Preliminary Analytics

Preliminary Analytics | 08.21.09

300px-Toblerone-1.jpgSwitzerland’s Profit on UBS: $1.13 Billion – “On Thursday, Switzerland converted a note that gave it a 9.3% UBS stake and immediately sold the 332.2 million shares at 16.50 francs each, a 1.4% discount to the stock’s closing price Wednesday. The government said it earned an annualized return of 30% on the 10-month investment.” No doubt they went and bought… [WSJ]
Madoff Yacht Up for Sale – Ninety footer named Leopard Bull. Sounds like Bern might have been describing his favorite undies combined with a self assigned nickname for a certain less than spectacular organ. [DealBook]
Sale of Chicago Cubs to Ricketts family called ‘imminent’ – Yay, nay, or meh Cubs fans? [Chicago Tribune]
#98 Sharon Allen – Forbes most powerful women list includes the Deloitte Chair. [Forbes]

Preliminary Analytics | 08.20.09

mschape.jpgSEC Plays Keep-Up in High-Tech Race – “But by many accounts, the agency is outmatched by the traders and market venues with technology that is remaking the trading world.” [WSJ]
Switzerland Selling UBS Stake After U.S. Tax Accord – UBS, you’re fired. [Bloomberg]
Bernanke, a Hero to His Own, Can’t Shake Critics – But what’s a hero? [NYT]
AIG Customers Sue Insurer for Not Covering Madoff Fraud Losses – Why not? Lump it on. [Bloomberg]
Bring on the breakfast burritos: Taco Bell rolls out new morning menu – After the all nighter at the office, you’ve got new options and new digestive challenges. [NYDN]

Preliminary Analytics | 08.19.09

PiggyBank_broken.jpgReluctant Shoppers Hold Back Recovery “Retail executives said they don’t expect conditions to improve until next spring. Some stores are girding for slow back-to-school and Christmas seasons by cutting inventories.” [WSJ]
California to get $1.5-billion loan from JPMorgan Chase – Oh Jamie Dimon, you can do anything! [Los Angeles Times]
Anschutz Sues Bond Raters, Banks Over Auction Rate Securities – You show ’em Phil. [Bloomberg]
More Banks in Europe Identified in Tax Probe – “Among the banks named in the voluntary disclosures are Swiss banks Credit Suisse Group AG, Julius Baer Holding AG, Zürcher Kantonalbank and Union Bancaire Privée, known as UBP.” [WSJ]

Preliminary Analytics | 08.18.09

ubs.jpgUBS tax deal may pave way for bank’s recovery – Actually we really thought the best course of action would to be to drag the whole thing out until armed IRS Agents descended on Zurich. [Reuters]
Schwab Vows Court Fight in Cuomo’s Auction-Rate Securities Suit – Who’s doing all this work? God knows it isn’t AC. [Bloomberg]
Hertz to Photograph Cars in Dent Scan to Boost Damage Payments – Could this be the death of, “It’s just a rental.”? [Bloomberg]
German investor optimism at 3-year high – Zee Germans are leading us out of this? [FT.com]
CalPERS Backs S.E.C. Move to Open Corporate Ballots – Look out, someone supports a move by the SEC. [DealBook]

Preliminary Analytics | 08.17.09

BuffettCarriesLunch.standard.jpgWhat Buffett’s Firm Bought and Sold WB continues to be long on folksy yet risque analogies. [DealBook]
US banknotes show cocaine traces – 95% of dollar bill in DC have traces of cola which we find hilarious and just solidifies any preconceived notions we had about our esteemed elected officials. Other cities that had cash with high levels of the llello are Baltimore, Boston, and Detroit. [BBC]
UBS Tax Crackdown Widens to Hong Kong -“On Friday, John McCarthy, a UBS client in California, agreed to plead guilty to one count of failing to file an annual report to the Treasury Department. A document filed with the plea shows the tax scheme relied in part on channeling funds to a Swiss UBS account held in the name of a Hong Kong entity, the second time accounts in the Asian financial hub have figured in these cases.” [WSJ]
BB&T Plans $750 Million Share Sale After Colonial – Things already going swell for BB&T. [Bloomberg]

Preliminary Analytics | 08.14.09

obama_point.jpgObama Considers Raising Fees on Larger Financial Institutions – In other news, the President giving consideration to anything appears to be news. [Bloomberg]
Tax-Cheat Showdown: Fess Up or Stay Quiet? – The Journal seems to think that playing Russian roulette with the IRS is an option worth considering. [WSJ]
Blackstone’s Schwarzman Tops Best-Paid Chiefs With $702 Million – In case you were wondering, it was only $2.3 mil in actual comp and $700 mil in vested options. Not too shab. [Bloomberg]
Bernie Madoff’s biz partner Frank DiPascali beats drug and gun raps – Man. Dude would have been in some real trouble had this gotten slapped on him too. [NYDN]

Preliminary Analytics | 08.13.09

clunker.jpgRetail Sales Dipped in July Despite Clunkers Program – “U.S. retail sales unexpectedly fell in July despite the debut of the government’s ‘cash for clunkers’ program meant to jump-start the auto business and help turn around the economy.” [WSJ]
France and Germany exit recession – FTW. [BBC]
U.S. Initial Jobless Claims Increased to 558,000 Last Week – “Applications rose to 558,000 in the week ended Aug. 8 from a revised 554,000 the week before, the Labor Department said today in Washington, while staying under 600,000 for a sixth time. ” Under 600k? Does that mean the recession is over? [Bloomberg]
Cheney Uncloaks His Frustration With Bush “[Bush] showed an independence that Cheney didn’t see coming.” [Washington Post]
Ex-AIG CEO, others to pay $115 million to settle lawsuit: source – Tough month for Hanky [Reuters]
UBS shares climb further on U.S. tax case deal – Closure helps. [Reuters]

Preliminary Analytics | 08.12.09

ben_old.jpgEconomists Call for Bernanke to Stay, Say Recession Is Over – “Economists are nearly unanimous that Ben Bernanke should be reappointed to another term as Federal Reserve chairman, and they said there is a 71% chance that President Barack Obama will ask him to stay on, according to a survey.” Sure, why not? [WSJ]
U.S. Firms Probed in Mexico Oil Scam – “The probe is part of a broader two-year joint U.S.-Mexican investigation into a network of Mexican oil smugglers supported by the Gulf drug cartel, one of Mexico’s most powerful and brutal criminal organizations.” Appears reasonable. [WSJ]
Lying Low After a Layoff – Are you really going out of your way to look employed? [Washington Post]
Amex, Discover to end fees going over credit limit – Back to maxing out! [AP via Miami Herald]
Feinberg’s Pay Decisions May Set the Template for Wall Street – “companies must tell him how they plan to pay the 25 top-earning employees. Feinberg will rule on the plans within 60 days after they’re completed.” Uh oh. [Bloomberg]

Preliminary Analytics | 08.11.09

mary_schapiro_1218.jpg‘Urgency’ Drives SEC Crackdown – Does this woman look like she has a shred of urgency? [WSJ]
CIT delays report, could have to file for bankruptcy – Can someone please handle this? Thanks. [Reuters]
BofA Judge Seeks More Data on SEC Bonus Deal – Judge Rakoff certainly doesn’t feel the urgency. [WSJ]
AIG’s Liddy Heads Toward Retirement With ‘$1, a Few Bruises’ – And with any luck, won’t ever appear in front of a Congressional committee ever again. [Bloomberg]

Preliminary Analytics | 08.10.09

paulson2.jpgPaulson’s Calls to Goldman May Have Tested Ethics – “During the week of the A.I.G. bailout alone, Mr. Paulson and Mr. Blankfein spoke two dozen times, the calendars show, far more frequently than Mr. Paulson did with other Wall Street executives.” Paging Representative Waters. [DealBook]
Textbooks Offered for iPod, iPhones – “A provider of subscription e-textbooks for college students is making its 7,000-plus titles accessible on Apple Inc.’s iPhone and iPod Touch as interest heats up in the digital-textbook arena.” [WSJ]
States End Up Losers in Gambling Pullback – Now, everyone loses! [WSJ]
Expert: Madoff Victims May Wait 15 Yrs. For Full Payout – “…some non-wealthy clawback subjects paying $50 to $100 a month in an installment plan.” [New York Post]
Even sex tough to sell in this recession – BAIL-OUT! BAIL-OUT! BAIL-OUT! [Greg Burns/Chicago Tribune]

Preliminary Analytics | 08.07.09

ben_old.jpgObama likely in no rush to nod on Bernanke’s fate Apparently this is the one thing that doesn’t need addressed immediately. [Reuters]
U.S. Payroll Losses Slow, Unemployment Rate Declines 247,000 lost, 9.4%. Is that green shoots? [Bloomberg]
France targets bankers’ bonuses – Soon, pols are going to have to find something else to pander to the masses with. [BBC]
AIG Posts $1.82 Billion Profit, First Since 2007 – You can just sign that over to the us, thankyouverymuch. – U.S. Taxpayer [Bloomberg]
Willis Group Sued by Stanford’s Venezuelan Clients – Sure, why not? [DealBook]
Judge Approves Lawyer Fees in Madoff Liquidation – In other news, Madoff victims are still pissed. [DealBook]

Preliminary Analytics | 08.06.09

Businesses Learn To Make Do With Fewer Workers – Sound familiar to anyone? [NPR]
Judge raps $33m bank bonus fine – “A US judge has refused to approve a $33m (£19m) fine that Bank of America agreed to pay to settle charges that it misled investors about bonuses.” [BBC]
SEC Asks to Self Fund to Allow for Better Enforcement – OH, that was the problem. [naked capitalsm]
AIG Breakup Is Fee Bonanza – Bankers, lawyers, accountants. Everybody’s happy. Oh wait. Taxpayers. [WSJ]
Madoff Victims Said to Start Getting Tax Refunds – Anger will only subside briefly. [DealBook]

Preliminary Analytics | 08.04.09

300px-Toblerone-1.jpgUBS CEO Expects Swiss Government to Sell Stake by Year-End – Does this mean that the Swiss are better at capitalism than the Americans? [WSJ]
Geithner Vents at Regulators as Overhaul Stumbles – Sounds like someone needs a hug. Can anyone recommend a good shrink for T. Geith? [WSJ]
Biggest Banks Come Up Short on List of Mortgage Modifications BofA. Citi. Meh. [Bloomberg]
Bill Clinton Lands in North Korea, May Ease Tension – “Former President Bill Clinton arrived in North Korea on a surprise visit that may help defuse tension over the communist regime’s nuclear program and secure the release of two U.S. journalists sentenced in June to 12 years.” Arkansas moxie to the rescue. [Bloomberg]
Sizzling summer for white shirts – So sayeth Charlie Tyrwhitt [BBC]
Goldman Princes Told: Spend Like Paupers – Apparently, LB is concerned that pubic hangings may regain popularity. [New York Post]

Preliminary Analytics | 08.03.09

300px-Toblerone-1.jpgUBS not to pay fine in U.S. tax settlement: reports Chocolate solves everything. [Reuters]
Jobless graduate sues her college Worth a shot, no? [BBC]
Goldman Sachs’ reputation tarnished – Being referred to as a “vampire squid on the face of humanity” certainly couldn’t have helped. [FT.com]
HSBC, Barclays profits hit by surge in bad debt [Reuters]
Bank Spy Scandal Widens – “A detective at the center of the Deutsche Bank AG spying affair says the international banking giant’s effort to monitor its critics was more extensive than previously disclosed in that it involved a plan to target as many as 20 people, including a number of investors.” We’re thinking that a spy scandal is probably the last thing the banking industry needed. [WSJ]