Wall $treet Folly

Fox Business: Office pools are just plain wrong!

All we have to say about this guy is: Pffffffft

Just so you know: Andrew Tobias is not related to drowned hedge fund manager Seth Tobias

But the author of best-selling "The Only Investment Guide You'll Ever Need" notes a coincidental connection:

"My dad, Seth Tobias, died in 1983. He was a wonderful, wonderful man, and to me there was only one Seth Tobias," Andrew explained. "It was more than a little unsettling to read 'his' name 24 years later - especially under the circumstances." 

Not My Brother - Page Six New York Post

John Thain on the bond insurer rescue plan and on Merrill's future in structured finance / cdo's

Merrill Lynch CEO John Thain expressed doubt that the industry-wide bail-out plan for the credit insurers would ever get off the ground but that infusions into individual companies would be more likely.

In other Merrill news, the firm is cutting back on structured finance and CDO's.....

Lazard's Bruce Wasserstein banked large with restricted stock worth $102 million

Lazard CEO Bruce Wasserstein didn't do too bad last year, compensation wise.....

Wasserstein, 60, extended his contract for five years and received restricted stock worth $102.1 million at today's closing price. He was also granted a $36.2 million stock bonus for 2007, double the prior year's award, the New York-based company said today in a statement. Profit advanced to $122.6 million, or $1.04 a share, from $85.8 million, or 78 cents, a year earlier.

WSF Headline Roundup - 1/31/08 - MBIA takes more hits; Mortgage applications at 4 year high; CME's NYMEX bid might mean war; Blackstone sued; SocGen backs Bouton; Starbucks revamp

• Derivatives Write-Downs Hit MBIA
• Mortgage applications near 4-year high
• CME’s Nymex bid set to trigger battles
• Blackstone sued over Alliance bid
• Société Générale Backs Bouton
• Starbucks plans revamp amid falling US sales

Societe Generale: Risk Magazine's Equity Derivatives House of the Year

Timing is everything.  The January 2008 issue of "Risk" chose Societe Generale, former home of the now famous rogue trader Jerome Kerviel --  who helped to lose the bank over $7 billion -- as its "Equity Derivatives House of the Year".  Oops....

Post fed rate cut: Futures jump than dump

It didn't help that late in the day S&P was cutting / considering cutting the ratings of $534 billion of sub-prime debt....

Amazon dumps on disappointing guidance

Is Sailfish Capital blowing up? Reports say they're being forced to liquidate positions....

Last week there were reports that Sailfish Capital Partners, run by former SAC Capital bond trader Mark Fishman was down over 12% for the first 51 weeks of 2007 and facing major redemptions.  Now there are reports that they're being forced to liquidate positions and that all hell is breaking loose.  According to FinAlternatives:

Sailfish Capital Partners is reportedly in the midst of “blowing up” and is liquidating its entire portfolio as quickly as it can, according to sources with knowledge of the situation.

According to the sources, the two partners of the Stamford, Conn.-based hedge fund—Mark Fishman and Sal Naro—got into a shouting match yesterday and ordered their traders to liquidate all of the fund’s positions.

“They told everyone to start selling their positions, to liquidate,” said one source. “It’s basically blowing up. Everyone is sending out their resumes. They want out. It’s basically mayhem.”

A spokesman for Sailfish dismissed the notion that there was a fight, describing the event as a “discussion.” He added that traders are always loud, and that “it was not heated. It wasn’t anymore colorful than they usually have.”

Traders At Hedge Fund Sailfish Ordered To Liquidate Positions - FinAlternatives

Fed Decision: Half a point cut

Here's the full text of the Fed's statement