Monthly Archives: June 2007


I got one, thanks largely to a wonderful birthday cheque from my grandmother. And it really is a thing of beauty. And I’m not going to repeat what everybody else has said. But I will say that the email functionality … Continue reading

Posted in Not economics | 2 Comments

Why Murdoch Can Make Money On His Dow Jones Investment

It’s a bit embarrassing, but true, that the 76-year-old Murdoch has a longer time horizon than a public company which will almost certainly exist in some form for many generations yet.
Continue reading

Posted in Media, publishing | Comments Off

Bloomberg Plays Gotcha with S&P

Bloomberg’s Mark Pittman isn’t hedging his bets in a story
headlined "S&P,
Moody’s Mask $200 Billion of Subprime Bond Risk
Continue reading

Posted in bonds and loans | Comments Off

Diary of a Defenestration

June 27: "Bear
Stearns’ Asset Management Chief Takes Charge in Fund Crisis
is the headline as Rich Marin rides to the rescue of his company’s
embattled hedge funds.
Continue reading

Posted in banking, defenestrations | Comments Off

Why Margin Calls Need Not Destroy the CDO Market

Epicurean Dealmaker
explains why I’m a bit too sanguine about the prospects
for the CDO market: it all comes down to margin calls.
Continue reading

Posted in bonds and loans | Comments Off

What Jimmy Cayne Eats For Breakfast

Red wine for breakfast.
Continue reading

Posted in banking | Comments Off

Bear’s Funds’ Problems: Not All That Big

The more we learn about what happened at Bear Stearns, the more overblown all the worries seem to have been.
Continue reading

Posted in banking, hedge funds | Comments Off

iPhone to Support Wifi Calling

Apple and AT&T are OK with wi-fi based calling, which will be a godsend to people who travel or call a lot internationally.
Continue reading

Posted in technology | Comments Off


I was “exblogmunicated” by Instapundit Glenn Reynolds in 2006, when he linked to me without linking to me. Now he’s done it again, but if anything even more egregiously. If I’m on some kind of blacklist, I want to know!

Posted in Not economics | Comments Off

Harvard-Yale Competition

Do Harvard and Yale compete for the best students? Greg Mankiw
certainly thinks
Continue reading

Posted in economics | Comments Off

Alternatives to Globalization

There are major downsides to globalization, but it increasingly seems as though fighting it is worse than futile: it’s actually counterproductive.
Continue reading

Posted in economics, Politics | Comments Off

Blank-Check Companies: Good Value?

wonders what a conservative value investor is doing in high-risk
investments with no real assets:
Continue reading

Posted in stocks | Comments Off

IMF’s Rodrigo de Rato Unexpectedly Resigns

This one came out of left field. As if there wasn’t enough turnover at the
top of the World Bank, now the head of the International Monetary Fund, Rodrigo
de Rato
, has announced that he, too, is going to resign his job: his
last day will be in October, after the annual meeting concludes on October 21.
Continue reading

Posted in IMF | Comments Off

Rupert Murdoch is Enjoying Himself

Rupert Murdoch:
“When the Journal gets its Page 3 girls, we’ll make sure they have MBAs.”
Continue reading

Posted in Media, publishing | Comments Off

Unpacking the Risks in the CDO Market

There is cause for concern, to be sure. But there isn’t cause for panic.
Continue reading

Posted in bonds and loans | 2 Comments

CDO Scaremongering, Ebola Edition

Tim Price is some
kind of genius
Continue reading

Posted in bonds and loans | Comments Off

How to Help the Bottom Billion

Niall Ferguson reviews
the new book by Paul Collier, The
Bottom Billion
, in Sunday’s NYT Book Review, and I’m not sure what
to make of it.
Continue reading

Posted in development | Comments Off

A Plea to Jamie Dimon for Great Architecture

It’s quite sad that for all Wall Street’s wealth, no New York bank has in living memory managed to build an architecturally distinguished building.
Continue reading

Posted in architecture, banking | Comments Off

Propping Up the Blackstone Share Price

It turns out
that those 20 million extra Blackstone shares that the lead managers sold
on Monday
didn’t necessarily make $234 million for Steve Schwarzman personally
after all. The point of a greenshoe, it seems, is to help support the price
of the stock if it falls below the offering price – as BX, of course,
on Tuesday.
Continue reading

Posted in banking, private equity, stocks | Comments Off

Lloyd Blankfein, Man of the People

Goldman Sachs CEO Lloyd Blankfein came
out as a Democrat
today, aligning himself with Robert Rubin
and Jon Corzine rather than with Hank Paulson.
Continue reading

Posted in banking, Politics | Comments Off

Bear Stearns Funds: Is Everything OK Now?

After throwing the entire financial media (if not the actual markets) into a week-long tizzy, Bear Stearns seems to have found a way to stabilize things without committing too much of its own money and without subjecting its funds’ prime brokers to any losses.
Continue reading

Posted in banking, bonds and loans, hedge funds | Comments Off

Punishing Short-Sellers

What is the SEC
doing fining UK hedge fund GLG Partners $3.2 million over illegal
Continue reading

Posted in hedge funds, stocks | Comments Off

Carlyle MD: The Blackstone IPO was “Highly Successful”

With Blackstone stock languishing below its offering price, few people would
count the private equity firm’s IPO as a smashing success. But among
, it would seem, is Carlyle Group managing director Jason Lee:
Continue reading

Posted in private equity, stocks | Comments Off

Murdoch: “Everything is Done”

Reuters managed to snag
a quick interview
with Rupert Murdoch in Warsaw, of all
places, where he’s meeting the prime minister (natch) and relaunching a television
station. "Everything is done. We are just waiting for a final approval
of the Bancroft family," Murdoch said.
Continue reading

Posted in Media | Comments Off

Two Views of Congestion Pricing

Does subway congestion make congestion pricing more problematic, or does it, on the other hand, make congestion pricing more necessary?
Continue reading

Posted in cities | Comments Off