That’s right, ladies, act quickly ’cause just like our boy toy CEO of choice, this hot piece of (real estate) ass(et) will not stay on the market for long. Jamie and his wife Judith are looking to unload their home in Chicago’s Gold Coast neighborhood, where they lived during the Bank One years. For $10.5 million you’ll get 15,700 square feet, 26 rooms, a 900 square foot rooftop terrace, and the stench of Black Widow wafting from the closet Jimmy Cayne’s been squatting in for the last year, unbeknownst to JD.
Archive for May 2009
Farewell, poor Connecticut, we barely knew ye. Next stop: Vegas, baby.
Prompted by the Bernard Madoff investment scandal and other financial failures, Democratic senators called Tuesday for Connecticut to become the first state in the nation to require more disclosure and transparency for hedge funds, private-equity firms, and venture capitalists.
Led by Senator Bob Duff of Norwalk, senators said the move was necessary in order to protect consumers and investors. The bill, which is supported by the Managed Fund Association, states that any firm that is not registered with the Securities and Exchange Commission must still abide by the SEC rules that state that material conflicts of interest must be disclosed to the investors.
“We’re not changing the rules. These are the rules the SEC has,” said Duff, who has been pushing for legislation for three years.
We are looking forward to seeing all the hedge funds move to Nevada. Actually, when you think about it, the convenience factor alone is reason enough to make the move. A lack of proximity to Washington is also a major point for the trip West. Then there are the amazing deals on hotels that the credit crunch has created. And do I even have to mention the ease of parking?
Senate Debates First State Hedge Fund Regulation in USA [courant.com]
Above, an artist’s rendering of Valery and Olga Kogan’s would-be Greenwich manse. Dealbreaker readers know the place for its role in ToiletGate, wherein a Fairfield County transplant attempted, almost exactly a year ago, to out-toilet the Toilet King of Greenwich (Kogan wanted to equip his home with 26 commodes, which would have beaten the pants off of a certain someone’s 23, and broken Section 182, clause 17 of the Greenwich town code, which clearly states that “no home shall exceed the number of waste-removal stations as are found at Casa Cohen”). Koges, a Russian billionaire, was unsuccessful, having clearly underestimated our guy’s influence with the plumbing community and the collective WASPian outrage of his neighbors at the idea of having to stare at the 39,000-square-foot monstrosity. The Russkies appeared before the town’s Planning and Zoning Commission in January practically begging to be allowed to build an essentially neutered home at 18 Simmons Lane outfitted with a mere 15 toilets, and from there, fears that our majesty would be dethroned having been put to bed, we stopped caring and lost sight the story. But today brings news that we cannot ignore.
Breaking WSJ: UAW Agrees To Slash Retiree Benefits Immediately; Treasury Insisted On Immediate Cuts.
By Bess LevinDay late, dollar short?
The situation is fluid.
It’s been quite a while since we read the Times wedding section and proceeded to callously and unjustifiably assign a random “market value” to complete strangers by virtue of the fact that they work in the finance industry, hasn’t it? But it’s time we had some fun again and we can think of no greater fun than a couple sent to us from 2006, who uses earnings measure acronyms as foreplay. Starting today DB regular and all-around favorite Commenter Girl will select those who seem to be practically begging for it and serve them up for your consumption.
Can you feel it yet? The sand between your toes, having to block your Beirut table from the ocean breeze, the fragrant stink of burning meat on the grill: all of these things mean one thing kiddos: Love is in the Air. And oh, what sweet love stories the NYTimes troopered out for us this weekend.
Like the marriage of Rochelle Francis Gores and David Arthur Fredston-Hermann (the couple shall be known as Mr. and Mrs. Fredston, should you want to send them a gift). They were married this Saturday afternoon in Beverly Hills. And they were married by a Rabbi and a Maronite Priest (so progressive! +1). But who cares about that shit. They have a legacy, and indeed a love story, so unbelievably financey, that it could only be surpassed if they had met in the comments section of Dealbreaker.
Herewith, we re-inaugurate the long-dormant DB wedding index, Mergers and Acquisitions, in which we get all judgey up on those willing to pledge their love to each other for eternity.
So True to Form it’s not even funny, unless you happen to be a fictional Leveraged Sell-Out character from 2006:
* “The bride’s father is the founder of the Gores Group, an investment firm that buys and manages both established and newer businesses.” (+2)
* he bridegroom’s father founded FH International, a hedge fund in Harrison, NY (+10, hedge fund still sounds cooler than investment firm)
* “The bridegroom is the president and founder of Long Green Capital Management, a hedge fund in Los Angeles, that focuses on older concerns, including railroads, fertilizer producers and coal companies.” (+13)
* “He graduated from Bates College.” (-4)
* “She graduated from Western Michigan University.” (-10)
* Both moms do community service (+15, way to keep it real)
* Although the Bride’s mom supports some hippy dippy artists in residence in Michigan (-8)
So far we are even keeling it at +18. Where the couple excels, however, is courtship. Yes, the line “My daddy would never pay more than five [times Ebitda]” will be uttered.
So! As you’re aware, Jeff Macke had something of a bizarre appearance during an interview with Dennis Kneale on CNBC last week, prompting viewers and network execs alike to wonder if he was on something or had just lost it independent of stimulants. His contract, which may or may not run out without a renewal, is up in June, so that’s apparently been a source of stress for J. Mack, as has HR being on his ass over a playful repartee with former Fast Money host, Dylan Ratigan. The episode of course could’ve been nothing and tied to nothing and merely the Mackster’s lighthearted attempt to get through an hour with Dennis Kneale, but here’s another conspiracy theory, for those interested in that sort of thing:
Macke was short financials, long SKF, etc. His asset management arm blew up and blew out. Might be why he lost it.
Earlier: What’s Up With Jeff Macke?
Having set the clear example that markets are to blame for the evils of commodity price inflation, the United States is beginning to find companions in the membership list of the Market Lockdown Club.
India banned futures trading in sugar, a day after Farm Minister Sharad Pawar said the government may extend a program allowing duty-free imports of raw sugar to bolster local supplies.
The ban will remain until Dec. 31, Forward Markets Commission spokesman Anupam Mishra said today, without giving a reason for the move. While existing contracts will remain valid, new contracts won’t be allowed, he said in a telephone interview today from Mumbai.
Sugar prices have risen 3 percent on Mumbai’s National Commodity & Derivatives Exchange since April 20, when N. Sanyal, joint secretary at the food ministry, said futures trading may be halted if prices continue to rise. The increase in prices is not related to futures trading, analyst Amol Tilak said.
They love free markets. Except when they don’t.
India Bans Sugar Futures Trade With Immediate Effect [Bloomberg]
Cause it’s John Thain’s 53rd birthday and he’s going to have a round on the mat with each and every one of you! No, just kidding! Only Ken Lewis! And on that dead serious note: we can think of no better gift than for one of you (or us, though we’re not big on heavy lifting) to go on a manhunt this afternoon to find Boone’s boy and transport him up north to Thain’s office in Westchester for a little visit, per the birthday boy’s request (exact words: “Bring me the head of Ken Lewis”). In the event we’re unable to locate KL, who’s likely reading this right now* and is about to get himself a head start, other ideas for thoughtful donations that we think would be much appreciated by J to the T include: a new beekeeping suit, the collector’s edition DVD of My Girl, some sort of diamond encrusted commode, and/or a job (though, we’re told, he’s apparently been “talking” with some fund managers and might not need it, so to be safe go with the toilet).
*On an iPhone, naturally, as BAC employees were blocked from reading this here site several months back.
CNBC’s Scott Cohn reports that Irving Picard, the court appointed trustee overseeing the Madoff liquidation, has secured a settlement with Optimal Investment Services (the investment arm of Banco Santander SA). Optimal will pay Ponzi Boy’s victims $235 million, bringing the collected grand total to $1.22 billion. Picard is apparently pleased by the figure, though well aware that he’s got, like, loads of man hours left to go on this thing. Of course, that needn’t be the case, but someone’s apparently not interested in expediting this thing. He’ll come around, though. They all come around.
Earlier: Scam Artist Makes Offer For Madoff Securities That’d Make Bernie Proud
**Yes, we know the figure to be recouped isn’t actually $50 billion, but no one seems to know what it is, so this is what we’re going with.
This was an entirely familiar story, with the wrong name attached.
A former Morgan Stanley trader has been fined £140,000 and banned by the City watchdog after he traded ahead of clients to profit from their orders. It was the third punishment linked to the bank in the past month.
Nilesh Shroff engaged in so-called “front running” where a dealer, knowing a client’s plans, trades in the same direction before they conduct the client’s order in a n attempt to move the price and profit from the difference between the two values.
The Financial Services Authority said on Tuesday that Mr Shroff, a senior trader at the bank, “disadvantaged” clients on seven occasions between June and October 2007 by partially front running their deals.
It was the third such trading-related punishment linked to Morgan Stanley in the past three weeks. Earlier this month, the bank paid a £1.4m fine – the tenth largest ever meted out by the regulator – for weak systems and controls that allowed a credit derivatives trader, Matthew Piper, to cover up his losses for six months. Mr Piper was himself fined £105,000 and banned.
Look, people. If you want to do that sort of thing you need to head over to Goldman. The act of front running in such a place as Morgan Stanley debases a time-honored profession. One is reminded of watching the occasional idiot wearing a tux to Shake Shack, or perhaps a grand wedding reception… at Trump Tower. An astute sense of place and time should govern these things. At the very least you should consider limiting your front running to cherry-picking orders from your high-speed, low-drag, captive-quant hedge fund.
Obviously the practice is quite above Morgan Stanley traders, who seem to have mashed the keyboard sufficiently to get caught with their pants down. Leave that work to the professionals, folks.
FSA fines Morgan Stanley trader [The Financial Times]
Is to beat this (which you have to admit, is good):
Companies seeking new ideas for pay practices could also take a look at National Rural Utilities Cooperative Finance Corp, a non-profit cooperative based in Herndon, Virginia, based that ties employee bonuses to the company’s credit rating.
