from Counterparties:

Too big to regulate

January 8, 2014

JPMorgan has agreed to pay $2.6 billion to the Department of Justice and various victims of Bernie Madoff’s $18 billion ponzi scheme, Reuters writes. That amount includes a $1.7 billion fine for violating money laundering rules and is “the largest forfeiture a bank has ever had to pay to resolve anti-money laundering violations.” It also includes a $350 million payment to the Office of the Comptroller of Currency. The bank is also paying $218 million to settle a private class action lawsuit over Madoff, and $325 million to settle a case with the Madoff bankruptcy trustee.

from Counterparties:

Why Christmas should always be on a weekend

By Ben Walsh
January 3, 2014

Tyler Cowen thinks Christmas should always fall on a Wednesday, as it did in 2013. “The goal,” he writes tongue-in-cheek, “is to minimize non-convexities”. For Cowen personally, that means maximizing mail delivery, library access, paid vacation, traffic-free roads to optimize shopping, and trips to far-flung ethnic restaurants.

from Counterparties:

Top of the charts

December 20, 2013

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from Counterparties:

Renters get owned

By Ben Walsh
December 19, 2013

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How Blackstone made $8.5 billion from Hilton’s $6 billion increase in value

By Ben Walsh
December 16, 2013

In July 2007, Blackstone took Hilton private for $26 billion. On Monday, Hilton IPO’d at $20 a share. Using the same measure to value the company as when Blackstone acquired it, Hilton’s enterprise value is now $32 billion. That’s $6 billion above Blackstone’s takeover price.So it’s a bit confusing to read that Blackstone has an made an $8.5 billion profit on its investment in Hilton.

from Counterparties:

Marginal budgeting

By Ben Walsh
December 12, 2013

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from Counterparties:

The state of American homelessness

By Ben Walsh
December 9, 2013

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from Counterparties:

950 shades of grey

By Ben Walsh
December 5, 2013

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The IPO vacation calendar

By Ben Walsh
December 3, 2013

The Chrysler IPO won’t happen this year. There are many not-entirely-straightforward reasons, which Antony Currie details. But there’s also the relatively simple issue of time: there are only three full calendar weeks left in 2013, and the company apparently ran into issues it couldn’t resolve in short order.

from Data Dive:

The ageing of Americans’ things

By Ben Walsh
December 3, 2013

Bloomberg's Michelle Jamrisko reports that the Americans are holding onto things like appliances and furniture for longer periods of time. The average age of consumer durable goods -- a category that also includes items such as cars, electronics, and jewelry --  is 4.6 years, as tracked by the Bureau of Economic Analysis. Jamrisko notes this is the highest its been since 1962. The average age of jewelry and watches was 5.3 years, the highest since 1942.