* Bat Boy lives!!! * Could GMAC qualify as a "bank" under the Treasury Department's bailout plan? That's the hope of hedge fund manager -- and GMAC shareholder -- David Bullock, according to a letter he sent to the financing company's CFO. I wonder if Cerberus paid for the postage... * Morning call: Futures dip over earnings concerns, and the Asian markets tumble. * Dan Freed: Are credit swap defaults bad enough to ban? * Carl Icahn: Paulson demanded too little from banks on executive comp. * Lehman failure dogs Evergreen Solar.
1 min read · 22 October 2008
* Sorkin writes that banks are hoarding their federal windfall, rather than lending it. Said on unnamed bank official: “It doesn’t matter how much Hank Paulson gives us, no one is going to lend a nickel until the economy turns.... Who are we going to lend money to? Only people who don’t need it.” * Banker Gone Broke, a blog about... Well, you can probably figure it out. (h/t Carney) * Scott Kirsner finds a company that basically makes flying cars. Not sure if it's VC-backed, but I wouldn't be surprised if it is soon. After all, VCs have proven to be suckers for the auto industry (which they know little about), so why not add some aerospace onto it? * Morning call: U.S. stock futures are down, as tech shares may get hammered on Texas Instruments earnings. * AIG CEO Edward Liddy demands an apology from Jim Cramer, who told viewers to hound AIG employees wherever they may roam.
1 min read · 21 October 2008
The market may be horrible, but that’s no reason you can’t have a few drinks and commiserate with your peers. In fact, it’s even more of a reason to do so. In that spirit, I’m pleased to announce the next installment of peHUB Across America, with stops in Boston, New York and Washington DC. Each evening will be a chance to hobnob with local VCs, buyout pros, entrepreneurs, bankers, assorted hangers-on and yours truly. These are the final peHUB Shindigs of 2008 -- over 2,500 of you have gotten tix to earlier ones -- so don't miss out. Each ticket costs just $10, with the proceeds going to a local charity that will be voted on by event attendees (you can nominate one upon sign up). Get 'em now: Washington DC Tuesday, Nov. 11 http://pehubwashington.eventbrite.com New York City Wednesday, Nov. 12 http://pehubnewyork.eventbrite.com Boston Thursday, Nov. 13 http://pehubbos.eventbrite.com
1 min read · 20 October 2008
Can you name the twenty-something celeb whose entourage recently rented out space in San Francisco, in order to begin exploring early-stage investments in digital media startups? And no, Ashton Kutcher is not still in his 20s. Hint: This person has guest-hosted SNL, and done it hilariously.
1 min read · 20 October 2008
* Henry Blodget: Why this recession will be a doozy. * A fine line between panic and swift action: Scott Kirsner gets thoughts on the current mess from David Aronoff (Flybridge Capital), Bijan Sabet (Spark Capital), Furqan Nazeeri (Viridus Inc.) and Doug Levin (ex-Black Duck Software). * State Street is out with its latest private equity performance index, and is seeing red. On the other hand, PE compensation somehow ticked higher (sub req). * U.S. futures are up, as everyone keeps an eye on earnings. * Need to know how the economy is doing? Just examine the changing body types of Playboy Playmates (academic research can be so demanding...).
1 min read · 20 October 2008
2 min read · 18 October 2008
1 min read · 17 October 2008
I don’t think I say this enough (or perhaps ever), but: Thank you Henry Kravis. Speaking at the Super Return Conference in Dubai on Wednesday, the KKR chief said: All of us need to accept responsibility for the damage done to the free-market system… We’ve moved too slowly to replace management in some situations…. We wait too long hoping they’ll improve but they never do… You have to focus on all the stakeholders. It’s a new thing for us and something we’re really hammering. Long term value is only achieved if growth benefits all stakeholders in a company, from owners to employees, communities and even governments. We are also conscious we are fiduciaries to millions of hard-working men and women and university endowments…Trust must be earned over the long haul and maintained constantly. We have not always adequately explained what we do to the man on the street. Even some of our investors, although happy with the returns we deliver, don’t fully understand what we do and why they should invest with us. Words can be cheap, but admitting you have a problem (not a circumstance) is the first step
2 min read · 17 October 2008
* Six degrees of sandwiches. * Hugo Dixon says that we're now seeing the folly of 2 and 20, when it comes to hedge fund managers. No mention of private equity, probably because it doesn't have the redemption/panicked selling issues that can cause systematic crisis. * Speaking of troubled hedgies: Dallas-based Highland Capital Management is closing its flagship fund. And Perry Capital just laid off up to 30 equities pros. * More job cuts at VC-backed companies in Silicon Valley. And that's in addition to yesterday's AdBrite news. * Ritholtz blows up the notion of correlation between market performance and a sitting president's party. * European stocks rise, U.S. futures drop. Equity Private warns us that this is going to be a very volatile day (speaking of EP, does she still work fulltime at a PE firm? If so, how does she manage to be Carney's quasi replacement at DealBreaker?)
1 min read · 17 October 2008
1 min read · 16 October 2008
