up and down the street
A Humbled Wall Street
What’s the matter with Sony? In a word, everything. It’s on the wrong side of a seismic shift in the consumer electronics industry, away from hardware (its strength) to software (its weakness). It’s had a disastrous run of choosing the wrong leaders. And it’s in the wrong country. Other than that, it’s all good. Read More
In 1987, I began my rookie assignment on the stock sales and trading desk for Morgan Stanley. A few weeks later the stock market crashed, and I learned my first important lesson about the pecking order on the Street. As a newcomer, my senses were on high alert. Across the floor, a trader named Chuck stood with a phone pressed hard against his ear as he barked out ear-piercing commands. Closer by, I found an island of serenity as the carnival of capital plunged into chaos. His name was Lou, and he was a smooth-talking senior salesman with a magnificent collection of suspenders.
The Observer was befuddled if ultimately amused when Carson Block, the noted short-seller of Chinese companies, invoked Mannie Fresh in his take down of for-profit education company. (“I got everything in my momma name/But I’m hood rich,” Mr. Block quoted, reflecting that New Oriental Education and Technology Group chairman Michael Yu had signed assets Read More
sticks and stones
Paul Singer’s Elliot Capital Management seized a training ship owned by the Argentinean navy after the hedge fund won a court decision ruling that the South American nation still owes on a 2001 bond offering.
The European Stability Mechanism may guarantee the first 20 to 30 percent of potential losses on new Spanish debt, according to Reuters. The plan would be aimed at saving Spain without depleting Europe’s rescue funds.
Wall Street, wounded by President Barack Obama’s anti-Wall Street rhetoric, responded with anti-Obama rhetoric: It’s not a new story, but Chrystia Freeland’s story on Leon Cooperman in The New Yorker today does a nice job of bringing it into focus.
Mr. Cooperman, child of the Bronx, alumnus of Goldman Sachs, founder of the hedge fund Read More
a woman scorned
Why don’t you go ahead and make a federal case of it, said one thousand husbands to one thousand wives, and then one of them went and did. On July 9, a Scarsdale resident named Elizabeth Bingham-Perry filed a civil RICO action in the U.S. Southern District’s White Plains courthouse.
Her husband, Jeffrey, an executive Read More
How angry an ex would you have to be to file racketeering charges against your spouse?
That’s a question Elizabeth Bingham-Perry could answer. The Scarsdale resident filed a civil RICO action against her husband Jeffrey Perry in the U.S. Southern District’s Westchester courthouse last week.
Mr. Perry, it so happens, is an executive at Third Read More
Conflict of interest? Royal Bank of Scotland is fighting a Canadian inquiry into the bank’s role in manipulating interbank lending, arguing that British law prevents the bank from turning over documents pertaining to the investigation. If RBS’ resistance is surprising, it’s because the bank has been majority-owned by the British government since the Read More
Scott Thompson, you’ll remember, is the former Yahoo chief executive ousted last month afteractivist investor Dan Loeb uncovered inaccuracies on Mr. Thompson’s resume. Brian Dunn, meanwhile, was the CEO of Best Buy until April, when he left the company amid an investigation that eventually revealed Mr. Dunn had what the polite press called an “inappropriate relationship” with an employee.
Three JPMorgan executives tied to the massive trading losses announced last week are expected to resign, Yahoo CEO Scott Thompson stands aside and a hedge fund calls for Aubrey McClendon’s head. Here’s the morning Wall Street roundup: