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Nortel Fiasco Causing Ripples
Submitted by Tyler Durden on 01/14/2009 15:52 -0400In an example of what we will be seeing a whole lot more of in the next few days, Flextronics issued a press release, claiming "it has been proactively engaged in executing a risk mitigation plan with respect to its relationship with Nortel for a period of several months. In December 2008, Flex engaged The Blackstone Group as it financial advisor to assist with evaluating the Nortel relationship and planning for any Nortel restructuring strategy." In addition, Flextronics will provide more specific financial details associated with today's news on its January 28, 2PM earnings call.
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Breaking Expose: So... Where are Frank and Charlie?
Submitted by Tyler Durden on 01/15/2009 00:53 -0400With the public's attention having been exclusively focused on Bernie, his sons Marc and Andrew, and Bernie's "three-man accountant company" lead by David Friehling, a question that is intriguing more and more people is who/what/where are Frank DiPascali, the 51 year old CFO of Bernard L Madoff, and Charles Wiener, Bernie's 50 year old nephew, listed as Director of Administration, who were the only other tenants on floor 17 of 885 Third Avenue.
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Step-By-Step Guide to Near-Term Budget Deficit Funding
Submitted by Tyler Durden on 01/15/2009 20:23 -0400With the U.S. government unable to print money fast enough, and "sophisticated" investors rushing to buy every bond Washington will peddle to fund the upcoming multi-trillion budget deficit, Zero Hedge has decided to make life easier for everyone and provide a cribsheet for all upcoming Bill, Note, Bond and TIPS auctions. We wish everyone the best as they earn negative 2-100% real interest rates on their investments.
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There Can Be Only One!!!
Submitted by Tyler Durden on 01/11/2009 16:56 -0400We all know about West vs. East, 2-Pac vs. Notorious B.I.G., LA vs NY, etc... How does this express itself in the HF community where most managers are either grads of Steinberg-Dietrich Hall (that Huntsman hall phallic monstrosity will never take the place of the brick facade that Saul Steinberg's Reliance renovated with a whole pile of hard-earned, scandal-free dollars) or ex-Yale Lacrosse players, yet where on occasion you may find the odd Westsider... And they can be quite floral....
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Quick Robin, to the Mad-Mobile, so We Can Escape with the Mad-Plane
Submitted by Tyler Durden on 01/12/2009 19:10 -0400
Because we all know the old man has an escape plan up his sleeve, that may very well include a top secret Mad-Cave somewhere deep inside 133 East 64th street (if anyone has blueprints for the house, please send to us), Zerohedge is very curious to find out where exactly Bernie's Legacy 600 is pa
Semi-Breaking News: Citi Out With Confirmation of Nothing
Submitted by Tyler Durden on 01/13/2009 15:34 -0400Citi Statement
Business Wire
NEW YORK -- January 13, 2009
Citi today said that the company is in discussions with Morgan Stanley (NYSE: MS) concerning a possible combination of the retail brokerage business operated under the Smith Barney name and the wealth management business operated by Morgan Stanley. No definitive agreement has been reached, and no assurance can be given that any such agreement will be reached. Beyond this statement, Citi has no further comment at this time.
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Investing Was The Beginning, Now It's Moved Out Of The Basement, It's Called Project Mayhem
Submitted by Tyler Durden on 01/11/2009 19:04 -0400
And Mayhem it is, as investors are running for the hills, unwilling to find out who the next Madoff turns out to be, and end up stuck with a big fat donut. According to an analysis done by Hedgebay, a secondary hedge fund interest market maker, the average dollar invested in hedge funds traded for an all time low of 87 cents as of November (waiting for December numbers with baited breath).
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One Day Archeologists Will Care About This
Submitted by Tyler Durden on 01/12/2009 21:05 -0400This explains pretty well why some people still choose to make the mega rich even mega richer (although less so with each passing day). Why there is a video of it out there is really odd... Props to hedgefundblogger for tracking this down.
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Money-Grubbing, Cholesterol-Spiking Idea of the Day
Submitted by Tyler Durden on 01/13/2009 15:43 -0400
As anyone who has ever visited the West Coast will attest, Jack In The Box is the greatest hamburger joint that has ever lived. In-N-Out (mmmm....
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Steel Partners in Need of Serious Rust Removal
Submitted by Tyler Durden on 01/11/2009 19:41 -0400
Steel Partners, the fund of activist investor and up-to-now wunderkind manager Warren Lichtenstein, has fallen for some tough times.
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Another Kick in Cox' Balls
Submitted by Tyler Durden on 01/12/2009 21:44 -0400All you ever needed to know about Icon Wealth Management, that the Government already knew of course. Courtesy of Marc Schrenker
http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_OrgSearch.aspx
type in Icon Wealth and read to your heart's delight.
Looks like this is Mini-Bernie at best. He has filed $27mm in assets with the SEC, and only 182 accounts.
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Money-Grubbing, Cholesterol-Spiking Idea of the Day
Submitted by Tyler Durden on 01/13/2009 15:43 -0400
As anyone who has ever visited the West Coast will attest, Jack In The Box is the greatest hamburger joint that has ever lived. In-N-Out (mmmm....
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Titanium Looking Kinda Rusty Too
Submitted by Tyler Durden on 01/11/2009 23:22 -0400People suffering from a morbid obsession with titanium dioxide and its principal producer, Tronox Inc., are frantically clicking refresh on Pacer to see the moment the company files for Chapter 11 in Southern District of NY on this cold evening. Reuters cites sources that the filing should come any moment.
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His Name Is Robert Paulson... Er, JP Morgan
Submitted by Tyler Durden on 01/12/2009 22:21 -0400All is well.... Repeat All is well.... In fact we can't wait to tell this to you asap.
BN 16:20 *JPMORGAN CHASE HAD EXPECTED TO RELEASE 4Q EARNINGS ON JAN. 21
BN 16:20 *JPMORGAN CHASE SETS NEW DATE OF JAN. 15 FOR 4Q RELEASE :JPM US
BN 16:20 *JPMORGAN CHASE SETS NEW DATE FOR 4Q EARNINGS RELEASE :JPM US
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U.S. Not Spain, S&P Claims
Submitted by Tyler Durden on 01/13/2009 16:52 -0400
Just as our opinion of S&P was notched up to deplorable from abysmal, they go ahead and pull this wool over our eyes:
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