Archive for February 2008

  • 29 Feb 2008 at 5:56 PM

Write-Offs: 02.29.08

$$$ Schwarzman‘s School Ties [DealBook]
$$$ Vote on whether Tim Sykes has discovered the secret formula for the stock market. []
$$$ Sorry Guys, Today Didn’t Happen [LoSC]
$$$ The Boeing Company (BA)

  • 29 Feb 2008 at 5:11 PM

Diary of A Fake Goldman Trader: Becoming Your Dream

Who remembers that Craiglist ad from the 28 year old Goldman banker looking for someone to lavish with his (pretax) $722k bonus? I’m going to go with all of you because, frankly, it/he was unforgettable. The Viking stove, the custom-made oak dresser, the amazing dinners, the shopping, the great wine, the getting each other off fabulously and, of course, the baby’s arm aren’t things one lets recede from his/her consciousness so easily. Sure, the whole thing turned out to be fake and from the mind of someone named the Cajun Boy who does not really work at Goldman Sachs or at any other financial institution, including Bear Stearns, for that matter, but did anyone give a shit? No, us included. In fact, we were so taken by the imposter– “real” name: Thad– that we asked him if we could reprint parts of his journal on DealBreaker so that you all could live vicariously through his fabulous life. He said yes, if it would help him “score ass.” So if you enjoy the following installment, show your gratitude.
I seriously can’t believe that I’m about to let the following words cross my lips, but this is my diary and the purpose of a diary is for purging the soul and unburdening yourself of any albatrosses that may be weighing you down, right? It’s also great for endearing yourself to a large swath of the female segment of the banking industry when parts of your diary just so happen to be published on a widely read Wall Street website, but that’s neither here nor there. The fact of the matter remains…

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Job Of The WeeK: Subprime Trader

Your jobs sucks. That’s why we spent part of the afternoon combing through our Career Center in search of the most interesting jobs. There are dozens to choose from, all categorized according to specialization. But one special one has been selected as our Job of The Week.

A multi-strategy hedge fund is seeking an experienced risk taker to trade the mortgage credit space with a particular focus in subprime. Feel free to bring your whole team.

Please Say Norbit II, Please Say Norbit II

ed.jpgNot content to sit idle while their peers at Citadel and Stark Investments lose millions of dollars by backing movies like “Evan Almighty” and “Poseidon,” Elliot Associates has gotten some of that, agreeing to provide at least $1 billion to co-finance 75% of Universal Pictures’ films over the next four years, with Relativity Capital. Relativity is the private equity firm which has gotten some great press lately for convincing defenseless hedge funds to put their green in paper bags and light it on fire via 12-terrible-flicks-at-a-time package deals. Elliot is the firm that, earlier this week, accused Cedar Hill of espionage. Do we smell a craptastic spy film summer 2009, sure to make just as much as “Blond Ambition,” if not a dollar more? Methinks yes.
Earlier: How Katherine Heigl’s Rack Nearly Sank Bridgewater
Relativity, Elliott Hammer Out Movie Deal [FINalternatives]

  • 29 Feb 2008 at 3:02 PM
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  • 29 Feb 2008 at 1:59 PM

Proxy Battle At The New York Times

It is, officially, on.

A dissident investor stepped up pressure on The New York Times Co. Friday, formally proposing its own slate of four directors and saying the company needs to take more drastic action to compete online.
Harbinger Capital, an investment firm that now owns about 19 percent of the company, filed its own proxy statement with the Securities and Exchange Commission listing its nominees for directors to be elected at the Times’ annual meeting April 22.
The Times has already filed its own full slate of director nominees, but has said it was still considering whether to accept Harbinger’s candidates.

Fund Nominates 4 for N.Y. Times Board
[Associated Press via]

  • 29 Feb 2008 at 1:16 PM

How To Turn $4.6 Million Into $1 Billion

Politics, of course.

The unadulterated euphoria you-know-who experiences while mainlining cream filled gold sponge cakes every day at 3 is about to be compromised.