nakedcapitalism.com - 10/18/2009
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I was on the Andrew Hall at Phibro beat for a while and must confess I dropped it in the book crunch, and there was an important bit of the story I neglected to follow up on that is still germane.
Readers may recall the brouhaha: Hall had received nearly $100 million in 2008 and had the ...
baselinescenario.com - 10/19/2009
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baselinescenario.com —
Yves Smith returned from book-writing land to catch
up on the Andrew Hall story , which is...
one that I pretty much decided to ignore from the beginning. Hall is the Citigroup trader who, according to his compensation agreement, was due a $100 million bonus. The bonus was so big because Hall and ...
(more)
Where Else Are You Going to Go?
hf-implode.com - 10/13/2009
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hf-implode.com —
" Nearly a year after the struggling banking
giant hatched a plan to shed problem assets in...
order to focus on healthier businesses, Citi is seeing several of its crown jewels head for the exit, leaving behind the junk Pandit had hoped to dump."
(more)
Citi to scrape bottom of barrel
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Sunday links: blog stars
Abnormal Returns —
... “..the deal Citi cut with Oxy struck strongly suggests that Phibro’s performance was in large measure the result of amped up leverage that no one outside Citi was able or willing to provide.” (naked capitalism) ...
Where Else Are You Going to Go?
The Baseline Scenario —
... Yves Smith returned from book-writing land to catch up on the Andrew Hall story, which is one that I pretty much decided to ignore from the beginning. Hall is the Citigroup trader who, according to his compensation agreement, was due a $100 million bonus. The bonus was so big because Hall and his team were due 30% of the profits from their trades, which is even more than typical hedge fund fees. (This tradition of particular trading groups negotiating a share of their profits dates back at least to Salomon in its heyday; AIG Financial Products also had this type ...
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