Counterparties

By Felix Salmon
January 20, 2010
Citi

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Have you ever wondered what happens when you put lightly-sparkling box wine in the microwave? — YouTube

The iVictrola — YouTube

Barney Frank rolls over and plays dead — Spectator

More than you ever wanted to know about stray dogs in Moscow — FT

Elizabeth Warren asks us to call and email the Senate Banking Committee to save the CFPA — New Deal 2.0

Offline book “lending” costs U.S. publishers nearly $1 trillion — Hellman

Hubris in Haiti: Wyclef Jean’s History of Overselling Yele’s Ability to Help — Gawker

Roddy Boyd fights back at Patrick Byrne — TBM

The old GM, like AIG, is trading at puzzling levels — FT

Has SocGen lost $2 billion on TCW? — Reuters

Why a NYT paywall is a bad idea — Buzzmachine

NY financiers to reap $64 bln in bonuses in 2010 — Reuters

The NYSE(!) says I’m wrong re Haiti, but agrees with my central point about earmarks vs unrestricted funds — NYSE

El-Erian is right: the bank tax is perfectly defensible, but doesn’t address core issues. (Not that it’s meant to.) — FT

David Carr with a glowing first review of Sarah Ellison’s WSJ “mother of all tick-tocks” — NYT

How do I know Citi’s results are bad? The headline leads with a non-GAAP metric I’ve never heard of, “managed revenues” — Citi

I don’t think this slideshow is the Bloomberg Way — CJR

One comment

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JPM sometimes uses “managed revenues” too. As far as I can tell it means “made-up non-GAAP revenues”. It’s fine with me if you want to use non-GAAP numbers for your own information, or if you want to lobby for GAAP improvements, or even if you want to disclose supplemental information and explain how you derived it. But this line is a particular example of how if you read most large bank disclosures you will have almost no idea how much money they made or how they made it. So it goes.

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