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- BNET Author Biography
- Dan Ackman has written widely on business, law, sports and the arts for publications including The Wall Street Journal, The New York Times, The Daily News, Newsday, the New York Post, the American Lawyer, The New York Observer, Inc., Pink Magazine, Forbes, Salon and Slate. He is also a...
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- Inside Lehman's Finances: More Reasons to Worry
- Scattered within Lehman Brothers’ disastrous quarterly results yesterday was the "good" news that it reduced is exposure to mortgage securities. Good news, of course, is a relative term when a bank loses $2.8 billion, which is more than it earned in the last three profitable quarters combined. But the bank...
- Blog posts 2008-06-10
- The Mortgage Crisis: Predators Who Bite Their Own Backsides
- As the banking/housing crisis has progressed, there has been much talk about “predatory†loans. What’s a predatory loan? There is no universal definition. But the term seems to involve loans that the borrower is eager to take, but will be unable to repay. In other words,...
- Blog posts 2008-07-14
- Fail Locally, Think Globally
- Erin Callan, deposed last month as CFO of Lehman Brothers, has moved over to Credit Suisse. Her position is a brand new one: global head of Credit Suisse’s hedge fund business. Before she moved to the management suite at Lehman she advised hedge funds there and is...
- Blog posts 2008-07-15
- Bloomberg Blooms; Forbes Wilts
- Merrill Lynch’s sale of its 20 percent stake in Bloomberg for $4.5 billion -- in a widely leaked deal expected to be announced Thursday -- places a value of $22.5 billion or more on the New York Mayor’s privately held firm. The Times notes that Michael Bloomberg...
- Blog posts 2008-07-16
- SEC Attacks Unlawful Manipulators of the Worst Kind
- Federal regulators appear to be on a bit of a lawless streak, making up new rules as they go in responding to the crises du jour. The trend began back in March as the Federal Reserve and the Treasury Department joined in arranging a fire-sale buyout of...
- Blog posts 2008-07-17
- Citigroup's Brief Legacy of Legacy Assets
- One of the striking things in Citigroup’s earnings announcement was its sale of “legacy assets.†Legacy assets? What’re those? It turns out that Citi has been using the term since about May of this year. While “legacy assets†pops up on a New York Times item...
- Blog posts 2008-07-21
- Citi's Michael Klein Will Finally Have Time for Model Trains and Stamp Collecting
- Citigroup’s announcement today that Michael Klein is leaving the company surely makes one wonder whether there is a reason for Citigroup. Klein, oft referred to as one of the bank’s “most senior executives†though he is all of 44, is leaving “to pursue other opportunities.†He should have a...
- Blog posts 2008-07-21
- A Fannie/Freddie Bailout: From Zero to $100 Billion in Nothing Flat
- The Congressional Budget Office’s assessment of the cost of a bailout of Freddie Mac and Fannie Mae is refreshingly honest, but disconcertingly uncertain. The price could be zero, the price could be $100 billion, but the best-guess expected cost is $25 billion. Here is how the CBO...
- Blog posts 2008-07-22
- Fannie, Freddie, and Mortgages in the Real World
- For most folks and I include myself in this the agonies of Fannie Mae and Freddie Mac, now being salved in Washington, are a tad abstract. But the story comes home when people say that the Fan-Fred woes will limit homebuyers' ability to get mortgages. Already, some say, the crisis...
- Blog posts 2008-07-24
- Is the Financial Media Setting Free the Bears?
- Folks who read finance blogs may well have heard of Peter Schiff, a stockbroker who has gotten a lot of airtime on and off. But when he goes on CNBC, the anchors tend to make fun of him and make him look bad. That’s because Schiff is a big...
- Blog posts 2008-07-28
- UBS Lawyer's Trades Could be Precedent-Setting
- The resignation of UBS’s top U.S. lawyer, David Aufhauser, raises an interesting question of insider trading. While no charges, and certainly no criminal charges, have been bought against Aufhauser, a civil complaint filed by New York Attorney General Andrew Cuomo suggests that the UBS lawyer, a former Treasury official, sold...
- Blog posts 2008-08-05
- For Ex-Merrillite Dow Kim, It's $10 Million a Year or Nothing
- Dow Kim, a former honcho at Merrill Lynch, has dropped plans to start a hedge fund, according to a Bloomberg report by Katherine Burton. Why? He couldn’t raise the $1 billion he was looking for. I guess, say, $500 million was not enough, assuming he could get...
- Blog posts 2008-08-05
- Death To Fannie Won't Kill Mortgages
- Is the furor about Fannie Mae and Freddie Mac overstated? Sure, Fannie’s share price is down 80 percent in a year (Freddie’s even more). But in the same year, Citigroup, Lehman and Merrill Lynch are down almost as much. So Fannie and Freddie have lots of company....
- Blog posts 2008-07-11
- Fannie and Freddie: Denials and Doom
- It’s an old saw in politics that you should never believe anything until it’s officially denied. Looks like the saying is coming true in finance too. The market is indicating that Fannie Mae and Freddie Mac are in deep doo-doo. The indication comes from Fannie...
- Blog posts 2008-07-10
- Ambac Ditches Fitch, Undermines Entire Ratings System
- The tortured love affair between the ratings agencies and the bond insurers took another turn as Ambac Financial Group resolved to terminate its contract with Fitch Ratings. While Ambac is not the first insurer to give a rating agency the Heisman -- not always successfully -- its ability...
- Blog posts 2008-06-19
- Hedge-Fund Duo Runs Afoul of Oldest Regulations -- the Criminal Kind
- Investors willing to pay two percent in fees and 20 percent of the profits probably deserve whatever happens to them. After all, anyone who expects persistently outsized returns after paying costs like these is probably at least a little delusional. Such returns may happen for a while -- especially thanks...
- Blog posts 2008-06-19
- Credit Card Ghosts Haunt GE and MasterCard
- Two titans of plastic are being bit on the backside by charge cards of yesteryear. First, MasterCard Worldwide agreed yesterday to pay $1.8 to rival American Express. The cash is part of a settlement of claims that Mastercard (along with Visa, which agreed to a $2.1 billion payment...
- Blog posts 2008-06-26
- Great Thoughts from the Fed
- The most interesting thing about the Federal Reserve's comments on the Bear Stearns bailout is how uninteresting they are. According to the March 14 minutes: "Board members agreed that, given the fragile condition of the financial markets at the time, the prominent position of Bear Stearns in...
- Blog posts 2008-06-27
- Venture Capital Isn't as Sick as VCs Want You to Think
- At least a few venture capitalists seem to be crying in their cognac about the collapse of the IPO market for venture-backed firms. According to a study by the National Venture Capital Association, leaked first to the New York Times, not a single venture-backed company went public in the...
- Blog posts 2008-06-30
- Grasso Wins By Losing
- Richard Grasso is winning by losing. A New York appeals court just ruled that the excessive compensation case against the former NYSE chief must be dismissed because the exchange is now a publicly-traded for-profit entity, not the “not-for-profit†entity it was when Grasso was earning more than $10 million per...
- Blog posts 2008-07-01
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