Aww Yeah! 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…
Merrill Lynch
"But We Can't Afford to Lose the Talent" and Other Bullsh*t
Attention Wall Street Banks: YOUR EMPLOYEES AREN’T GOING ANYWHERE. THERE IS NOWHERE FOR THEM TO GO. PRIVATE EQUITY FIRMS ARE SCREWED, REAL ESTATE FIRMS ARE DEAD ALSO…AS ARE MOST HEDGE FUNDS. STOP THE BONUSES, YOUR PEOPLE ARE STUCK WITH YOU ANYWAY. _____________________________________________________________________________ As B of A/ Merrill‘s Ken Lewis and John Thain continue to play…
Too Bess, Didn't Levin: Why Dealbreaker is a Must-Read Site
Misery loves company and anyone who makes their living in the investment, Wall Street, real estate or banking world has just gone through the most miserable set of 12 months since the Great Depression. So for this reason, those of us in need of commiseration have found each other and our favorite source of guilty…
Who Really Gets Punished by a Wall Street Salary Cap?
Yesterday, the Obama administration announced that firms who are significant moochers of the TARP will have salary caps imposed on their executives of $500,000 per year. While the effects will be deeply felt on Wall Street, let us not forget that many other individuals and businesses will also be devastated. Below is a list of…
This Just In: Nadel Caught in Florida, AG Cuomo Investigating Thain Bonus
Today’s going to be a doozy… Art Nadel just surrendered to authorities in Tampa, Florida according to CNBC. New York Attorney General Andrew Cuomo has subpoenaed ex-Merrill Lynch CEO John Thain and one of his henchmen regarding the bonus snafu according to Dealbreaker. Kind of like the final scene of The Godfather when the family takes…
Pigs at the Trough: Wall Street Takes a Bonus Anyway
In late December, ex-CEO John Thain snuck in $15 billion worth of Merrill Lynch bonus payments to executives and employees a month earlier than usual. He did this while his merger partner to-be Bank of America was in Washington telling officials that a $20 billion rescue package was essential for survival. The fact that anyone…
Hot Links: Ken Lewis Edition
Hot Links for Weekend Reading: The country is made up of two types of people right now, those who care about the Bank of America/ Merrill Lynch saga and those who truly don’t mind being robbed and pillaged in broad daylight. When the news came out that Merrill Lynch CEO John Thain requested a $10…
Hot Links
Hot Links Weekend Reading: The always erudite Equity Private wrote two great posts this week on Dealbreaker. The first was a satirical how-to guide to escaping capture after a “Massive Financial Fraud“. The advice includes “Don’t Watch CSI” and “Have a Plausible Explanation for Why Your Body isn’t Found”. He also wrote a timely and…
Slightly Used Ticker Symbols For Sale: MER and WB
On a quiet post-New Year’s Friday, two of the most widely followed stocks disappeared from Quotrons and trading screens around the world: MER and WB.
As Merrill Lynch and Wachovia begin their new lives as foster children of Bank of America and Wells Fargo respectively, the question remains, what will happen to their orphaned call letters? Do they end up on the Island of Misfit Ticker Symbols?
