Write-Offs: 05.09.08
$$$ Did Microsoft Overpay for Its Facebook Stake? [DealBook]
$$$ GLG Hits Investors With Exit Fee [Times Online]
$$$ GOOG [WallStrip]
Job Of The Week: Latin American Project Finance
We spent part of the afternoon combing through our Career Center in search of the most interesting jobs. There are dozens to choose from, all categorized according to specialization. Our inspiration today was to find a job that might suit the folks from JP Morgan’s Latin American credit desk who were let go yesterday. Well, we’ve got some good news…
A bulge bracket European investment bank l…
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This Seems About Right
Today at Citigroup a fixed income middle office member was paid 3 grand to execute “the reverse bowl cut,” according to our sources. To claim the money, he must sport the haircut proudly on the trading floor for a full calendar week. We’re told the money is being donated to charity.
Pictures after the jump.
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Selfless Bear Stearns Extends The Hand Of Charity To Employees (By Force, If Necessary)
Bear, in a fit of wisdom over a recent resignation of a PB employee, has decided to try an enforce “garden leave” even when the employee has not signed anything to that effect. Yet another episode of Bear Stearns treating their employees with the utmost respect.
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Spotlight on Keynesian Economics
All Keynesians conceive of the State as a great potential reservoir of benefits, ready to be tapped. The prime concern for the Keynesian is to decide on economic policy — what should be the economic ends of the State and what means should the State adopt to achieve them? The State is, of course, always synonymous with “we”: What should “we” do to insure full employment? is a favorite query. (Whether the “we” refers to the “people” or to the Keynesians themselves is never quite made clear.) F…
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Big-Cap Tech Rules All
There are periods when investors can make hay in the markets simply by throwing down on a few stocks. The last couple of months has been one of those periods, particularly as it relates to the Nasdaq.
The last two months have been strong ones for bellwether large-cap tech stocks, most notably the components of the Nasdaq-100 Index….
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U.S. Leads Effort to Prop Up Dollar
The Bush administration is leading the international effort to put a floor under the falling dollar.
The conventional wisdom holds that the Europeans, worried that the mighty euro is making their companies less competitive, prodded Treasury Secretary Henry Paulson and other group of seven finance ministers last month into signaling their joint disapproval of the dollar?s plunge. Canada has also been troubled by the strong loonie.
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White House Leads Effort to Prop Up Dollar
The Bush administration is leading the international effort to put a floor under the falling dollar.
The conventional wisdom holds that the Europeans, worried that the mighty euro is making their companies less competitive, prodded Treasury Secretary Henry Paulson and other group of seven finance ministers last month into signaling their joint disapproval of the dollar?s plunge. Canada has also been troubled by the strong loonie.
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American Psycho: Sometimes Penis Envy Is Just Penis Envy
We’re pretty much suckers for anything about American Psycho. The obsessive attention to things like lunch reservations and business cards are more frightening than any of the mass murder scenes because they happen to be strikingly true. Some people, however, don’t quite get the subtext. And for those folks, the boys at College Humor have helpfully re-imagined a crucial scene in American Psycho where all the subtext is brought to the foreground.
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Don’t Call Me a Philistine
(May 9, 2008 01:49 PM, by Bryan Caplan) Unlike the last French arthouse movie I saw, The Diving Bell and the Butterfly is excellent. If, like me, you……
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FedEx Can’t Stand $126 Oil (FDX, UPS)
FedEx Corporation (NYSE: FDX) came out after the close. Apparently $126 oil is a killer, like no one knew that. When it gave its last earnings warning it was based on fuel not rising too much more. Guess what. The company took its prior forecast of $1.60 to $1.80 EPS down to a new $1.45 to $1.50 EPS range. Shares closed down 3% in regular trading, and they are down another 3% at $87.26 in after-hours. Big Brown, or United Parcel Service Inc. (NYSE: UPS) fell almost 2% in after-hours to $69.03 on the FedEx news. Now you know why…
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Nicholas Financial’s Earnings
Yesterday, Nicholas Financial (NICK) reported quarterly earnings of 20 cents a share. That’s for the company’s fourth quarter which ended on March 31. For the same quarter one year before, NICK earned 29 cents a share. Revenue dropped 6% to $12.7 million.
Yes, I still think this is an absurdly undervalued stock. For the entire fiscal year, NICK earned 94 cents a share. That still means the company is going for about seven times earnings. Nicholas Financial has now reported revenue increases for 18 straight years….
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Will 3G & TV Drive iPhone Demand Even More? (AAPL)
The rumors of launch dates for the new Apple (NASDAQ: AAPL) version of the 3G iPhone are still rampant. Some target mid-June and some comment on early-June. Apple’s Worldwide Developers Conference is June 9 to June 13. Now if they’d just keep these in stock. I have called several stores close by and they are either out of stock entirely or they have only the 8GB iPhone. Even then, one store said it is only available for existing customers of AT&T Wireless. That will keep people from being able to buy and then unlock them for another carrier. This low…
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The Succotash Trade
Investors in the grains market of late had apparently been buying the rumor, and today they’re selling the news. In grain terms, they’d been buying corn and selling beans, and now they’re buying beans and selling the corn.
The U.S. Department of Agriculture’s grain report s…
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