Brace yourselves, ladies-- Trader Monthly has shut down (as has owner DoubleDown media). In an e-mail to staff last night, President Randall Lane-- who was described last week as having "lost a grip on reality and is acting like a caged animal who knows he's about to be slaughtered"-- wrote:
Regretfully, we have some very bad news to share. The bank that's been supplying our credit line for the past year, an affiliate of HSBC, has ceased to provide working capital for Doubledown Media. Thus, this forces us to suspend operations effective immediately.I cannot begin to convey how heartbroken we are. These are unprecedented times: the combination of the media depression, the Wall Street implosion and the credit slowdown were collectively too much for our company -- probably any company in our shoes -- to overcome.
We are owed a substantial seven-figure sum by various advertisers and business partners, but as with everyone else in media, payments to us have slowed precipitously, which is turn has crippled our ability to pay our bills on time. This slowdown also led to the bank's decision not to continue to fund the working capital.
Also probably at issue was the diminished appetite for circus freaks like Tim Sykes, who was unleashed on the world by TM back in 2006. Father and son have since had a bit of a falling out, and we would not be doing our parts if we did not let latter use this as a platform to perform what he seems to believe is an end-zone victory dance. Sayeth Sykes:
Randy's memo about the environment being "too much to overcome" smacks of the same kind of BS that got him in trouble in the first place...I--the Ryan Leaf of trading--somehow have "overcome" and built a million dollar publishing business in less than a year...if only he would grow up, maybe one day, maybe one day...
Posted by guest , Feb 03, 2009 11:33AM
too bess, won't levin
Posted by guest , Feb 03, 2009 11:38AM
Good riddance. I look forward to more news about the termination of more outlets of douchebaggery and self-promotion.
Any takers on the 'Wall Street Wimps' pilot?
Posted by guest , Feb 03, 2009 11:39AM
thank god i hated that d-bag mag...esp the lists
Posted by merkin capital partners , Feb 03, 2009 11:46AM
Bess you need to do an expose' on the wall st. warriors...from the looks of SNDK i think you might be able to find those brokers at your local homeless shelter.
Posted by guest , Feb 03, 2009 11:46AM
is that loser jerking off in that picture?
Posted by guest , Feb 03, 2009 11:48AM
too douchey, didn't bag
Posted by guest , Feb 03, 2009 11:49AM
The father/ son relationship is a disaster.
Posted by guest , Feb 03, 2009 11:49AM
See it. Trade it. Shut it.
Posted by guest , Feb 03, 2009 11:53AM
The present administration is putting in regulations to ensure there will be no candidates for the list, hence the magazine being rendered unnecessary.
Posted by Anal_yst , Feb 03, 2009 11:54AM
@ Merkin
That meatball a$$hat and his cohorts that "bet their year on SNDK" was/were simultaneously the most hilarious and most pathetic show of complete and utter investing ignorance I've ever seen.
Posted by Investorcluzo , Feb 03, 2009 11:54AM
@merkin - too funny, I saw the ticker going by this morning down $2 in the 8's and couldn't help but think about those two hicks selling it to clients at $24...
Posted by guest , Feb 03, 2009 11:55AM
This is truly a dark day. Where will I look to find my next leased jet or condo in Jersey City?
Posted by guest , Feb 03, 2009 11:56AM
I hope we get another season of Wall St Warriors on Mojo HD. The pinnacle of D list Wall St types!!
Posted by guest , Feb 03, 2009 11:58AM
@4, it's down like 25% today too--pretty incredible for a company with almost no debt.
I didn't like those guys' haircuts.
Posted by guest , Feb 03, 2009 11:58AM
The team and magazine was a joke - Magnus, Randall, Rachel - good riddance. Enjoy the rest of your life...
Posted by guest , Feb 03, 2009 11:59AM
This mag was a joke to begin with.
Posted by guest , Feb 03, 2009 12:06PM
it was a good, funny magazine. I will miss it a lot.
Any chance it will be brought back?
Posted by guest , Feb 03, 2009 12:06PM
Does it automatically make me a douchebag if I received Trader Monthly at home for free without ever subscribing?
Posted by guest , Feb 03, 2009 12:07PM
it was a good, funny magazine. I will miss it a lot.
Any chance it will be brought back?
Posted by guest , Feb 03, 2009 12:07PM
seriously, any magazine w/ an annual issue titled "BONUS TIME!" with men in sunglasses and suits needs to be put down.
I wish I had some $$$ to buy GE stock...
Posted by guest , Feb 03, 2009 12:17PM
They did throw some pretty good parties, though that might have been part of the problem. Dykstra was the beginning of the end for them.
Posted by guest , Feb 03, 2009 12:17PM
screw them, let's talk about the real and most important victim of this crisis: mangia on wall street. where is a man to find a fancy sandwich downtown?
Posted by guest , Feb 03, 2009 12:20PM
Do magazines without pictures of fat celebrities make money nowadays?
Posted by guest , Feb 03, 2009 12:20PM
Real men don't eat "fancy" sandwiches
Posted by guest , Feb 03, 2009 12:25PM
too sykes, didn't Lychen
Posted by Boaster , Feb 03, 2009 12:26PM
22- no kidding, Mangia Wall St's closed? Found there was health violations at the one on E. 48th. Enjoy this w/your lunch:http://nyc.everyblock.com/restaurant-inspections/by-date/2008/12/30/1913959/
Posted by Anal_yst , Feb 03, 2009 12:26PM
@22
Mangia closed? So did Cafe Bravo on Pearl, its the beginning of the end for bastions of overpriced, under-stuffed, supremely mediocre lunch-stuffs in Fidi, alas!
Posted by guest , Feb 03, 2009 12:26PM
http://www.dealbreaker.com/2007/08/this_man_does_not_work_at_fort.php
Posted by guest , Feb 03, 2009 12:28PM
Dear "Timmay!"
Time to wipe the snot off your nose, pull yourself up by the bootstraps and get A Real Job. The well is dry, my Son. And don't bother Grandpa either, because he's been screening calls.
Sincerely,
Dad
Posted by guest , Feb 03, 2009 12:29PM
Did Bess really go out with Tim?
Anyone have the real story on this?
http://dealbreaker.com/2007/09/trader_monthly_will_not_have_i.php#c5
SPODE
Posted by guest , Feb 03, 2009 12:30PM
@18: Hell no, because I did too!
Posted by guest , Feb 03, 2009 12:30PM
too prepubescent - felt dirty
Posted by guest , Feb 03, 2009 12:32PM
Comrades,
I'm starting Bureaucrat Monthly. The first issue will feature spreads of Paulson, Kashkari and Bair. Coming to newsstands in 2 weeks.
Posted by Boaster , Feb 03, 2009 12:34PM
Back to basics, no more wanna-be, eastern-Euro (trash) Italian at Mangia. Pls tell me Rosario's is still at 38 Pearl St....
Posted by guest , Feb 03, 2009 12:41PM
The memo sent out when Aquila Energy shut down was much more maudlin.
Posted by guest , Feb 03, 2009 12:41PM
33-
Let me know when the special edition covering fashion trends of bureaucrats is published. Maybe Mary Schapiro as your first centerfold?
Posted by guest , Feb 03, 2009 12:42PM
The memo sent out when Aquila Energy shut down was much more maudlin.
Posted by guest , Feb 03, 2009 12:54PM
@34
Rosario's has been gone for some time now. Very sad. What's next, Sophie's?
Posted by guest , Feb 03, 2009 1:01PM
as soon as Oli turned 31 this magazine was dead to me
Posted by guest , Feb 03, 2009 1:04PM
@13 Mojo went off the air in Dec. Thanks Pat!
Posted by guest , Feb 03, 2009 1:18PM
where will chazzy g write his illustrious TM column now? editors everywhere, brace yourselves...
Posted by TimothySykes , Feb 03, 2009 1:26PM
I will outlast you all, MOJO, TM, CNBC, etc...whoohahahahahah
Posted by guest , Feb 03, 2009 1:30PM
I'm feeling it baby, feeling it.
Ez 25:17
"The path of the righteous man is beset on all sides by the inequities of the selfish and the tyranny of evil men. Blessed is he, who in the name of charity and good will, shepherds the weak through the valley of darkness, for he is truly his brother’s keeper and the finder of lost children. And I will strike down upon thee with great vengeance and furious anger those who would attempt to poison and destroy my brothers. And you will know my name is the Lord when I lay my vengeance upon thee."
Posted by guest , Feb 03, 2009 1:35PM
Flavors - the last bastion
Posted by guest , Feb 03, 2009 1:41PM
Oh man, I just shot Marvin in the face.
Posted by peWonderWoman , Feb 03, 2009 1:43PM
Rosarios lost it's lease this past June :-(
It was the saddest day of 2008
Posted by guest , Feb 03, 2009 1:46PM
@18...
If so, I've been a "douchebag" since the third edition...
Posted by KLW , Feb 03, 2009 2:29PM
@44: If Flavors wasn't in my building, I would burn that place down. As it stands, of course, I continue to eat there constantly.
Posted by guest , Feb 03, 2009 2:41PM
@merkin
After some research, looks like those jokers worked for Chicago Investment Group.
Posted by guest , Feb 03, 2009 3:16PM
Trader mag that is owned/run by "Doubledown" Media fails to get financing. Irony anyone?
Posted by guest , Feb 03, 2009 5:00PM
@38
I believe Sophie's is still there – a few in and about the city. Went to the one off of Beaver St. (yes it’s a real St.) a # of years ago. Got my food, which was always decent. Went to pay the cashier, who I assume was the owner, and instead of giving me change from the register he pulled out this thick wad of bills like he was a Gambino Bookie or something. NOTHING went into that cash register, just his pocket. Later found out he had some IRS issues shortly thereafter.
Posted by guest , Feb 03, 2009 5:39PM
while talking of NY eateries, I haven't been back since '05. Is the Daisy Mae BBQ truck still going, it was opposite the NY Fed. It did this crazy delicious tub of pulled pork and beans. Hhhhhhhhhhmmm.
Posted by guest , Feb 03, 2009 6:00PM
what will all the vinny wanna be traders from brooklyn read now...
Posted by guest , Feb 03, 2009 6:35PM
I happy, pricks got what they deserved. ruined enough people's careers with that bad reporting.
fuckers
Posted by guest , Feb 03, 2009 6:47PM
Timmay,
I'm going to print out a 16x20 color copy of your picture. Then I'm going to cut out a large circle where your mouth is. Then I'm going to duct tape my Pocket Pussy to the back of the print. Then I'm going to skullf*ck you like you were my high school sweetheart.
The Guy from Delaware
Posted by guest , Feb 03, 2009 9:07PM
@55,
Wow. I mean just wow.
Thread closed everybody.