Wall Streeter Explains Why No One's Donating Money: "Obama Simply Doesn't Like Rich People"


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Obama and his top lieutenants are working hard to win back Wall Streeters to their side after a couple of years of tension in the wake of Dodd-Frank.

Apparently financiers are still bitter about the banker-bashing then went on during the Fin-Reg debate. 

Another less obvious reason why there's tension, according to what one Wall Streeter told Ben White, is that "Obama is nothing like former President Bill Clinton and simply doesn't like rich people, who in turn don't like him very much." That source said "the money would ultimately be there but would flow much more evenly to the GOP nominee (assuming it's not a tea party candidate) than it did in '08."

Remember, Obama reaped millions in donations from prominent hedge fund managers in 2008; Steve Cohen; Dan Loeb; Cliff Asness -- they loved him. But the 2010 election cycle showed a massive swing to the right for the hedge fund crew. Those previously loyal investors have abandoned the Democrats for the GOP.

The President dispatched campaign manager Jim Messina to New York to speak with Wall Street executives, including Marc Lasry -- a longtime bundler for the Democrats.

He's also been using chief of staff Bill Daley, a former JP Morgan chief, to reach "out to Wall Street executives about policy issues, donors," according to the NYT.

Before he announced his re-election bid back, Obama called about 24 Wall Streets honchos to Washington, including Eric Mindich, Paul Tudor Jones, Jamie Dinan and Glen Dubin.  And Obama will be in town himself this month to meet with banking, private equity and hedge fund top brass at the Upper East Side restaurant, Daniel.

But apparently the response to his offensive has been lackluster, to say the least.

According to Ben White at Morning Money, who spoke to several senior Wall Street executives about Obama's blitz,

While campaign manager Jim Messina has been working hard to mend fences, there is still limited enthusiasm beyond the usual list of bundlers such as Blair Effron, Robert Wolf, Orin Kramer and Marc Lasry. Beyond the "low hanging fruit," as one executive put it, the money is harder to come by. One executive said he did not believe next week's $38K per head event at Daniel had sold out, though another said that may have changed in the last few days. ...

Now meet Obama's best friends on Wall Street >

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Source: http://feedproxy.google.com/~r/businessinsider/~3/RDfRLoTFJ50/obama-wall-street-donors-fundraising-issues-difficulties-2011-6

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Is It Possible to Get a Loan After Declaring Bankruptcy?

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Being authorized for loans after bankruptcy might be challenging but it's achievable. In this article, we will check out some methods that one can go about obtaining loans after filing bankruptcy. Regardless if you are obtaining a car loan package, home loan or personal bank loan, one particular main component that can get you qualified will be your existing earnings.

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Euro-Spat, Manufacturing Weakness Boost Bonds? Allure

Government bond prices accelerated midweek as investors not only reversed handsome gains made a day earlier, but also drove equity benchmarks to their weakest since the middle of March.

Source: http://blogs.forbes.com/greatspeculations/2011/06/15/euro-spat-manufacturing-weakness-boost-bonds-allure/

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Why the Street Should Love MIPS Technologies' Earnings

Although business headlines still tout earnings numbers, many investors have moved past net earnings as a measurement of a company's economic output. That's because earnings are very often less trustworthy than cash flow, since earnings are more open to manipulation based on dubious judgment calls.

Earnings' unreliability is one of the reasons Foolish investors often flip straight past the income statement to check the cash-flow statement. In general, by taking a close look at the cash moving in and out of the business, you can better understand whether the last batch of earnings brought money into the company or merely disguised a cash gusher with a pretty headline.

Calling all cash flows
When you're trying to buy the market's best stocks, it's worth checking up on your companies' free cash flow (FCF) once a quarter or so, to see whether it bears any relationship to the net income in the headlines. That's what we do with this series. Today, we're checking in on MIPS Technologies (Nasdaq: MIPS  ) , whose recent revenue and earnings are plotted below.

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Source: Capital IQ, a division of Standard & Poor's. Data is current as of last fully reported fiscal quarter. Dollar values in millions. FCF = free cash flow. FY = fiscal year. TTM = trailing 12 months.

Over the past 12 months, MIPS Technologies generated $29.7 million cash while it booked net income of $22.9 million. That means it turned 33.8% of its revenue into FCF. That sounds pretty impressive. But since a single-company snapshot doesn't offer much context, it always pays to compare that figure with those of sector and industry peers and competitors, to see how your company stacks up.

Source: Capital IQ, a division of Standard & Poor's. Data is current as of last fully reported fiscal quarter. Dollar values in millions. FCF = free cash flow. TTM = trailing 12 months.

All cash is not equal
Unfortunately, the cash-flow statement isn't immune from nonsense, either. That's why it pays to take a close look at the components of cash flow from operations, to make sure that the cash flows are of high quality. What does that mean? To me, it means they need to be real and replicable in the upcoming quarters, rather than being offset by continual cash outflows that don't appear on the income statement, such as major capital expenditures.

For instance, cash flow based on cash net income and adjustments for non-cash income-statement expenses, like depreciation, is generally favorable. An increase in cash flow based on stiffing your suppliers (by increasing accounts payable for the short term) or shortchanging Uncle Sam on taxes will come back to bite investors later. The same goes for decreasing accounts receivable; it's good to see, but it's ordinary in recessionary times, and you can increase collections only so much. Finally, adding stock-based compensation expenses back to cash flows is questionable when a company hands out a lot of equity to employees and uses cash in later periods to buy back those shares.

So how does the cash flow at MIPS Technologies look? Take a peek at the following chart, which flags questionable cash-flow sources with a red bar.

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Source: Capital IQ, a division of Standard & Poor's. Data is current as of last fully reported fiscal quarter. Dollar values in millions. TTM = trailing 12 months.

When I say "questionable cash-flow sources," I mean items such as changes in taxes payable, tax benefits from stock options, and asset sales, among others. That's not to say that companies booking these as sources of cash flow are weak, or are engaging in any sort of wrongdoing, or that everything that comes up questionable in my graph is automatically bad news. But whenever a company is getting more than, say, 10% of its cash from operations from these dubious sources, investors ought to make sure to refer to the filings and dig in.

With 14.5% of MIPS Technologies' operating cash flow coming from questionable sources, investors should take a closer look at the underlying numbers. Within the questionable cash-flow figure plotted in the TTM period above, stock-based compensation and related tax benefits provided the biggest boost, at 14.5% of cash flow from operations. Overall, the biggest drag on FCF came from capital expenditures, which consumed 3.8% of cash from operations.

A Foolish final thought
Most investors don't keep tabs on their companies' cash flow. I think that's a mistake. If you take the time to read past the headlines and crack a filing now and then, you're in a much better position to spot potential trouble early. Better yet, you'll improve your odds of finding the underappreciated home-run stocks that provide the market's best returns.

We can help you keep tabs on your companies with My Watchlist, our free, personalized stock-tracking service.

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Source: http://feeds.fool.com/~r/usmf/foolwatch/~3/lckBYTqVrs8/why-the-street-should-love-mips-technologies-earni.aspx

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Greeks Rage Against Austerity While U.S. Treasury Sells More Paper To China

Cops in Athens unloaded tear gas on protesters who tried to surround the Parliament building. The vain attempt to keep members from gathering to vote on more 'austerity measures' failed. Austerity measures are a condition of the next euro zone bailout.

Source: http://blogs.forbes.com/greatspeculations/2011/06/15/greeks-rage-against-austerity-while-u-s-treasury-sells-more-paper-to-china/

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Exxon Exploration Spending Pays Off With Major Gulf Find

Exxon Mobil recently announced two major oil discoveries and a gas discovery as a result of its deepwater exploration operations in the Gulf of Mexico. [1] The company claims that this is one of the largest discoveries in the region over the last decade and would add more than 700 million barrels of recoverable oil [...]

Source: http://blogs.forbes.com/greatspeculations/2011/06/15/exxon-exploration-spending-pays-off-with-major-gulf-find/

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'Nerd Do Well' Simon Pegg Puts the Funny in Money

Credit Counseling - An Effective Debt Relief Option

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Millions of Americans are now facing debt problems. There are several debt relief options available, such as credit counseling, debt negotiation/debt settlement, debt relief loan, bankruptcy and several other debt relief options.

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