Gawker
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wall street
A Bloodthirsty Public Finds the Villains We Want
The national mood demands businessmen in handcuffs. And here's one already: Federal agents have arrested Bernie Madoff, the 70-year-old founder of a Wall Street brokerage, accusing him of bilking $50 billion from investors.
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By Owen ThomasComment by Private Hangnail: For a long time I'd hear about Ponzi shemes and think: Why are these con jobs named after a character... 5 Responses | Other threads
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meltdowns
Dartmouth professor says economic crisis is all the Valley's fault
Dartmouth professor John Vogel, who specializes in real estate at the Tuck School of Business, explains that the fad for mortgage-backed securities among investors really kicked off after the postmillennial dot-bomb. Everyone wanted the kind of blockbuster returns they got during the technology IPO glory days. In other words, it's all your fault, Valley, for creating unrealistic expectations — don't blame Wall Street's greed.
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By Jackson WestComment by TheChris2.0: Those who can't do, teach* *sorry mom, heart u 6 Responses | Other threads
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layoffs
Laid-off Wall Street techs offered work at Silicon Alley startups
Buy low, sell high, as they say on Wall Street. And right now, there's a flow tide of technical talent from shuttered financial firms flooding the New York Area available at rock-bottom prices. Fred Wilson at Union Square Ventures says why not take a pay cut and work longer hours at a Web startup? The "quant jocks" Wilson describes could also bank their savings and some unemployment checks and spend six months pitching a business plan — I bet they could convince Wilson to throw some money your way. The entrepreneurial route worked for former finance techie Jeff Bezos, an early adopter who worked at a hedge fund before hedge funds were cool. First Round Capital has a list of jobs in and around New York for those who would rather continue collecting a paycheck. Though the fund did sneak in email startup Xobni, which is on the left coast. "[H]ey, why not consider a move. The weather is better and winter is coming!!!" That said, so is Julia Allison. (Photo by AP/Mary Altaffer) -
commenter of the day
madox
I'm a pretty simple guy. Hand me a bottle of Two-Buck Chuck and a Xbox controller and I won't bother you for a couple of hours, if not, days. So these posts talking about the harbinger of financial doom is upon us is like trying to understand the Bush Doctrine — I don't get it. Thankfully we have today's featured commenter, madox, to teach, correct, and maybe make you a little bit of money: More »
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Comment by sample032: Here was my response: @madox: Indeed, but are you criticizing me for repeating a generally accept [sic] (I meant accepted, but... 1 Responses | Other threads
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blogging for dollars
The Valley's Wall Street disconnect
Wall Street is melting down. But from sampling the thoughts of tech bloggers on Techmeme, an automated news aggregator, you'd think that the biggest story today was a redesign of WSJ.com. One couldn't ask for a clearer sign of the Valley's superficial obsession with user interfaces and online advertising. With Lehman Brothers going bankrupt, Bank of America negotiating to buy Merrill, and AIG desperately selling off assets, who, exactly, will be having their employer pay so they can read the headlines on WSJ.com, let alone advertising there? Yet the problem goes far deeper than one website's newly glossy surface. More » -
yahoo
Remind me, why do we have stock analysts in the first place?
Whether or not Yahoo decides to begin merger negotiations before Microsoft CEO Steve Ballmer's Saturday deadline will depend on how Yahoo shareholders react to the company's first-quarter earnings report today. If Yahoo beats Wall Street expectations, there's a chance shareholders could drive its share price past Microsoft's $31 per share offer. Essentially, Yahoo shareholders have turned the fate of the company over to Wall Street analysts. More »
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Comment by Magister: Without analysts, whose expectations could a company miss or beat? And, if a company can't miss or beat, how would... more » | Other threads
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sex trade
Surprise, Bear Stearns guys like it up the ass
Goodhearted dominatrix Mistress Victoria X doesn't have a soft spot towards the newly unrich men of Bear Stearns; it's more mercenary compassion. For a limited time, she's offering a per-hour discount equivalent to JPMorgan Chase's current offer for their stock: $10. "I approached this decision with some trepidation," she blogs. "You see, in my experience finance guys usually want things in their asses. I do not offer anal play on demand. Consequently the majority of my clients are lawyers." Take heed, boys: the Manhattan-based domme is also available for travel.
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Comment by FiveStarEggRoll: Non-skid, mint-flavored buttplugs for the win. Harry "not that I am into that sort of thing" Wang more » | Other threads
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bubble 2.0
Guy in D.C. does something to make tech stocks go up
Fed chairman Ben Bernanke made a couple of moves to infuse banks with more cash before the market opened this morning. According to the Wall Street Journal, Bernanke said the Fed would hold auctions to provide funds to banks and establish foreign exchange swap lines with other central banks. The idea was to loosen up the credit market. Maybe expand some of those straitened tech budgets we warned about yesterday. Right. We think. OK, so we don't know what this move means either. But tech stocks soared on the news, so who cares? Thanks, guy in D.C.! Big movers: HP, IBM, Google, Apple, Intel, Amazon.com and Research In Motion. (Photo by David Prior)
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Comment by 0x6772: @jeff419: You were doing real well there until you decided to proselytize. more » | Other threads
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bubble 2.0
Expect a tech spending slowdown in 2008
Wall Street analysts and Sand Hill Road's moneymen have pitched tech stocks as a safe haven amidst the credit crisis. Perhaps not. While tech spending continues to outpace inflation, which is running around 2.1 percent, growth may have peaked this year at 6.9 percent. Next year may see growth fall by a percentage point or more. Here's the chart, as well as more anecdotal evidence compiled by the Wall Street Journal. More » -
bubble 2.0
Tech moneyman slams tech scene
About $40 billion will go into venture capital this year and recently IPO'd stocks are up 20 percent since June. But Paul Wick of J&W Seligman, which the Financial Times calls "one of the biggest specialist tech mutual fund investors," still isn't happy about the big, special tech market. He told an audience at Venture Summit West that he blames sell-side analysts for not telling investors when to cash out on bubbly valuations. More »
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Comment by 0x6772: It's refreshing to hear them say it, but maybe they could stop putting their money where the Valley's mouth is... more » | Other threads
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wall street
Analysts stop sniping and give eBay another bid
Skype may be broken in more ways than one, but after taking day or two to reflect, some analysts are back on the eBay bandwagon. JupiterResearch's Patti Freeman Evans told me that "without the Skype writedown, things look pretty good." She said eBay's users are active in the U.S. and abroad. It's all because they've refocused on their core auctions business. How is the rest of the field reacting? More »
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Comment by rebump: They are in great shape for a few more quarters at the minimum. Considering the foreign exchange rate and how... more » | Other threads
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yahoo
Street still skeptical about Yahoo
So everyone but Congress is lovey-dovey with Yahoo now that it beat third-quarter earnings expectations, right? Not so fast. Wall Street analysts still have their doubts, PaidContent reports. Bernstein analyst Jeff Lindsay doesn't expect ad revenue gains to carry over into the fourth quarter. He also doesn't believe Panama's improvements to search marketing will continue to grow quite so fast. Deutsche Bank, RBC Capital and American Technology Research weighed in too. More »
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Comment by sggrf: Yahoo just purchased a bunch of companies. This has to be factored and is how they will continue to make... more » | Other threads
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yahoo
Wall Street eyes Yahoo hamburgers
Beef-eaters of the world wait with bated breath. Yahoo and its sacred cow-killer CEO Jerry Yang will announce third-quarter financial results this afternoon. Cantor Fitzgerald analyst Derek Brown predicts Yahoo will report earnings and revenues in line with Wall Street estimates. His view is that the company is losing "considerable share" in online advertising and that Panama, its new online-advertising system, is OK, but "not proven a 'game-changer.'" Others disagree: A research report from SearchIgnite and RBC Capital Markets says search advertisers increased spending with Yahoo by 7.8 percent during the third quarter versus the second. That's faster growth than Google, which only saw a 0.8 percent gain, they write. Yahoo's share of industry-wide search revenues, according to their analysis, grew from 18.5 percent to 20.4 percent. -
explainer
When an Apple rumor becomes a stock reality
The stock market seems inexplicable. In June, when Engadget posted a memo, later proved fake, about delays in the iPhone launch that later proved false, Apple shares sank but instantly recovered. Yesterday, when TheStreet.com ran a story based on a supposed Wall Street report on iPhone production cutbacks, shares dropped 7 percent — and dropped further today, despite a thorough debunking by CNBC's Jim Goldman and Business 2.0's Phil Elmer-DeWitt. Why the difference? More »
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By Owen ThomasComment by msalzberg: Just a quick comment, not necessarily for publication: Apple as not " said it expects to sell 10 million iPhones next... more » | Other threads
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