Business Education

Steve Cohen Not Crypto Enough For Local Luddite

By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons Steve Cohen is trying, you guys. Trying to figure out these cryptocurrencies that were all the rage nine months ago. Trying to glean how to make money on them. Even trying to give other people a shot thereat. But the Big Guy is old school and it works for him. That means anyone who wants to join the revolution, or at least make (or lose!) a ton of money on it, is going to have to do so somewhere other than 72 Cummings Point Road. And that place is where dreamers and charlatans have flocked for a hundred years: Lipstick City, baby! That’s where ex-Point72er Travis Kling is heading to make his bitcoin billions. And his timing couldn’t be better, having quit at the top of the market back in December and planning to launch his Iki...

Eddie Lampert Has Some New Ideas To Prolong Sears’ Suffering

By Jonrev at English Wikipedia [Public domain], via Wikimedia Commons Sears has taken yet another turn for the worse, you guys. Its vitals are plummeting. Even the course of treatment recommended last month won’t do the trick, seeing as how it would raise only $480 million of the $1.1 billion Sears needs to survive its debt payments over the next couple of years. Simply put, it “now faces significant near-term liquidity constraints” in addition to all of the other things that ail it. The man in charge of Sears’ medical care (who may also be the man in charge of putting it into intensive care in the first place), Dr. Eddie Lampert, has taken some pretty drastic steps in his decade-plus overseeing the apparently terminal retailer, specifically a whole series of amputations that have left Sea...

Opening Bell: 9.25.18

Instagram Founders Depart Facebook After Clashes With Zuckerberg [Bloomberg]Kevin Systrom and Mike Krieger, who have been at the company since Instagram’s acquisition by Facebook in 2012, had been able to keep the brand and product independent while relying on Facebook’s infrastructure and resources to grow. Lately, they were frustrated with an uptick in day-to-day involvement by Zuckerberg, who has become more reliant on Instagram in planning for Facebook’s future, said the people, who asked not to be identified sharing internal details.Without the founders around, Instagram is likely to become more tightly integrated with Facebook, making it more of a product division within the larger company than an independent operation, the people said. Republicans Rally Around Kavanaugh Nomination [...

FoxBiz Hearing That Goldman Sachs Rank And File A Little Irked By Lloyd Blankfein’s Marie Antoinette-Themed Retirement Plan

(Getty Images) The transition from Dear Uncle Lloyd to the sick Millennial beats of DJ D-Sol was never going to be an easy one, but an old friend of the firm is hearing that things at Goldman Sachs are less “This is going to be tense’ and more “Do you hear the people sing? Singing the songs of angry men?” According to everyone’s favorite socialist-leaning reporter Charlie Gasparino, the plans for Lloyd Blankfein’s post-CEO life at Goldman Sachs has created a cultural revolution inside the walls of 200 West Street. Quoth the Gaspo: Goldman Sachs wants to send Lloyd Blankfein off in style: The prestigious white-shoe investment firm is spending top dollar to build its soon-to-be retiring chief executive a new office as he transitions to an adviser for the firm.The move is not sitting well wit...

Paulson, Other Losers Join Forces In Butthurt Buck-Passing Coalition

(Getty Images) Having not much money to manage or funds to run, John Paulson’s got some time on his hands these days. Rather than spending it on the beach he owns and consoling himself with the fact that $6 billion is really all a man needs in the twilight of his life, he’s chosen to pick some fights: specifically, with a Canadian gold miner whose market cap is less than the amount Paulson’s net worth has dropped over the past year, and more generally with everything of its ilk. To the latter point, Paulson and his team have spent the better part of a year finding other people whose losses on gold are also not their own fault, some of whom (four of the 16 are choosing to remain anonymous, presumably out of fear of being called crybabies) are publicly joining Paulson’s fight against his cho...

Mike Novogratz: Bitcoin Has Nowhere To Go But Up, In Spite Of Having Another $6,700 Of Room To Go Down

A bitcoin is still “worth” about $6,700. On its face, this means that the fake currency has another $6,700 or so to fall before hitting rock bottom. This is wrong, according to former Fortress Investment Group executive Mike Novogratz. In fact, his beloved bitcoin has now proven it mathematically cannot drop below $6,000, and could “easily” be worth seven times that by Christmas. Wanna fight him over it? Bitcoin experienced a “classic speculative global mania” in 2016-2017 but is now on the upswing because the market has hit “seller fatigue,” Novogratz said at Yahoo Finance’s second annual “All Markets Summit.” Novogratz said that Galaxy Digital’s cryptocurrency index showed a “classic bottom” in the market, with a selloff of more than 85 percent from its peak…. “Bitcoin has held $6,000. Y...

Opening Bell: 9.24.18

Senate Democrats Investigate a New Allegation of Sexual Misconduct, from Brett Kavanaugh’s College Years [The New Yorker]The woman at the center of the story, Deborah Ramirez, who is fifty-three, attended Yale with Kavanaugh, where she studied sociology and psychology. Later, she spent years working for an organization that supports victims of domestic violence. The New Yorker contacted Ramirez after learning of her possible involvement in an incident involving Kavanaugh. The allegation was conveyed to Democratic senators by a civil-rights lawyer. For Ramirez, the sudden attention has been unwelcome, and prompted difficult choices. She was at first hesitant to speak publicly, partly because her memories contained gaps because she had been drinking at the time of the alleged incident. In he...

NHL Player Violently Finds Brilliant Loophole In Dumb NHL CBA

There are few things as inconsequential on the North American professional sports landscape than preseason hockey. Baseball is the most fun exhibition season because it’s a team sport based around individual competition. You’ll get stars against stars, and prospects against prospects, but what really makes it special is that every now and then you’ll see something like some kid named Cole Hamels striking out Derek Jeter and Alex Rodriguez, which happened in 2004 – two years before Hamels was even a major leaguer – and still is easily remembered to anyone who saw it as an early clue that Hamels would wind up being something special. The NFL preseason is garbage because of how little action is seen by NFL players, but the guys that you see on Sundays through the fall actually do play togethe...

Jay Powell Adorably Thinks He’s The Man To Find Congressional Republicans’ Spine

Questioning John McCain’s heroism. Musing about nuking someone just because. Admitting to sexual assault on tape. Siding with Vladimir Putin over U.S. intelligence agencies. Threatening to fire Jeff Sessions. Threatening to fire Robert Mueller. All of these things have come out of the mouth of the president of the United States, and Congressional Republicans have responded to all of them with, at best, threats of their own that they quickly walked back, and usually shrugs before giddily toasting their success in the only two things they really care about: cutting taxes and building a Supreme Court that will do what they can’t to reinstate the 1950s. None of the quite possibly countless lies or effective admission of guilt to a host of felonies or dangerously erratic behavior exhibited by D...

Opening Bell: 9.21.18

Bullish Mood Buoys Stocks as Treasury Yields Rise: Markets Wrap [Bloomberg]The Stoxx Europe 600 Index headed for its best week in six months and equity-index futures signaled a higher U.S. open. The MSCI All-Country World Index was poised for a seven-month high after its strongest week since May, as stocks across Asia capped their best two-week rally since February. Japan’s Topix Index closed at the highest in four months.Core European bonds inched higher after data showed euro-area expansion edged lower in September as manufacturing export orders slumped to the weakest in five years, though the euro clung onto gains to head for a three-month high. Italian bonds climbed as Finance Minister Giovanni Tria prepares a draft budget. Crude oil headed for a second weekly advance, leading the Bloo...

Gary Cohn, The Unreconstructed Rebel Of Wall Street

Gary Cohn has left government, but he continues to provide the American people with invaluable services. He is no longer in the position to shield the country from President Trump’s worst impulses, but he is perfectly situated and surprisingly willing, to help the American public understand just how remorseless the titans of Wall Street are with respect to their roles in creating one of the greatest financial calamities in the history of capitalism. In an interview Tuesday with Reuters, Cohn reflected on the 2008 financial crisis with the same bravado, and lack of introspection, that he brought to the Financial Crisis Inquiry Commission eight years ago, when he laughably argued that because Goldman Sachs lost money on its mortgage residential mortgage-related activities, it couldn’t have b...

Slacker SEC: Don’t Trip About Lower Fines Or Whatever

(Getty Images) We know that the SEC doesn’t feel much like doing anything these days. Now, we have the numbers to back it up. Enforcement fines fell to five-year low its last fiscal year, and the new regime’s pretty sure this year’s numbers will be even lower, once they get back from the beach and around to calculating them. And they can hear you not-so-silently judging them. But, like, amount of fine money collected as the sole arbiter of effective enforcement is just so narrow and constraining a way to look at things. Jay Clayton & co. aren’t bound by your rigid, inside-the-box ways of thinking, man. Also, it’s totally not their fault because the courts ate their homework and, like, other stuff. So lay off, man, and enjoy this Indian summer, which the folks at the SEC really hope str...