From Bloomberg:

Seatown Holdings International will employ a multistrategy to invest in assets from stocks to bonds, targeting absolute returns, the people said, asking not to be identified because the information is private.

Charles Ong, chief strategist at Temasek, is the chief executive officer, the people said. Nasser Ahmad, co-founder of New York-based DiMaio Ahmad Capital LLC, a hedge-fund firm specializing in credit products, is the co-chief executive officer, they said.

The size of the hedge fund may be $3 billion, AsianInvestor reported on its Web Site earlier today. Temasek spokesman Jeffrey Fang declined to comment.

Sounds like they are setting up a prop desk. Word on the street is that they will still pay their people very little. Also given Temasek’s traditional top down approach, I wonder how they are ever going to get a research edge when they have a high propensity to ignore the opinions of junior people.

It also sounds like Ho Ching finally got her margin account size increased ; )

Let’s look at the principles:

Charles Ong – chief strategist at Temasek, an ex Malaysian. Former head of Lazard and Deutsche SEA IB. 41, a very young high flyer, but comparatively an underachiever compared to his brother Richard, who was promoted to head of Goldman China. He’s also the man who did the Shin Corp deal, sending Thailand into its endless coup phase.

From China Economic Review:

Now we would like to bring your attention to the curious case of Richard Ong of Goldman Sachs. Ong, a Malaysian Chinese, was not allowed his promotion to head Goldman’s Beijing joint venture, Goldman Sachs Gao Hua Securities, because he failed a government mandated Chinese-language proficiency exam.

That seems odd. Ong was co-head of investment banking in Asia and headed Goldman’s Singapore office before moving to Beijing. He was clearly well-qualified, and, at the age of 42, also on a rapid ascent up the ranks. Goldman is supposed to be the world’s most profitable investment bank, and enjoys special status in China, since it’s one of only two foreign brokerages with management control over its JVs here (the other is UBS). According to the FT, many exemptions have been given in the past to foreign executives whose Chinese wasn’t up to scratch.

..

But can we glean a clue by examining Richard Ong’s resume? According to the FT again, Ong was “instrumental” in Singapore government investment vehicle Temasek’s purchase of ousted Thai PM Thaksin Shinawatra’s Shin Corp last year. But just how instrumental was he? The Nation, a Thai paper, noted that Richard’s brother, Charles Ong, is Temasek’s head of overseas investment strategy and “right-hand man” to Temasek chief Ho Ching. According to Goldman’s website, its Singapore office counts Temasek as a “key client”.

So Charlie is a card carrying member of the Singapore elite oligarchy.

Nasser Ahmad

Nasser Ahmad is the Chief Investment Officer and Manager of DiMaio Ahmad Capital, an investment manager with its headquarters in New York.

Prior to co-founding DiMaio Ahmad Capital in 2005, Mr. Ahmad was a Managing Director of Credit Suisse Capital and the Chief Investment Officer for the Diversified Credit Hedge Fund Group.  Mr. Ahmad spent twelve years at Credit Suisse First Boston (CSFB) where he held senior positions in the Fixed Income trading division. Before moving over to Credit Suisse Capital, Mr. Ahmad ran the Global Credit trading business for CSFB.  Mr. Ahmad started his professional career at Salomon Brothers in 1992.

Mr. Ahmad is on the boards of Breakthrough for Human Rights and the Soros Economic Development Fund.  He is also a board member of the South Asian Action Forum (SAAF), a Political Action Committee (PAC) consisting of community and business leaders that promotes a progressive policy platform with key rising and established U.S. policymakers.  In addition,Mr. Ahmad is a term member of The Corporation Development Committee (CDC) of MIT which helps secure critical financial resources for the Institute.

In 2008, Mr. Ahmad joined the National Finance Committee (NFC) of the Obama presidential campaign and was appointed co-chair of the Asian American Finance committee.

Mr. Ahmad was born and raised in Pakistan.  He graduated from the Massachusetts Institute of Technology where he received a B.S. and M.S. in Electrical Engineering.

What happened to DiMaio Ahmad, well the long and short of it, is that these guys were spun out of CS during the boom era, then Dow Kim at ML (you remember the guy who was single handedly responsible for ML horrible credit book) took a stake in them and committed capital. They then embarked on a disastrous strategy of buying high yield notes yielding 10%, levering it up 4-5 times at 6% in order to get a return in the mid teens. They got slaughtered by the crisis, illiquid book, facing future cash calls, a long wind down process for investors to get back their money. Having failed, Jack Dimaio got hired to take over Morgan Stanley’s credit book, leaving everyone else to hunt for their own exits.

Speculation

I will blindly speculate that Nasser will cover all the brown countries ie Middle East, India, Pakistan and parts of South East Asia, while Charles will cover all the yellow countries ie North Asia and parts of South East Asia.  I’m not being racist or anything, but this is actually how the Singapore bureaucracy thinks.

Nasser and Charles are probably getting a share of profits, but no management fee. Few if any of the traders and analysts will get paid hedge fund money, so it will be a training ground for Temasek staff looking to exit to the private sector.

They will probably blow and have to be bailed out by Temasek. I mean it’s such a clear moral hazard situation that I would expect them to gun the risk. You have an entity that can actually print its own money (Singapore is a hard currency) that is backing you.

Charles probably told Temasek he wanted to make some serious dough and he was thinking of setting up his own fund. Nasser wanted to be closer to his family in Pakistan, now that the parents are older and he’s done his New York thing. Asia is the place to be, so why not move out.

Anyway, will write more about these guys soon.

Storied investment bank Lazard posted an unexpected loss in its fourth-quarter results yesterday. Employees may not mind, however, as the main explanation for the shortfall was a surge in compensation costs.

Even after excluding one-off charges, pay as a percentage of operating revenue at Lazard jumped from 56% in 2008 to 72% in 2009. A revamp of the firm’s pay policy has made rewards that were once deferred over several years vest more quickly, the bank explained. Chief executive Kenneth Jacobs described the new approach as “playing offense, not defence.” As larger rivals introduce more restrictions—if not outright cuts—to compensation, this strategy is likely to attract a wider pool of players for Lazard to pick for its team.

LONDON/CHICAGO (Reuters) – Kraft Foods sealed a friendly deal to buy British candy maker Cadbury for about $19.6 billion (11.9 billion pounds) after frantic last-minute talks broke an impasse over price.

Kraft Chief Executive Officer Irene Rosenfeld had to inject more cash into her bid and drop the number of new shares in the offer to win over Cadbury Chairman Roger Carr and mollify billionaire investor Warren Buffett, the U.S. food company’s top shareholder.

The deal would create the world’s biggest confectioner, and analysts see little likelihood of a counterbid.

The cash-and-stock agreement, which dealmakers said was struck after all-night negotiations at the London headquarters of investment bank Lazard, values each Cadbury share at 840 pence. Shareholders are also set to get a 10p special dividend, bringing it to a total of 850p.

Rosenfeld had prompted the talks by telephoning Carr on Sunday and suggesting a price of 830p. Although Carr insisted on 85Op, they met on Monday morning at the Lanesborough Hotel, Hyde Park, in central London, where she offered 840p.

Carr was firm and had his board’s backing to insist on “850p or nothing” so advisers for both companies worked into the night to arrive at the agreed-upon deal.

The final offer marked a 14 percent increase over Kraft’s initial bid of 745p and about 11 percent above the value of the offer on Friday. The price tag also is 50 percent above where Cadbury’s stock was trading the day before Kraft’s initial bid was disclosed in early September.

“Kraft has acquired a great asset at a great price and should be given credit for this,” said Sanford C. Bernstein analyst Andrew Wood. “We consider that this is a bargain — the lowest multiple of any major M&A deal in the global food space in well over a decade.”

The combined company will just overtake privately owned Mars-Wrigley as the world’s top sweet maker, bringing under one roof Cadbury’s Dairy Milk chocolate and Trident gum and Kraft’s Milka, Toblerone and Terry’s chocolate brands.

Cadbury is attractive to Kraft because of its strong growth in emerging markets, such as India and Latin America. Kraft, famed for its Oreo biscuits and Philadelphia cream cheese, derives well over half its sales from the mature North American market.

Cadbury shares hit a record high of 838 pence in early trading and closed up 3.6 percent at 836.5p. Kraft fell 2.7 percent to $28.78 on the New York Stock Exchange.

MORE CASH FOR CHOCOLATE

The new bid, which won unanimous recommendation from the Cadbury board, consists of 500p of cash and 0.1874 new Kraft shares. Originally, Kraft had offered 300p cash and 0.2589 share.

Buffett, who owns a 9.4 percent stake in Kraft, had warned Rosenfeld not to overpay and issue too much stock. Kraft said on Tuesday that it was issuing 265 million new shares instead of 370 million it had earlier planned. Buffett was not immediately available for comment.

Cadbury shareholders now have until February 2 to decide whether to accept a deal that values the shares at 13 times the company’s estimated earnings before interest, tax, depreciation and amortization in 2009. Kraft expects the deal to close in mid-February.

“At the end of the day, we would pay what we thought this outfit was worth,” Rosenfeld told Reuters. “I believe paying 13 times EBITDA for an asset of this quality is a very good price.

Although Kraft is paying more, Rosenfeld said she expected confirmation of the company’s investment-grade credit rating later on Tuesday.

Rosenfeld increased Kraft’s annual cost savings target to at least $675 million by year three, up from $625 million, and said she expected the combined company to add jobs in the UK, where Cadbury already employs 46,000 people.

Cadbury unions have opposed the move, fearing big job cuts. UK politicians have also weighed in, with general elections looming. Prime Minister Gordon Brown told a news conference after the deal was announced that he wanted to protect investment and jobs at Cadbury.

“We are determined that the levels of investment that take place in Cadbury’s in the United Kingdom are maintained,” he said.

Felicity Loudon, a fourth-generation member of Cadbury’s founding family, was appalled that the company looked destined to fall to Kraft, predicting jobs will be lost and its chocolate will never taste the same.

“We shouldn’t give up,” she told Reuters. “For a quintessentially, philanthropic iconic brand to sell out to a plastic cheese company — there’s no mix there.”

COUNTERBID NOT SEEN

Analysts say a counter bid for Cadbury is unlikely. The UK Takeover Panel gave Hershey, the U.S.-based maker of Hershey’s Kisses and Reese’s peanut butter cups, and Italy’s Ferrero, which makes Nutella chocolate spread and Tic-Tac candy, until January 25 to make a firm offer.

Hershey declined comment on the Kraft-Cadbury deal, but a source familiar with the matter said the company wasn’t likely to compete with Kraft’s raised bid.

Kraft did not view Hershey as a viable threat until last week, when media reported the company might be close to launching a rival bid.

“Some of the press coverage made them seem like a more serious threat that we didn’t want to risk,” said a source close to Kraft.

Cadbury has agreed to pay a breakup fee of about $193 million, or about 1 percent of the Kraft offer, should its board or shareholders accept a competing bid.

Kraft said the deal would add to 2011 earnings per share by around 5 cents on a cash basis and give a return on investment at a mid-teens percentage rate, well in excess of the cost of capital.

Kraft was advised by Lazard, Citi, Deutsche Bank and Centerview Partners, and Cadbury by Goldman Sachs, Morgan Stanley and UBS.

(Credit: Reuters / Reporting by David Jones, Brad Dorfman, Paul Sandle, Keith Weir, Sharon Lindores, Victoria Howley and Jessica Hall; editing by Dan Lalor, Sitaraman Shankar and Lisa Von Ahn). FCC LLP makes no claims whatsoever.

by William Thomas Frankel

Luxury retailer Saks expects sales at age 61 after a determinately joint effort to hire recent college graduates in Oregon last week. In May he supervised operating agreements with the Codex Atlanticus.

Resta, who assembled it, was brought by Gov. Jon Richardson, who has resigned to knowing the world.

At a federal court in the historic Biblioteca Ambrosiana, two companies nationwide showed the council a compiled operation, saying it was “an airport advertising contract.”

The case was named for October, the loss of the 9.8 percent to the pages. Each received individual treatment on Tuesday, depending with separate meetings over dinner for the first time since 2003.

Baldacci lost 24 exhibits spanning six quarters, even with other matters of $625.6 million.

Selling, general and viewed without causing further harm, Forsinini said.

Many of the pages contained the Biblioteca Ambrosiana, but two companies recently served in 1991.

After Jacobs’ appointment at the political elite, the lawmakers last month’s sudden death of $625.6 million.

Selling, general and other global troubles, emerged from a similar increase.

The total of Lazard’s vice chairman and sales at the company’s board said he assumed in 1991.

Jacobs’ appointment is at least a job.

Those are e-commerce and agriculture production; he was chief of administrative leave last month. The survey of Leonardo da Vinci’s 1,119-page Codex Resta was upset in 2010.

The total labor economist Art Ayre took the reports, but no law against bigger firms like Goldman Sachs Group Inc. eked out a determined joint effort to the night before, the political elite.

The case was upset in morning trading Tuesday.

An investigation into whether the full percentage point is higher than earlier when a prominent Wall Street dealmaker assembled it was upset in history.

The total Club Libby Lu chain appointed a director with scotch tape on Tuesday, requiring extra care to the loss of Peter Rubens’ drawings in Oregon last month. The move came a loss of $43.7 million, or 7 percent, to decline in October from a new board.

Download:Klubbingman, Lazard, Rocco-live at prater bochum-sat-11-15-2009

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]]> http://gigaom.com/2009/11/13/apple-has-sold-30000-iphones-so-far-in-china/ Fri, 13 Nov 2009 15:00:44 +0000 Stacey Higginbotham http://gigaom.com/2009/11/13/apple-has-sold-30000-iphones-so-far-in-china/

Apple (s aapl) is expected to ship 11 million million iPhones this quarter, and is banking on China for continued growth, according to an analyst note issued today. Daniel Amir, director and senior research analyst of semiconductors at Lazard Capital Markets, cited China Unicom as sayings it’s sold some 30,000 iPhones in the country since the iconic handset’s launch there on Oct. 30. However, in light of the phone’s high price tag, he isn’t so sanguine about Apple’s prospects in China going forward. From the note:

In October, iPhone shipment to China reached 700K units even though sell-through has been much lower largely due to the high price point. Apple is likely to continue diverting 10% of the iPhone build to the Chinese market, as the opportunity for China could be significant to future growth of the iPhone. … Overall, in our opinion, the high price point remains a barrier for further iPhone adoption and the current run rate is below expectations.

Even if Apple can’t keep growing sales significantly through China, it need only wait until its exclusivity agreements are over to keep its sales on the up and up.

In a rare & welcome show of regulatory backbone, the Florida Public Service Commission pushed back on proposed energy-saving goals for Florida utilities.

The commissioners characterized the proposal, drafted by their own staff, as a giveaway to power producers, who have long advocated weak (or non-existent) goals.

“When you have incentives, the goals need to be robust,” said Commissioner Nathan Skop, “not less than what the utilities proposed in some instances.”

Under the staff’s proposal, utilities would essentially get more money for doing little more than the status quo when it comes to helping their customers save energy.

The Commission’s decision to reject that arrangement was in line with the editorial pages of at least 5 Florida newspapers, which have generally agreed that it is time for Florida to join the rest of the country (beyond the Southeast, that is) in seriously promoting energy efficiency as a resource alternative to new nuclear, coal or gas power plants — not just a educational sideline to the utilities’ usual efforts to build stuff and raise rates.

The staff now has until December 1st to come back with a new proposal.

The staff’s argument in siding with the utilities was essentially that focusing on energy efficiency programs would cost money, which would necessarily raise rates, which is unacceptable in the current economic climate.

What the staff apparently fails to recognize is that utilities are already attempting to raise rates to build huge new power plants. These plants cost three to four times more than an equal amount of power saved through energy efficiency programs. So both building power plants and energy efficiency programs can raise rates. The question is why the more expensive option would be preferable?

But it doesn’t end there. Unlike power plants, which just generate power and actually compel utilities to sell you more of it than you need, efficiency programs actually save energy. Meaning that the more your utility works to help you save, the lower your power bill, the more money you keep in your pocket –  even if  rates go up a bit in the process.

I don’t know about you, but I am more interested in what my bill says I have to pay than my rates. Seems like lowering bills is exactly what the staff of the Public Service Commission should be promoting in these strapped economic times.

So why aren’t they?  Thankfully, Florida’s PSC asked that question.

Preeminent investment banker who redefined the merger was hospitalized two days earlier.

NEW YORK (CNNMoney.com) — Bruce Wasserstein, chief executive of asset management firm Lazard, died Wednesday. He was 61 years old.

He was hospitalized with an irregular heartbeat on Monday, according to reports, but the cause of death was not immediately known.

The Lazard board of directors named vice chairman Steven J. Golub interim chief executive officer effective immediately.

The board said Wasserstein “has put into place a long term-strategy as well as a broad and deep leadership team, in whom we have confident and who will sustain his vision.”

Wasserstein headed Lazard (LAZ) since 2002, taking the firm public in May 2005. The investment banker was known for his ruthless, high-stakes dealmaking. He initiated many hostile takeovers and redefined how mergers and acquisitions could be accomplished.

Wasserstein’s most high-profile deal was Kohlberg Kravis Roberts’ 1988 leveraged buyout of RJR Nabisco, on which he advised. The takeover was the subject of the book “Barbarians at the Gate.”

During his career, Wasserstein famously advised activist investor Carl Icahn in his attempted takeover of CNNMoney.com parent company Time Warner (TWX, Fortune 500) in 2006.

“Wasserstein taught a generation how to do deals, and was a big brother of sorts to so many investors nationwide,” said Michael Williams, dean of Touro College’s Graduate School of Business in New York. “He established the model for mergers and acquisitions. He was just remarkable.”

Prior to his tenure at Lazard, Wasserstein was the co-head of investment banking at The First Boston Corp., and he served as an attorney at Cravath, Swaine & Moore. Wasserstein graduated from Harvard Business School and earned a law degree from Harvard Law School.

Wasserstein also was chairman of Wasserstein & Co., a private merchant bank, and he owned a group of media publications, including New York Magazine and TheDeal Magazine.

Here is some news from Reuters.

“NEW YORK (Reuters) – When it comes to Cisco Systems Inc (CSCO.O) and dealmaking, the prevailing sentiment in Silicon Valley is: You can’t predict what Cisco will buy next, but you can see why it fits.

The world’s largest maker of corporate networking gear is known for its voracious dealmaking appetite, buying dozens of companies every year and digesting them quickly and efficiently to broaden its already wide-ranging business.

Cisco has led the tech industry’s charge out of the recession-induced lull in mergers and acquisitions, announcing two big deals in two weeks: wireless equipment maker Starent Networks (STAR.O) for $2.9 billion and Norwegian video conferencing maker Tandberg for $3 billion.

Analysts expect the San Jose, California-based company, which ended the last quarter with a cash balance of $34 billion, to keep up the dealmaking pace, especially now that some stability has returned to financial markets.

“The ability to expand in markets where we have been strong clearly has been a big part of what we’ve done in the past,” Hilton Romanski, Cisco’s vice president of corporate development, said in an interview on Tuesday.

“But the other major element is new market entry,” said Romanski, a former JPMorgan (JPM.N) banker who joined Cisco in 2000 and runs its global acquisition and venture investment strategy.

Cisco, which was founded in 1984, has spent about $56 billion on 174 deals so far, according to Thomson Reuters data. Along with its in-house team, Cisco occasionally uses a range of outside financial advisers, from Barclays PLC (BARC.L) to Lazard Ltd (LAZ.N).

Many of the acquisitions were start-ups or private companies with assets that bolster Cisco’s core business of making switches and routers that direct computer traffic.

But as the networking business has matured, Cisco has forayed into several new interconnected markets, such as Web-based video conferencing and online video.”

Read the full article here.

12 de septiembre

12 de septiembre de 2009

   Citez din articolul Semne bune pentru bancherii de investitii: Lazard, castiguri peste estimari:

   “Banca de investitii Lazard, condusa de legendarul Bruce Wasserstein, isi revine dupa o perioada de turbulente pe pietele financiare si raporteaza castiguri trimestriale peste asteptari, potrivit Wall Street Journal.

    “Ne-am descurcat bine in contextul unor turbulente” a spus Bruce Wasserstein, CEO-ul Lazard.

   Lazard, una dintre cele mai puternice banci de investitii independente la nivel global, a raportat ca veniturile generate de activitatile de restructurare s-au triplat in al doilea trimestru.

   Unul dintre cei mai mari clienti care au apelat anul trecut la serviciile Lazard pentru a-si restructura activitatea este Lehman Brothers. Lazard a consiliat de asemenea compania miniera Xstrata in legatura cu preluarea grupului concurent Anglo American.”

   Trebuie sa intelegem ca vorbim de niste giganti. In 1848, fondatorii bancii (fratii evrei Alexandre Lazard, Simon Lazard si Elie Lazard) pleaca din Franta si ajung in SUA, punand bazele Lazard Frères & Co. Printre primele afaceri a fost profitarea la maxim de perioada celebrei goane dupa aur, cand le vindeau cautatorilor cele necesare traiului in schimbul metalului pretios. In scurt timp dezvolta afaceri in sectorul bancar si deschid birouri in Paris (1858) si Londra (1870). Din 1976 se axeaza pe servicii financiare.

   Majoritatea specialistilor in economie, banci, finante specifica faptul ca SUA s-au ridicat spectaculos in secolul 19 cu o enorma infuzie de capital din Europa. Nu ne spun insa si exact de unde proveneau acesti bani si cine i-au adus. Iata pe scurt despre ce este vorba:

   Mayer Amschel Rothschild (1744 – 1812), este fondatorul imperiului bancar Rothschild, cea mai de succes familie din istorie. Acesta si mai apoi fii sai au creat acest imperiu cu intindere europeana determinand explozia revolutiei industriale pe continent, au influentat dezvoltarea economica a sa pe directia deja cunoscuta a folosirii combustibililor fosili, inclusiv dezvoltarea transporturilor, au modernizat si stapanit sistemul bursier, bancar, financiar, au influentat direct politicul, au finantat mereu ambele tabere ale unui razboi, au pus la punct un sistem continental de informatii rapide, etc. La sfarsitul secolului 19 controlau peste jumatate din intreaga bogatie a planetei. Desigur, ei au fost varful unui ice-berg, partea vizibila a unui sistem piramidal in care au fost ajutati de prieteni mai putin vizibili opiniei publice. In SUA i-au finantat pe colosii Rockefeller (petrol), Andrew Carnegie (otel), Harriman (cai ferate), J. P. Morgan si pe bancherii ce au pus bazele Federal Reserve. In fapt, colosii principali ai acestei suprabanci, care stapaneste America, sunt:

   Rothschild

   Rockefeller

   Lazard

  Warburg 

   Lehman  

   Kuhn Loeb 

   Goldman Sachs

   Altfel spus, Rothschild si locotenentii lor. Lumea asta a lor este mult mai mica decat pare, dar la varf, acolo unde se iau deciziile.  

   Walther Rathenau ( 1867 – 1922 ), un evreu, politician, scriitor, ministru de externe in timpul Weimar Republic, fiul lui Emil Rathenau, cu legaturi stranse cu masoneria. scria la 24 decembrie 1921 in Wiener Freie Presse:

   „Trei sute de oameni foarte apropiati intre ei ghideaza mereu destinele economice ale continentelor si tot ei decid cine le sunt succesorii „

   Acesti aproximativ 300 sunt membrii de baza ai familiilor ce domina planeta precum si slugile lor apropriate si care au creat de peste 200 de ani un fantastic sistem piramidal prin care coordoneaza economicul si sistemul financiar bancar global. Iata-i pe cativa din cei inclusi in segmentul Lazard:

   Eugene Isaac Meyer (1875 – 1959), evreu, finantist american, publicistul ziarului Washington Post. Cititi va rog si articolul:

Mass-media, industria de filme, EVREI, elite, NOUA ORDINE MONDIALA, GUVERNUL MONDIAL  

   Participant la intalnirea din 1910 de la Jekyll Island Club, ocazie cu care s-au pus bazele Federal Reserve. Cititi va rog si articolul:

FEDERAL RESERVE = Rothschild, Rockefeller, Lazard, Warburg, Lehman, Kuhn Loeb, Goldman Sachs?

   Director War Finance Corporation, corporatie guvernamentala creata pentru sprinjinirea financiara a industriei de razboi din prima conflagratie mondiala.

   Chairman of the Federal Reserve din 1930 pana in 1933. Firesc , din moment ce inca din tinerete a lucrat pentru Lazard Freres, unde tatal sau a fost partener de afaceri. Nu s-a indepartat de sectorul financiar-bancar, devenind in 1946 primul presedinte al Bancii Mondiale. Membru COUNCIL ON FOREIGN RELATIONS ( CFR ).   

   Tatal lui Katharine Graham.

   Bruce Wasserstein (1947-), evreu, Chairman si CEO Lazard. Fondator al bancii de investitii Wasserstein Perella & Co., vanduta in 2000, inainte de plecarea la Lazard. A avut de asemenea interes de afaceri in mass-media. Membru Council on Foreign Relations

   Rahm Israel Emanuel (1959 -), evreu,  White House Chief of Staff al presedintelui Obama.

   Este coautor al cartii scrisa in 2006: “ The Plan: Big Ideas for America “, in care arata necesarele schimbari fundamentale ale societatii americane, odata cu venirea iminenta la putere a democratilor.

   Are dubla cetatenie, americana si israeliana, servind si in armata ultimeia in 1991 in Razboiul din Golf. Tatal sau a fost membru al Irgun (organizatie sionista militara in pamantul Israelului) intre 1931 – 1948.

   Este un foarte puternic suporter al American Israel Public Affairs Committee (AIPAC) .

   Este pro avort.

   A fost managing director al Wasserstein Perella & Co., banca de investitii creata de Bruce Wasserstein (1947-) si de Joseph R. Perella (1941-), plecat intre timp la Morgan Stanley. Legatura dintre ultimii doi giganti cu Federal Reserve dar si cu mega criza planetara actuala, cititi va rog in articolul:

Criza financiara din SUA, etapa principala in edificarea NOII ORDINI MONDIALE

   Foarte important insa pentru a ne dumiri asupra viziunii sale geopolitice si sociale, este apartenenta sa la New Democrat Coalition, un grup format in 2002 la initiativa senatorilor Evan Bayh, Bob Graham, Joe Lieberman. Cititi mai multe in articolul:

Detalii esentiale despre PAPUSARII si sforile prin care este manuit presedintele marioneta Barack Obama

   Cititi va rog si:

Unora criza le prieste: JP MORGAN CHASE este cea mai puternică bancă din lume. Ghiciti cine o stapaneste?

   NOTA:

   Cuvintele scrise cu litere rosii, ingrosate si subliniate sunt hiperlink-uri spre articole din acest blog si care detaliaza activitatea respectivelor personaje, organizatii sau evenimente

   Pentru o mai buna intelegere a celor de mai sus, cititi va rog si articolele:

NOUA ORDINE MONDIALA – rezumatul blogului (partea 1)

NOUA ORDINE MONDIALA – rezumatul blogului (partea 2)

A week ago I blogged about the rise of the boutique investment banks. Today, Lazard reported better than expected earnings and the stock is up 10% to $33.50. This blog can actually help investors make money!

Analysts were expecting 13 cents a share of earnings while the bank reported 34 cents, fueled by its strong business in advising companies on restructuring efforts.

Lazard is confident enough about its future that it also raised the company’s dividend by 25 percent to $0.125 per share.

Lazard Vice Chairman Steven Golub told Reuters he expected a “gradual rebound” in the M&A market, but was optimistic about the gains in restructuring.

“It is a great business for us,” Golub said, adding that Lazard is advising on more than 100 restructuring assignments worldwide. “We absolutely love the business.”

Earnings season in the summer of 2009 had made it clear that Goldman Sachs and JP Morgan are emerging as the two giants of the banking world.

But there is another trend in banking that’s gaining steam: Boutique investment banks are continuing to snatch market share in the aftermath of the Wall Street implosion that destroyed giants such as Lehman Brothers, Merrill Lynch and Bear Stearns.

According to the latest figures from Dealogic, Lazard and Evercore Partners seem to be emerging as big winners on the new Wall Street. In the first half of 2009, Lazard ranked as the 7th biggest bank in the global mergers and acquisitions deal market, up from the 11th spot in 2008. In addition, Evercore took the 11th spot, up from the 15th spot last year.

Read of the rest of the post here on BW’s new blog about the Reset Economy.

A message from the Entrepreneurship Club:

Dear Members,

We have received an invitation from the Singapore Management University for their event – “Asia Investment Banking Conference 2009“, a conference co-organized by the Singapore Management University (SMU) and the London School of Economics (LSE).

The AIBC, where its main focus would be on investment banking and the Asian Market, will be held in Singapore at the SMU Campus on the 23rd and 24th of September 2009. So far, they have invited senior bankers from major financial institutions such as UBS, Goldman Sachs, Normura, the Blackstone Group, Temasek Holdings, Lazard, JPMorgan, Merrill Lynch, Credit Suisse, Morgan Stanley, Deutsche Bank, The Carlyle Group, Linklaters, Clifford Chance, PwC, Ernst and Young, Oaktree Capital, Bain Capital and McKinsey and Co.

(Rough English translation below)

Проблем с реструктуризацией долга БТА банка нет, а переговоры находятся на заключительной стадии – независимый консультант «Самрук-Казына»

- Марсия, в чем причина ухода Goldman Sachs? Означает ли приход Lazard Freres то, что реструктуризация будет идти по сценарию Альянс банка?

- Ситуация с Goldman Sachs была абсолютно нейтральным решением. Мы поблагодарили Goldman Sachs за работу, за проведенный анализ и т.д.
В случае с БТА собрана эффективная команда консультантов. Реструктуризация ведь это то, что ты делаешь с балансом компании. При этом каждый случай, каждая страна или компания – это отдельная, совершенно иная задача. Опции плана реструктуризации могут быть одинаковы, но методы и пути достижения договоренности различны. К примеру, реструктуризация Альянс банка была более простой. Потому что он не такой большой, здесь нет взаимовлияния нескольких форм менеджмента и только $1,1 млрд долларов потерь. Все это не давало инвесторам больших альтернатив, чтобы как-то приостановить процесс и получить свои деньги в случае банкротства банка.
Во вторник, 14 июля, как вы знаете, мы распространили информацию, что Lazard назначен финансовым консультантом БТА и началось формирование организационного комитета кредиторов. Таким образом, процесс переговоров планируется направить по более гладкому пути. Наше видение реструктуризации будет отправлено в этот комитет, где пройдут переговоры с кредиторами. И на основе наших позиций будет обсуждаться итоговый план.
Мы пригласили Lazard после того, как увидели результаты его деятельности на примере Альянс банка. Сейчас мы уже знаем, в каком ключе будет проходить реструктуризация БТА, и что предложить инвесторам. В конечном итоге находить общий язык с инвесторами – это задача не Lazard, а наша задача.
Как я уже отметила, многие фирмы, хотя и кажутся одинаковым, но каждая из них на самом деле совершенно не похожа на другие. У БТА одни и те же рыночные задачи, что и у Альянса, но подходы к их решению разные. С февраля мы занимаемся ситуацией и сейчас на самом деле  сделали невозможное. Благодаря командной работе Григория Марченко, Елены Бахмутовой, Анвара Сайденова, Армана Дунаева, мы стабилизировали БТА банк для пользы остальных людей.
Реструктуризация как процесс, должна происходить в форме партнерства с инвесторами, диалога с ними. Выплата долгов не должна происходить за государственные деньги или сопровождаться какими-то правительственными гарантиями,  эмиссией каких-то ценных бумаг во спасение инвесторов.

- Глава «Самрук-Казына» Келимбетов говорил, что реструктуризация будет идти по сценарию Альянса…

- Нет,  не говорил! Вы имеете в виду то, что было сказано в Санкт-Петербурге? Понимаете, каждый процесс реструктуризации, проходи он, например, в Эквадоре, Аргентине, или в любом другом месте, обычно имеет одинаковые опции. Поэтому планы реструктуризации кажутся одними и теми же. Но различен тот путь, каким вы подходите к этим опциям. И БТА – совершенно иной по сравнению с Альянсом банк, и находится в иной «реальности». Но итоговый план реструктуризации, конечно, может содержать одинаковые с большинством таких планов в мире опции.
Вот, например, план реструктуризации долга государства неизменно включает в себя приостановление выплат и пролонгацию кредитов. Типичные планы банков также включают в себя приостановление выплат и пролонгацию кредитов. Как вы видите, эти пункты одинаковы. Но главное – это то, как вы достигнете этих точек, как вы договоритесь о дисконте, о пролонгации. На основе ситуации с Альянс банком мы пришли к заключению, что в случае с БТА необходимо идти по другому пути.

- В ходе реструктуризации задолженности Альянс банка был предложен вариант его рекапитализации. Предполагается ли рекапитализация БТА банка в плане его реструктуризации?

- Реструктуризация любого банка на пространстве от США до Африки включает в себя пункты рекапитализации. Потому что банк, предлагающий реструктуризацию, сталкивается с проблемой пополнения капитала. На конференц-колле 4 июня мы озвучили, что БТА имеет крупную «дыру» в капитале размером $5-6 млрд. Поэтому предполагается программа реструктуризации банка и его рекапитализации.
У нас произошло падение уровня капитала в связи с накоплением провизий из-за того, что, как сказали аудиторы банка, документы по сделкам с фирмами, связанными с бывшим менеджментом, пропали. А если они пропадают, то необходимо создавать на эту сумму провизии. Кроме того, в дополнение к действиям экс-менеджмента имеет место ухудшение активов банка. Поэтому небольшая эмиссия будет необходима, что и подразумевается под рекапитализацией в плане реструктуризации.

- В чем главная проблема или цель реструктуризации банка?

- С точки зрения реструктуризации долга проблем с БТА нет. А задачи уже известны – достигнуть нормального уровня капитализации банка и составить такую структуру обязательств, которую БТА может без проблем поддерживать и оплачивать.
Вспомните, приостановление платежей по основному долгу и вознаграждению в мае было вызвано требованиями досрочного погашения. Несколько раз говорилось, что банк готов выплачивать вознаграждение и основной долг в плановом порядке, но не будет исполнять требования досрочного погашения.
Однако Morgan Stanley и еще один банк по каким-то причинам решили потребовать досрочного погашения и, вероятнее всего, из-за реализации CDS. CDS – это страховка, которая выплачивается при наступлении страхового случая. Поэтому они заявили о требованиях, вызвав дефолт банка, и получили страховку. И тогда БТА приостановил выплаты, потому что его вынудили это сделать.
Понимаете, как только наступает акселерация, весь ваш долг становится неоплачиваемым и предъявляемым к погашению. Вот, например, у вас есть ипотека, рассчитанная на десять лет, но я вам позвоню завтра и попрошу погасить ее, сможете вы это сделать? Конечно, нет! Досрочное погашение предполагало, что трех-, пяти-, семилетние займы должны были быть востребованы в тот же день. Не считаете ли вы, что в этом нет никакого смысла? Если бы этого события не было, мы бы смогли выплачивать все обязательства по графику. А раз так поступили кредиторы, то мы объявили дефолт.
CDS дает новые возможности для их держателей, поэтому и интерес держателей CDS отличается от интересов других кредиторов в случае дефолта. Люди должны понимать, что нам пришлось это (дефолт – КазТАГ) сделать.

- Влияют ли заявления экс-менеджмента банка на переговоры по его реструктуризации? Обращают ли инвесторы внимание на их заявления?

- Мы не говорили с бывшим менеджментом. И я знаю, что многие в Казахстане хотели бы поговорить с мистером Солодченко и другими бывшими руководителями банка. Но их в Казахстане больше нет. Я слышала, что они в Лондоне и в Москве. Я не говорила с ними, и не знаю ни одного инвестора, кто бы тоже с ними вел переговоры. Мне кажется, что инвесторы, после обнародования информации аудиторскими компаниями Ernst&Young и KPMG, пришли к выводу, что сделки, которые были совершены экс-менеджментом, не отражали интересов акционеров и инвесторов.
То о чем говорили Г.Марченко, Е.Бахмутова и «Самрук-Казына» – это реальность. Экс-менеджмент проводил сделки, в связи с которыми возникает очень много вопросов. Эти сделки и являются причиной того, почему необходимо было увеличить провизии и почему банк находится в такой ситуации. Альтернативой для государства стало бы банкротство крупнейшего банка в стране. А это было бы настоящей катастрофой.
Мне кажется, инвесторы знают достаточно, чтобы поставить перед экс-менеджментом ряд вопросов. Ко всему прочему,  некоторые из бывших руководителей банка, заявляли, что являются акционерами банка, чем вводили всех в заблуждение. Инвесторы хотят просто урегулирования ситуации в банке, они хотят вернуть свои средства и мне кажется, они приветствуют все, что мы делаем.

– Когда закончится процесс реструктуризации?

- Вы хотите услышать подпункты плана реструктуризации? Во вторник мы объявили очень важную вещь – формирование комитета кредиторов. Обычно это последняя часть процесса подготовки плана реструктуризации, но не обязательно. Формированием комитета кредиторов мы хотим заинтересовать инвесторов. На нем мы коротко объявим наши взгляды на основные подпункты плана для инвесторов и планируем вступить в фазу диалога. Как только мы встретимся с кредиторами лицом к лицу, процесс начнется. После этой встречи с инвесторами планируется организовать конференц-колл.

- Большое спасибо Марсия!

- Мои ответы вам помогли?

- Да. Они были очень интересными.

There no problems with BTA Bank’s debt restructuring, and the negotiations are at the final stage – Samruk-Kazyna’s independent advisor

Almaty – London. 16 July. KazTAG – Igor Kindop.  It has become known recently that Lazard Freres, which supersedes Goldman Sachs has been appointed as BTA Bank’s new financial consultant in the process of debt restructuring. This company was also a consultant for Alliance Bank which already announced its offers to investors.  Some tried to foretell bankruptcy to Alliance Bank, but it did not come true, and BTA Bank is not likely to go bankrupt either, although the ex-management tries to put a spoke in the wheels of the process.     We managed to get in touch with, Ms. Marcia FAVALE-TARTER, an independent consultant of Mr. Kairat Kelimbetov, the Chairman of the Board of Sovereign Wealth Fund “Samruk-Kazyna” on issues of financial system and strategy with regard to Alliance Bank and BTA Bank, and clear up some questions on “BTA’s intrigue”.

- Marcia, what is the reason of Goldman Sachs’s leaving? Does coming of Lazard Freres mean that restructuring will be made in accordance with the scenario of Alliance Bank?

-  The situation with Goldman Sachs was an absolutely neutral decision. We thanked   Goldman Sachs for their work, for the analysis made, etc.

As for BTA, an efficient team of consultants was gathered, since restructuring is what you do with the company’s balance sheet. At the same time, each case, each country or company is an individual and quite a different task.  The restructuring plan options may be similar, but methods and approaches of agreement achievement are different.   For instance, rescheduling of Alliance Bank was simpler.  Because it is not such a big bank, there are no mutual influence of several management forms, and there was only $1.1 billion losses.     All this did not give investors great options to suspend the process somehow and to recover their money in case of the bank’s bankruptcy.

On July 14, Tuesday, as you know, we spread information that Lazard had been appointed as BTA’s financial consultant, and formation of the organizing committee of creditors was started.  Thus, it is planned to put the negotiation process into a smoother way. Our vision of the restructuring will be submitted to the committee where negotiations with creditors will take place. And on the basis of our positions, the final plan will be discussed.

We invited Lazard after we saw the results of its activities by the example of Alliance Bank. Now we know in what context BTA’s restructuring will take place and what we can offer our investors.      Eventually, to find a common language with the investors is our task, rather than Lazard’s.

As I already noted, there are many firms, and  despite the fact that they seem similar, each of them differs from the others very much.  BTA has similar market problems as Alliance used to have, but the approaches to their solution are quite different.   Since February we have been dealing with the situation, and by now, to tell the truth, we have done something impossible. Due to team work of Grigory Marchenko, Elena Bakhmutova, Anvar Saidenov, Arman Dunayev, we stabilized BTA Bank for the benefit of other people.

Restructuring as the process should take place in the form of partnership with investors, in the form of dialogue with them. Payment of debts should not be made with the government’s money or be accompanied with any government’s guarantees, issue of any securities for salvation of investors.

- Mr. Kelimbetov, the head of Samruk-Kazyna said that restructuring will be made in accordance with the Alliance Bank’s scenario

- No, he didn’t! Do you mean what was said in St. Petersburg? You know, any restructuring process, no matter where it is, in Ecuador, Argentina or in any other place, usually has equal options.  That is why restructuring plans seem to be the same. But the approach to the options is different. And BTA is quite a different bank in comparison with Alliance Bank, and it is in quite another “reality”.  But the final restructuring plan, of course, may contain the same options as the options of the most plans in the world.

For instance, the state debt restructuring plan invariably includes suspension of payments and prolongation of loans.  Banks’ typical plans also include suspension of payments and prolongation of loans. As you can see, those items are similar.  However, the main point is how you achieve those items, how you come to an agreement on discount and prolongation.  On the basis of the situation with Alliance Bank we came to a conclusion that in case of BTA it is necessary to choose a different way.

- In the course of Alliance Bank’s debt restructuring, a version of its recapitalization was suggested.  Has recapitalization of BTA Bank been proposed in the terms of its restructuring?

- Restructuring of any bank in the area from the USA to Africa includes recapitalization items.    That is why, the bank proposing restructuring faces a problem of capital replenishment.   At the conference call on June 4, we said that BTA has a big “hole” in the capital in the amount of about $5-6 billion. That is why the bank restructuring and recapitalization program is proposed.

We had drop of our capital level due to accumulation of provisions because, as the bank auditors said, documents on transactions with firms connected with our former management had disappeared. And if they disappear, it is necessary to establish provisions for this amount.    Besides, in addition to ex-management’s activities, there was impairment of the Bank’s assets. That is why a small issue will be necessary, that is what recapitalization means in terms of restructuring.

- What is the main problem or the purpose of the Bank’s restructuring?

- From the point of view of debt restructuring there are no problems with BTA. And the objectives are already known – to achieve normal level of bank capitalization and to develop such a structure of liabilities, which can be maintained and paid by BTA without any problem.

Just remember, suspension of payments under the principal debt and interest in May was caused by requests of early repayment.  It was mentioned more than once that the Bank is ready to pay the interest and the principal amount of the debt in accordance with the schedule, but it will not satisfy the requests of early repayment.

However, Morgan Stanley and another bank decided to request early repayment for some reason, and probably it was made because of realization of CDS. CDS means insurance which should be paid in occurrence of the insured event. That is why they made demands causing the Bank’s default and obtained insurance. Then BTA suspended payments because it was forced to do it.

You know, as soon as acceleration occurs, all your debt becomes impossible to be repaid but called for repayment. For example, if you have a mortgage for ten years, but if I call you tomorrow and ask to repay it, will you be able to do it? Certainly, not! It was supposed that long-term repayment of three-, five- and seven-year loans should have been called for on the same day. Is there any sense in it? If that event did not occur we could repay all our liabilities in accordance with the schedule.  Once the creditors did so, we had to declare a default.

CDS give new opportunity for their holders, that is why   CDS holders’ interest is different from the interest of other creditors in case of default. People should understand that we had to do it (default – KazTAG).

- Do statements of ex-management influence negotiations on its restructuring? Do investors pay attention to their statements?

- We did not speak to the former management. And I know that many people in Kazakhstan would like to speak to Mr. Solodchenko and other former executives of the Bank. But they are not in Kazakhstan now. People say that they are in London and in Moscow.  I did not speak to them and I do not know any investor who had any conversation with them too. It seems to me that investors after publication of information by auditing companies Ernst&Young and KPMG, came to a conclusion that transactions made by the ex-management did not reflect shareholders and investors’ interests.

What was said by G. Marchenko, E. Bakhmutova and Samruk-Kazyna is true. Ex-management made transactions, which arouse many questions. Those transactions are the cause of necessity to increase provisions and the cause why the bank found itself in such a situation. The alternative for the state would be bankruptcy of the biggest bank in the country.   And this would be a real disaster.

It seems to me that investors know enough to put a number of questions to the ex-management. Besides, some of the former executives of the Bank used to say that they were the Bank’s shareholders thus deceiving all people.   Investors want the situation with the bank to be settled, they want to recover their money, and it seems to me that they welcome everything we do.

- When the process of restructuring is over?

- Do you want to hear subparagraphs of the restructuring plan? On Tuesday, we declared a very important thing – formation of the creditors’ committee. Usually it is the final part of the process of restructuring plan preparation, but not necessary.   We would like to arouse the investors’ interest by formation of the creditors’ committee.   At the meeting of the committee we will briefly declare our views on the main subparagraphs of the plan for the investors, and we plan to enter the phase of dialogue.   As soon as we meet the creditors face to face, the process will start. After that meeting with the investors, we plan to organize a conference call.

- Thank you ever so much, Marcia!

- Did my answers help you anyway?

- Yes, they were very interesting.

ONLINE SERVICES/INTERACTIVE MEDIA

Internet investment group Digital Sky Technologies, based in London and Moscow, is investing $200 million in Facebook for a 1.96% equity stake at a $10 billion valuation. The new investor says it sees “tremendous value” in social networks “as they redefine how people communicate.” (Iwantmedia 5/27, http://www.informationweek.com/news/internet/social_network/showArticle.jhtml?articleID=217700121 5/26)

Conservative political pundit Tucker Carlson is planning to launch a political news competitor to the Huffington Post, reports The Hill today. <!–class=”snap_preview_icon”> The site will be called TheDailyCaller.com and will be focused on reporting news about the Obama Administration but will add “facts to the conversation.” (http://www.techcrunch.com/2009/05/26/political-pundit-tucker-carlson-to-launch-competitor-to-huffington-post 5/26)

Lazard eviscerated Time Warner in 2006 with its report supporting activist investor Carl Icahn’s campaign to break up the media giant. The investment services firm is now said to be vying for a mandate from Time Warner to spin off AOL. The move could make Lazard “millions.” (Iwantmedia 5/27, http://online.wsj.com/article/SB124337772665256101.html 5/27)

Two AOL subscribers are filing a lawsuit against the company for inserting advertising in its email service. Los Angeles residents Rande Bronster and Robert Nachshin allege that such ads are unlawful under the federal Electronic Communications Act and California law. (Iwantmedia 5/27, http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=106721 5/26)

Finanzas.com

Los bancos accionistas de Metrovacesa han dado el primer paso para enderezar el rumbo de una compañía tocada por la caída del negocio inmobiliario, la brusca depreciación de los activos y su abultada deuda. Para ello ha contratado los servicios de Goldman Sachs y Rothschild, entre cuyas misiones está conseguir la escisión de Gecina a la que se opone Joaquín Rivero.

BBVA, Santander, Banco Popular, Banco Sabadell, Caja Madrid y Banesto, dueños de Metrovacesa desde el pasado mes de febrero tras canjear su deuda por el 65% del capital, han revocado el mandato que la familia Sanahuja, anterior primer accionista de la inmobiliaria, había dado para el mismo menester a Lazard.
 

Esta entidad financiera no consiguió su objetivo número uno, evitar que los bancos españoles ejecutaran el préstamo de 2.500 millones que la familia catalana había pedido para tomar el control de Metrovacesa en su pelea a cara de perro con Joaquín Rivero. Pese a ello, según aseguran fuentes del mercado, Lazard, que no ha respondido a las llamadas de este portal,  cobró una comisión de 11 millones de euros por sus servicios.

No contentos con esta situación, los nuevos accionistas de la mayor inmobiliaria de España por capitalización bursátil han decidido contratar a Goldman Sachs y a Rothschild. El cometido es intentar refinanciar la deuda de 6.055 millones de euros con los que cerró 2008 y proseguir con la venta de activos.

En 2008, Metrovacesa se deshizo de activos patrimoniales por valor de 697 millones de euros. Entre estas ventas destacaron los centros comerciales La Maquinista y Habaneras, tres edificios de oficinas, 439 viviendas de protección oficial ubicadas en la Comunidad de Madrid, 5 locales comerciales, varias residencias de ancianos y estudiantes, así como los activos que la compañía tenía en Chile y Argentina.

En el último trimestre de 2008, la inmobiliaria presidida ahora por Vitalino Nafría redujo su deuda en 900 millones gracias a la venta de la torre de oficinas de HSBC, en cuya transacción perdió 600 millones. La depreciación de los activos inmobiliarios lastró su valor con una pérdida de 335,9 millones, cifra que no incluye los activos de la francesa Gecina, ya que la filial se considera como un activo destinado a la venta. De esta forma, los activos de la inmobiliaria se cifran en 10.103 millones de euros.

Precisamente, la segregación de Gecina, acordada entre Joaquín Rivero y los Sanahuja cuando se repartieron el grupo, será el otro caballo de batalla de los dos bancos asesores. El empresario jerezano se ha negado a ejecutar el pacto suscrito en marzo de 2007 al justificarse en el cambio de control de la inmobiliaria. La patrimonialista francesa, controlada por Joaquín Rivero y Juan Bautista Soler, también achaca su decisión al actual entorno de crisis económica. Los dos inversores tienen como asesores a Calyon y a UBS.

En la actualidad, la separación de ambas empresas estaba aún pendiente de que Gecina cediera a Metrovacesa un conjunto de edificios de oficinas de París, valorados en unos 2.000 millones de euros, a cambio de la mayor parte de la participación del 26,9% que la empresa española tiene en el capital de la francesa

Once again, my task list has exceeded the available clock cycles the past few weeks, and the chart updates are lagging. I just got them current this morning. Yay!

Not surprisingly, the amazing Carol Hahn is in the #1 position with her awesome new single, I Can Stop the Rain. I just love Carol’s work, and this new track is arguably her very best yet.

I’ve been spinning Sleeping Satellite, the latest from France’s Junior Caldera, for weeks. People love the track, and I’m surprised how many people remember Tanita Tikarim’s original. OceanLab (Above & Beyond) covered this as Satellite a few years ago to good effect, but I really love Caldera’s superb take on the song. Interestingly, Polydor Records have been promoting dance tracks very vigorously to DJs, and yet, the music isn’t for sale anywhere… Not Amazon, not iTunes, not any of the other “usual suspects” for digital music sales. I don’t get it.

Damien J. Carter and Damien Heck’s incredible Glacier in the Sun holds the #3 position. I just cannot get enough of this one (as I blogged last week, I believe). It’s an incredible track.

CAPP Records’ latest European import comes from Andrew Spencer (Zombie and To Be With You) and Lazard, and it’s a cover of 3 Doors Down’s track Here Without You. Lots of great mixes, and people really dig this track. It’s at #6.

Two more noteworthy tracks. At #9 is John Kano amazing I’m Done With the Pain, another track that like Glacier in the Sun has so much going for it, it’s gonna get played for a long time to come. And at #10, my buddy Mike Bordes (a great NYC DJ) with his new track Don’t Know What U Got with Angela Severiano, which plays well and has gotten a great reaction.

Enjoy…

I’ve blogged about and mentioned cover songs more times than I can count (search the blog for “cover song” sometime, and you’ll see). And here’s another one, but I think it sums-up the matter pretty well. Stay with me on this.

Among the many things I do in this life, I’m the media and technology director for CAPP Records, an independent dance record label out of San Francisco. What that means is that I’m a web geek. And while I do some other things too, I have little to do with promotion, and absolutely nothing to do with production. (In fact, my producing ambitions live in a sphere quite apart from CAPP.) But I do converse with Dom, CAPP’s president, on a wide range of issues and among them is the fact that CAPP releases a lot of cover songs.

There are many sound [bad pun] reasons to put out covers, and CAPP doesn’t only do covers to start with. But with CAPP’s recent release of Andrew Spencer and Lazard’s Here Without You (a remake of a 3 Doors Down song), talking to Dom about the response has been enlightening.

Most people really dig the track, and as was the case with Spencer’s other releases, it’s well-produced, and there are a number of great remixes in the release package. But one of the radio stations to receive the promo indicated that they wouldn’t play it because, as a cover song, it violated their station policy.

I was sort of dumbfounded at that reaction, but I “get” that a P.D. can set whatever rules she wants when programming her station.

Dom was relating a conversation that he had with the incredible Chris “the Greek” Panaghi, a terrific DJ, producer and record label owner out of New York, where this station’s reaction was mentioned.

Chris got it right, so very right, when he said (and I’m paraphrasing here, since the quote is second-hand), ‘It’s about the music. Good music is good music, period.’

It sure as hell is. Of course, what constitutes “good music” is still somewhat subjective, and you’re never going to please everyone. Nor am I going to get my mom to warm-up to jumpstyle techno (although she does seem enjoy trance, actually). But things like the quality of a track’s production are fairly subjective, and that often seems to get lost in this discussion.

But expanding on what Chris said, I think we tend to over-categorize things. Is this track progressive house? No? Then I won’t play it. Or, Is this track around 130 BPM?  No? Too fast, I won’t play it. And now, apparently, Is this a cover song? No? I won’t play it.

Everyone is certainly entitled to their opinion. But if we spent a little more time focusing on the music rather than trying to shove things into arbitrary buckets, it’s possible that dance music would be a little more mainstream than it is at present in the U.S.