Here's something one of our readers sent in. It should be sung to Avril Lavigne's Complicated'.
Our thanks to one of our readers who sent in this little ditty, which should be sung to the tune of 'American Pie.'
Coming soon to a trading room near you...........
The Wall Street Journal has reported that Jim Cayne, boss of over at Bear Stearns, has told his board and certain senior executives that he is to step down as CEO, although he will retain his position as chairman. Cayne, 74 on Valentine's Day, is expected to be succeeded as CEO by firm President Alan Schwartz.
The Netherland's biggest bank, ABN Amro, are to shut down it's US equities and mergers and acquisitions businesses with the loss of 550 jobs.
We're trying to find out who's got the longest job title in the financial markets.
The New York Times reports that Citi chief financial officer Gary Crittenden has apparently admitted that the race to turn his company around is likely to be a long one.
Merrill Lynch CEO John Thain is a thoroughly decent and honest man. He came to the firm on a turnaround mission some 8 months ago, promising to get his hands dirty and to make the tough decisions required to get the company back on the road to recovery.
The Goldman Sachs halo has slipped a little in the last few days, as the firm has found itself in the middle of a brawl involving allegations that some of its traders may have been behind attempts to manipulate the market by the spreading of false rumors. Goldman denies the allegations, effectively saying that the claims are nothing more than false rumors themselves.
Merrill Lynch posted a bigger-than-expected second-quarter loss Thursday. The firm came in with a $4.65bn net loss in the period, after $3.5bn writedowns in CDOs, a $2.9bn loss on hedges with financial guarantors, a $1.7bn writedown on US financial investments, $1.3bn writedowns on residential mortgage exposures and $348m related to LBO financings.
And then there was one - this firm is still after talented people.
As UBS sets about implementing the painful decisions required to carry out its restructuring, thoughts are now turning to rival firms who might have to go through a similar process.
It's starting to sink in now, and it doesn't look good for London.