GTL? The “T” Stands for “Tax Breaks” for the Jersey Shore

September 18th, 2011 by alyx · breaking news

Seems like the state of New Jersey is giving Jersey Shore‘s producers $420,000 in tax breaks:

The idea that New Jersey taxpayers are helping to enable the Jersey Shore gang to party hearty and get their fight on isn’t sitting well. “I can’t believe we are paying for fake tanning for Snooki and The Situation, and I am not even sure $420,000 covers that,” Assemblyman Declan O’Scanlon told the Newark Star-Ledger.

Now, it’s not at all unusual for a city, state or country to give a tax break to film or television productions There’s income being generated by having all those people around making a film and/or good PR they might get due to having their location appear in film – so it can make financial sense.

But Jersey Shore? There is no way this could possibly be considered good press for Jersey, so is it really financially lucrative to have them there? Is there an Axe Body Spray factory located in NJ or something, that would have to be shuttered if the show didn’t promote the lifestyle behind their industry?

It’s not like the show’s fans are known for having money either; we don’t anticipate Jersey Shore-related tourism being particularly lucrative. Not that long ago, Miami’s Metropole Hotel had to scrap plans to offer a high end Jersey Shore-themed suite, because “”Most of the people who would want to stay in the ‘Jersey Shore’ house couldn’t afford it,’” Nathan Lieberman, whose family owns the hotel, tells the Herald. “It’s just business.”"

Props to The Reformed Broker for calling this one to our attention.

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Can We Call It The Global Omega Fund Now?

September 15th, 2011 by alyx · goldman sachs

…cuz Goldman Sachs’ Global Alpha fund is coming to an end. Clients are withdrawing their moneys left and right, and word has it the fund is down -12% YTD:

Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, will shut its Global Alpha fund after clients pulled money from the quantitative trading pool that was once the firm’s largest hedge fund.

Goldman Sachs, led by Chairman and Chief Executive Officer Lloyd C. Blankfein, 56, has been shrinking Global Alpha since 2007 when it lost 40 percent because of bad bets on currencies, equities and bonds worldwide. The fund’s co-managers Mark Carhart and Raymond Iwanowski quit in March 2009, and Katinka Domotorffy took charge of the quantitative investment strategies unit, which uses computers to pick securities and oversees $56 billion.

What will all those computers do when they’re not needed to pick securities any more? Remember that GM commercial where the robot jumped off the bridge when it lost its job? We’re picturing something like that, unless the PPT is hiring. But on the bright side, at least the laid-off stock-picking machines can’t file for unemployment.

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Happy 3rd Anniversary, Lehman Brothers

September 15th, 2011 by alyx · lehman brothers

And for our favorite trainwreck, we can think of nothing more fitting than an anniversary cakewreck. Still, it sounds like they’re going to get the biggest present of all – three years later, they may be finally winding down their BK proceedings. Fav quote:

“People at the time were thinking this was going to be a nightmare,” said Prof. Miller, no relation to Harvey Miller. “A three-year bankruptcy is not a nightmare.”

Granted, compared to the Iridium and Delta Air Lines bk, it’s kind of like popping a couple Ambien in succession to get through a particularly lengthy overseas flight. Creditors may start recouping some fraction of their moneys in early 2012. We’d look back on what’s changed three years post-Lehman, but there are still so many hot messes we’re not quite sure where to start, so we’re just gonna leave with this — for the financial collapse that nearly sent our economy back to the stone age, this Flintstones tune is prob fitting:

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Banks, They’re So Hot Right Now

September 13th, 2011 by alyx · all ur bankz

Alex Schaefer, a California artist, has tapped into some of the frustration with the financial system via a visual statement: a series of paintings of burning banks. His reasoning:

Schaefer tells The Los Angeles Times that his painting is a “visual metaphor for the havoc that banking practices have caused to the economy.”

Works for us, as we’ve probably executed a visual metaphor or two for the havoc that banking practices have caused, yadda yadda, ourselves. Unlike us, Schaefer has been paid a visit or two by the police, as pasting a caption on Jamie Dimon’s face is, I suppose, somewhat less of a threat to national security than rendering a portrait of a financial institution being immolated.

Schaefer decided to auction a couple of the pieces on eBay (glad he got the auctions over and done with before resellers flooded the site with all that Missoni for Target nonsense), and we’ve been watching his auctions with interest looking for inspiration to monetize this site as a gauge of anti-bank sentiment. The two that ended most recently did quite well:

“Chase Burning”, 28×22, $25,200
“Bank of America”, 8×6, $3,601

We’d try to gauge which bank was the more hated of the two, but the Bank of America painting commanded a higher price per square inch, though the Chase painting commanded a higher price overall, so it’s kind of a wash. At any rate, suffice it to say we’ll be working on some artwork this weekend. Any early bids on a 11×18 decoupage of Moynihan, Dimon and the Bandit making s’mores over a firepit of cash?

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Bank Of America Ranks First In Something

September 12th, 2011 by alyx · all ur bankz, fail

Taking the award for the most layoffs so far this year, a title previously held by Merck – it’s Bank of America ($BAC)! They’ve confirmed 30,000 layoffs:

“As the decisions are implemented, employment levels in the areas under review during Phase I are expected to be reduced by approximately 30,000 jobs over the next few years,” the bank stated. “The company expects that attrition and the elimination of appropriate unfilled roles will be a significant part of the anticipated decrease in jobs.”

On the upside, for those of you who hate bankers, that’s 30,000 fewer of them. But don’t break out the party hats just yet because it’s also – you know – 30,000 fewer US jobs that were probably well-salaried. This restructuring is all part of Bank of America’s plan to right its current failboat.

Beyond reducing payrolls, one analyst says bankrupting Countrywide to make Tangelo’s legacy of mortgages and associated litigation magically disappear overnight would bring $BAC’s stock price back up to the $10-12 range. Moynihan says he’s thinking about it (I think about ponies a lot too, but it doesn’t mean one is going to show up in my back yard) but it might not be legal and might also result in a medium-to-large sized angry mob with pitchforks showing up in Charlotte, so don’t count on it.

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