THE LATEST ARTICLES
NEWSLETTERS
Richard Baker
William D. Cohan May 4, 2025
Since Saks acquired Neiman Marcus Group for $2.7 billion, Wall Street has been trying to figure out why the deal got done in the first place. A deep dive into the 400-page bond prospectus reveals some very creative accounting, including my new fave: “Pro Forma Run-Rate Adjusted EBITDA.”
Peter Orszag
William D. Cohan April 30, 2025
News and notes on the Trump II economy—whether the tariffs can actually work, America’s role as world leader, the current market volatility—in a conversation with Lazard’s C.E.O. Peter Orszag and co-head of European investment banking Jean-Louis Girodolle.
Leon Black
William D. Cohan April 27, 2025
The former Apollo executive has defeated all but one of the misconduct allegations against him—an increasingly surreal case involving a client who has been dropped by her lawyers and is now at war with their firm.
Marc Metrick
William D. Cohan April 27, 2025
A close look at whether Saks Global, several months after acquiring Neiman Marcus Group for $2.7 billion, can make its initial $120 million-ish interest payment to bondholders at the end of June.


Larry Summers
William D. Cohan April 23, 2025
Larry Summers, the former Treasury secretary and N.E.C. director and Harvard man, goes “Full Larry” on the economic fallout under Trump II—capital flight, lost exports, violent deleveraging, declining competitiveness, Argentina comps, etcetera.
Richard Baker
William D. Cohan April 20, 2025
The high-stakes roll-up of iconic department store brands Saks and Neiman Marcus is now straining under the weight of its junk-bond financing. Facing spiking yields, vendor unrest, and now Trump’s trade war, Richard Baker’s bold bet is fast becoming a cautionary tale.
Christopher Ruddy
William D. Cohan April 16, 2025
When the Fox wannabe’s stock popped (and then plunged) after its I.P.O. earlier this month, the billionaires got out in time and retail investors got burned. Same as it ever was…
scott bessent donald trump
William D. Cohan April 13, 2025
The latest inside chatter on Wall Street about Trump’s tariff-induced economic hellscape.


donald trump tariffs
William D. Cohan April 9, 2025
Trump’s global tariff war has wiped out more than $5 trillion in equity-market value. But, as always, the most reliable clue about what’s heading our way is the bond market. Buckle up…
donald trump
William D. Cohan April 6, 2025
There are multiple contradictory theories making the rounds among smart investors to rationalize Trump’s trade war: forcing other nations to play fair, raising revenue to offset tax cuts, crashing the economy to refinance the debt. The one point of agreement: C.E.O.s are nervous, very nervous.
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