Despite, among other things:
- Putting Morgan Stanley on his resume (he was 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.
- 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 his boss, shrugging and telling him, he "just needed the money."
- 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 himself 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 he: "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 his chest, inviting a partner into his office and going, "Nasar, I want you to know we are in a Ponzi scheme."
David Schindler, an attorney for Mr. Pang, said his client expects to be fully vindicated.
Posted by guest , Apr 28, 2009 9:43AM
Danny Pang is by far my favorite person in finance right now. Sorry, bess, I know you're partial to count vikula.
Posted by guest , Apr 28, 2009 9:45AM
Up until the "Ponzi" part it sounded like a floor trader's trip to the Kentucky Derby.
Posted by Lowly Assistant , Apr 28, 2009 9:45AM
"Can't see ya little niggas, the money in the way!"
-Lil' Wayne
Posted by guest , Apr 28, 2009 9:46AM
Ummm, he has already on a "relgious pilgrimage" to China and cannot be found.
"Mr. Pang, 42 years old, traveled to China two weeks ago for a religious pilgrimage, according to his spokesman. His current whereabouts are unknown."
Posted by guest , Apr 28, 2009 9:48AM
@4- and your point of throwing random information out from the article would be what?
Posted by guest , Apr 28, 2009 9:49AM
@4- yeah and? his attorney can still say he'll be vindicated no matter where the fuck he is. also, that was in the article two weeks ago. thanks for playing
Posted by guest , Apr 28, 2009 9:50AM
Here's the WSJ article with the "religious pilgrimage" quote:
http://online.wsj.com/article/SB124087132292261025.html
Good thing they didn't pull his passport or he couldn't visit Mecca!
#4
Posted by guest , Apr 28, 2009 9:52AM
#5, #6 - just that I find it surprising that BL is recapping the info we've had, without giving the new info point - that he's outta here, and you'll never see him 'round these parts again.
Posted by guest , Apr 28, 2009 9:52AM
@6- true he was in china two weeks ago but it is noteworthy that today's article says he is still MIA.
-not 4
Posted by guest , Apr 28, 2009 9:55AM
@4- the new information is that the sec froze his assets, and his lawyer is still saying he's innocent. the pilgrimage to china is not new, it was reported two weeks ago. try again.
Posted by guest , Apr 28, 2009 9:59AM
@10 - let me try to explain this slowly. The "new information" is that his whereabouts are unknown, not that he left a couple of weeks ago.
The asset freeze won't do anything, he's moved money around and had use of his passport.
Posted by guest , Apr 28, 2009 10:04AM
@11- the point is not whether or not the asset freeze will do anything, the point is that it happened. that's why the headline is "SEC Charges Pang With Fraud" and the pilgrimage isn't (re) mentioned until several paragraphs down.
Posted by guest , Apr 28, 2009 10:12AM
I am sure he will come back from a non-extraditable country on his own accord and face swift US justice for his alleged wrongdoing.. it just feels like the right thing to do... bwwwaaahhaahahahaa
Posted by miami , Apr 28, 2009 10:20AM
I don't know why DB says this isn't the way to run a Ponzi scheme, we like our criminals dumb and fun, not boring types who never get caught.
Posted by guest , Apr 28, 2009 10:43AM
This China - Man rocks ! He's probably at the baccarat table in Macau right now, what a player.
Posted by guest , Apr 28, 2009 10:53AM
@ 2 - fucking spot on. hilarious
Posted by guest , Apr 28, 2009 11:48AM
Well said, @ 15.
Pimping is not easy.
-BeckyBootFan
Posted by guest , Apr 28, 2009 2:04PM
This Ponzi thing sounds like a great investment. Look how well the manager is doing? How do I get in on it (other than Social Security, I mean)?
Posted by guest , Apr 28, 2009 2:04PM
This Ponzi thing sounds like a great investment. Look how well the manager is doing. How do I get in on it (other than Social Security, I mean)?