vanityfair.com - 9/30/2009
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Jim Wilkinson, Paulson s chief of staff, realized that such a deal would be a public-relations nightmare at the worst possible time just as they were trying to pass TARP. Hank, if you do this, you ll get killed, Wilkinson frantically told his boss. It would be fucking crazy. Paulson, he said, ...
blogs.reuters.com - 10/5/2009
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blogs.reuters.com —
It's a day for long readings: not only
Ryan Lizza in The New Yorker , but also...
Andrew Ross Sorkin , whose book excerpt in Vanity Fair -- all 12,000 words of it -- is now online in full.
(more)
When Morgan Stanley almost died
nakedcapitalism.com - 10/7/2009
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nakedcapitalism.com —
This tidbit from a hedge fund reader: From
the eagerly-read Andrew Ross Sorkin Vanity Fair excerpt of...
his book “Too Big to Fail” on the meltdown: Meanwhile, Jon Pruzan, the Morgan Stanley banker who had been assigned to review ...
(more)
Sorkin v. Stumpf on Wells Loan Losses
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Goldman Sachovia Would've Happened If Warren Buffett Hadn't Stepped In And Pointed Out The Obvious
Dealbreaker —
... The Oracle of Omaha. He's not just good for marrying folksy business wisdom with aberrant sex fetish. He can also be counted on to bring up the pink elephant in the room (it helps if said elephant has huge cans) when no one else will. According to Andrew Ross Sorkin's new book on the weeks following Lehman biting the big one, everybody was ready to sign off on a merger between Goldman and Wachovia until Buffett knocked his cane against some foreheads while asking, "Who does Hank Paulson work for? Think, McFly, think!" ...
What would a Goldman-Wachovia tie-up have looked like?
FT Alphaville —
Vanity Fair is fast establishing itself a must-read for anyone interested in the back-room dealings of Wall Street and US regulators, and the upcoming November issue is no exception. Consider the following press release , published on the magazine’s website on Wednesday (our emphasis): The government secretly tried to orchestrate a deal involving Goldman Sachs in the week following Lehman Brothers’ collapse and considered using the Federal Reserve to help support such a transaction, Andrew Ross Sorkin reports in the new issue of Vanity Fair. In an excerpt from his forthcoming ...
Thursday links: downward drift
Abnormal Returns —
... (Marginal Revolution, Clusterstock)
Naked shorting back in the news. (Megan McArdle, Clusterstock, Matt Taibbi)
Is the point of most financial innovation to obfuscate risk? (Felix Salmon also EconLog)
What would a Goldman Sachs (GS)-Wachovia tie-up have looked like? (Vanity Fair also FT Alphaville)
Andrew Ross Sorkin ...
Why is Goldman allowed to game the system?
naked capitalism —
... And, apparently, policy makers heeded Roubini’s words as all the broker-dealers were immediately made into banks. Government went so far as to try and merge Goldman with the bankrupt Wachovia (now ...
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The Citi-Wachovia Exclusivity Agreement
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Or you can read the document on DealBook, after the jump.
...
Citi’s Upper Hand in the Wachovia Fight
dealbook.blogs.nytimes.com 10/3/2008 — Updated: I’ve now had a chance to review the exclusivity agreement between Citigroup and Wachovia. The agreement provides that Citi and Wachovia will negotiate toward a transaction on the basis of a nonbinding term sheet with a target date of Oct. 6 ...
Bill Ackman on Wachovia, Shorting, and More
fatpitchfinancials.com 10/13/2008 — One of the highlights of this year’s Value Investing Congress was Bill Ackman’s presentation on Monday, October 6, 2008. The focus of his presentation was on his recent long position in Wachovia (WB).
If I got my facts straight, ...
Half-Time Lessons From the Battle for Wachovia
dealbook.blogs.nytimes.com 10/8/2008 — Citigroup, Wells Fargo and Wachovia have extended their cease-fire through Friday morning. Although things are still murky, it appears that Wells Fargo will get the bulk of Wachovia’s operations, with Citi obtaining a face-saving helping of Wachovia’s ...
Exclusivity Agreements, the Bailout Act, and Section 126(c)
truthonthemarket.com 10/11/2008 — The Wachovia-Citigroup-Wells Fargo dance continues. Now, however, it seems to involve confusion about Section 126(c) of the newly adopted Emergency Economic Stabilization Act (“EESA”). Allow me to take a stab at clarifying.
To bring everyone up to ...
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