Author Archives: Felix

Rupert Murdoch is Enjoying Himself

Rupert Murdoch:
“When the Journal gets its Page 3 girls, we’ll make sure they have MBAs.”
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Unpacking the Risks in the CDO Market

There is cause for concern, to be sure. But there isn’t cause for panic.
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Posted in bonds and loans | 2 Comments

CDO Scaremongering, Ebola Edition

Tim Price is some
kind of genius
.
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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.
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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.
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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,
did
on Tuesday.
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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.
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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.
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Punishing Short-Sellers

What is the SEC
doing fining UK hedge fund GLG Partners $3.2 million over illegal
short-selling
?
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Posted in hedge funds, stocks | Comments Off on Punishing Short-Sellers

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
them
, it would seem, is Carlyle Group managing director Jason Lee:
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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.
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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?
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Blackstone Deserted By Its Own Bankers

If you have seventeen different underwriters on a deal, and they all say that a certain stock is worth (say) $31 per share, there’s bound to be a pretty strong bid at that level. Right?
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News Corp-Dow Jones: It’s All Over Bar The Voting

The ink isn’t dry, but if the news
from CNBC
is to be believed, the uncertainty over the future of Dow Jones
is over.
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iPhone: Cheaper Than We Could Have Dared to Hope

It seems that AT&T is being very smart here, and offering good-value plans to iPhone buyers despite the fact that the company has a monopoly on the phone and could therefore, in theory, charge pretty much anything they wanted.
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The Return of Hans Rosling

The Hans Rosling video you’ve all been waiting for.
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The Art Trading Fund: Still Doomed to Fail

The Art Trading Fund, which seemed
like a bad idea
when we first encountered it last month, is going to officially
launch
on July 1
, reports Kit Roane. Which seems like another bad idea to me: who
launches anything on a Sunday?
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Blackstone Falls Below its Offering Price

Blackstone went public at $31 per share. It’s now trading below that, which is bad news for other private-equity shops looking to go public.
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Will China Prevent the CDO Meltdown?

If fund managers don’t look down, maybe they won’t fall.
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Posted in banking, bonds and loans, housing | Comments Off on Will China Prevent the CDO Meltdown?

How To Make $300 Million Without Really Trying

Here’s an idea. (1) Spend $7.5 million on the business.com domain name. (2) ?. (3) Profit!
The crazy thing is, it seems to have worked.
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On News, Analysis, and Charlie Gasparino

In the overheated atmosphere of CNBC, it’s easy to get confused between facts and informed speculation on those facts.
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Posted in Media | Comments Off on On News, Analysis, and Charlie Gasparino

Finance Professor Salaries

What drives biz schools’ salaries?
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Comparing Members of the $170 Billion Club

Google has caught up with Berkshire Hathaway in terms of market capitalization.
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The Fed Chairman Always Votes With the Majority

Why the need for the Fed chairman always to be in the majority? I can’t think of a single good reason, and in fact I’m having difficulty even coming up with bad reasons.
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House Prices: The Short-Covering View

If you’re a financial-market type like Paul McCulley
of Pimco, you can see the rise in demand as a short-covering
rally
: "you are born short a roof over your head," he writes,
"and must cover, either by renting or buying".
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