Davidson Kempner continues to make money by focusing on beat up loans—despite the general perception that bonds have little to offer investors.» Read More
I know you feel good after celebrating the life, legacy and day off MLK gave us. Here's what you missed while you were re-reading the "I have a dream" speech into the wee hours of the morning and need to know to channel those good-vibes into powering through this 4-day week:
PIMCO's Gross Is Long Mortgages [Bloomberg] Very interesting story:"Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., increased his holdings of mortgage debt to the highest level since July 2009 as prices of government securities fell. Gross cut the proportion of U.S. government and related securities in Pimco’s $241 billion Total Return Fund to 22 percent of assets in December from 30 percent in November, according to a report placed on the company’s website. That’s the least since February 2009. He raised mortgages to 45 percent from 43 percent. Pimco doesn’t comment directly on monthly changes in its portfolio holdings."
Tunisia's President Flees the Country [Wall Street Journal] "Tunisian Prime Minister Mohammed Ghannouchi announced on state television Friday he was temporarily assuming power and that President Zine el Abidine Ben Ali has left the country for Malta under Libyan protection. In a statement Friday, Prime Minister Ghannouchi cited constitutional provisions that stipulate a president who is temporarily unable to conduct his duties should delegate them to the prime minister." Some news outlets are citing inflation as one of the causes.
This may well be the coolest graphic I've ever seen.
Plot sovereign creditworthiness on the X-Axis—and aggregate bank credit worthiness on the Y-Axis—and what do you get?
From beggared Greece to boring Sweden.
(I mean that as a compliment to Sweden. Banking is supposed to be boring. Sorry Greece)
Lately, banking has been very exciting.
Exciting like a twelve car pileup on the interstate.
Banking used to be boring.
McCrudden's website appears to have been scrubbed recently. But Google's archives captured a few revealing pages.
One is a list of people who McCrudden says should be "exposed for corruption and fired." Some are well known, such as Mary Schaprio. Others are new names to me.
"There are no good ways to execute this plan, but these people have to be exposed and held accountable," McCrudden wrote.
Here's his list:
The asset manager arrested last night for threatening SEC and CFTC officials seems to have slipped off the rails of reality quite some time ago.
First, a bit of background, courtesy of NBC's Jonathan Dienst:
JPMorgan revealed this morning that it has set aside $9.7 billion for compensation in 2010, an increase over last year's $9.3 billion.
But internally, managers have been working to manage bonus expectations. Employees in several areas of the bank have been told that they should expect bonuses to be modest.
Some of the most powerful people on Wall Street passed through the offices of the law firm Davis Polk & Wardell yesterday. JPMorgan Chase’s Jamie Dimon was seen pacing around the lobby. Bank of America’s Brian Moynihan was there. Morgan Stanley’s James Gorman made an appearance. But...
Notably absent: Goldman Sachs’s Lloyd Blankfein.
Hedge funds have seen the worst start to the year since the financial crisis, as returns in January and March were both in the red.
The Fed indicated to Citi that it would get more time to fix "stress test" planning problems before rejecting its capital plan.
Goldman Sachs reported quarterly earnings and revenue that topped analysts' expectations on Thursday.