Fund Fugitive’s ’05 Finagling (NYP)
Arthur Nadel, now being dubbed, by some, as “Mini Madoff,” was probably working on his own Ponzi scheme as early as 2005. And although federal agents are on his tail, he seems to be in good spirits, hangin’ in a small town just north of New Orleans.
Hedge Funds Help Fund Obama Inauguration (FINAlternatives)
“The bill for Obama’s swearing-in may hit $150 million–more than $100 million of which is for security costs. And among those giving the maximum $50,000 per individual are Soros Fund Management’s George Soros and D.E. Shaw Group’s David Shaw, leading a large number of hedge fund industry professionals to pay for the inauguration.
The Presidential Inauguration Committee has raised more than $27 million, of which $7.1 million came from those involved in finance, according to the Centre for Responsive Politics. The Soros family alone gave $200,000. Other hedgies (or former hedgies) giving the max include Grosvenor Capital Management’s Stephen Malkin and Michael Sacks (and Sacks’ wife, Cari), Paloma Partners CEO Donald Sussman and Oaktree Capital Management Chairman Howard Marks.”
AIG’s Neuger Stepping Down (WSJ)
“Mr. Neuger said in an email that he isn’t taking a narrower role but that the sale of the asset-management business necessitates all investment personnel moving to one side of the business or the other. He said he was the founding CEO of that business and it would no longer be possible for one person to fill both roles once it is sold.”
Irish Bank Set To Be Nationalized (BBC)
The Irish are some of the most phenomenal people I’ve ever had the opportunity to live with; their capacity for not giving a shit isn’t only commendable but worthy of study. The small island-nation has decided that nationalization is in the better interest of the people than is a bailout: I would be quick to point out that the former is also the best route to full out socialism, whereas the latter merely provides for loss of money.
Money, as it turns out, is so often easier earned back than freedom.
The Bernie Madoff Letter (PacificGatePost)
A dutiful reader emailed this to us this morning, and while we’re (mostly) sure it’s absolute fraud– we still need you to weigh in. GTFO or…?
Blackstone Taking A Bath In India (Reuters)
It looks like the PE superstar is facing regional difficulties in Asia; their India portfolio seems to have taken a substantial hit.
Cerberus To Lay Off 10% Of Staff WorldWide (CNBC)
“U.S. private equity firm Cerberus Capital Management, majority owner of automaker Chrysler, may cut about 10 percent of its worldwide staff, a source familiar with the situation said on Monday.”
If you have any actual numbers on this, email them to us: tips (AT) dealbreaker (DOT) com.
Chrysler To Be Bought By Fiat (NYT)
Fiat, the company internationally known for making reliable easy to work on auto’s, is buying part of Chrysler. I can assure you this is a move in the right direction, as the Fiat and Dodge Charger will together will constitute “Best Of Breed.”
“In today’s economic environment, talks are going on between companies in all industries — ours is no different,” a Chrysler spokeswoman, Lori McTavish, said in a statement. “Chrysler as a matter of policy, however, does not confirm or disclose the nature of its private business meetings.”
Brazilians Lost Money in Madoff’s Funds, Folha Says (Bloomberg)
Brazilian investors lost “tens of millions” of dollars through banks that put money into Bernard Madoff’s funds, Folha de S. Paulo reported, citing David Rosemberg, a lawyer at Orlando, Florida-based Broad and Cassel.
At least 15 individuals and financial advisers in Sao Paulo, Rio de Janeiro, and other Brazilian cities contacted Rosemberg about their losses, the newspaper said. The clients invested in some Safra banks, Banco Santander SA, UBS AG and Fairfield Greenwich Group and didn’t know their money had been directed to Madoff’s funds, the newspaper said.
“Brazil, out of all the Latin American countries, was probably hardest hit,” Rosemberg said today when contacted by Bloomberg News. “Banks were putting money into Madoff without understanding Madoff’s business. There was an element of peer pressure, everyone else was doing it.”
2009: The Making Of A President (NYT)
At 11:30 AM ET President Elect Barack Obama and Vice President Elect Joseph R. Biden Jr. are going to be sworn in at the West Front of the United States Capital as the 44th President and Vice President of the United States of America. Ironically, If I remember correctly, the location of Washington D.C. was struck in an accord by Thomas Jefferson so as to negotiate the existence of the Central Bank at a dinner in June, 1790 with some of the most famous men in political history present; Jefferson was prone to migraines and had spent the previous months resting in New York City after returning from his post in France.
To be clear: we won’t be tolerating racism or ad hominem attacks on President Elect Obama; any movement on your part in that direction will be met with hostility.
How about attacks on you Billy Boy?
[spam from Daily Bail]
let miracles begin to happen … I am still waiting …
@4 Chrysler caught a bid… That is the corporate version of the parting of the red sea.
@4 Bush is gone. It’s all gravy from here.
@4/5 If the answer is Fiat you have a problem with the question…
@7 i wonder if this has anything to do with BO’s 300c? probably worried that spinners, chrome, curb feelers wouldnt be available if Chrysler went Ch 7
Obama sold his V8 Hemi 300C before the start of the campaign and got a Ford Escape Hybrid which handles like a UHaul.
I am baffled by Fiat as they have a sucessful business of small cars, Alfa, Ferrari and Maserati. Why take on garbage (maybe Jeep is an exception)?
The bit about the Irish is great.
@5 Hahaha – brilliant!
Looks like Opco will have to dip into TARP to pay Meredith this year.
In the wake of a $56 million fraud
investigation against its parent, a Florham Park financial services company is moving forward with its bid to become a bank and tap into a federal bailout program.
Oppenheimer Trust Co.’s application to become a bank and change its name to the Oppenheimer Bank and Trust Co. has been accepted by the New Jersey Department of Banking and Insurance, according to an announcement by the New Jersey Bankers Association.
Oppenheimer Trust also wants to sell a chunk of its stock to the federal government under the Troubled Assets Relief Program.
Oppenheimer Trust currently offers investment and other financial services to high-net-worth individuals and families, and not-for-profit and other organizations, according to the company Web site.
In November, following the meltdown of the volatile auction rate securities, or ARS, debt market, the Massachusetts Securities Division filed a fraud complaint against Oppenheimer’s New York parent, Oppenheimer & Co. Inc., and some top executives. Oppenheimer & Co. steered clients to risky ARS, resulting in losses of $56 million, even as the executives unloaded their own holdings, alleged the Massachusetts Securities Division.
Oppenheimer denied the charges, but said it was “reviewing the availability of the TARP program, and other programs recently announced by the federal government, to provide a solution to this serious issue for its clients.”
The New York parent also said that prior to the filing of the Massachusetts complaint, Oppenheimer Trust was preparing an application to the Federal Deposit Insurance Corp. for deposit insurance, and had filed an application to participate in the TARP stock purchase program.
Too inexperienced; didn’t vote
In Chicago they call the 300C the Brother Bentley or Ghetto Bentley
I’m sorry William, that last item made you sound like a cult-ish follower of Lord Obama. I’m all for not tolerating racist posts, and maybe it’s just me, but I can’t picture you warning us that you won’t tollerate attacks on George W.
I miss EP’s ability to see through the blinding light of the Halo.
Anyone think Erin’s hair is looking rather bedheadish?????
Feel like her mop is eating her face.
No ad hom attacks on BHO? Wow, change really is coming to all quarters of America, even Dealbreaker. Censorship in the first day.
The world is perishing from an orgy of self sacrifice, and the collectivists just installed their messiah. Soon our economy will be running on rainbows and puppy dog kisses. I’m so very, very happy.
Anyone who questions anything about Barack Obama, any of his policies or any of his decisions is simply un-American.
Questioning this man’s decisions or motives is off limits and will remain so until further notice. That is all.
three best – german engineering, british government, italian cooking
three worst – german government, british cooking, italian engineergin
jmho
When it comes time to hang the capitalists, they will donate the rope.
@18 I love the bleating. Keep it up.
Hail to the looter in cheif! If he’s good enough for Madoff he’s good enough for me, welcome B. Hussein Obama, keep your umbrellas with you today mana will be raining from heaven! Be careful at the water cooler as it may now me a wine cooler!
@19, somehow I think Italian gov’t can give the folks in Berlin a run for their money in the race to the bottom
Something makes me think TGFD is posting anonymously these days. Welcome back TGFD. Cruise any high schools lately?
Does anyone find it ironic how those who rely on freedom of the press are willing to deny others freedom of speech?
“brilliant”???
you limeys need to learn a new adjective
@26
We would but you lot have worn out ‘awesome’
Was it just me, but at the Inauguration concert, Garth Brooks use of American Pie, with its lyric “This will be the day that I die”,seemed a little in bad taste for a president that faces a legitimate concern for assassination attempts.
But bad taste would explain those shirts Garth wears.
United States Capital? You have no principals MR.
Does anyone know what the inexperienced two year senator numbers are?
Not buying the Bernie “letter.”
Sorry.