The Latest

Write-Offs: 08.27.14

$$$ Judge Fast-Tracks Valeant, Pershing Suit Versus Allergan [WSJ]

$$$ Argentina wants deal with all holdout investors together [Reuters]

$$$ Young Americans Hate Cash [BusinessWeek]

$$$ Ebola a long-term ‘blip’ for Africa investors [NetNet]

$$$ Russian Bank Will Give You a Free Cat With Your Mortgage [Gawker] Read more »

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  • 27 Aug 2014 at 5:30 PM

How One IR Guy Is Spending His Late Summer

Being a U.S. Open ballboy isn’t just for kids. It’s also for late-20-something professionals like Zach Rosenblatt, who will be on the court if you need him. Read more »

  • 27 Aug 2014 at 4:54 PM

Horror In The Hamptons: Rosé Shortage Edition

It could come to rationing. Read more »

A federal judge on Wednesday ordered PricewaterhouseCoopers to face a $1 billion lawsuit claiming that its bad accounting advice was a substantial cause of the October 2011 bankruptcy of MF Global Holdings Ltd, a brokerage run by former New Jersey Governor Jon Corzine. U.S. District Judge Victor Marrero in Manhattan said PwC’s advice on “repurchase-to-maturity” transactions through which Corzine bought $6.3 billion of European sovereign debt affected how MF Global implemented its strategy and in turn contributed to its alleged losses. “This line of causation gives rise to a plausible claim that PwC proximately caused harm to MF Global,” Marrero wrote. MF Global’s bankruptcy plan administrator sued PwC on March 28, accusing it of professional malpractice for having provided “flatly erroneous” accounting advice to the company. Corzine is not a defendant. [Reuters]

Allegations of securities fraud are apparently no reason to slip out of one’s tank top, according to Michael Dupre Lucarelli, seen at left leaving federal court yesterday. Read more »

Like all amazing movies, miniseries, other works of art, the clip of Richard Handler accepting and taking part in the ALS Ice Bucket Challenge is a slow burn to an amazing finish. Oh, to be sure, it starts out leaps and bounds ahead of any other videos of its kind: that is, in Handler’s penthouse bathroom, in front of his jacuzzi. It’s just that at every turn, it gets exponentially better, in ways you can’t imagine, ’til you’re at the end and saying to yourself, “This is one of the most amazing things I’ve ever seen.” Obviously, this must be watched in full, many times over the course of the day and possibly on loop and in place of whatever your firm is showing in TVs throughout the building. But, if we might, here are our favorite moments:

:01: We’re in Richard Handler’s bathroom. Why is that? Most of the head honchos taking part in this challenge (Marissa Mayer, senior execs at JP Morgan, etc) take the plunge on the street in front of their company or in someone’s backyard. No matter, here we are, in Richard Handler’s bathroom.

:05: Handler is narrating this video in his boxers and an old tee-shirt.

:12: He lays out the rules, we’re still in his bathroom.

:56: He nominates Carl Icahn to take the challenge, and Icahn’s wife to dump the ice (Icahn later takes to Twitter to say he’s too god damn busy.)

1:15: He starts ripping open plastic bags of ice and dumping them into the tub. It takes a while, because, again, he’s doing the challenge 1) in a jacuzzi and 2) in a jacuzzi that looks like it can seat 7. “It’s a lotta ice,” he tells the camera.

2:02: Even though he just dumped 8 or 9 bags of ice into the tub, he dumps a hotel-style wicker ice bucket into the bath, just for good measure. Read more »

  • 27 Aug 2014 at 1:02 PM
  • Banks

BNY Mellon Loses Lucrative Argentine Market

Just kidding: There was nothing lucrative at all about the Argentine market for BNY, only trouble. But Cristina Kircher & co. have been kind enough to deal with that problem for their estranged trustee bank. Read more »

Chris Rokos and his former hedge fund, Brevan Howard, agree on one thing: He was a pretty good trader. The former thinks that the latter’s five-year non-compete is a travesty of justice depriving the world of his irreplaceable skills. The latter is so afraid of those skills that it wants Rokos to sit out every one of those 1,826 non-competitive days, hoping that each one will blunt Rokos’ acumen as much as he fears.

And, indeed, the numbers back it up: Rokos was good. Four billion dollars-plus good. At least until 2012 when he lost almost $400 million and “retired” from a firm where losing $400 million is as good as a letter of resignation. Read more »