Wall Street – Page 4

January 22, 2010February 22, 2012

Meredith Whitney Is Wrong – Part 2

People really need to stop listening to this woman. I said it back in November when she made her crazy comments then, and I say it now.

Even though I know she would love to take credit for the Wall Street panic this week, nothing could be further from the truth.

If you look at the news out of China and threats against future bank profits by the President of the United States (which she could have in no way predicted), it’s not difficult to see why so many people would feel jittery and want to sell off a few questionable stocks.

And then, today, Ms. Whitney throws gasoline onto the fire by saying President Obama’s proposed banking regulations will probably become law and “dramatically” reduce bank profits.

What? What shit is Meredith Whitney smoking to think that this bill will pass? I can even imagine President Obama and Paul Volcker secretly saying – ‘We’ll take a tough stand on the banks, but no way in hell does this pass.’

She even has the temerity to say this AFTER the Massachusetts Senatorial election this week. What’s going on here?

First of all, there is no chance this bill gets to the Congress before the mid-term elections in November and (thanks to the Supreme Court decision yesterday) with all the new money that corporations (including big banks) can spend on candidates, I suspect there will be a different make-up of the House and Senate by the time this bill does come up for a vote. And it will, most likely, be defeated – or watered down to a point that it really has no effect.

So, what is the point of Meredith Whitney speaking out with such bravado about how bad things are? Perhaps she is shorting everything in her portfolio and has discovered that she can move the markets with her statements. Perhaps she’s just a downer of a person and needs some joy in her life.

I don’t know – but it disturbs me whenever she talks.

Personally, I think President Obama was wrong to come out with such a strong statement against banks on the day Goldman Sachs reported such strong earnings. I think, in general, negativity about the economy should be released only in the Summer when people aren’t so gloomy and can handle bad news better.

Obviously, that can’t happen. And we shouldn’t “put lipstick on a pig”, as they say, if things are getting worse out there.

I just don’t believe things are getting worse. I don’t believe Meredith Whitney thinks things are getting worse, but, for whatever reason, she wants you to believe they are.

Jill Kennedy – OnMedea

November 17, 2009April 22, 2011

Meredith Whitney Is Wrong

Alley Insider, allthingsd, Ari Emanuel, Benjamin Swinburne, BMO Capital, Bulgarian Proverb, CNBC, Credit Suisse, David Blaine, Deadline Hollywood, Dom Perignon, Earnings Report, Erin Burnett, Femme Aux Bras Croises, Glenn Vogelman, Goldman Sachs, Greycroft Partners, Henry Blodget, Ian Sigalow, Jeff Weiner, Jeff Zucker, Jeffrey Logsdon, Jessica Reif Cohen, Jill Kennedy, Khan Manka, Lehman Brothers, Manka Bros., Maria Bartiromo, Meredith Whitney, Meredith Whitney Advisory Group, Merrill Lynch, Morgan Stanley, Nikki Finke, OnMedea, Oppenheimer & Co., Picasso, Sarah Michelle Gellar, Silicon Alley Insider, Spencer Wang, Terry Semel, Uri Geller, Vijay Jayant, World's Largest Media Company, Yahoo!

Meredith Whitney has been right in the past.

Meredith Whitney has been wrong in the past.

Meredith Whitney will be right about some things in the future.

And Meredith Whitney will be very wrong about some things the future.

The point?

Meredith Whitney doesn’t know shit about the future. Meredith Whitney doesn’t know shit about what the world will be like in the future. David Blaine doesn’t know what the world will be like in the future. Or Uri Geller or Sarah Michelle Gellar. NOBODY knows about the future!

When Meredith Whitney goes on CNBC with the Money Honey (Maria Bartiromo) and throws bombs while yelling fire at a stock market and overall economy that is struggling, what good does it do?

I’m not saying she should pull her punches if she seriously thinks a double-dip recession is inevitable. I’m just saying… she has no idea if a double-dip recession is inevitable. Nobody does. Much like the pundits who say the market is going to 15,000.

I understand Meredith Whitney has to be salacious to back up that rebel, bad girl photo on the front of the website (and above) for her company. “What will that renegade MW say this time? Get ready to sell sell sell!”

But now, Meredith, you are, once again, in the unenviable position of rooting against the American economy – desperately hoping to be right to uphold your “reputation” and secretly wishing the worst so that you can say on CNBC in the spring “Well, I called it last November, Maria.”

Even though you know… you don’t really know.

I don’t care about your precious math and underlying fundamentals, Meredith, and all the bullshit numbers you’ll throw out to back up whatever you’re trying to say – just admit that nobody knows nothing.

Not even a woman with a zebra on her wall.

Jill Kennedy – OnMedea

October 1, 2009April 29, 2011

Comcast Acquires NBC Universal?

“COMCAST DENIES A DEAL IS DONE, BUT DOES NOT DENY TALKS.” Are you really fucking kidding me, Sharon?

So this is the way it’s going to be? Semantics.

Everyone in the world with a blog could report anything (anything) and find a way to call it a true story.

My five-year-old daughter could tell me she knows where Iran is hiding a nuclear bomb and I could report: “A trusted source tells me that Iran is hiding a nuclear bomb in a closet in La Canada.” I do consider my daughter to be “trusted”. She’s the “source”. Iran would come out immediately and call the story “inaccurate” – but I wouldn’t be a liar.

I’m stunned that nobody calls bullshit on a story that mentions quite a few details about a deal that is far from complete.

Yet nobody calls Sharon Waxman at TheWrap.com a liar. Semantics. Or… I suppose, because nobody really cares. TheWrap.com got everything it needed from this story. National exposure. Who cares if it’s “inaccurate”? That’s not the point.

Comcast and GE get everything they want out of the story – a test of the market to see what the rumor, if true, would do to their stock prices.

Even so, it’s absolutely ridiculous.

“Comcast is in talks to buy the entertainment giant NBC Universal from General Electric… ACCORDING TO KNOWLEDGEABLE INDIVIDUALS.” WTF does that mean? I consider myself to be a “knowledgeable individual” – does that mean I could have been a source even if I didn’t know about the meeting?

“Deal points were hammered out…EXECUTIVES FAMILIAR WITH THE MEETING SAID.”

Who are these “Knowledgeable Individuals” and “Executives Familiar With The Meeting” – and why the fuck are they talking to TheWrap.com?

Are “Sources” protected in online journalism? What kind of a crazy-fucking world is it when Nikki Finke is the reserved one in a big entertainment business story like this? Maybe it’s because she didn’t break the story and would love to see it discredited. Actually, not “maybe” – I’m sure she wants to see it discredited.

The biggest surprise of all is that nobody is calling bullshit or lies lies lies. In today’s journalistic environment, that means the story is, most likely, true. And if I had the chance and “sources” to break this story, I would have done the same thing.

Jill Kennedy – OnMedea

September 15, 2009April 29, 2011

My Ex-Asshole Boss Richard Fuld Plays Tennis With Khan Manka!

Ari Emanuel, Bellini, Credit Suisse, Deadline Hollywood, Dom Perignon, Erin Burnett, Femme Aux Bras Croises, Glenn Vogelman, Goldman Sachs, Greycroft Partners, Harry's Bar, Henry Blodget, Ian Sigalow, Jeff Weiner, Jeffrey Logsdon, Jessica Reif Cohen, Jill Kennedy, Khan Manka, Lehman Brothers, Los Angeles Country Club, Manka Bros., Meredith Whitney, Merrill Lynch, Morgan Stanley, Nikki Finke, OnMedea, Oppenheimer & Co., Picasso, Richard "The Gorilla" Fuld, Richard Fuld, Riviera Country Club, Sharon Waxman, Silicon Alley Insider, Spencer Wang, Steve Jobs, Steven Spielberg, Story of Fuld, Street Sweetie, Terry Semel, thewrap.com, Vijay Jayant, World's Largest Media Company

Holy shit! I can’t believe it. It’s like a dagger right into the breast!

My new employer (Khan Manka, Jr.) PLAYED TENNIS YESTERDAY with my old boss (the asshole Richard Fuld of Lehman Brothers).

I feel so dirty. I feel so ashamed.

What the fuck, Khan! He’s an old friend?!?!?!

I may have to rethink my future here at Manka Bros.

Jill Kennedy – OnMedea

August 31, 2009April 29, 2011

Disney Buys Marvel!

Alan Fine, Ari Emanuel, Bob Iger, David Maisel, DC Comics, Deadline Hollywood, Disney, Isaac Perlmutter, Jeff Bewkes, Jeff Weiner, Jill Kennedy, John Turitzin, Kenneth P. West, Khan Manka, Manka Bros., Marvel, Marvel Comics, Nikki Finke, OnMedea, Sharon Waxman, Simon Philips, Terry Semel, Walt Disney Company

My spidey senses nailed this one. Friday I said it would happen – and now it is so!

My colleage Nikki Finke loves to say “TOLDJA” – but she didn’t get this one!

In a deal that shocked everyone in the industry except me, Disney today announced it will purchase Marvel Entertainment – the total value about $50/share or $4 billion for company.

Here’s the press release:

DISNEY TO ACQUIRE MARVEL ENTERTAINMENT

Worldwide leader in family entertainment agrees to acquire Marvel and its portfolio of over 5,000 characters

Acquisition highlights Disney’s strategic focus on quality branded content, technological innovation and international expansion to build long-term shareholder value

Burbank, CA and New York, NY, August 31, 2009 –Building on its strategy of delivering quality branded content to people around the world, The Walt Disney Company (NYSE:DIS) has agreed to acquire Marvel Entertainment, Inc. (NYSE:MVL) in a stock and cash transaction, the companies announced today.

Under the terms of the agreement and based on the closing price of Disney on August 28, 2009, Marvel shareholders would receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own. At closing, the amount of cash and stock will be adjusted if necessary so that the total value of the Disney stock issued as merger consideration based on its trading value at that time is not less than 40% of the total merger consideration.

Based on the closing price of Disney stock on Friday, August 28, the transaction value is $50 per Marvel share or approximately $4 billion.

“This transaction combines Marvel’s strong global brand and world-renowned library of characters including Iron Man, Spider-Man, X-Men, Captain America, Fantastic Four and Thor with Disney’s creative skills, unparalleled global portfolio of entertainment properties, and a business structure that maximizes the value of creative properties across multiple platforms and territories,” said Robert A. Iger, President and Chief Executive Officer of The Walt Disney Company. “Ike Perlmutter and his team have done an impressive job of nurturing these properties and have created significant value. We are pleased to bring this talent and these great assets to Disney.”

“We believe that adding Marvel to Disney’s unique portfolio of brands provides significant opportunities for long-term growth and value creation,” Iger said.

“Disney is the perfect home for Marvel’s fantastic library of characters given its proven ability to expand content creation and licensing businesses,” said Ike Perlmutter, Marvel’s Chief Executive Officer. “This is an unparalleled opportunity for Marvel to build upon its vibrant brand and character properties by accessing Disney’s tremendous global organization and infrastructure around the world.”

Under the deal, Disney will acquire ownership of Marvel including its more than 5,000 Marvel characters. Mr. Perlmutter will oversee the Marvel properties, and will work directly with Disney’s global lines of business to build and further integrate Marvel’s properties.

The Boards of Directors of Disney and Marvel have each approved the transaction, which is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, certain non-United States merger control regulations, effectiveness of a registration statement with respect to Disney shares issued in the transaction and other customary closing conditions. The agreement will require the approval of Marvel shareholders. Marvel was advised on the transaction by BofA Merrill Lynch.

Investor Conference Call:

An investor conference call will take place at approximately 10:15 a.m. EDT / 7:15 a.m. PDT today, August 31, 2009. To listen to the Webcast, turn your browser to http://corporate.disney.go.com/investors/presentations.html or dial in domestically at 800-260-8140 or internationally at 617-614-3672. For both dial-in numbers, the participant pass code is 51214527.

The discussion will be available via replay on the Disney investors website through September 14, 2009 at 7:00 PM EDT/4:00 PM PDT.

About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, interactive media and consumer products. Disney is a Dow 30 company with revenues of nearly $38 billion in its most recent fiscal year.

About Marvel Entertainment, Inc.
Marvel Entertainment, Inc. is one of the world’s most prominent character-based entertainment companies, built on a library of over 5,000 characters featured in a variety of media over seventy years. Marvel utilizes its character franchises in licensing, entertainment (via Marvel Studios and Marvel Animation) and publishing (via Marvel Comics).

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I think it’s a great deal for Disney. Great for owners of IP in general. It puts a premium on content creation and content ownership. Bully for you, Bob Iger! Electronic Arts is next and then you guys are all set.

Jill Kennedy – OnMedea

August 28, 2009April 29, 2011

On Monday, Disney Will Announce They Are Buying Marvel

MARK MY WORDS – ONMEDEA-PHILES! It’s going to happen.

Send me an email on Monday morning that says:

“Jill,
You were right!”

Jill Kennedy – OnMedea

May 12, 2009May 12, 2011

All The President’s Men – Washington Post Budget Meeting Scene

1000Memories, Accel Partners, Amish Jani, Andrew Hyde, Andrew Mason, Andy Sack, Ashton Kutcher, Aydin Senkut, Ben Silverman, Bin 38, Bob Davis, Bob Iger, Brad Feld, Brian Kempner, Chris Hughes, Christopher Steiner, Dan Nova, Daniel Gaisin, Danielle Hootnick, Dave McClure, David Brown, David Cohen, David Kirkpatrick, Demi Moore, Demo Day, Diego Gutierrez, Dustin Moskovitz, Edmond Yue, Eduardo Saverin, Emmett Shear, Eric Lefkofsky, Fergal Mullen, FirstMark Capital, Founders At Work, Francis Duong, Gaurav Tewari, Gerald Levin, Gerald Poch, Greg McAdoo, Greylock Partners, Harjeet Taggar, HBO, Highland Capital Partners, Irena Goldenberg, Jared Polis, Jeff Bewkes, Jeff Weiner, Jeff Zucker, Jessica Livingston, Jessica Mah, Jill Kennedy, Joanna Shields, John Hsin, John Palfrey, Jon Miller, Jr., Justin Kan, Justin.tv, Khan Manka, Larry Wilson, Laurence Albukerk, Lawrence Lenihan, Li Ka-shing, Loopt, Manish Patel, Manka Bros., Mark Cuban, Mark Zuckerberg, Matt Cohler, Matt Nichols, Michael Arrington, Michael Gaiss, MySpace, Nick Marsh, Nicolas Carlson, OnMedea, Owen Van Natta, Paul Buchheit, Paul Cianciolo, Paul Graham, Peter Bell, Peter Thiel, Reddit, Richard de Silva, Richard Heitzman, Rick Heitzmann, Robert Morris, Ron Conway, Rudy Adler, Rupert Murdoch, Sand Hill Road, Scott Shane, Scott Switzer, Sequoia Capital, Sergey Nazarov, Shabbir Dahod, Shawn Broderick, Sheryl Sandberg, Sterling Phillips, Sumner Redstone, Tapzilla, TechCrunch, TechStars, TextPayMe, Toy Story 3, Trevor Blackwell, Y Combinator, google, Eric Schmidt, Tina Brown, The Daily Beast, Barry Diller, Dan Lyons, Google Smear campaign, Burson-Marsteller, Chris Soghoian, Jim Goldman, John Mercurio,

Here is a companion to “All The Facebook’s Men” – the actual scene from the original screenplay of “All The President’s Men”

INT. WASHINGTON POST – CONFERENCE ROOM

NATIONAL EDITOR: –let me tell what happened when I was having lunch today at the Sans Souci–

ROSENFLED: –correction–when you were drinking your lunch at the bar of the Sans Souci–

NATIONAL EDITOR: –this White House guy, a good one, a pro, came up and asked what is this Watergate compulsion with you guys and I said, well, we think it’s important and he said, if it’s so goddamn important, who the hell are Woodward and Bernstein?

ROSENFELD: Ask him what he’s really saying– he means take the story away from Woodstein and give it to his people at the National Desk–

NATIONAL EDITOR: –well, I’ve got some pretty experienced fellas sitting around, wouldn’t you say so?

ROSENFELD: Absolutely. And that’s all they do, sit sit sit – every once in a while, they call up a Senator, some reporting–

NATIONAL EDITOR: –well, what if your boys get it wrong?

BRADLEE: (after a beat) Then it’s our asses, isn’t it?

SIMONS: (indicates the meeting is over) And we’ll all have to go to work for a living.

As the men rise and head for the door, the FOREIGN EDITOR moves toward BRADLEE and SIMONS who remain seated as before.

FOREIGN EDITOR: I don’t think either Metropolitan or National should cover the story.

Bradlee and Simons look at him.

FOREIGN EDITOR (CONT’D): I don’t think we should cover the story, period.

BRADLEE: Go on.

FOREIGN EDITOR: It’s not that we’re using unnamed sources that bothers me, or that everything we print the White House denies, or that almost no other papers are reprinting our stuff.

SIMONS: What then?

FOREIGN EDITOR: I don’t believe the goddamn story, Howard, it doesn’t make sense.

BRADLEE: It will, it just hasn’t bottomed out yet, give it time.

FOREIGN EDITOR: Ben, Jesus, there are over two thousand reporters in this town, are there five on Watergate? Where did we suddenly get all this wisdom?

Bradlee and Simons say nothing. They respect this guy.

FOREIGN EDITOR: Look – why would the Republicans do it? My God, McGovern is self-destructing before our eyes — just like Muskie did, Humphrey, the bunch of ’em. Why would the burglars have put the tape around the door instead of up and down unless they wanted to get caught? Why did they take a walkie-talkie and then turn it off, unless they wanted to get caught? Why would they use McCord–the only direct contact to the Republicans?

BRADLEE: You saying the Democrats bugged themselves?

FOREIGN EDITOR: The FBI thinks it’s possible–the Democrats need a campaign issue, corruption’s always a good one. Get off the story, Ben — or put some people on McGovern’s finances; fair is fair, even if our business.

He leaves.

Jill Kennedy – OnMedea