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    <title>Dealbreaker</title>
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   <id>tag:,2008:/10</id>
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    <updated>2008-05-15T21:36:55Z</updated>
    <subtitle>A Wall Street Tabloid - Business News Headlines and Financial Gossip</subtitle>
    <generator uri="http://www.sixapart.com/movabletype/">Movable Type 4.15b5b-en</generator>
 

<entry>
    <title>Write-Offs: 05.15.08</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/write-offs_051508.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46060" title="Write-Offs: 05.15.08" />
    <id>tag:dealbreaker.com,2008://10.46060</id>
    
    <published>2008-05-15T21:31:39Z</published>
    <updated>2008-05-15T21:36:55Z</updated>
    
    <summary>$$$ How to Burst the Rice Bubble [Portfolio] $$$ Blackstone: Blame the Accountants [DealBook] $$$ Priceline.com Inc. (PCLN) [WallStrip]...</summary>
    <author>
        <name>Bess Levin</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p><b>$$$</b> How to Burst <a href="http://www.portfolio.com/views/blogs/market-movers/2008/05/13/how-to-burst-the-rice-bubble">the Rice Bubble</a> [Portfolio]</p>

<p><b>$$$</b> <a href="http://dealbook.blogs.nytimes.com/2008/05/15/blackstone-blame-our-loss-on-the-accountants/">Blackstone</a>: Blame the Accountants [DealBook]</p>

<p><b>$$$</b> Priceline.com Inc. (PCLN) [WallStrip]<br />
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</entry>

<entry>
    <title>Layoffs Watch &apos;08: UBS&apos;s War On Wharton</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/layoffs_watch_08_ubss_war_on_w.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46058" title="Layoffs Watch '08: UBS's War On Wharton" />
    <id>tag:dealbreaker.com,2008://10.46058</id>
    
    <published>2008-05-15T21:09:51Z</published>
    <updated>2008-05-15T21:16:56Z</updated>
    
    <summary>I don&apos;t want to upset you right before the weekend, but apparently &quot;three-quarters of the Penn grads employed by UBS (1-3 years) have been laid off.&quot; Not really that surprising considering the Swiss bank&apos;s history but deeply disturbing nonetheless....</summary>
    <author>
        <name>Bess Levin</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p>I don't want to upset you right before the weekend, but apparently "three-quarters of the Penn grads employed by UBS (1-3 years) have been laid off."  Not really that surprising considering the Swiss bank's history but deeply disturbing nonetheless.</p>]]>
        
    </content>
</entry>

<entry>
    <title>Donald Trump Thinks America Is About To Fail</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/donald_trump_thinks_america_is.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46052" title="Donald Trump Thinks America Is About To Fail" />
    <id>tag:dealbreaker.com,2008://10.46052</id>
    
    <published>2008-05-15T19:32:55Z</published>
    <updated>2008-05-15T19:38:21Z</updated>
    
    <summary>When Donald Trump launched a mortgage company a couple of years back it was a sure sign that the mortgage business was heading for serious trouble. Now that he says that America is doomed by $125 oil, we&apos;re thinking that&apos;s...</summary>
    <author>
        <name>John Carney</name>
        
    </author>
    
        <category term="Donald Trump" />
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p>When Donald Trump <a href="http://dealbreaker.com/2006/04/we_report_you_deride_trump_mor.php">launched a mortgage company</a> a couple of years back it was a sure sign that the mortgage business was heading for serious trouble.  Now that he says that <a href="http://www.clusterstock.com/2008/5/the_donald_speaks_i_could_take_care_of_opec_us_in_recession_">America is doomed by $125 oil</a>, we're thinking that's a powerful contrary indicator.  Maybe the worst really is behind us?</p>

<p>(By the way, our <strike>nerds</strike> IT folks were moving around some wires this afternoon, and comments got disabled. Should be back up now.)</p>]]>
        
    </content>
</entry>

<entry>
    <title>Fake Writer&apos;s Take On Banking</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/bright_moment_nyp_james_frey_1.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46051" title="Fake Writer's Take On Banking" />
    <id>tag:dealbreaker.com,2008://10.46051</id>
    
    <published>2008-05-15T19:13:54Z</published>
    <updated>2008-05-15T21:07:31Z</updated>
    
    <summary>James Frey has a new (legitimately fictional) book out called Bright Shining Morning. At a reading last night, when asked by an audience member if he ever found it difficult to come up with material, he responded, &quot;Writer&apos;s block is...</summary>
    <author>
        <name>Bess Levin</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p><span class="mt-enclosure mt-enclosure-image" style="display: inline;"><img alt="jamesfrey.jpg" src="http://dealbreaker.com/images/thumbs/jamesfrey.jpg" width="207" height="135" class="mt-image-left" style="float: left; margin: 0 20px 20px 0;" /></span>James Frey has a new (legitimately fictional) book out called <i>Bright Shining Morning</i>.  At a reading last night, when asked by an audience member if he ever found it difficult to come up with material, he responded, "Writer's block is for chumps.  To me this is a job, like being a banker, or a teacher.  You never hear of banker's block."  </p>

<p><br />
Setting aside the notion that Frey really isn't in a position to be passing judgment on anyone, "chumps" included, it seems as though he's slightly misguided.  With regard to the argument that there's no mental wall involved in a profession that merely requires you to show up every day, one Lehman Brothers analyst told <i>Radar</i>, "Try fixing Excel spreadsheets in pitch books for 16 hours a day and then tell me there's no such thing as banker's block."  And a tweaker from Morgan Stanley offered, "I suffer from banker's block every single morning I wake up to do this job. That's why God invented Red Bull."  But we also get the feeling that Frey's under the impression that banking itself doesn't involve <em>actual</em> writer's block, which a couple professional in the field assured us it does.</p>

<p>Sayeth one VP at JPMorgan, "I'd like to see how long it would take Frey to try and write a public filing that describes the ass-rape of Bear Stearns without using profanity.  Do you have any idea how long I sat there trying to come up with an acceptable alternative?  At first I thought, okay, how about the 'non-consensual fucking of Bear Stearns," but that didn't work.  Then I tried "backdoor surprise," but that didn't cut it either.  I literally sat there for hours with nothing but that infernal cursor staring me in the face before deciding to go with "involuntary and immediate liquidity injection requirement."  Late at night, I lie awake and see visions of that cursor.  Taunting. Mocking. Making a fool of me.  So don't you dare tell me there's no writer's block in banking."</p>]]>
        <![CDATA[<p>And a very wound up UBS employee told us that he "dared" "this Frey asshole...to singlehandedly write a detailed report in the multiple voices of the audit committee, the Chairman's special subcommittee and the independent directors announcing that because we have 50 billion in losses but raised 48 billion in new capital by diluting our shareholders to hell, our 'net loss' is 2 billion... pounds. And then try to do it in the bank's corporate language, English, when your first language is fucking GERMAN.  I've been working on it since our last disclosure, i.e. several weeks and I'm not even finished.  Shit... I don't think I was supposed to say anything about this 'til next week."</p>

<p><br />
<a href="http://www.nypost.com/seven/05152008/gossip/pagesix/bright_moment_110887.htm">Bright Moment</a> [NYP]<br />
<a href="http://radaronline.com/exclusives/2008/05/james-frey-calls-bs-on-writers-block.php">James Frey Calls BS on Writer's Block</a> [Radar]</p>]]>
    </content>
</entry>

<entry>
    <title>Keep Moving The Chains!</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/keep_moving_the_chains.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46049" title="Keep Moving The Chains!" />
    <id>tag:dealbreaker.com,2008://10.46049</id>
    
    <published>2008-05-15T18:39:52Z</published>
    <updated>2008-05-15T19:02:28Z</updated>
    
    <summary>As regular readers know, we&apos;re big fans of celebrity stock picking. This afternoon&apos;s little spark of sunshine comes from the news that former Raider and Heisman Trophy winner, Tim Brown, will have a stock-picking column on at TheStreet.com. True to...</summary>
    <author>
        <name>John Carney</name>
        
    </author>
    
        <category term="Sports" />
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p><span class="mt-enclosure mt-enclosure-image" style="display: inline;"><img alt="Tim Brown.jpg" src="http://dealbreaker.com/images/thumbs/Tim%20Brown.jpg" width="109" height="119" class="mt-image-left" style="float: left; margin: 0 20px 20px 0;" /></span>As regular readers know, we're <a href="http://dealbreaker.com/2007/01/playboy_chicks_crush_legg_maso.php">big fans of celebrity stock picking</a>. This afternoon's little spark of sunshine comes from the news that former Raider and Heisman Trophy winner, Tim Brown, will have a stock-picking column on at TheStreet.com. True to form, he is picking stocks like a slightly addled sportscaster, highly impressed by a team that he thinks sounds confident going into the game. He even has a catch phrase: "Keep moving the chains!"</p>

<p>Booya, Tim. After the jump, we reveal Tim's first pick. <br />
</p>]]>
        <![CDATA[<p>Tim likes...wait for it...Microsoft! Why? Well, after saying something about the bid for Yahoo (we can't actually tell whether he liked the deal or not) he explains why Microsoft is totally going to eat Google for lunch because, well, because they totally are. </p>

<blockquote>Even before the takeover talk, Microsoft was preparing a game plan to challenge Google(GOOG - Cramer's Take - Stockpickr) in the online advertising game. Microsoft is well behind Google in this arena, but that means they have a lot of upside. Plus, Microsoft is way out ahead of Google in the display advertising market. That area should grow much quicker than search advertising, leaving Microsoft in good shape to take advantage of that trend. If you listen to Microsoft's execs, they are talking like they are the favorites in this matchup vs. Google.</blockquote>
<a href="http://www.thestreet.com/story/10416243/1/tim-brown-catch-a-score-with-microsoft.html">
Tim Brown: Catch A Score With Microsoft</a>]]>
    </content>
</entry>

<entry>
    <title>The Internet Suckers Another Old Media Company</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/the_internet_suckers_another_o.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46048" title="The Internet Suckers Another Old Media Company" />
    <id>tag:dealbreaker.com,2008://10.46048</id>
    
    <published>2008-05-15T17:52:46Z</published>
    <updated>2008-05-15T19:50:17Z</updated>
    
    <summary>This morning we were wading through the 3,000 word letter from Carl Icahn when the news flashed across our screens that CBS had agreed to buy CNET for a staggering $1.8 billion, a 45 percent premium from where the shares...</summary>
    <author>
        <name>John Carney</name>
        
    </author>
    
        <category term="Internet" />
    
        <category term="Tech" />
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p>This morning we were wading through the 3,000 word letter from Carl Icahn when the news flashed across our screens that CBS had agreed to buy CNET for a staggering $1.8 billion, a 45 percent premium from where the shares were trading before the news.  Our first thought was that this must be a very good day for the folks over at Jana Partners, Spark Capital Sandell Asset Management Corp, the hedge funds that have been agitating for changes at CNET for months. Our next thought: how the Hell can CBS justify that kind of valuation?</p>

<p>"It's like taking a street hooker to the Ritz when she'll settle for an alley," one internet insider told us. </p>

<p>That's entertaining if not very enlightening. CNET has been a struggling brand for ages. The argument of Jana Partner's was that CNET could be saved from oblivion if the management got serious about cutting costs and revving up its online ad revenue by using a third party like Google's DoubleClick.  CBS doesn't seem to be seriously considering either, according to published statements. </p>

<p>There doesn't seem to be much synergy between CBS and CNET. But Les Moonves sounds very excited about the deal because it gives CBS a "totally a great new distribution system." <a href="http://www.alleyinsider.com/2008/5/cbs_buying_cnet_for_1_8_billion">Peter Kafka has a great summary of the conference call</a> but nothing in it persuades us that this is anything but eyeball valuation, 1999-style.</p>

<p><a href="http://www.alleyinsider.com/2008/5/cbs_buying_cnet_for_1_8_billion">CBS Buying CNET For $1.8 Billion; CBS Predicts $1 Billion Interactive Revenues By 2010</a> [Alley Insider]<br />
</p>]]>
        
    </content>
</entry>

<entry>
    <title>Older Guy Declares War On Millennials</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/older_guy_declares_war_on_mill.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46046" title="Older Guy Declares War On Millennials" />
    <id>tag:dealbreaker.com,2008://10.46046</id>
    
    <published>2008-05-15T17:24:36Z</published>
    <updated>2008-05-15T21:29:37Z</updated>
    
    <summary>It seems like it was ages ago. But it was only last November that the hottest item in everyone&apos;s inbox was the story of an intern called Kevin who emailed his bosses about needing to take a day off work...</summary>
    <author>
        <name>John Carney</name>
        
    </author>
    
        <category term="Banking Culture" />
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p><img alt="kevincolvin.jpg" src="http://www.dealbreaker.com/images/entries/kevincolvin.jpg" width="200" height="266" align="left"/>It seems like it was ages ago. But it was only last November that the hottest item in everyone's inbox was <a href="http://dealbreaker.com/2007/11/anglo_irish_bank_fairy_intern.php#more">the story of an intern called Kevin</a> who emailed his bosses about needing to take a day off work in October to take care of some family business in New York City. His bosses, however, discovered a picture of him at a party in Worcester, Massachusetts, uncovering his duplicity. Worse, his boss attached the picture to a response email to him and BCC'd the entire North American staff of the bank. And, even worse, in the picture the intern--a young man named Kevin--is dressed a fairy--complete with green wings, eye makeup and a star-tipped wand. "Nice wand," the boss adds in his email.</p>

<p>Now Robert Lanham, the author of the Hipster Handbook, has revived the story in Radar because he views it as reflective of an entire generation of young Americans. Not only did Kevin deserve the humiliation, he should have been fired, Langham says.<br />
<blockquote>My lack of empathy for Kevin comes from my sense of loyalty to the generation born between the years of 1961 and 1981. Generation X. Kevin is part of the generation born between 1982 and 2002--a Millennial, formerly known as Generation Y. (They got renamed after whining too much.) They're younger. They're healthier. They got to do anal in high school. They think updating a spreadsheet while simultaneously posting to a Twitter account about the latest gossip on perezhilton.com is an essential corporate skill. And, like Kevin, they're always doing stupid shit, but rarely getting called on it.</blockquote></p>

<p>We're sure you can think of a few other dangerous Millennials. <a href="http://dealbreaker.com/aleksey_vayner/">Aleksey Vayner</a> and <a href="http://dealbreaker.com/lucy_gao/">Lucy Gao</a> spring immediately to mind.<br />
<a href="http://www.radaronline.com/features/2008/05/generation_x_millennials_facebook_kevin_colvin_baby_boomers.php"><br />
Generation Slap</a> [Radar]<br />
</p>]]>
        
    </content>
</entry>

<entry>
    <title>Reached At His Tanning Bed, Angelo Mozilo Said He Just Wanted To Know &quot;How That Broad Got Her Hands On My Mission Statement?&quot;</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/rejecting_the_arguments_of_cou.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46044" title="Reached At His Tanning Bed, Angelo Mozilo Said He Just Wanted To Know &quot;How That Broad Got Her Hands On My Mission Statement?&quot;" />
    <id>tag:dealbreaker.com,2008://10.46044</id>
    
    <published>2008-05-15T17:12:58Z</published>
    <updated>2008-05-15T21:16:10Z</updated>
    
    <summary>Rejecting the arguments of Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults, Judge Mariana R. Pfaelzer of Federal District Court in Los Angeles ruled Tuesday that she found confidential witness accounts...</summary>
    <author>
        <name>Bess Levin</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<blockquote>Rejecting the arguments of Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults, Judge Mariana R. Pfaelzer of Federal District Court in Los Angeles ruled Tuesday that she found confidential witness accounts in the shareholder complaint to be credible and that they suggested "a widespread company culture that encouraged employees to push mortgages through without regard to underwriting standards."</blockquote>

<p><br />
<a href="http://www.nytimes.com/2008/05/15/business/15countrywide.html?_r=1&dlbk&oref=slogin">Judge Says Countrywide Officers Must Face Suit by Shareholders</a> [NYT]</p>]]>
        
    </content>
</entry>

<entry>
    <title>Shocker: Bonuses Will Be Down In 2008</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/shocker_bonuses_will_be_down_i.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46038" title="Shocker: Bonuses Will Be Down In 2008" />
    <id>tag:dealbreaker.com,2008://10.46038</id>
    
    <published>2008-05-15T15:19:40Z</published>
    <updated>2008-05-15T15:25:32Z</updated>
    
    <summary>The Wall Street bonus pool will be even shallower this year, according to the most obvious report ever. As merger activity slows and banks write down billions of dollars of assets, bonuses for investment bankers and stock and bond traders...</summary>
    <author>
        <name>John Carney</name>
        
    </author>
    
        <category term="Bonuses" />
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p>The Wall Street bonus pool will be even shallower this year, according to the most obvious report ever.<br />
<blockquote><br />
As merger activity slows and banks write down billions of dollars of assets, bonuses for investment bankers and stock and bond traders could decline by at least 10 percent in 2008, while top executive bonuses could fall by as much as 35 percent, according to the report dated May 2.</p>

<p>The credit crisis will mostly affect bonuses for workers directly involved in trading and selling assets like subprime mortgage bonds, the report said.</blockquote></p>

<p>It's kind of awesome that someone got paid to write that report.</p>

<p><a href="http://www.reuters.com/article/ousiv/idUSN1331940020080513">Wall Street bonuses could slide in 2008: report</a> [Reuters]</p>]]>
        
    </content>
</entry>

<entry>
    <title>Theory: This Was Actually Intended Soley For Jimmy Cayne But They Had To Send It To Everyone So As Not To Embarass Him</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/post_22.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46030" title="Theory: This Was Actually Intended Soley For Jimmy Cayne But They Had To Send It To Everyone So As Not To Embarass Him" />
    <id>tag:dealbreaker.com,2008://10.46030</id>
    
    <published>2008-05-15T12:45:39Z</published>
    <updated>2008-05-15T14:21:33Z</updated>
    
    <summary>The (very) internal Bear memo we just received is from December and yet, we feel the message bears repeating (at regular intervals, which perhaps is the case for the original recipients, who need to be reminded about this stuff). For...</summary>
    <author>
        <name>Bess Levin</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p>The (very) internal Bear memo we just received is from December and yet, we feel the message bears repeating (at regular intervals, which perhaps is the case for the original recipients, who need to be reminded about this stuff).  For the employees who've seen this before--whether you're unsure about plans for the future or are getting ready to head over to JPMorgan--please note that the guidelines found within should probably be heeded even after you leave BSC.  For Jamie Dimon-- who clearly had no idea what he was getting himself into-- it's not too late!  You can still back out of this thing.  Or, at the very least, start making some calls to ensure that the Bear employees you've fired your own to make room for are housed in a quarantined area...like Citigroup.</p>]]>
        <![CDATA[<p><span class="mt-enclosure mt-enclosure-image"><img alt="bearmemo.JPG" src="http://dealbreaker.com/images/thumbs/bearmemo.JPG" width="475" height="572" class="mt-image-left" style="float: left; margin: 0 20px 20px 0;"/></span></p>]]>
    </content>
</entry>

<entry>
    <title>Opening Bell: 5.15.08</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/opening_bell_51508.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46032" title="Opening Bell: 5.15.08" />
    <id>tag:dealbreaker.com,2008://10.46032</id>
    
    <published>2008-05-15T11:08:20Z</published>
    <updated>2008-05-15T11:09:00Z</updated>
    
    <summary>G.E. May Sell Appliance Division (NYT) Pretty soon they&apos;re just going to be turbines, medical imaging systems, lending, water desalination plants and lightbulbs. And aircraft leasing. And a bunch of other stuff. But still, what&apos;s GE without its iconic appliances...</summary>
    <author>
        <name>Joe Weisenthal</name>
        <uri>dealbreaker.com</uri>
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p><span class="mt-enclosure mt-enclosure-image"><img alt="GEwasher.jpg" src="http://dealbreaker.com/GEwasher.jpg" width="118" height="122" class="mt-image-left" style="float: left; margin: 0 20px 20px 0;"/></span><a href="http://www.nytimes.com/2008/05/15/business/15ge.html?_r=1&ref=business&oref=slogin">G.E. May Sell Appliance Division (NYT)</a><br />
Pretty soon they're just going to be turbines, medical imaging systems, lending, water desalination plants and lightbulbs. And aircraft leasing. And a bunch of other stuff. But still, what's GE without its iconic appliances business. You know, nothing like a good GE fridge to keep the lettuce crisp. Granted, it's not the hottest business. And consumers gravitate to more tony brands these days. Word is that the company could take in $5 billion for the unit, a nice little pad of butter during this economy.</p>

<p><a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=avAKCirEVHF0&refer=home">Barclays Profit Falls After $3.3 Billion Writedown (Bloomberg)</a><br />
Another writedown to add to the tally. This time it's $3.3 billion from Barclay's -- no surprise that profit fell in the quarter. And this might not be the end of the story: They could do a raise, and there's a sense that we haven't seen the last of the writedowns. Shares dipped a couple percent on the day.</p>

<p><a href="http://feeds.felixsalmon.com/~r/felix-all/~3/290769748/art-the-last-unburst-bubble">Art: The Last Unburst Bubble (Felix Salmon)</a><br />
Felix has been all over the latest art auctions -- and it's been really enjoyable reading. This one is no exception. So just check it out.</p>

<p><a href="http://biz.yahoo.com/ap/080515/ask_reference.html?.v=5">Ask.com acquires Dictionary.com, other references (AP)</a><br />
Ask.com, the unit of IAC is adding some good old fashion words and synonyms to its business. The company is buying Lexico, which is the parent of Dictionary.com and Thesauraus.com and some other online reference material. Price was undisclosed, though it had recently tried to sell itself to Answers.com for around $100 million -- that fell through when the publicly traded Answers.com couldn't arrange financing. We're sure there's some witty line to be said about going from Answers.com to Ask.com, but it's too early.</p>]]>
        <![CDATA[<p><a href="http://biz.yahoo.com/ap/080515/ask_reference.html?.v=5">Ask.com acquires Dictionary.com, other references (AP)</a><br />
Ask.com, the unit of IAC is adding some good old fashion words and synonyms to its business. The company is buying Lexico, which is the parent of Dictionary.com and Thesaurus.com and some other online reference material. Price was undisclosed, though it had recently tried to sell itself to Answers.com for around $100 million -- that fell through when the publicly traded Answers.com couldn't arrange financing. We're sure there's some witty line to be said about going from Answers.com to Ask.com, but it's too early.</p>

<p><a href="http://online.wsj.com/article/SB121079894832992459.html?mod=hpp_us_whats_news">Edwards Endorses Obama (WSJ)</a><br />
We're glad to see he waited until the moment whereby his endorsement could have no relevance on the campaign. Obama is now trading at 91.9 on Intrade and, we're almost hesitant to say this, but he's probably undervalued. Seriously, how is there that big of a chance that he doesn't win. Still Edwards endorsement doesn't really affect it either way.</p>

<p><a href="http://feeds.feedburner.com/~r/TheBigPicture/~3/290456701/kudlow-appearan.html">Kudlow & Co. Appearance (5/14/08) (The Big Picture)</a><br />
We've taken some gentle shots at Barry Ritholtz before, but man, did he outclass'em on Kudlow last night. Going up a panel of, frankly, nutjobs, Barry was cool and logical, while the rest were, well, a bit nutty. The most ridiculous part was when they implied he was a hypocrite for owning stocks, while also thinking stocks might have further to fall. That was the point it was obvious that none of them really managed money before, or really had the slightest clue what he was talking about. At one point, Don Luskin said: "If your FusionIQ (the name of Barry's firm) ever gets to 100, short it." (jerk).</p>

<p><a href="http://feeds.feedburner.com/~r/Techcrunch/~3/290487852/">Confirmed: Comcast Bought Plaxo, Deal Closed Today (TechCrunch)</a><br />
Comcast already has a reputation for being spendthrift, or at least irrationally acquisitive. Up until recently, the cable giant wouldn't pay a dividend (it does now) and remember Disney? Yeah. Well not it's gone ahead and about Plaxo, a social networker site. Get it? No, most people won't. But at least it's not like they're buying Facebook for $15 billion or something on that order. Ultimately, sort of a minor purchase for 'em.</p>]]>
    </content>
</entry>

<entry>
    <title>Write-Offs: 05.14.08</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/writeoffs_051408.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46017" title="Write-Offs: 05.14.08" />
    <id>tag:dealbreaker.com,2008://10.46017</id>
    
    <published>2008-05-14T21:34:11Z</published>
    <updated>2008-05-14T22:12:15Z</updated>
    
    <summary> $$$ Blackstone Goes “Reservoir Dogs” [Deal Journal] $$$ Crab Hands/Nicole Kidman looking good in BX&apos;s annual report. Download the entire, glossy thing. [Blackstone] $$$ Bubble Land: The Semiotics of the BX annual report. [Epicurean Dealmaker] $$$ My Life At...</summary>
    <author>
        <name>Bess Levin</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p><span class="mt-enclosure mt-enclosure-image"><img alt="therightstuff.jpg" src="http://dealbreaker.com/images/thumbs/therightstuff.jpg" width="323" height="162" class="mt-image-center" style="text-align: center; display: block; margin: 0 auto 20px;"/></span></p>

<p><br />
<b>$$$</b> <a href="http://blogs.wsj.com/deals/2008/05/13/blackstone-goes-reservoir-dogs/">Blackstone</a> Goes “Reservoir Dogs” [Deal Journal]</p>

<p><b>$$$</b> <a href="http://files.shareholder.com/downloads/BX/308627856x0x192750/A092DA4B-3728-48F6-AA75-422A8B217704/BX_07AR_online.pdf">Crab Hands/Nicole Kidman</a> looking good in BX's annual report. Download the entire, glossy thing. [Blackstone]</p>

<p><b>$$$</b> <a href="http://epicureandealmaker.blogspot.com/2008/05/bubble-land.html">Bubble Land: The Semiotics of the BX annual report.</a> [Epicurean Dealmaker]</p>

<p><b>$$$</b> <a href="http://www.clusterstock.com/2008/5/story_of_a_bear_strearns_analyst_not_just_doing_nothing_also_playing_video_games">My Life At Bear Stearns</a>: Not Just Sitting Around Waiting To Get Fired! [Clusterstock]</p>

<p><b>$$$</b> <a href="http://www.money.co.uk/article/1000390-13-year-old-steals-dads-credit-card-to-buy-hookers.htm">13 Year Old Steals Dad's Credit Card to Buy Hookers: Someone Make Him Governor Quick!</a> [money.co.uk]</p>]]>
        
    </content>
</entry>

<entry>
    <title>RBS Locks Out Private Equity</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/rbs_locks_out_private_equity.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46014" title="RBS Locks Out Private Equity" />
    <id>tag:dealbreaker.com,2008://10.46014</id>
    
    <published>2008-05-14T19:22:39Z</published>
    <updated>2008-05-14T19:25:20Z</updated>
    
    <summary>How bad is the reputation of private equity? Months after private equity companies began to back away from deals that no longer seem promising in our credit crunched world, the Royal Bank of Scotland has told many of the biggest...</summary>
    <author>
        <name>John Carney</name>
        
    </author>
    
        <category term="Blackstone Group" />
    
        <category term="KKR" />
    
        <category term="Private Equity" />
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p>How bad is the reputation of private equity? Months after private equity companies began to back away from deals that no longer seem promising in our credit crunched world, the Royal Bank of Scotland has told many of the biggest private equity firms they aren’t welcome in the first round of the auction of the bank’s insurance business, according to the Financial Times reports. </p>

<p>Kohlberg Kravis Roberts, Blackstone and Apax Partners had reportedly planned to bid in the auction, but were told by RBS that they were being excluded. Exclusion from the auction is widely being interpreted as demonstrating a clear vote of no-confidence in the ability of private equity buyers to secure financing necessary to close acquisitions. </p>

<p><a href="http://www.ft.com/cms/s/0/8a5bde8e-2152-11dd-a0e6-000077b07658.html">RBS spurns buy-out groups</a> [Financial Times]</p>]]>
        
    </content>
</entry>

<entry>
    <title>People Moves: Anyone Need A Lawyer?</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/people_moves_anyone_need_a_law.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46009" title="People Moves: Anyone Need A Lawyer?" />
    <id>tag:dealbreaker.com,2008://10.46009</id>
    
    <published>2008-05-14T17:56:17Z</published>
    <updated>2008-05-14T18:09:57Z</updated>
    
    <summary>Supposedly, the lawyer who &quot;mistakenly&quot; included the clause about JPMorgan being responsible for Bear&apos;s losses regardless of whether or not the deal goes through is &quot;no longer with the firm,&quot; as of this morning. For the life of me, I...</summary>
    <author>
        <name>Bess Levin</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<p>Supposedly, the lawyer who "mistakenly" included the clause about JPMorgan being responsible for Bear's losses regardless of whether or not the deal goes through is "no longer with the firm," as of this morning.  For the life of me, I can't imagine why. Personally, we feel he injected a much needed dose of comic relief in that place.</p>

<p>And let me just add:</p>]]>
        <![CDATA[<p><object width="425" height="355"><param name="movie" value="http://www.youtube.com/v/0iaKVuw0Cjc&hl=en"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/0iaKVuw0Cjc&hl=en" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355"></embed></object></p>]]>
    </content>
</entry>

<entry>
    <title>Too Ridiculous To Be True And Yet...Entirely Plausible</title>
    <link rel="alternate" type="text/html" href="http://dealbreaker.com/2008/05/too_ridiculous_to_be_true_and.php" />
    <link rel="service.edit" type="application/atom+xml" href="http://dealbreaker.com/cgi-bin/mt/mt-atom.cgi/weblog/blog_id=10/entry_id=46008" title="Too Ridiculous To Be True And Yet...Entirely Plausible" />
    <id>tag:dealbreaker.com,2008://10.46008</id>
    
    <published>2008-05-14T17:21:20Z</published>
    <updated>2008-05-14T17:28:17Z</updated>
    
    <summary>At Citigroup&apos;s meeting in Manhattan in late April, a security guard removed an orange from a visitor&apos;s knapsack at the door. &quot;No fruit allowed in there. They&apos;re afraid people will throw it,&quot; the guard said, according to Crain&apos;s New York...</summary>
    <author>
        <name>Bess Levin</name>
        
    </author>
    
    <content type="html" xml:lang="en" xml:base="http://dealbreaker.com/">
        <![CDATA[<blockquote>At Citigroup's meeting in Manhattan in late April, a security guard removed an orange from a visitor's knapsack at the door. "No fruit allowed in there. They're afraid people will throw it," the guard said, according to Crain's New York Business.</blockquote>

<p><br />
<a href="http://denver.bizjournals.com/denver/stories/2008/05/05/story5.html?f=et143&b=1209960000">Fireworks expected at Centennial Bank shareholders meeting</a> [Denver Business Journal]</p>]]>
        
    </content>
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