Technophobiac Finance

$$$ US Marshals Seize Madoff Penthouse Property [CBS]

$$$ Sir Stanford's request to unfreeze funds for legal fees denied [FTAlphaville]

$$$ Comment(s) of the Day:

Posted by guest, Jul 02, 2009 11:37AM

The high collar says "I'm a sophisticated lady," but the low cut screams "put it between the bags."

And the response:

Posted by guest, Jul 02, 2009 11:39AM

@15 you think theyre big enough to TF? Looks like she might need to use the hand bridge.

$$$ Job of the Week: A hedge fund is looking for a "brilliant junior programmer." You. [DB Career Center]

$$$ SlimJim Factory Explosion Causes Shortages Nationwide [NYP]

$$$ "Around October, when the economy went into free fall, a bunch of out-of-work finance guys in their 20s descended on Buenos Aires, where you can have the penthouse, the steak dinners and the bottle service at ridiculous nightclubs and still save money renting out your apartment in New York or London.

Lifestyle arbitrage, baby! The word got out, and the party built on itself, making the fantasy it offered all the more intoxicating: Come spend a month--or four--in Buenos Aires, where you really are a master of the universe, where nights are sleepless and potential business deals are all scams and the clubs teem with unemployed expat bankers looking for their identities in piles of cocaine and the bloodshot eyes of hookers and thieves." [Playboy]

$$$ That's it for us today. We're off tomorrow, have a great weekend, Happy Fourth and if you happen to find yourself setting off illegal fireworks with Cliff Asness, we want to know!

Sponsored Topics: Buenos Aires - New York - Argentina - London - CBS

Sponsored Topics: United States - California - Society and Culture - Arts - Scotland

Supposedly Citi 2nd year second tier S&T analysts are "pulling" 60k bonuses. For those keeping track at home and believing these numbers, this would be in line with the $42k goody-bags being awarded to the Big C's second tier first year rainmakers.

Sponsored Topics: Citibank - Business - Bank of America - Sports - Bank

Faced with the possibility of unloading all or part of its credit card business, Vik and the boys decided they were not going to accept any low-ball offers from the likes of Jeff Immelt. While contemplating either an outright sale of the unit to GE or joining their credit card operations in a joint venture, Citi wanted a premium for its branded and private label cards. As delinquency rates head towards multi-decade highs, this seems like perfect timing for Citi to rely on its ability to raise rates enough to account for its rigorous underwriting standards. Or maybe they just know the recession is over and there is nothing to worry about.

TAKING NO CREDIT [NYP]

Sponsored Topics: Credit card - Business - Citibank - NBC - Jeffrey R. Immelt

As previously mentioned, at least one Citi employee has caught the pig sniffles. Apparently the Germans may have also gotten in on the fun.

One entire section of the trading floor has been converted into a "bubble boy" type facility. No word on moops or which specific desk went on a Mexican bender.

Sponsored Topics: Mexico - Swine influenza - Deutsche Bank - Germans - Influenza

[click to enlarge]

Sponsored Topics: United States - Canada - Crack cocaine - Police - Misdemeanor

Noted legal scholar Alec Baldwin has popped in to the Huffington Post to put it out there that he thinks 150 years is bull. Bernie should be given a reduced sentence in exchange for answering every question investigators ask regarding where the money is, naming names and telling them what his recommendations are "for how this might be detected and/or prevented in the future." Of course, Baldy's not necessarily wrong, but we'd still like to hear what Stephen's thoughts are on the matter before taking action one way or another.

Sponsored Topics: Raleigh North Carolina - American Legion - Leesville Road High School - United States - Organizations

It's a now bit clearer why Congress was so pissed at corporate executives at bailed out institutions who used private jets to travel to their respective roasts. It wasn't because it was a misuse of taxpayer funds; it's because it was such a JV effort. During last year's financial meltdown, hundreds of lawmakers raided taxpayer coffers to the tune of $13 million for overseas travel. Among the critical issues that needed to be addressed in the midst of the crisis were:

-Senator Daniel Inouye's 4-day trip to the Paris airshow last June. He and 6 other senators hitched a ride on the Air Force's version of a Boeing 737- which runs about $5700/hour to operate.

-Rep. Brian Baird's 4-day trip last summer to the Galapagos Islands with his wife, four other lawmakers and their families. As everybody recalls, global warming was the real hot topic after Bear collapsed.

-And then there was Nancy Pelosi this year. Before spending 1 day in Afghanistan visiting US troops, the Pelosi clan spent 8 days preparing for the journey to Kabul by touring Italy racking up $58k on hotels and meals alone.

Vik and Kenny take notice- the next time you have to appear in front of the taxpayer spending all-star team, at least do something like head to Washington via a 2-week stint in St. Barths under the guise of getting a feel for the Caribbean banking environment.

Congress's Travel Tab Swells [WSJ]

Sponsored Topics: Air Force - Nancy Pelosi - Brian Baird - Afghanistan - Global warming

Part II

I'm Dennis Kneale, it is 8 o'clock on a Wednesday of the July 4th holiday weekend and the great recession is still over

I started this anti recession rant one week ago and I'll tell you every day another new indicator of hope emerges to bolster my contrarian call

This recession is ending right here right now

We've got a couple more encouraging numbers today and I'll get to them in a moment but first I gotta say, ouch!

Last night, on this show, I stirred up an angry hornets nest in the blogs

You know when I criticized their mean-spirited negativity and bashed them for hiding behind the cowardly cloak of anonymity

I called them dickweeds, a form of pondscum

They have howled with outrage across the blogosphere

Blog sites like Dealbreaker, Gawker, Huffington Post, Business Insider, Zero Hedge, Annuity IQ and more have incited an online mob to rush to their defense

One result: when you enter my name into Google, 'dennis kneale cnbc' shows up first

In the number two position, rising w a bullet 'dennis kneale idiot' 14,000 entries and counting

Hundreds of posts went up today, some made veiled death threats, others issued more transparent calls for lesser violence

They're gonna "breaka my face," and "give me good wuppin'"

On Dealbreaker there was this: "DK needs to be put in a burlap sack and beaten with reeds"

Thanks for that

And then there's this one on Gawker: a sly reference comparing me to Beaker the Muppet: "his mouth is moving but all I hear is meep meep meep"

Funny stuff guys

Apparently they see a resemblance between me and Beaker

I gotta say frankly i think i look more l like Dexter or Dilbert

Here's an erudite post in Business Insider blog: "Kneale is functionally retarded"

I haven't heard that since like sixth grade

I also gotta say, way too many homoerotic and anti-gay comments

What is wrong with you guys?

Are you still ten years old and bullying kids on the playground?

But, this bitter backlash has given me pause

Maybe I painted with too broad a brush?

Perhaps I was unduly harsh?

And then it came to me: No I wasn't!

I'm not sorry at all!

I meant every word of it!

I don't bother reading the vitriol spewing out from these miscreants and digital imbeciles
but apparently they're watching me

Nanny nanny boo boo

Bloviating bloggers and their complainers: I welcome their complaint and dissent

But I gotta ask: why are they so threatened by holding out a little hope?

Sponsored Topics: Hernia - Surgery - Health - Conditions and Diseases - Digestive Disorders