Archive - 11769 - Story

As we were bored and there is only so much you can stare at MC Cabrera's.... face, we decided to investigate if the rumors of a mass exodus at Bank of Financial Lynch were true. We happened to pass by 133 East 64th and sure enough things seemed like an ordinary Thursday at Bernies.

As we were bored and there is only so much you can stare at MC Cabrera's.... face, we decided to investigate if the rumors of a mass exodus at Bank of Financial Lynch were true. We happened to pass by 133 East 64th and sure enough things seemed like an ordinary Thursday at Bernies.

*NEW YORK STATE LABOR DEPARTMENT PRESENTS DATA IN RELEASE
*NEW YORK STATE LOST 100,000 JOBS IN LAST 3 MONTHS OF 2008
*NEW YORK STATE UNEMPLOYMENT RISES TO 7% IN DECEMBER :NYC US
*NEW YORK JOBLESS AT HIGHEST SINCE JUNE 1994, STATE REPORTS

Good to see that mutual funds, even smallish ones, aren't faring any better than their BSD "hedging" brethren. In the words of Janus Capital CEO Gary Black, "the 4th quarter, for us and for everyone else, was dead." Janus' largest fund, the $7 billion Janus Twenty Fund fell 42% last year while the somewhat smaller Janus Orion Fund dropped 50%. Maybe they can rename it something cooler and people will forget all about this abysmal performance?

The Brits are scared... very scared

The Brits are scared... very scared

The Donald managed to convince his bondholders and senior lenders that he is worthy of yet another temporary reprieve, and announced a two week forbearance extension early today. At this point February 4 is the D-Day at which point the $53 million unpaid interest on the $1.25 billion 8.5% Notes due 2015 become fully due.

The Donald managed to convince his bondholders and senior lenders that he is worthy of yet another temporary reprieve, and announced a two week forbearance extension early today. At this point February 4 is the D-Day at which point the $53 million unpaid interest on the $1.25 billion 8.5% Notes due 2015 become fully due.

Dubai's Istithmar investing company, which purchased the Company for $942 million in 2007, says it is sick of this whole aspirational consumer bullshit and wants a refund...

Per Charlie; WSJ Confirms

The $87 thousand rug really did tie the office together though.

****UPDATE*****

Bloomberg reports that Thain is resigning by "mutual agreement"

The 30 Year Treasury dropped over 250 bps today ato 123.04 last, for a yield of 3.267%, the highest yield since December 3. TBT longs everywhere rejoice.

Gasparino's high placed sources have notified him of a high level meeting at BofA at 11:30 am this morning at which John Thain will most likely be booted out.

What about Ken Lewis?

Good riddance

********UPDATE*********

Gasparino reports that Thain had spent $1.22 million to redecorate his office at Merrill, and paid his driver over $230,000 last year.

After blowing over a hundred billion dollars propping up its currency, Russia's Central Bank has had enough and beginning tomorrow it has set the weak end of the Ruble's trading range against a basket of dollars and euros at 41.

After blowing over a hundred billion dollars propping up its currency, Russia's Central Bank has had enough and beginning tomorrow it has set the weak end of the Ruble's trading range against a basket of dollars and euros at 41.

New York Mayor Mike Bloomberg testified before the state assembly ways and means committee about what the proposed NY State budget would mean for NYC. In a nutshell, NYC is on the verge of 1970's Taxi Driver status.