Tag Archive | "elections"

Donald Trump Would Speak To The “Motherf*ckers” In China In A Way That Would Get Them To Either Quake In Their Boots Or Piss Their Pants In…

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As you may have heard, because he’s said it a bunch of times, were Donald Trump to be elected President of the United States, his first order of business would be to “deal” with this China situation. Specifically, Trump has said he’d tell the Chinese that “If you don’t stop manipulating your currency, we’re going to put a 25 percent tax on your products that come into the US.” The Don has made the case that he’s uniquely qualified to run this country because unlike our pussy diplomats (who “went to school to learn how to be nice”), he’d “deliver to the message” to to China in away that would get them to take the threat seriously. Today during a town hall, Trump workshopped some lines and so far here’s what he’s got: “Listen you motherfuckers, we’re going to tax you 25 percent.”

And when it comes to gas prices, he’d take a similar tack with a simple “You’re not going to raise that fucking price.”

Trump to China: ‘Listen You Motherf—ers, We’re Going to Tax You 25 Percent’ [Daily Intel]



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Not Everyone On Wall Street Has Spurned Obama

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He’s kissed the warm embrace of Dan Loeb, Steve Cohen, Ken Griffin et al good-bye but some financiers are still showing Mr. President the love. According the Journal, former Goldman CEO (and New Jersey governor) Jon Corzine will be hosting a dinner for 60 tonight at his home tonight where Obama will speak, before heading into New York for a second dinner at the Waldorf for a slightly less intimate event to be attended by 340 guest (who have paid $35,800/ticket). No word on whether or not David Tepper will be throwing a bigger/better Obama fundraiser next door to Corzine’s, which he’ll hand out flyers for to guests as they walk up to JSC’s house, telling them “This isn’t the party you want to go to, pass it on.” [WSJ]



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Donald Trump Is Not Impressed With Mitt Romney’s Net Worth, Resumé

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As you may have heard, Donald Trump has been mulling a run for president, which he says he’ll make a final decision on by June. For the last several months he’s been putting his credentials out there (unlike our pussy diplomats who went to school to study “how to be nice,” Trump is the “right messenger” to deliver news to people like the Chinese, who fear him and know he means business) and debating the issues (namely China, which we should stop treating to “beautiful five-star meals” and needs to be told “If you don’t stop manipulating your currency, we’re going to put a 25 percent tax on your products that come into the United States”). Over the weekend The Don took on one of his potential competitors for the boss of the US gig, Mitt Romney. Trump says he’s more qualified than the former Governor of Massachusetts for a couple of reasons.

1. He’s richer than Mitt. “I have a much, much bigger net worth. I mean my net worth is many, many, many times Mitt Romney,” Trump told CNN’s Candy Crowley.

2. Whereas Romney was basically a plebe at Bain Capital, which he co-founded, concerned with performance reviews and whether or not he’s get a big bonus, Trump is a real businessman.“Well, Mitt Romney is a basically small-business guy, if you really think about it. He was a hedge fund.** He was a funds guy. He walked away with some money from a very good company that he didn’t create. He worked there. He didn’t create it,” Trump said. Trump claimed that he had created “hundreds of thousands of jobs.”

Donald Trump Says His Net Worth Is Bigger Than Mitt Romney’s [NYP via DI]

**Hedge fund, private equity firm, same diff, no diff.



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Opening Bell: 11.03.10

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Billionaire Ken Fisher Sees 16% S&P 500 Rally After Elections (Bloomberg)
“Right now, every politician is chirping and burping and carrying on,” said Fisher. “It’s been in the interest of the Republicans running for office to talk down the economy. That goes away immediately after the election. Come June, you’ll see how quiet the political landscape will be — very little legislation and a lot of baby kissing…Next year is the sweet spot. Most political risk aversion occurs in the first year when the president has the most relative power to the opposition party he will ever have. He tries to get through whatever his toughest bills would be, and that freaks people out.”

Mohamed El-Erian: We’ve voted. What’s next for the economy? (WaPo)
Simply put, these realities make it necessary for Washington to resist two years of gridlock and policy paralysis. Democrats and Republicans must meet in the middle to implement policies to deal with debt overhangs and structural rigidities. The economy needs political courage that transcends expediency in favor of long-term solutions on issues including housing reform, medium-term budget rules, pro-growth tax reforms, investments in physical and technological infrastructure, job retraining, greater support for education and scientific research, and better nets to protect the most vulnerable segments of society.

California Voters Reject Legalization of Marijuana (AP)
Burn.

Morgan Stanley Slowly Rebuilds Fixed Income (NYT)
“We think management has a credible plan to rebuild the trading franchise,” wrote Schorr, after meeting with Morgan Stanley executives. But he added that the plan will take time and returns are likely to remain sluggish in the near term so Nomura remains neutral on the stock.

Freddie Mac Reports $2.5 Billion Loss (WSJ)
Freddie Mac reported a third-quarter net loss of $2.5 billion and asked the U.S. Treasury to provide a $100 million infusion, raising the government’s tab for its rescue of the mortgage-finance company to $63.2 billion. The third-quarter loss, the 12th in the last 13 quarters, compared with a year-earlier net loss of $5.4 billion.

GM Could Be Free Of Taxes For Years (WSJ)
According to documents filed with federal regulators, the revamping left the car maker with another boost as it prepares to return to the stock market. It won’t have to pay $45.4 billion in taxes on future profits.

Harry Potter Blamed For India’s Owl Crisis (AP)
Indian Environment Minister Jairam Ramesh has blamed fans of Harry Potter for the demise of wild owls in the country as children seek to emulate the boy wizard by taking the birds as pets. The hit books and films, which are popular in India, feature a snowy owl called Hedwig who is a feathered sidekick for the Potter character and used to deliver mail. “Following Harry Potter, there seems to be a strange fascination even among the urban middle classes for presenting their children with owls,” Ramesh said Wednesday, according to comments reported by the BBC. His remarks came as wildlife group Traffic presented a report called “Imperilled Custodians of the Night” which warned about the declining owl population in India. Researchers found that a growing number of owls were being trapped, traded or killed in black magic rituals.

Dream Choice Can’t Resist Lloyds Challenge (FT)
António Horta-Osório was always going to be a dream choice for Lloyds to draft in as its next chief executive. Having turned a clutch of troubled UK lenders – Abbey, Alliance & Leicester and the relatively healthy half of Bradford & Bingley – into a big profit engine for the Santander group, who better could Lloyds chairman Sir Win Bischoff find to return Britain’s biggest high-street bank to health? The 46-year-old Portuguese-born banker has spent the best part of two decades at Santander. He has held three big jobs and in each case has built businesses from a position of weakness – first in Brazil, then in Portugal, and finally in the UK. And he had been widely seen, both inside and outside Santander, as the heir apparent to the chief executive, currently held by Alfredo Saenz. “It definitely would have happened. It was just a matter of time,” confided one colleague. “But the immediate challenge of Lloyds was just too good an opportunity to pass up.”

Proprietary Trader First New York Securities Said to Plan First Hedge Fund (Bloomberg)
First New York is seeking outside money after returning an annual average of about 20 percent in the past five years, according to a person with knowledge of the matter. The firm may hire as many as 40 traders in the next six months, the person said.

Business Looks to Republicans to Block Obama on Rules, Taxes (Bloomberg)
“You’d have to say job one is get this tax situation at least stabilized, let’s decide what we’re doing on the tax-cut extensions, let’s not be raising taxes while we still got 9.6 percent unemployment,” John Engler, NAM’s president and former Michigan governor, said today on CNBC.

SEC Mulls Ban on Unfettered Access to Markets (Reuters)
The SEC will meet later on Wednesday to decide whether to require brokerages to have rules in place to protect against potential mishaps from unlicensed traders when brokerages rent out their access to the markets. The SEC is also expected to propose a controversial plan that would allow it to reward whistle-blowers if the information leads to a successful enforcement case.



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Opening Bell: 11.02.10

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Wells Fargo Earnings Rise On Mortgage Originations (MarketWatch)
The bank earned $3.3 billion, or 60 cents a share for the third quarter. Like other banks nationwide, improving credit boosted its earnings; the San Francisco lender released $650 million it had previously set aside to cover potential loan losses, up from $500 million in the second quarter.

Dimon Best By Bad WaMu Loans (Bloomberg)
Dimon, like his counterparts at other banks, is waiting impatiently for the housing crisis to ease so the bank can rid itself of its huge portfolio of bad loans. In addition to the WaMu writedowns, the bank faces an avalanche of litigation over allegedly predatory and fraudulent WaMu mortgages and has set aside a total of $3.5 billion in reserves to cover the cost of mounting lawsuits.

Financial Leaders Expect Shift Of Power After Elections (NYT)
Analysts and lobbyists say a Republican-controlled Congress may be less likely to investigate industry practices or hold oversight hearings that may embarrass the industry. While that won’t affect hearings like ones set for later this month in the Senate that will examine the foreclosure mess, it makes them much less likely in the next Congress. “It changes the tone in Washington,” one industry lobbyist said. “If a regulator knows they’re going to get yelled at on Capitol Hill, that influences their decisions.”

GM’s New Sticker Price: $50 Billion (WSJ)
The new projections by GM say the company could have a stock-market value at the start of trading of $50 billion—about the same as the solidly profitable Ford Motor Co.—and that it could be as high as $60 billion, said people familiar with the plan. But for the U.S. to break even through sales of the rest of its stake, the share price may need to rise more than 60% from its initial level, to about $50. The initial public offering plan envisions the shares would be priced at $26 to $29 each, these people said. The actual price of the stock to be sold in the IPO would be set about Nov. 17, and the sale would take place the following day.

A Hedge Fund Manager’s New Groove (WSJ)
After years of “long-short” investing, Mr. von Mueffling and his analysts and traders no longer short stocks at all. Instead, like a typical stock mutual fund, they stick to buying company shares they expect will rise. Mr. von Mueffling said the strategy is “the right long-term decision.” “I’m not saying there aren’t overvalued stocks out there,” he said in an interview. “There are, but trying to short them when the government is printing money is a very, very challenging game,” he said, referring to, among other things, Federal Reserve programs to buy government bonds, which the Fed is widely expected to announce this week. The remade Cantillon pulls in much lower fees than a hedge fund with similar returns would…the majority of Cantillon investors pay just a management fee of 1.25% or less, according to fund documents.

Brooklyn Rabbi Blackmailed SAC Capital Because Founder Was “Rich” And “Jewish” (NYP)
A Brooklyn rabbi ran an unholy scam on a $16 billion hedge fund — because he knew that its founder was “Jewish and . . . rich,” a prosecutor told jurors yesterday. Rabbi Milton Balkany demanded $4 million from SAC Capital Advisors founder Steven Cohen by threatening that a prison inmate he was counseling would go to the feds with insider-trading allegations against the firm, Manhattan federal prosecutor Jesse Furman said. Balkany — whose “statements were lies, pure and simple,” according to Furman — was videotaped pocketing checks from an SAC lawyer and saying “that Mr. Cohen and SAC were in the clear,” Furman said in the extortion trial’s opening statement.

Roubini Says Advanced Economies Show Anemic Growth (Bloomberg)
“Economic recovery will be U-shaped,” Roubini said. “The next year is going to see a painful process of deleveraging, both in the private and public sector, lower consumption, lower spending, lower budget deficits, more savings, reduction of debt. That implies an anemic economic recovery.”

Fed Will Probably Start $500 Billion Of Bond Buys, Survey Shows (Bloomberg)
“There’s no silver bullet right now” and central bankers have “very few options left in terms of lowering interest rates,” said John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina. He predicted $500 billion of Treasury and mortgage-backed securities purchases in the next six months.

Despite Oil Spill Charge, BP Returns To Profitability (NPR)
The cost to BP PLC of dealing with the Gulf of Mexico oil spill was more than offset in the third quarter by revenues driven in part by higher oil prices, with the British giant posting a $1.79 billion profit, the company reported Tuesday.



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