Manufacturing and corporate profits are both in recession mode, even though the rest of the U.S. economy continues to limp along.» Read More
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.
How dire is the situation surrounding higher commodities prices? Maybe enough to see more retailers take plastics likely destined for the junkyard and turn them into polyester.
Marketed as a green fashion line, H&M launches its "Conscious Collection" today. It features 96 pieces for women, men and children made with environmentally and sustained materials—such as recycled polyester.
The collection has already gone Hollywood ahead of its official launch. Racked.com shows actress Natalie Portman wearing a $49.95 H&M recycled polyester dress at a Vanity Fair party in February. There's a similar one on H&M's new advertisement for $19.95.
The Swedish fast fashion retailer is getting its recycled polyester from pet bottles or textile waste.
Thanks to commodities hoarding, the Black Swan inflation fund was up nearly 9 percent for the first quarter, according to a letter from its chief investor, Mark Spitznagel, that has been obtained by CNBC.
Markets will likely experience heightened volatility in 2016, portfolio manager Larry Glazer tells CNBC. Here's why.
Hackers have targeted three Greek banks, demanding a ransom from each lender of 20,000 bitcoin, the FT reports.
Some say China's 20-percent bounce in recent months is the beginning of a new bull market. No way, says Ron Insana. Here's why.