Ex-Merrill Executives Got Burned by Madoff (WSJ)
Former Merrill chief executives Daniel Tully and David Komansky, along with former Merrill investment-banking chief Barry Friedberg, personally invested in hedge funds with Madoff exposure run by former Merrill brokerage chief John "Launny" Steffens, according to people familiar with the matter. The Merrill executives are the highest-level Wall Street victims of the scandal to surface until now.[...]
Mr. Steffens had exposure to Mr. Madoff's Ponzi scheme via investments made by funds run by Spring Mountain Capital LP. Mr. Steffens formed Spring Mountain in 2001 in partnership with J. Ezra Merkin, a top Madoff investor. Spring Mountain invested in three Merkin-led funds, and Mr. Steffens says he was aware of heavy Madoff exposure in one.
Big Bucks For SEC Boss (NYP)
"US Securities and Exchange Commission Chairman Mary Schapiro was to receive $5 million to $25 million in benefits when she resigned from the Financial Industry Regulatory Authority to join the government.
Schapiro had a $2.75 million salary as head of Finra, the US brokerage watchdog, according to disclosure documents. She also got $675,033 in deferred compensation and $184,600 in connection with sitting on the board of Kraft Foods. She resigned that seat Jan. 15 and reported holding Kraft stock worth up to $1 million."
Cuomo May Seek Return of $4 Billion in Early Merrill Bonuses (Bloomberg)
Says a person familiar with the matter. And this time he might be serious!
Survivors' Gilt (NYP)
US Airways Flight 1549 passengers are not happy with the "coveted" Chairman's Preferred status CEO Doug Parker has offered them through March 2010. They want it for life, and death to all things geese.
Posted by guest , Jan 30, 2009 8:16AM
US-Air sticking it to the man.
Posted by guest , Jan 30, 2009 8:22AM
And here's where a heart warming story turns into a typical american greed grab. Might as well ask for an xbox as well, your life should be worth preferred for life AND a new copy of halo.
Posted by guest , Jan 30, 2009 8:22AM
Why would anyone want Chairman status for life on US SCAIR? I'd rather take 5,000 miles from Continental or a free neck pillow than have to fly them again.
Posted by guest , Jan 30, 2009 8:27AM
Bess-- feelings on this source reference?
http://online.wsj.com/article/SB123327814481231565.html?mod=testMod#articleTabs%3Darticle
Morgan Stanley May Cut 5% of Staff
Posted by guest , Jan 30, 2009 8:35AM
Mary Schapiro walks from her $3 million annual salary at FINRA with millions more (mind you, FINRA is a non-profit organization) after DESTROYING enforcement at the agency.
How could The Messiah believe she is going to do anything other than turn enforcement at the SEC into the same joke that it has become at FINRA?!?!? This is INSANE!
Posted by Bess Levin , Jan 30, 2009 8:36AM
@4- I already saw. And you know I'm riled up.
Posted by guest , Jan 30, 2009 9:19AM
Whenever I hear the term "messiah" in reference to Obama, I know I'm dealing with a dick with whom conversation should end quickly.
Posted by guest , Jan 30, 2009 9:25AM
@7-
Kind of like when people used to refer to W as Chimpy?
Posted by guest , Jan 30, 2009 9:35AM
Nobody ever referred to W as "Chimpy", they merely pointed out the sometimes striking resemblance.
Most people preferred pet names such as "Idiot-in-Chief" or "Retard".
Posted by guest , Jan 30, 2009 9:38AM
@7
1. get gun
2. put barrel in mouth
3. pull trigger
Posted by guest , Jan 30, 2009 9:47AM
@10
Original. I have no problem putting the barrel in your mouth.
- Not @7
Posted by guest , Jan 30, 2009 9:49AM
"The Merrill executives are the highest-level Wall Street victims of the scandal to surface until now."
Is it me or is the "until" in the above sentence incorrect?
Posted by guest , Jan 30, 2009 9:50AM
8 = part of that 22% of Americans that view W favorably.
Posted by guest , Jan 30, 2009 9:50AM
hey, where are the zimbabwaniac rants today?
http://www.timesonline.co.uk/tol/news/world/africa/article5614840.ece
"Zimbabwe sidelined its own near-worthless currency yesterday, declaring the US dollar, the British pound and even the Botswana Pula as legal tender in the country’s rapidly collapsing economy. "
I hope the Zimbabweans were stuffing pounds in their mattresses in the lead up to this.
Posted by guest , Jan 30, 2009 9:50AM
Don't you know who I am? I'm one of the Hudson 155!!
Posted by guest , Jan 30, 2009 9:53AM
@13
I thought it was more like 16%, you know, that 16% you try to wipe off with bog roll but it just sticks there.
Posted by guest , Jan 30, 2009 9:53AM
flight survovirs, stfu..you're lucky to be alive.
Posted by guest , Jan 30, 2009 9:57AM
@12-- yes it seems incorrect unless someone knows now that higher-level-than-Merrill-Stooges Wall Street victims of the scandal have surfaced.
Posted by NAS Keflavik boi , Jan 30, 2009 10:03AM
anybody else hear that "merkin" is an archaic term for "a wig for the vag'"
Posted by guest , Jan 30, 2009 10:07AM
@19-- yes, all the time, as in "are you Canadian?"; "No, I'm a merkin"
Posted by guest , Jan 30, 2009 10:09AM
to no 5 - i am with you all the way! can we expect another helpful obama statement about this being shameful and calls for her to pay it back?! somehow i think not - double standards all the way boys!
Posted by guest , Jan 30, 2009 10:13AM
on the bushisms - my favorite thing ever was a badge - "a village somewhere in texas has lost its idiot" how true
Posted by guest , Jan 30, 2009 10:43AM
I smell clawback of Mary Shapiro's excessive compensation. FINRA revenues come from member firms, hence TARP money is being utilized. Where is Chris Dodd when you need him?
Posted by guest , Jan 30, 2009 10:45AM
I smell clawback of Mary Shapiro's excessive compensation. FINRA revenues come from member firms, hence TARP money is being utilized!!! Buehler? Buehler? Dodd?
Posted by guest , Jan 30, 2009 1:24PM
Tim and Mary are bad picks. How long before they get fired?
Posted by Anal_yst , Jan 30, 2009 1:26PM
Methinks Mary Schapiro is a bigger fraud than Madoff, just sayin