The Prince

The Prince has written 140 posts for Prince of Wall Street

Foreclosure Fish

By The Prince ⋅ May 9, 2008 ⋅ Post a comment

8 May 2008 - This is one of the more interesting Wall Street Journal stories the Prince has seen this year. Now if we could on find a fish that could eat up all that toxic mortgage paper and take out the pipeline of bridged leveraged loans.

Investment Banks Should Not Buy Hedge Funds

By The Prince ⋅ May 6, 2008 ⋅ Post a comment

Last week Citigroup told us on Page 17 of their 10-Q about the fate of their $800mn purchase of Old Lane Partners. Vikram Pandit, now the CEO of Citigroup, was the founder of Old Lane. Citigroup may have gotten Pandit and his top lieutenant, John Havens, but it would be an understatement to say that [...]

BofA May Renegotiate CFC Purchase

By The Prince ⋅ May 5, 2008 ⋅ Post a comment

5 May 2008 - Here is a very interesting piece of analysis from Paul Jackson at Housing Wire. Given BofA’s recent announcement that it likely would not take on any of Countrywide’s outstanding debt many analysts are speculating that this could be first step towards BofA renegotiating its deal to purchase Countrywide or just walking [...]

Yang is Pathetic

By The Prince ⋅ May 5, 2008 ⋅ Post a comment

5 May 2008 - Submitted without comment.
http://ycorpblog.com/2008/05/04/ok-so-now-what/

Convatec Buyout with Committed Financing!

By The Prince ⋅ May 5, 2008 ⋅ Post a comment

Two buyout firms, Avista Capital Partners and Nordic Capital, have agreed to purchase ConvaTec, a division of Bristol-Myers Squibb, for $4.1 bn. ConvaTec makes products for wound care and ostomies. Last spring this deal would have gotten almost no ink the press but now it is big news. Apparently this deal has committed financing. Pretty [...]

Montag’s Pay Package

By The Prince ⋅ May 4, 2008 ⋅ Post a comment

4 May 2008 - When Merrill Lynch filed its employment agreement with Thomas Montag with the SEC on Thursday, they gave all the enemies of Wall Street yet another example of excessive pay being handed out even in difficult times. Montag, who is the new head of Merrill global sales and trading, will receive a [...]

The Prince’s Weekend Audience

By The Prince ⋅ May 2, 2008 ⋅ Post a comment

1) Want to see some data and charts about the housing and credit bubble that will make you queasy? Take a look at this very detailed presentation from T2 Capital Partners. Yes, things are much worse than any of us realize or admit.

2) Epicurean Dealmaker - "Not Safe for Work"
Ed: "Like: did Al Gore really [...]

The Credit Crisis and Leverage Explained

By The Prince ⋅ May 1, 2008 ⋅ Post a comment

30 Apr 2008 - The Prince really found these recent remarks by David Einhorn, manager and founder of Greenlight Capital, especially interesting. Basically, he lays out pretty concisely and completely the case for how leveraged played a major roll in the credit crisis. The remarks are pretty interesting and are a nice place to start [...]

Reasons To Sell Financials Now

By The Prince ⋅ April 30, 2008 ⋅ Post a comment

Now that the Fed has cut rates and looks like they are going to be pausing through the summer the conditions seems right to sell financials. The sector has recovered recently as the solvency of many firms has been confirmed. Also, many firms have been able to secure additional capital. While confidence in the sector [...]

Oil Prices: Reason Trumped By Transparent Pandering

By The Prince ⋅ April 30, 2008 ⋅ One comment

The recent rise in oil prices and the corresponding rise in gasoline prices has brought out many complaints from the masses. The rise in prices makes sense given the limited ability to increase the supply of barrels. As wells have become depressurized and the rate of new discoveries has slowed it has become much harder [...]