc Faber says the dollar could gain 10% vs the Euro

  Bear Managers Cioffi, Tannin Rest, Won’t Testify Raj Rajaratnam Said to Keep Personal Investments in Sri Lanka KKR — a Q&A With Pioneers in M&A Dollar May Gain 10% Against Euro, Faber Says Bear Managers Cioffi, Tannin Rest, Won’t Testify – Bloomberg Former Bear Stearns Cos. hedge-fund managers Ralph Cioffi and Matthew Tannin rested their [...]
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  Posted: November 04, 2009, 8:16am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• John Paulson disses “The Greatest Trade Ever” — the new book about him — and calls it a “tabloid-style disappointment” filled with “numerous inaccuracies” #johnpaulson #housing #hedgefunds

  Ouch!:  According to Page Six, John Paulson isn’t very happy with Greg Zuckerman’s new book, “The Greatest Trade Ever“, which explores how he made guzillions on his now legendary bets on the housing market meltdown. Paulson released a statement calling it a “tabloid-style disappointment” that contains “numerous inaccuracies and fails to [...]
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  Posted: November 04, 2009, 8:07am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• B of A’s general counsel in legal hot water over Merrill deal advice?; Blankfein and Dimon had tête-à-têtes with pay czar Feinberg; Corzine gets the boot as NJ governor; Reid noncommittal on health care bill this year; Frank wants to out firms thoug

  BofA’s counsel had no ‘legal’ authority in Merrill deal Blankfein, Dimon Met Feinberg Ahead of Pay Order, Records Show Christie Ousts Corzine in N.J. Governor’s Race Reid Won’t Commit to Passing Health Bill This Year Frank Says Measure Will Require Naming Risky Firms Buffett joins Goldman bid for Fannie Mae tax credits Buffett’s Lower Burlington Breakup [...]
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  Posted: November 04, 2009, 7:44am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Jon Stewart on Today’s Elections (How many kitchen tables do NY, New Yorker’s have?) #TheDailyShow #JonStewart #NY #NYC #PoliticalHumor

  The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Indecision 2009 – Vote or Keep Going About Your Day www.thedailyshow.com Daily Show Full Episodes Political Humor Health Care Crisis
  
  
  Jon Stewart - Daily Show - New York City - [...]
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  Posted: November 03, 2009, 7:03am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Fed lays down the law on bonuses to big banks; Buffett buying all of $BNI; Barclays in major restructuring; RBS and Lloyds getting $51B second bailout; Galleon: Ruiz exiting his job; UBS loss; SCOTUS hearing mutural fund fee case; California budged chief

  Mack, Blankfein Said to Meet Fed Officials on Pay Fed tells banks to adopt pay rules early Berkshire Buys Burlington Northern in Buffett’s Biggest Takeover Press Release: Berkshire Hathaway Inc. to Acquire Burlington Northern Santa Fe Corporation (BNSF) for $100 Per Share in Cash and Stock Barclays Rejigs Management in Major Restructuring RBS, Lloyds Get [...]
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  Posted: November 03, 2009, 6:40am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Video: Tim Geithner sidesteps questions on ‘Meet the Press’ #timgeithner $GS $AIG

  
  
  
  World News - Breaking news - Msnbc.com - Meet the Press - Arts [...]
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  Posted: November 02, 2009, 7:05am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• No, BNY Mellon CEO doesn’t want to be B of A’s CEO; Citigroup said to be hoarding cash, will they ever get out of their hole?; Geithner light on answers on ‘Meet the Press’; CIT Chapter 11; Uncle Sam getting in the way of Goldman FNM tax credit

  BofA reaches out to BNY Mellon chief for CEO job Pandit ‘Near Death’ Cash Hoard Signals Lower U.S. Bank Profits Can Citigroup Carry Its Own Weight? Geithner Laments the Deficit, but Demurs on Tax Increases CIT Files Bankruptcy; U.S. Unlikely to Recoup Money Goldman Looks to Buy Fannie Tax Credits Former hedge fund executive charged by [...]
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  Posted: November 02, 2009, 6:43am EST
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Not only avoiding Madoff, $JPM had suspicions about #Galleon as far back as 2001 #InsiderTrading; IR firms under scrutiny; $INTC hires law firm Orrick; Goel free on $750K bail

  Galleon fears raised in 2001 Hints of Missed Chance to Pursue Galleon Case Investor boutiques put under scrutiny Rajiv Goel freed on $750,000 bail Intel Hires Orrick to Probe Employees’ Galleon Leaks Galleon fears raised in 2001 – Financial Times Concerns about the business practices of Galleon hedge fund founder Raj Rajaratnam and his associates were [...]
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  Posted: October 30, 2009, 7:49am EDT
  by wsf@wallstreetfolly.com (Wall Street Folly)

• More taxpayer $$ to get flushed? Seems like we’ll be paying off GMAC fines with the next round of bailout $$$; Geithner thinks commercial real estate problems won’t tank economy; Compensation: Will UK bankers take hits vs those in U.S.? Stanford rec

  Regulator says GMAC must pay £10.5m for treating customers unfairly Geithner: Economy Can Withstand Commercial Real-Estate Woes Bankers fear transatlantic pay split Stanford receiver pinpoints $1.5bn White House fights back on Cash for Clunkers Moody’s May Downgrade Mortgage Bonds With New Outlook CDR Financial Products, 3 executives charged in bid-rigging case Vote on Homebuyer Tax Credit Measure [...]
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  Posted: October 30, 2009, 7:33am EDT
  by wsf@wallstreetfolly.com (Wall Street Folly)

• Deutsche Bank bankers should have a merrier holiday this year with nice pay boosts; Citadel’s investment banking head bolts; Sheila Bair remains critical of financial reform plans; Maybe Paterson won’t be running for governor after all; Chuck Schumer

  Deutsche Bank Boosts Banker Pay After Record Sales and Trading Share Business Exchange Citadel Securities Head D’Souza Leaves After a Year F.D.I.C. Chief Criticizes Reform Plan Tanking Gov. Paterson may ‘reassess’ his election bid Sex show host Robin Byrd forks over $500 to Sen. Schumer’s campaign Deutsche Bank Boosts Banker Pay After Record Sales and [...]
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  Posted: October 29, 2009, 3:41pm EDT
  by wsf@wallstreetfolly.com (Wall Street Folly)

• How much should Raj Rajaratnam’s bail be? He thinks it should be reduced by 75% #Galleon #InsiderTrading #hedgefunds

  Raj Rajaratnam thinks that his $100 million bail is too high, so he’s asked the judge to reduce it — to $25 million.  He’s also asking that his travel, currently limited to within 100 miles of Manhattan, be unrestricted within the continental U.S.  According to the WSJ: In a letter Thursday, John [...]
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  Posted: October 29, 2009, 12:55pm EDT
  by wsf@wallstreetfolly.com (Wall Street Folly)