Is a nasty split in scorching public view the new normal for financial industry power couples? Experts see something brewing.» Read More
I've been trying to get my head around this all morning. Google has just announced — well, I'm not sure exactly what they have announced.
It isn't a new product or service, per se, as much as a capacity to calculate underlying data. Early reports are thin, but this short article in the Financial Times explains that Google has begun using its "vast database of web shopping data" to construct a new price index.
Steve Rattner’s savaging of FDIC chair Sheila Bair should damage Rattner’s reputation more than Bair’s. Rattner comes off as something worse than an arrogant and entitled commissar—he appears to be profoundly opposed to the structure of the American government.
There’s a long excerpt from Rattner’s book, Overhaul, over at Economics of Contempt . Rattner— the former 'car czar' for Obama—makes it clear that he does not have much respect for Bair, referring to her as a “Kansas lawyer”and unfavorably comparing her academic career to Ben Bernanke’s.
Worse, she once ran for Congress and was appointed by George Bush. She has “an unsmiling, sour demeanor.” Her FDIC is described as “muttering about new capital” for GMAC.
Points go to Rattner for candidness, I suppose. But there’s something inappropriate about his attitude toward her. Keep in mind that Bair was appointed to a decades old independent agency to a position which required confirmation by the U.S. Senate. Rattner was simply part of Obama’s kitchen cabinet, approved by no one except maybe Rahm Emmanuel. Some sort of deference to her rank should be expected.
Several hours before last night's Hailpocalypse descended upon Brooklyn, we were having drinks with a guy who works in fixed income at JP Morgan Chase. He revealed a new and unintended consequence of more bankers using iPhones: some senior bankers are just discovering text messaging.
"My boss used BlackBerry messaging and sent emails all the time. Sometimes his emails were so short, like one word, that I believed he thought it was a version of instant messaging," the banker told us. "But this is far, far worse. He discovered texting through the iPhone and now he won't stop."
40 states to coordinate mortgage foreclosure documentation probe (Wall Street Journal)
Austerity might be all the rage for debt-issuing sovereigns in Europe these days.
But it certainly hasn't taken hold of the financial sector's would-be BSD's. The Evening Standard reports that we're right back to the boom times, at least when it comes to the kind of strip clubs favored by London's traders:
Andrew Hawes, managing director of Bollinger UK, said it was currently impossible to get enough of its £120-a-bottle Special Cuvée into Britain because demand is so strong.
He said: “There was a time when people certainly didn't want to be seen with an expensive bottle of champagne — but we're past that phase now.”
When I walked out of Delmonico's after dinner with my parents Saturday night I came across this flyer on a U.S. mail box near the restaurant.
Do not believe the reassurances you might hear about the explosives found in an East Village cemetery.
One by one, the foreclosure mills are grinding to a halt.
The news that a single loan officer working for Ally’s GMAC mortgage unit processed tens of thousands of foreclosure documents, many apparently falsified, each month for five years should have executives and auditors at all the large mortgage servicers quaking.
Less cash flow from oil firms may pinch loan payments to banks but gas savings for consumers will create new business.
Some big news this week, including Russia and North Korea. Did any change the game for the market? NYSE floor trader Kenny Polcari weighs in.
Oaktree Capital's Marks thinks that the drop in oil prices could finally expose low lending standards.