The date for liftoff will matter tremendously, particularly if the central bank decides to move in a month that's likely to be a highly volatile one.» Read More
Bank of America shares gave up more than 2 percent Friday on disappointing earnings. But a bad quarter may be the least of the bank’s worries.
The largest bank by deposits just lost its chief financial officer and just hired one of the most connected regulatory lawyers in the U.S.
Both events are alarming.
T. Rowe Price disclosed Friday that nineteen of its mutal funds hold shares of Facebook worth $190.5 million. While it is not unique for a mutual fund to hold shares of a private company, this could tell us something about Facebook's plans for an IPO.
Goldman Sachs’ trading desks owned nearly twice as much municipal debt at the end of 2010 as they did at the end of the previous year, according to the company’s annual report.
Irving Picard's lawsuit against JPMorgan reveals many names of executives who suspected that Bernie Madoff's fund was a ponzi scheme, but did nothing.
The worst news is about Brian Sankey. After Madoff's arrests, because even though the firm's executives had held a lunch meeting to discuss their doubts about Madoff in 2007, a year before the scheme unravelled, he allegedly advised that the existence of the firm's doubts “never [see] the light of day again.”
Here’s my nomination for the worst recommendation by the Senate panel on the financial crisis: the proposal for the Securities and Exchange Commission to rate credit ratings agencies based on their “accuracy.”
Everyone agrees that inaccurate ratings of mortgage-related financial products—from straight mortgage-backed securities to complex derivatives—contributed to the financial crisis. And nearly everyone would like credit ratings agencies to perform better in the future.
Bank of America Swings and Misses [CNN Money via Fortune]
OK that's just sketchy. Galleon chief put millions into fund of ex-employee who is testifying in favor of Rajaratnam. [NYTimes]
Check out the list of JPMorgan bankers who doubted Madoff in 2007 [NYTimes]
ZipCar's IPO Underwriters Just Screwed The Company To The Tune Of $50 Million (Business Insider). When a stock soars 70% on the day it IPOs, it means the underwriters screwed the founders and pre-IPO investors.
Also: we’re in a tech bubble.
Michael Burry gives a speech at Vanderbuilt (Distressed Debt Investing). Among other things, he’s buying farm land and thinks Goldman's short squeeze was despicable.
Why the SEC is mulling opening up to private market deals (Truth on the Market). Easy answer: because a vociferous Congressman is jerking their leash.
Dick Durbin bodyslams Jamie Dimon (Felix Samon) The best part is when Durbin tells Dimon to “keep some perspective.”
Deal Journal asks is Zipcar still affordable (DealJournal). I didn’t hear the answer because the bubbling noise was too loud.
Goldman goes neutral on financials (MarketBeat). Everyone secretly thinks this means the traders are “massively short.”
Goldman Sachs was accused by the Senate investigative panel report of not accurately disclosing its short interest in complex derivatives it marketed to outside investors.
But this allegation depends on an aggressive and poorly supported reading of the law that governs conflicts of interest.
A market priced for perfection will start to wilt when investors realize things aren't particularly perfect.
We have what traders call "degrossing," where participants are simply taking down overall exposure a bit.
Argentina's central bank on Tuesday ordered HSBC Argentina to name a new president and vice president within 24 hours.