Andrew Cuomo

AIG CDS Unwind Goes From Waterfall To A Trickle

As Zero Hedge initially reported nearly two months ago, the main reason why the banks' fixed income trading desks generated phenomenal profitability in January and February had nothing to do with actual trading of fixed income and everything to do with AIG's hamheaded (and loss-generating) unwind of its CDS book, which by implication generated one-time, massive profits for counterparties to the trade (read: the banks, which are now doing all they can to issue shares in the open market day in and da


Two years ago it was said that you if had a direct line to the CIO of CalPERS, one of the nation's largest public pension funds, and specifically to its Alternative Investment Management group, you had it made. None of that Goldman Sachs partners being masters of the universe garbage - this was the real deal. Say you needed $100 million for fund XYZ - you simply dialed that one number in Sacramento, and if you made it past the secretary, you were golden. Of course, this worked best if your name started with Leon and ended with Black, but other managers were also sitting pretty.

Cuomo Unleashes Unholy Wrath On All Banker Bonuses

Andrew Cuomo just will not let this one go. The scandal over the $4 billion in Merrill Lynch bonuses that was paid in December (paid out just days ahead of the BofA merger conclusion, and in advance of disclosing a $15 billion quarterly loss, and a $27 billion annual loss), is reaching epic proportions, and rightfully so. Cuomo is particularly incensed over the allocation of the bonuses, which he notes does not come down to $91,000 per Merrill employee, but has a very skewed pyramidal structure, with 696 people receiving bonuses of over $1 million.