Tags: Anthony Rotondi, Carmelo Anthony, ING Financial Services, Lawsuits
As many of you know, a big part of a lot of people’s jobs on Wall Street is to entertain clients, often times at sporting events. Since the purpose of these outings is to foster relationships and kiss ass, one generally aims to put his or her best foot forward, and not do anything that might make the client embarrassed to be seen with you in public. For instance, even if you’re the type to engage in some serious heckling of players, you maybe dial it back a bit and leave go-to moves like repeatedly grabbing your crotch and shouting “Hey [object of derision], I got your foul shot right here” and then turning to your seat mate and smirking, as if to say “NAILED IT,” at home. So far to our knowledge, trader Anthony Rotondi did not pull out the crotch move one night last winter at the Garden, but he did apparently engage in some sort of behavior that resulted in a lesson learned. Read more »
Tags: Bill Ackman, Hedge Funds, IPOs, Pershing Square, YOU BEEN WARNED
Hedge fund mogul Bill Ackman has raised a record $2.7 billion for his hedge fund IPO that will start trading on the Amsterdam stock exchange later this month. Ackman set out to raise $2 billion, but the deal’s underwriters told their clients Tuesday night that the IPO was oversubscribed and to expect the size of their orders to be scaled back. The offering is expected to hit $3.07 billion, once the “green shoe” overallotment of 10 percent is exercised. Pershing Square Holdings — the offshore fund that is going public on Oct. 13 — will start with $6.2 billion, the largest such IPO ever…The IPO will give him more firepower to take on activist campaigns because Pershing Square’s permanent capital will be equal to almost half its total. [NYP]
Tags: arguments, Citigroup, it's just a numbers game, junior mistmakers, Mike Corbat
On Monday night, Citi CEO Mike Corbat appeared on a panel at NYU’s Stern School of Business alongside hedge fund manager John Paulson and private equity chief Joseph Landy. The conversation was free flowing and touched on a number of subjects du jour, like too-big-to-fail, post-crisis regulation, and the future of the global economy, but, as he was speaking before students, Corbat was also there to make the case for people to come work at Citi. Knowing full well that the banking industry in general and Citi specifically probably holds little if any allure for the junior banking set these days, he put on a happy face nonetheless and really committed to the part, telling those assembled:
1. Despite regulatory constraints, it’s still a super fun time to be a banker.
2. Banks are going “digital” so you could think of yourself like a pioneer, on the Oregon Trail.
3. Bottom line: We’re all adults here. Everyone knows you all want to go to a PE firm or hedge fund but not everybody’s gonna because there literally aren’t enough chairs to go around at these places. Their offices aren’t that big, relatively speaking, and there straight up are not enough places for people to sit. I’m not stupid, I get it. Who wouldn’t want to go work for Paulson and Co. over a bank, especially when that bank is Citi. But again, it just comes down to math. So when you get the “We’ll be in touch line” from them, you come give me a call. Read more »
Tags: Larry Summers, LISTEN TO ME!, Tim Geithner
So the big guy will do what it takes to make people pay attention to him. Even if that means contradicting himself by calling into question (a) policies he presumably had a hand in crafting back when he was telling President Obama and his old buddy Lil’ Tim Geithner how to run the economy and (b) policies he’s championed since heading back out into the real world to make some money. To wit: His former protégé should not have spent all of that time undermining what Ben Bernanke was doing by issuing all of that long-term debt Larry called for to pay for bridges and airports and whatnot. Read more »
Tags: John Paulson, possibilities
John Paulson’s strategies are pretty complex, if he may say so himself, as he does. So if he had his druthers, he’d stick with making money (and occasionally losing money) for investors as savvy and sophisticated as he is.
The only problem is, some of those savvy and sophisticated investors are getting a little uppity about little things like $2.3 billion paychecks and 2/20 for sub-S&P500 returns and the like. Well, hear this: If institutional investors don’t want to pay John Paulson, John Paulson will find someone else who does. Read more »