Bernstein analyst Robin Bienenstock has opened her heart to the management and board of Vodafone — via an open letter.
And she does not hold back.
In it she laments the fact that Vodafone “has the potential to become the most compelling transformational story in European Telecoms,”
… but not by much.
From Reuters on Wednesday:
And in pictorial form:
All of which means those economists who rubbished the initial reading have still got egg on their face.
Still,
Raj Rajaratnam, founder of the Galleon hedge fund group at the heart of an insider trading scandal, on Tuesday attacked prosecutors’ use of court-authorised wiretaps as a violation of his constitutional rights and questioned the credibility of a key witness.
AIG, the US insurer that received billions of dollars in a US bailout, said on Tuesday that it has been authorised by its board to pay CEO Robert Benmosche’s $7m compensation, after it laid to rest concerns that he may quit the post,
Dum-di-di-dum, di-di-dum, di-di-do…. (click to listen)
With failing economies, failing banks and failing stocks, bonds, IRAs, mutual funds, you can make profits during chaotic times…
What’s this? Has the SEC managed to successfully prosecute someone for insider trading?
Looks like it, according to Reuters:
Federal securities regulators won an insider trading case when a jury in Boston ruled that a former Fidelity employee illegally profited from trading stocks that the mutual fund giant was buying for itself.
Think back to the end of October when Jan Hatzius, Goldman Sachs economist and sometime clairvoyant, suddenly lowered his forecast for the third quarter US GDP from 3 per cent to 2.7 per cent.
The air was thick with conspiracy theories.
US legislators appear to be rather shrewd stock pickers.
Congressional equity portfolios outperformed the wider market by an average of 55 basis points per month from 1985 to 2001, according to research cited by the Washington Post.
There are some shocking numbers in Federal Deposit Insurance Corp’s (FDIC) quarterly banking report for the three months to September 30, which the agency released on Tuesday.
Numbers like: -$8.2bn and 552.
It’s over.
After a two and half year search, the UK’s biggest sports retailer has finally found someone brave enough to take on the job of chairman.
From RNS on Tuesday.
Sports Direct International plc today announces the appointment of Dr Keith Hellawell QPM as non-executive Chairman of the Board with immediate effect.
Raj Rajaratnam, the billionaire founder of the Galleon hedge fund accused by the US Securities and Exchange Commission of insider trading, has rejected the charges against him.
In a court filing on Tuesday,
Maybe Jorge Cosmen, deputy chairman of National Express, should have waved this paper in front of the board of the UK transport group.
Transactions involving companies sharing board members perform significantly better than other deals,
Elsewhere on Tuesday,
- Five suggestions for fixing Wall Street.
- “Roubini’s okay but he’s not as good as me”.
- The world according to Americans.
- Citi: the commodity collapse could be “Subprime Part II”.
Hedge funds and other investors now stand to make billions from their holdings in bankrupt US mall owner General Growth Properties amid the recent rebound in financial markets. Among the biggest potential winners is William Ackman’s Pershing Square Capital Management,
Activist investor Carl Icahn has offered $156.5m to acquire the partially built Fontainebleau Las Vegas resort, which has been stalled in bankruptcy court since June, reports Reuters. At a bankruptcy court hearing on Monday in Miami,
Stark divisions are emerging among policymakers about the withdrawal by governments and central banks of emergency support measures, with Dominique Strauss-Kahn, the IMF’s managing director, warning on Monday about the risks of early exit.
Grant Thornton Hong Kong and the accountant’s international network face potentially damaging fresh claims over an alleged multi-million dollar fraud committed by a former managing partner in the city.
The new head of the European Private Equity and Venture Capital Association has urged chief executives of private equity-backed companies to speak out to defend the industry against “misguided” EU regulation.
JC Flowers, the US private equity group run by dealmaker Chris Flowers, has strengthened its London team after appointing Sir Callum McCarthy, former chairman of the UK’s FSA watchdog body, as European chairman.
Gluskin Sheff’s David Rosenberg hit out at Jim Paulsen of Wells Capital Managment in his Monday missive. Why?
Here’s an extract from Paulsen’s latest monthly newsletter:
We believe the recession has ended,
The perfect riposte to Monday’s equity market rally has arrived: the latest Global Strategy Weekly from Soc Gen’s Albert Edwards.
And while the headline rather gives things away, here are some selected highlights for all the bears out there.
Bank of America may appoint an interim chief executive, or even delay the retirement of Ken Lewis, if the bank cannot settle on a candidate by November 26, Bloomberg reports. At least four external candidates have rebuffed approaches,
Demands for higher capital at financial companies and a growing risk of national protectionism will act as a drag on the real economy, warns John Tiner, former head of the Financial Services Authority.
The pixels are flying: Felix Salmon at Reuters on Thursday took a gratuitous swipe at The Business Insider’s Henry Blodget, over the latter’s alleged failure to disclose the details of his past wrangles with the SEC and Eliot Spitzer,
Alright, blindingly obvious is a tad harsh. But it surprised us that the proposals for improving mortgage underwriting standards made by John Dugan, US comptroller of the currency, were not already in force.
On Thursday, the Federal Reserve became the latest institution to feel a sudden, aggressive backdraft.
A joint ambush by Republicans and Democrats of the House Financial Services Committee left America’s central bank facing a comprehensive audit of its activities for the first time,
Elsewhere on Friday,
- Investing fads and themes by year, 1996 to present.
- Unintended consequences on Wall Street.
- Chart of the day: How the old gold bugs lost control.
- Analyst date night:
Goldman Sachs said it would promote 272 employees to managing director, a title that brings them closer to the coveted partnership and, for many, a bigger slice of the bank’s prized compensation pool. The new class of MDs,
A solution to facilitate a Cadbury-Hershey merger and repel Kraft’s $16.6bn hostile bid for the UK confectioner has been outlined in a letter to Cadbury CEO Todd Stitzer from the special situations team at brokerage GFI,
European Union leaders on Thursday night awarded two of its top jobs to politicians relatively unknown on the international stage, ending weeks of deadlock over the key positions among the EU’s 27 national leaders.
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