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Breakingviews
Latest Headlines
Latest Headlines
A back-handed compliment for Richard Fuld
We noted recently that Richard Fuld ( Richard Fuld news), one-time CEO of the doomed Lehman Brothers, was given sympathetic treatment by the Financial Crisis Inquiry Commission--a rare instance for a man vilified as the poster child of the financial crunch.
Breakingviews weighs in
California seeks information on bank CDS activity
The California state treasurer has won praise from Breakingviews for his attempt to learn more about trading practices of big banks when it comes to credit default swaps ( CDS news) on California municipal bonds ( bond market news). Bill Lockyer has written to six big dealers, requesting
Thain a great fit at CIT?
Breakingviews says this about John Thain's move to CIT: The former Merrill Lynch CEO, whose personal brand was tarnished by the whole Bank of America ( BAC ) deal fiasco, "has checked into rehab--career rehab that is." That's an interesting way of putting it. Whether the arrangement proves t
Perils of a steep yield curve
Steep yield curves usually spell good news for banks. Borrowing at low long-term rates and lending at high short-term rates has been a winning formula historically. But these are extraordinary times, and right now the benefits of low short-term rates are less than would meet the eye. Many banks ar
How much should Goldman Sachs pay its CEO
With so much attention being paid to CEO pay, it was inevitable that the spotlight would again turn to Lloyd Blankfein, CEO of Goldman Sachs ( GS ). The board has some tricky decisions at hand. And Breakingviews is happy to weigh in with some advice. It notes that if you apply the 0.6 percen
Can Wells Fargo pay back TARP funds soon?
Recall that Wells Fargo ( WFC ) CEO John Stumpf was an early critic of the TARP program, specifically the fact that top banks had no choice to accept funds or not. It was sort of assumed that Wells Fargo would likely be one of the earliest to pay back the taxpayer funds. But it hasn't turned out
Deutsche Bank faring well--or not
When people talk about banks that have fared well in the crisis, JPMorgan Chase ( JPM ) and Goldman Sachs ( GS ) get mentioned early. For a while Deutsche Bank ( DB ) was mentioned as well, almost in the same breath. It certainly fared better than most, but people have stopped comparing it t
High drama for LBOs
We've noted that Kohlberg Kravis Roberts is hoping the stock markets stay strong long enough to allow them to price some deals for the likes of Dollar General. Others are counting on much the same, but few would say that things are looking up for all portfolio companies.
The fight between The
What to do about Phibro?
We've noted that Citigroup faces a vexing situation when it comes to Phibro, whose head honcho, Andrew Hall, is owed a $100 million bonus for 2008. Some have suggested that Citigroup ought to spin off a sizable portion to Hall. But Breakingviews goes one step farther. It argues that Citigroup
Boutique buzz may be over already
Just about a month or two ago, people were proclaiming that a golden era for boutique investment banks and trading outfits was at hand. Bankers at bulge brackets firms were streaming to take offers at boutiques, driven by the view that they would be able to make more money there than at a TARP-rid
