Forget about that Jon Stewart vs. James Cramer noise…who cares?
The real action is taking place in the New York State Attorney General’s Circle of Death between Andrew Cuomo aka Spitzer 2.0 and Merrill Lynch aka the Hamburglar of Wall Street.
From DealBook (NYT)
The office of Attorney General Andrew M. Cuomo filed lengthy documents in New York State Supreme Court on Wednesday as it continues its battle to obtain the names of Merrill Lynch’s top earners last year. Bank of America, which bought Merrill last fall, has been fighting the release of that information.
When Cuomo comes, he comes with the thunder, Thain, so cough up the emails. $3.6 billion stolen from middle-class Americans who can barely afford to heat their homes!
There’s a tent city in Sacramento and you’re blowing BILLIONS of our tax money retaining talent? Are you serious, I Robot?
No one on Wall Street is perfect and everyone makes mistakes, but Bank of America‘s sneaky bonus payment to Merrill “producers” while the parent company was securing $20 billion in TARP loans was actual theft.
Claw that s@#$ back, Andrew. The whole city’s behind you.
New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.
“It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.
Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.
New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.
“It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.
Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.
New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.
“It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.
Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.
I’m a New York City-based financial advisor at Ritholtz Wealth Management LLC. I help people invest and manage portfolios for them. For disclosure information please see here.
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Bang! I’m with you here, but even though I’m tiring of the Jon Stewart/Jim Cramer tickle-fight, I will be watching tomorrow night.
-DT
Bang! I’m with you here, but even though I’m tiring of the Jon Stewart/Jim Cramer tickle-fight, I will be watching tomorrow night.
-DT
Bang! I’m with you here, but even though I’m tiring of the Jon Stewart/Jim Cramer tickle-fight, I will be watching tomorrow night.
-DT
Hell yeah! I’m angry. Can we get Spitzer back to the room? Just in case Cuomo needs muscle
Hell yeah! I’m angry. Can we get Spitzer back to the room? Just in case Cuomo needs muscle
Hell yeah! I’m angry. Can we get Spitzer back to the room? Just in case Cuomo needs muscle
New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.
“It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.
Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.
New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.
“It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.
Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.
New York Times story: Mr. Cuomo claimed that Merrill traders had mismarked their books as of early December in an effort to get higher bonuses.
“It appears that some of these losses may have been booked by Merrill employees who marked down their portfolios only after their 2008 bonuses were set,” the attorney general wrote in the filing. “Despite the gargantuan unexpected losses, Merrill did not reconsider its bonus awards” and Bank of America did not request or demand that Merrill reduce its bonus pool, he wrote.
Traders saying that they would engage in strategies (not clearly described) that would lead them to show high profits though year end that they would wind up giving back (and often more) early in the next year. The idea was that they’d make so much on their trumped up performance that it didn’t matter if they were fired next year.
this is going to be a huge story, Vish, thanks for fleshing that out.
this could become bigger than the Spitzer/Grasso feud.
thx for reading
this is going to be a huge story, Vish, thanks for fleshing that out.
this could become bigger than the Spitzer/Grasso feud.
thx for reading
this is going to be a huge story, Vish, thanks for fleshing that out.
this could become bigger than the Spitzer/Grasso feud.
thx for reading
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