Attn Lucas van Praag
The chorus of Bronx cheers raining down on Goldman Sachs (GS-NYSE) might not ruffle Lloyd Blankfein, but Goldman’s PR man, Lucas van Praag, is fighting back. He took the New York Times to task over an article Sunday that insinuated the AIG bailout was done largely to save Goldman’s balance sheet-a “$20 billion hole” would have decimated their capital position and most certainly forced them to raise equity with the stock under $100, which might have meant it was game over, at least for their independence.
Around the globe people have been busy connecting the dots with Goldman’s powerful alumni network.
If there is one lesson, it is do not trust anyone wearing a Timex Ironman watch.
I have been hard on Lucas in the past, but want to make amends and alert him to the subversive activity taking place on the internets.
While Lucas knows where to find Gretchen Morgenson, I have no idea what planet this guy is on. If I can find him I will extend him an offer. What an analyst.
LOLFED
The LOL Cats movement is growing into new verticals..this site has some potential.
Check it out
LOLFED
Homepage
Good spot @s_m_i
King Henry Bans Free Speech?
Well not yet....
But the mainstream media is choosing its words carefully, and it seems a few are verboten:
The Wall Street Journal is also censoring itself on behalf of large banks. Its spokesman said the newspaper would “stay away from” the words “crash,” “panic,” “pandemonium” and “apocalypse.”
And CNN is clamping down on words like “meltdown” and “free fall,” according to its senior business correspondent Ali Velshi.
Too bad George Carlin did not live to see this. He made a career out of banned words...god rest his soul.
Press Coddles Banks With Pulled Punches
Gawker
Octobox Indicator: 1 for 1
The newest trading tool on the scene is the Octobox. If you see it buy, it works better than the VIX:
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
The Worst Day of the Year
September 11, 2001 is slowing fading from my memory, but it is never an easy day to get through. I was one of roughly 1.8 million people on the island of Manhattan that day, although safely out of harms way, far Uptown, due to a Dr.’s appointment.
I have no great tales of heroism to relate; I remember how bizarre it was by mid-afternoon as bankers and their families circled the Upper East Side in BMW’s and Mercedes. They were hoping to escape the carnage and get their young children out of the city. But it was a day that did not favor wealth-they were stuck with the rest of us, bridges closed and mobile phone service spotty, at best.
For weeks following I wondered about the fate of friends who worked downtown; I eventually touched base with one after another until everyone was accounted for, with the last reunion occurring late in the month.
It is a miracle the casualties were not higher that day, but it is little solace. I have no great words of wisdom, but want to issue a long overdue thank you to our Mayor at the time. Rudy was awesome....thank you Mr. Giuliani.
Of course, we have some unfinished business to deal with....
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In Hunt for Bin Laden, a New Approach
Washington Post
Seven years since—looking back and forward on 9/11
The Big Picture
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The content contained represent the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author.
Bad Commerz
Working for the European’s might be slightly preferable to working for Hank Paulson’s two headed monster, but I generally prefer Yanks to Europeans and Japanese.
With heads rolling left and right it should only be a matter of time before a story surfaces that top this, one of the most bungled layoffs of all time:
2004:
.....the last major investment banking job cull undertaken by Commerzbank - the hundreds of jobs that went in London in 2004, when the bank decided to refocus its securities business.
The cull was generally regarded as a bunged and botched exercise undertaken by professionals who should have know better. The bank closed the securities unit some four years ago, after allegedly raking up losses of over $900m. Included in the cull were the firm’s 10-strong prop trading team, who are said to have been called early one morning at their homes and told that their services were no longer required.
The problem was, so it was reported in the media at the time, that the traders were still running open positions, mainly in convertible bonds. And some of them, miffed that they had been canned in a rather callous manner, are alleged to have called up traders at rival firms and spilled the beans on the positions, enabling their rivals to allegedly turn a healthy profit by pulling their bids on the bonds they knew Commerzbank was getting ready to dump. The German bank is thought to have lost another $85m that week, just because of the careless way it is said to have fired their traders. In the end, the bank is said to have had to recall some of the traders anyway, as it required their help to close-out their positions.
How NOT To Lay-off Investment Bankers
Here is the City
