For you viewing pleasure, FT Alphaville has provided some illustrations so that we might better conceptualize Matt Taibbi’s labeling of Goldman Sachs as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”, which still makes us wince.
All we’ll say is that includes Darth Vader so that makes it worth a look.
Vampire squid, illustrated edition [FT Alphaville]
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Madoff Already has Respect in Prison and He Hasn’t Even Gotten Started
Whenever you’re the new guy, things can be awkward for awhile. Not for Bernie Madoff. The Master de Ponz has been in prison for less than a month and the guy is thriving already:
Some of his fellow inmates, in fact, respect him for being a stand-up guy who pleaded guilty without implicating any of the other people strongly suspected of helping him pull off the fraud that swindled more than 1,000 people out of more than $65 billion over two decades. “He got a lot of respect from other inmates because he didn’t tell on anybody, he didn’t take everybody down with him,” the source said.
That’s right people, RESPECT.
The Post, never short on the melodramatic, is focusing on the inmates that are looking to slap around ole Bern to get themselves a little respect. We don’t buy it. Anyone looking to rough him up will have a change of heart as soon as they hear about the outstanding year over year double-digit returns he’ll get you on those Lucky Strikes.
UPDATE, 3:37 PM: A guy sometimes gets a little distracted from personal appearance when he’s being trucked around. Check out DealBreaker for Bess Levin’s take on Butner’s new Mr. Popular.
BERNIE IN THUGS’ SIGHTS [New York Post]
Preliminary Analytics | 09.30.09
• November Deadline Set for Kraft’s Cadbury Offer – Wonderful. We’re going to hear about cheese substance made by robots trying to copulate with sweet confections for another month. [DealBook]
• CIT Said to Weigh Financing From Citigroup, Barclays – What? They didn’t call this one? [Bloomberg]
• Bank-Bailout Fund Faces Years in Red as Failures Jolt System – “FDIC officials stressed that the fund’s depleted state wouldn’t affect depositors because federally insured deposits are backed by the full faith and credit of the U.S. government.” Oh, well that’s a relief then. [WSJ]
• Plenty More Bank Losses Expected Globally – When will this happen? [WSJ]
• UBS Warns on Third-Quarter Losses – Wow. That was fast. [WSJ]
• Confidence surges among CFOs in US – It feels like the confidence has been surging for some time now. [FT]
• Auditing the Fed: Redux – Our contributor, Adrienne Gonzalez got linked over at FT Alphaville. Nice work! [JDA]
PCAOB Appears to Be Taking After Big Brother
The SEC has been setting a bad example for everyone. Now the Commission’s sloth-like urgency to appoint a chief accountant seems to have led the PCAOB to think that finding new board members really isn’t a big deal.
Chuck Niemeier announced that he will be leaving his position as a board member of the P very soon, even though his term ended almost a year ago. The PCAOB’s board members are allowed to stay on the board after their terms have ended until a replacement is found.
We suppose that you could give the P credit for having the foresight to write this rule in, as it’s pretty obv that no one really wants this job. Doesn’t make much difference anyway, as it’s not really clear just what the hell they’re doing over there, except making auditors’ lives more difficult and possibly ignoring independence violations.
IFRS Critic to Leave Accounting Firm Regulator [CFO]