Write about Wall Street for the WSJ's Heard on the Street. Formerly: Wall Street lawyer, DealBreaker EIC, BI managing editor, CNBC NetNet founder. Trouble maker

Wall Street Sales Squads Sit Out Summer

finance.yahoo.com — The poet Hilaire Belloc once described August as "the soldier month" that looted the earth with a "fiery temper." That sentiment is no doubt shared by many investors as long-dormant volatility beset the stock market the past few weeks. Despite the recent financial gyrations-or perhaps because of them-it has been a surprisingly quiet, even sleepy summer for investment bankers.

Why It's a Good Time to Go to Law School

cnbc.com — I've spent a lot of time over the past couple of years talking people out of going to law school . My argument against going to law school has never been about law school per se.

Wall Street Sales Squads Sit Out Summer

wsj.com — The poet Hilaire Belloc once described August as "the soldier month" that looted the earth with a "fiery temper." That sentiment is no doubt shared by many investors as long-dormant volatility beset the stock market the past few weeks. Despite the recent financial gyrations-or perhaps because of them-it has been a surprisingly quiet, even sleepy summer for investment bankers.

Snatching Defeat from Victory at Frannie

wsj.com — Don't get too excited by the fact William Ackman has joined the legion of fund managers suing the government over terms of its support for Fannie Mae and Freddie Mac. Even if the well-known activist manager of Pershing Square Capital Management scores a courtroom victory, the mortgage giants aren't likely to generate the returns shareholders see as theirs.
Aug 31, 2015

@stockpro2X I do try to cover all the significant developments. Like I mentioned Ackman filing a lawsuit. wsj.com/articles/heard…

The Mirage of Fannie Mae-White House Truce Talks

wsj.com — Rallies based on rumors all too often end in tears. That is almost certain to be the outcome of a rapid rise in shares of Fannie Mae and Freddie Mac, which have gained 15% since last Wednesday. This has followed reports speculating that the Obama administration could be close to settling a number of lawsuits filed by investors in the two mortgage giants.
Aug 31, 2015

The rally in Fannie and Freddie's stock is based on a nonsense fantasy about a "looming settlement" on.wsj.com/1N4TL8A $FNMA $FMCC

Aug 31, 2015

TL;DR version: There's no GSE settlement in the works. on.wsj.com/1N4TL8A $FNMA $FMCC

Aug 31, 2015

There's no reason investors should read recent events as portending a looming settlement of GSE litigation on.wsj.com/1N4TL8A $FNMA

Aug 31, 2015

@JodyShenn Also, uncorrelated with reality. This is a pure fantasy trade. It will end badly for the longs. wsj.com/articles/the-m…?

Aug 31, 2015

@CGasparino Just squashed the rumors of a $FNMA & $FMCC settlement. It's a fantasy wrapped in wishful thinking. wsj.com/articles/the-m…?

Show 3 more tweets from John Carney, Charlie Gasparino and others...

BNY Mellon ETF Bug Could Still Sting

wsj.com — Bank of New York Mellon's computer glitch may prove costly The computer glitch at Bank of New York Mellon that obscured the value of holdings in hundreds of mutual funds and exchange-traded funds may finally be close to being resolved. But that might not be an end to trouble for the bank.

Fannie and Freddie Shares Still Look Unappealing

wsj.com — Fairholme's latest legal efforts unlikely to shift case against mortgage giants Fairholme Funds has stepped up efforts to paint the U.S. government's treatment of Fannie Mae and Freddie Mac as illegal. But scoring even a small victory looks unlikely. Fairholme has a large investment in the preferred shares of the two mortgage companies.

Bank Profits Must Yield to Market

wsj.com — Optimism about Wall Street's earnings power was too strong already. Then this week happened. So much for the interest-rate "tailwind." The more optimistic talk among bank investors and analysts over the past year has centered on the potential for rising rates to drive earnings growth.

Oyster Boy Still King Of Wall Street

Aug 20, 2015

@readDanwrite FYI: You could become a Wall St. legend if you eat raw at your desk in under 20mins this afternoon ---> dealbreaker.com/2008/08/oyster…

Rewriting the Book on Valuing Wall Street’s Big Banks

wsj.com — The map is not the territory. When investors and analysts assess the performance of banks, they often compare return on equity against a theoretical cost of capital. If the return exceeds the cost of capital, management is thought to be creating value. Returns that fall short destroy value.
Aug 19, 2015

Should bank investors reconsider the 10% cost of capital assumption? wsj.com/articles/rewri…

Aug 20, 2015

Nice thoughts on falling cost of equity from @carney. Rewriting the book on valuing Wall Street’s big banks on.wsj.com/1J4e6GR via @WSJ

More Articles →
Sep 03, 2015

@RalphMus Very much so. But this is relevant to $FNMA debates, where people say conservator should protect shareholders.

Sep 03, 2015

The FDIC is prohibited from using insurance funds to benefit shareholders of failed bank. fdic.gov/bank/historica… pic.twitter.com/d5YLhWCGqs

Sep 03, 2015

The University of Chicago's Todd Henderson is pretty skeptical of the $FNMA complaints in this panel discussion. nyujlb.org/wp-content/upl…

Sep 03, 2015

Hard to give credence to conclusions of academics who get basic facts wrong.

Sep 03, 2015

The Macey article incorrectly claims that Fannie and Freddie are traded on NYSE nationalreview.com/article/423467… h/t @JacobGaffney

Sep 03, 2015

@TrainReckt @30yrdream @ToddSullivan @NRO @FHFA I don't know if they have even gone that far yet since they won on jurisdiction.


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