FOXBiz signs Charlie Gasparino?

Charlie rumoured to be leaving CNBC for FOXBiz…our previous posts on Charlie and the CNBC crew here and some video highlights of Charlie/assorted other CNBC hosts here

NYPost:

Fox Business Network is near a deal to steal Charlie Gasparino away from rival CNBC.

The famously feisty Wall Street reporter has officially departed from CNBC after being largely absent for several weeks, and is expected to be announced as the latest hire by Fox Business before this week is out.

Gasparino did not respond to an e-mail seeking comment.

But a representative for CNBC confirmed his departure, saying, “We thank Charlie for all his quality contributions and wish him the best.”

A Fox Business representative further confirmed that the network is in talks with Gasparino. News of Gasparino’s leaving CNBC to join Fox Business was first reported by the Web site TVNewser. (Fox Business, like The Post, is owned by News Corp.)

Gasparino’s would mark the third high-profile hire by Fox Business in the last few months, following the luring of Don Imus and John Stossel to the network. Though he lacks the national profile of Imus or Stossel, Gasparino is one of the most recognizable faces in television business news, and his joining Fox Business will be a major coup for the nascent network….

February 16, 2010. Tags: , , , . Celebrities, Entertainment, Finance, Politics, Popular Culture, Wall St. Comments off.

Update: CNBC reports Lewis to step down by end of year; Cuomo/BofA Smackdown: It’s On! (again)

Update 09/30: Charlie Gasparino is reporting that Ken Lewis has been pushed out (the stmt says he stepped down but I call BS)!! This is HUGE! WOTS was he had TOTAL BACKING OF THE BOARD! Recall BofA is centred in Charlotte, NC far from the Wall St shenanigans but Lewis got sucked into the ‘eeeevil banker’ canard PLUS the added bonus of ‘hide the bonuses’ with Thain. I for one would never want Andy Cuomo on my trail if I had a blessed thing to hide!

Vodpod videos no longer available.

(Reminder FD- MiM are shareholders in both BofA and were MER shareholders as well pre merger)

CNBC:

Bank of America’s CEO Ken Lewis, the embattled head of the nation’s biggest bank, told the board he plans to step down by the end of the year.

Lewis wasn’t asked to step down and the decision was not the result of any regulatory action, sources told CNBC. No successor has been named yet….

Original post after the break:

(more…)

September 16, 2009. Tags: , , , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Wall St. Comments off.

Update: CIT Group files bankruptcy; No Government aid for CIT….Thursday Market Mover: Paulson on the Hill…

Update: 11/2/09:  Bad, sad news, CIT Group went belly-up this weekend despite the 2B taxpayer infusion and the Carl Icahn offer. Bad news for small business. But it is an attempt to dump the debt and live on, so maybe it will live to fight another day.

WSJ:

CIT Group Inc. filed for bankruptcy protection Sunday, in a final attempt to restructure and keep the doors open at the century-old commercial lender.

Now, the lender to nearly a million small and midsize businesses must maintain its customer base as it tries to rehabilitate under Chapter 11 protection. Most financial firms sell off assets or liquidate in bankruptcy amid fears that customers will draw down credit lines and spark a run on the bank.

But CIT garnered support from about 90% of voting debt holders for a prepackaged reorganization plan that could allow the lender to speed through Chapter 11 and emerge with a new business model by year’s end. Under the plan, bondholders will exchange their debt for new debt that matures later, as well as nearly all the equity in a reorganized CIT.

The bankruptcy stay would eliminate some $10 billion in debt from the lender’s balance sheet, the company said. CIT has been weighed down by more than $30 billion in bond debt.

A $2.3 billion taxpayer bailout extended to CIT late last year under the Bush administration will be wiped out in the bankruptcy. Common shareholders will be wiped out, too.

The plan is among the first attempts to restructure a financial firm in bankruptcy court and have it emerge relatively intact. The board approved CIT’s decision to seek Chapter 11 protection in a meeting Sunday. “The board appreciated that this is a [historic] sort of filing,” said a person close to the lender. “It is clearly unprecedented.”…

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Charlie Gasparino is reporting on CNBC’s Kudlow that Sheila (Bair of FDIC) brought the hammer down and drew the line in the sand saying NO MORE BAILOUTS…shxt it would have to be on small business that the money train dried up eh?

Well, we love Sheila here at MiM (we wanted her or Jamie Dimon of JPMC for Treasury)and Timmeh was saying from Saudia Arabia that he was confident they would find a way to do the bailout, so we enjoy it when his toes are stepped on, bitter and petty that’s us today fer shure, BWAAAAHAAAA.

Hope Sheila’s foot met Timmeh’s axx on this one, FDIC should have the too big to fail wipeout authority IMO not the Fed and for Gawds sake not the Treasury….

CNBC on imminent CIT bankruptcy following FDIC and Treasury decision not to bailout…

CIT Group, a major lender to small- and mid-sized U.S. businesses, said on Wednesday that talks with the government to bail out the company had ended, a development that could make bankruptcy likely.

…”Discussions with government agencies have ceased,” the New York-based company said in a statement. “There is no appreciable likelihood of additional government support being provided over the near term.”

The announcement came after last-ditch talks in which Treasury Department had been concerned about a worsening liquidity crunch at CIT over the last few days, and that government aid would not put the lender on a path to recovery….

Tomorrow BIG NEWS will be HANK PAULSON testifying on Capitol Hill about the Merrill BofA shenanigans, should be lots of fun. Hanks is the man who handed free market capitalism over to the government and then retired with hundreds of thousands of Golden Slacks shares…..Hank Hank Hank, when he sees whatis happening now how does he feel? He opened this door and TOTUS swagga’d through it….

Our MANY posts on Hank, Timmeh, AIG, Merrill, BofA, CITIBANK, Sheila, are too numerous to link…

071025_paulson_0

Smashing Pumpins fan made video with footage of Tours in France, courtesy of buissonland

July 15, 2009. Tags: , , , , , , , , , , , , . FDIC, Finance, Music, Obama Administration, Politics. 1 comment.

Breaking: TARP Repayment by Banks…Teh Roolz…

Steve Liesman breaking it on CNBC now..Charlie Gasparino has been calling TARP The Roach Motel..

FED: Supervisors now having discussions with several banks to repay TARP

Supervisors are requesting supplemental information for TARP repayment (WTH do they need after stress tests!)

No TARP repayment announcements expected until after June 8th

Supervisor will make recommendations on TARP repayment to the Treasury in batches (so no bank stands alone)

TARP repayment recommendations will be made to Treasury on monthly basis

Source: Treasury to announce process for auctioning TARP warrants in next several days

Treasury plans to spread out auction of warrants over several months

TEH ROOLZ TO REPAY TARP:

1. After repayment, still have to be able to pass stress test

2. Issue unguaranteed debt (no FDIC backup for you!)

3. Demonstrate ability to self-fund in the market (raising private capital)

4. Approval of supervisor

Dilution from repaying TARP: (Gov’t shares controlled by warrants as % of shares outstanding):

JPM 2.35%

Morgan Stanley 5.22%  (OUCH!)

Golden Slacks 2.42%

May 19, 2009. Tags: , , , , , , , , , . Economy, FDIC, Finance, TARP, Uncategorized, Wall St. Comments off.

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