Archive for July 8th, 2010
Meet Today’s Winners And Losers Of Wall Street
THE DAY’S WINNERS
Michael Lupia – Left JPM for Morgan Stanley and brought $30 million in clients with him. JPM is suing him for breaching contract.
Robert Miller – The former money manager and SEC lawyer escaped a 20-year prison sentence by telling a judge he was a “fearful, self-loathing alcoholic.”
Russ Smyth - The CEO of H&R Block (biggest US tax preparer) quit his job. Stocks fell as much as 13% today and traded for as little as $13.23 (lowest shares rate since May 2001.
Tony Osmond – Citi just poached “the rainmaker” from Goldman. He’s now the head of Citi i-banking in Australia.
Michael Turek – Left his position at Prudential Financial where he was a SVP and Metals Sales Trader to become the First Vice President for Newedge Group’s Metals team based in New York.
Aaron Boesky (Ivan’s cousin) – Promised to take a naked lap around Hong Kong if stocks end lower this year.
Tim Flannery – The founder of Copia Capital will run the fund on his own. Flannery completed fully detaching his $520 million hedge fund from Morgan Stanley‘s Front Point Partners today.
Michael Lau – Lau was set free from Credit Suisse. He will soon run Candlewood Special Situations seprately from the bank, who plan to spin off the hedge fund.
Don Pollard – Is also being set free from Credit Suisse. He wil soon run the other hedge fund Credit Suisse plans to spin off, Candlewood Credit Value.
THE DAY’S LOSERS
John Paulson – His Advantage Plus fund is down 8.8% this year. Investors have pulled out $2 billion so far.
Travis Wright - The money manager who told investors he was investing in real estate when actually, he was investing in the candwich, the sandwich in a can, is currently being sued by the SEC.
Wilbur Ross – Ross “wants to be the king of New Jersey banking.” To begin his reign of the dirty Jers, he bought a nearly 25% stake for $100 million in Vineland, N.J.-based Sun Bancorp.
Non Wall Streeter worth mentioning: Martin Hickman – Pfizer spies just caught Martin selling fake Viagra. He made around $8.9M from the pills, which he used to buy a flat in Chelsea (London), a farmhouse near Manchester, and a villa in Marbella Spain. He also bought 2 Land Rovers.
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Soros: The Germans Have No Idea How Much Pain They Would See If They Left The Euro
Here’s one more point from George Soros’ takedown of German economic policy, which just went up at the New York Review of Books. It’s in regard to this idea that Germany might be better off if it left the euro, and re-introduced the Deutsche Mark, as so many German citizens apparently would like to see.
Here’s what would happen:
The Deutschmark would go through the roof and the euro would fall through the floor. This would indeed help the adjustment process of the other countries but Germany would find out how painful it can be to have an overvalued currency. Its trade balance would turn negative and there would be widespread unemployment. German banks would suffer severe exchange rate losses and require large injections of public funds. But the government would find it politically more acceptable to rescue German banks than Greece or Spain. And there would be other compensations: pensioners could retire to Spain and live like kings, helping Spanish real estate to recover.
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Aggreko leads gains on FTSE 100
European equities markets were higher Thursday after the International Monetary Fund revised its global growth outlook for this year, saying that the economy will grow by 4.6 percent in 2010, better than April’s prediction of 4.2 percent, although it held its forecast for growth next year at 4.3 percent.
Also helping gains were new numbers on [...]
Euro zone interest rates on hold at 1%
The European Central Bank (ECB) today elected to keep interest rates on hold at the historic low of 1% for the 14th consecutive month, as widely expected.
Interest rates are expected to remain on hold until at least 2011, as a result of uneven growth and low inflation.
The news comes after the Bank of England elected [...]
IMF raises global growth estimate
The International Monetary Fund raises its world economic growth forecast for 2010 from 4.2% to 4.6%, but downgrades the UK.