So, I guess it's entirely possible that Danny Pang, the subject of an insanely long profile in today's Wall Street Journal is a stand-up individual running a completely legit private equity business. Perhaps, what with all the Madoffs and the Stanfords popping up of late, the whole thing is actually an elaborate cooperative attempt between the Private Equity Management Group founder and writer Mark Maremont to provide a service guide to the investing community. Like, on shit to not do if you're trying to avoid having your name in the press in conjunction with "massive scam." Stuff like:
- Straight up telling the president of your firm, the PEMGroup, that "part of the enterprise is involved in a Ponzi scheme."
- Being married to a woman who is mysteriously murdered in such a fashion that people think you paid a guy to show up at your house and shoot her.
- Putting Morgan Stanley on your resume (you were a "senior vice president and senior high-tech merger adviser") and then not taking the extra precaution to blackmail John Mack into corroborating the story.
- Telling people you received a number of degrees from the University of California, Irvine, but then not being able to produce proof of said degrees, and not making sure to get the school on the horn before they tell the Wall Street Journal the only person named Danny Pang on their records was enrolled for just a semester.
- Stealing $3 million from an escrow account while working at a venture capital firm called Sky Capital Partners in the mid-90s, and, when confronted by your boss, shrugging and telling him, you "just needed the money."
- Making partners in the PEMGroup like, say, Hiep Trinh, suspicious by offering "improbable claims" about your wealth and lying to outside investors about how the two of you go way back to college, without clearing the story with him first
- Being on the phone all day making bets with bookies
- Allowing "tough-looking men" to drop by the office during business hours "all the time"
- Entertaining prosties on the company dime
- Taking $15 million in investor funds and buying yourself a Gulfstream IV
- Flying a bunch of girls from work to Vegas, and on the return flight, not sufficiently drugging up onlookers so that they wouldn't be able to give an eye-witness account that you: "had a briefcase stuffed with cash and...started throwing money to the girls, stacks of $10,000. I thought it wasn't right to treat the girls from the office that way, like we were pimps and gamblers." And taking pics!
- Directing employees to "create a phony documents" and then not taking the necessary steps to make sure they don't talk.
- In a moment of weakness, feeling the need to get something off your chest, inviting a partner into your office and going, "Nasar, I want you to know we are in a Ponzi scheme." But quickly adding that you'll "fix the problem" by "doing well on another investment" is a good idea.
- Once accused of perpetrating a massive scam, pulling your company's website. NEVER pull the website.
Posted by guest , Apr 15, 2009 9:19AM
Whew!
Posted by guest , Apr 15, 2009 9:21AM
Well, he also said he was a high-tech banker at Morgan Stanley, who of course says they never had him in their employ. It has finally come to this - people actually ADMITTING they worked for Morgan Stanley!
Posted by guest , Apr 15, 2009 9:25AM
On the other hand, why would you fly that fat cow to Vegas and shower cash on her UNLESS YOU WERE LEGIT???
Just sayin'
Posted by guest , Apr 15, 2009 9:27AM
@3- good point! this man, as the post implies, is innocent.
Posted by guest , Apr 15, 2009 9:28AM
I would definitely bang the girl on the first picture (not the fat cow).
Posted by guest , Apr 15, 2009 9:29AM
If you are going to throw tons of cash at chicks you are taking for a ride on your private jet, have the decency to make sure they are hot chicks. These cows would make Bill Clinton proud.
Posted by guest , Apr 15, 2009 9:31AM
Rub & Tug Capital Mgmt.
Posted by guest , Apr 15, 2009 9:31AM
More importantly, where is the opening bell?
Posted by guest , Apr 15, 2009 9:32AM
@7- who cares
Posted by guest , Apr 15, 2009 9:33AM
I don't see what the big deal is....
Posted by guest , Apr 15, 2009 9:34AM
Is the chick in the first picture the one he had killed? If so, why?
Posted by guest , Apr 15, 2009 9:35AM
@5 That look in her eye and slight smirk implies that she knows what you're thinking...
Posted by guest , Apr 15, 2009 9:35AM
@11- yes, that's his late wife. perhaps she knew too much.
Posted by girl , Apr 15, 2009 9:36AM
That girl is very unfortunate looking. As is her doppleganger who is laughing her head off in the mirror.
Posted by guest , Apr 15, 2009 9:43AM
Just goes to show you; no matter how rich asian dudes are (or say they are), they'll never get hot chicks.
Posted by guest , Apr 15, 2009 9:43AM
The picture of that hideous girl made me throw up this morning on the train...luckily I had the Marketplace section to dry it up.
There is noting worse than a fat Asian girl who thinks she's hot.
Posted by guest , Apr 15, 2009 9:46AM
If it's a Ponzi scheme....why wouldn't he just go for broke and hire hotter people....
Posted by guest , Apr 15, 2009 9:52AM
@11/13 --
No that's not the wife who was murdered. There was a second story on the jump page of the main story about her -- who of course was a bottlejob blonde and a stripper in a former career, and had children from a prior relationship that Mr. Pang allegedly defrauded as well. The current Mrs. Pang was not discussed. . .
Posted by guest , Apr 15, 2009 9:53AM
@13 that's incorrect, the second story on page A6 of the WSJ had the picture of the first wife, she was a blonde former stripper. The one in the picture above is his current wife.
Posted by guest , Apr 15, 2009 9:53AM
Wow. That's amazing.
Posted by guest , Apr 15, 2009 9:55AM
....and Pang's flight fleeing the U.S. will be wheels-up in 5...4....3...2
Posted by guest , Apr 15, 2009 9:59AM
So he kills the stripper and showers the chubby chick with cash?
This sounds like a great foundation for an insanity defense.
Posted by guest , Apr 15, 2009 10:00AM
This guy is totally legit -- I get a good vibe from him.
--Walter Noel
Posted by guest , Apr 15, 2009 10:15AM
@23 - winner.
Posted by Anal_yst , Apr 15, 2009 10:15AM
Baller FAIL
Posted by guest , Apr 15, 2009 10:18AM
23 FTW
Posted by guest , Apr 15, 2009 10:21AM
what did he see in that ho?
- Ruth Madoff
Posted by guest , Apr 15, 2009 10:22AM
Who said the whole "moders and botters" scene was dead?
Posted by guest , Apr 15, 2009 10:24AM
Should I buy BAC stock?
Ken
Posted by guest , Apr 15, 2009 10:32AM
I assume he was not born in the US and converted to capitalism upon arrival. You know the saying; “the convert is always the loudest voice in the choir”
I love the unbridled, balls to the walls, take no prisoners (literally?) devotion to self enrichment.
Here, here is your John Galt!
Posted by guest , Apr 15, 2009 10:36AM
Is Lloyd Blankfein Jewish?
Posted by guest , Apr 15, 2009 10:51AM
Pang took a page out of the Enron Trader's Manual: "Go ugly, early."
Posted by guest , Apr 15, 2009 11:05AM
Danny's largesse to the fattie is explained thusly: Chuubbies are grateful for any attention, and therefore more likely to remain loyal, lie for the boss, work long hours, etc. Wives are unthreatened by this type of woman, and this allows them to maneuver with ease. It is always a good practice to keep a few on hand.
Elliot Spitzer.
Posted by NotNasser , Apr 15, 2009 11:08AM
30 "I assume he was not born in the US and converted to capitalism upon arrival."
You're half right,. He was not born in the US.
But it doesn't follow that he is a late convert to capitalism. He apparently grew up in Taiwan. As capitalistic a place as you'll find.
Posted by guest , Apr 15, 2009 11:15AM
@28 - I rike it!
Posted by guest , Apr 15, 2009 11:53AM
Irvine? If he was going to lie, he could have at least claimed Cornell, University of Phoenix, or Northwestern...
Posted by guest , Apr 15, 2009 12:31PM
#33 astute analysis!
Posted by guest , Apr 15, 2009 12:46PM
@36
For anyone who's familiar with UCI, he was probably just hedging his bets.
I would guess that there are no fewer than 20 or 30 Danny Pang's enrolled in any given semester.
Posted by guest , Apr 15, 2009 1:36PM
did he also piss on his clients rug after he took their money?
-The Dude
Posted by guest , Apr 15, 2009 1:43PM
@ 27
I get the whole "ho" thing joke, since she is asian, funny joke. I would however tag the changhezee jawn for fun.
Posted by guest , Apr 15, 2009 2:16PM
36 - Not from LA. Perfect.
Posted by guest , Apr 15, 2009 3:01PM
HAHAHAHAHAHA He had to pay for that cow?! BAHAHAHAHA
Posted by guest , Apr 28, 2009 1:22PM
If his family's rich, why all the shenanigans?
Sounds like a straight-up gambling problem to me. That would explain why he's showering money on people and causes sometimes, stealing others.
Posted by guest , Apr 28, 2009 9:48PM
He has to be innocent
lying piece of crap