Archive for October 3rd, 2008
Tough times have arrived on Bay Street, but bank robbery?
3 October 2008You don’t get emails like this very often from Canadian investment banks:
“TORONTO, October 3, 2008
Late today Paradigm Capital learned that one of its employees, Kevin Pinto, a compliance
officer, had been arrested and charged with ten counts of bank robbery. Paradigm is in the
process of alerting relevant regulatory authorities. Paradigm has initiated an internal
investigation but has [...]
TARP passes, but brace yourself for the second shoe to drop
3 October 2008With must anticipation and fanfare, the U.S. House of Representatives used the past four days to turn a US$700 billion TARP proposal into an US$800 billion piece of legislation (see prior post “Ignore the US$700B TARP rejection” September 29-08); the extra US$100 billion went to a variety of special interests and tax cuts. Think [...]
Friday subprime smile
3 October 2008Not to sneak away without something to say on an important day like this, but there are lots of companies looking for capital right now…which is the primary job after all. So, in the meantime, you will definitely enjoy the following British humour on subprime, investment banking, equity research analysts, etc.
MRM
Decade of Daddy Mirror Fund
3 October 2008With General Electric and Goldman Sachs each paying Warren Buffett a 10% cash coupon for the right to get access to BRK’s money, this looks perfect for the Decade of Daddy Mirror Fund™. Acquired 25 shares of Berkshire Hathaway A at US$138,600. Leaves $13.6MM in cash.
MRM