Second Opinion

Goldman Sachs Internal Memo: Please limit high-fives and chest bumps to a dozen a day. Don't wear your crowns, except around the office. (New Yorker) Strip and Flip Crowd? Am I totally out of touch in my private-equity-covering bubble to think that we moved past calling buyout firms "strip-and-flippers" awhile ago? Particularly in the middle market, which is what this article refers to, the instances that can truly be considered "strip-and-flip" are rare enough that it seems inflammatory and sloppy to call it that. (Reuters) Distressed UK Speculation: Why is the Gates Foundation taking reckless risks? (Reuters) Great Headlines: CNBC Scores Big With Porn And Pot (Clusterstock) PEC Testimony Before House Financial Services Committee: "But the critical point for the members of this Committee is that the failures of individual PE-owned companies, while hardly trivial, do not give rise to the kind of systemic risk relevant to policy makers seeking to prevent global financial shocks." (PEC)

In Line With Our Question: As to why private equity pros don't blog, MatthewCG asks if private equity "gets" social media? (Not too proud) Trite Money: Breaking down clichés in the world of business. "Animal husbandry enjoyed a brief popularity in M&A work when "milking cows," "geese with golden eggs," and "stuffed turkeys" peppered financial articles and bankers' conversations." (Business World) Newsflash: Goldman Sachs is in talks to acquire the Treasury Department. (Borowitz Report) Want an Autobiographical History of CIT? Here's the company's "CIT Story." They'll have to write a new chapter after this week.... (CIT) Bye Bye Banking: Private equity firms hoping that investments in banks would be the next big thing are discovering that their opportunity has practically vanished as a result of an unexpected stock market rally, proposed new rules that would make such deals less profitable and sober economic fundamentals. (FT)

Well... Platinum Equity is not happy that the details of a sexual harassment case against it has been reported in the press. (San Diego Reader) How Bad Is CIT's Loan Portoflio? Bad, Michael Corkery writes. (Deal Journal) Is Wells Fargo Suing Itself? Technically, yes. Wall Street Folly has the details on the case of Wells Fargo vs. Wells Fargo. (WSF) Speaking of Wells Fargo: The San Francisco-based regional bank is rumored to be preparing to report second-quarter earnings well above market expectations. (dR)

The Sun'll Come Out Tomorrow? Today was a rough news day for the already beat-up Sun Capital Partners. First, the Journal reported that Kellwood, its largest investment may file for bankruptcy. Then the Post reported that its second-largest investment, which already filed for bankruptcy, will lose an imperative deal because Sun Capital "starved the company of research dollars" under its ownership. Then we have this stinger: Sun Capital founder Marc Leder has seen his dirty laundry aired in the Palm Beach Post, which reports that his wife, who admits to having an affair with her tennis coach, wants more than the $100 million he has offered her in a settlement, claiming he is worth more than $400 million. The New Criterion for MBA Admissions: Amid a tight MBA labor market, B-school admissions decisions increasingly hinge on applicants' ability to land a job upon graduation. (BW) McKinsey's Cracked Crystal Ball: Its 2009 predictions about the future of private-equity and hedge funds might be as inaccurate as its 2007 predictions. (Moneybox) Fundraising Gossip: Updates on some Australian funds from the Carried Interest blog... (CI)

Silicon Valley's Beleaguered Moneymen: Forbes jumps on the "a few strong IPOs means we're moving past the downturn" wagon. (Forbes) Snap: Dealbreaker notes that the SEUI is getting sassy about the AIG bonuses. (DB) The brightest and the rest: In venture capital, "Too much money has been chasing too few great start-ups" (Economist) Capitalism: A Love Story. That's the name of Michael Moore's new movie. (BW) Measure That Market: A surefire way to get private equity pros to start talking nonsense. (Private Equiteer)

Got Comments for Sheila Bair? Here's where you'll be able to submit ‘em and read others. (FDIC) The End of Retirement: Demography means virtually all of us will have to work longer. (Economist) Glass Boardroom: Do women in the board room help a company's stock price? Ask the anecdotal evidence: Lucy Kellaway. (FT) Lowbrow Connections: What does Paris Hilton have to do with Ponzi schemes? Well, it's a long story, but it involves a Miami fraudster, a movie about sororities and Paris shirking on the job. (AP) At It Again: Do we call him the Oracle because of his ridiculous metaphors (which all too often involve sex)? Warren Buffet is at it again, this time suggestion we need a second stimulus bill and comparing the first stimulus to half a Viagra pill (why half?) and candy (what kind? These things matter...). (ABC news)

Private Equity Take A Gamble? Firms are shy no more regarding the online gaming sector, writes Mervyn Metcalf of Global Leisure Partners. (EGaming Magazine) Facebook: The Movie: There's a screenplay called "The Social Network" that's supposedly a tell-all of the inner workings of Facebook. Juicy... (CNET) Buck up! Hiring in finance is creeping back. (WSJ) Then again: Only the employed need apply-"many employers are bypassing the jobless to target those still working, reasoning that these survivors are the top performers." (WSJ)

Ouch: Ohio's state "rainy-day" money has dwindled from $1 billion to 89 cents. (WaPo) So its true: Or at least appears that way. Companies file bad news on holidays. (Footnoted) Why the SBA's New Loan Program Stinks: It's tough to qualify for this $35,000 offer unless you're in immediate danger. (BW) Yikes: Now bankers, once the target market for some alcohol ads, are the butt of the joke. (Streetwise) Pope Speaks: He says the economic system is showing the effects of sin. (NY Times)

Say Goodbye to 2%: That 20% is probably due to change soon too. (Bloomberg) Up a Down Staircase: A Deal feature looking at the Private Equity Deals of the Year. Basically it's a ranking of the most significant deals (which, to me, seem inextricably linked to either the biggest, most profitable, or least profitable, but the Deal professes they are not.) The headline says it all: Up a down staircase. Is that a reference to these poor ducks? (The Deal) But! Closing Bell Is Tolling for SPACs: Deadlines on shell companies loom large. (WSJ) Sell! Time to lighten up on junk bonds. (Aleph Blog)

Happy July 4th! Bloggers Gaining Steam: Goldman Sachs responds directly to blogger Zero Hedge. (Zero Hedge) Lists: Dumbest Moments in Business, Mid-Year 2009. I think we could add a few buyout moves to this list as well... (Fortune) Fighting Fund of Funds? "Private equity funds of funds are increasingly under fire. Not only do they reduce returns, but they do not minimise risks" (IP&E) Hours Versus Heads: The decline in aggregate hours worked has been frighteningly consistent over recent months. (Freakonomics) Student Loan Horror Story: How a law school grad that passed the bar is being denied admission because of his $400,000 student loan load. (Law Blog)