The Daily News reports that former Madoff traders Reed Abdend and Richard Stahl have filed separate suits requesting $473,940 and $1.34 million in deferred compensation, respectively, from Bernie’s boys Mark and Andy (pictured at left on one of their many fishing trips). For those of you thinking the Stahl character sounds familiar but can’t quite place him, we’re told that “Richard,” now working at First New York Securities, was previously known on Bloomberg as “Rick,” but wisely changed his name after the whole Ponzi thing. He also played football for Holy Cross as a tackle and is described as “a real hot head who always tried to physically intimidate people in the work place.” Up until recently (let’s peg it as December 2008) he apparently “kissed Mark and Andy’s asses.” Now, not so much!
Abdend, you’ll recall, is the guy who got into a slapfest with Andy and his girlfriend Catherine outside a Chinese restaurant. If anyone here is looking to to hire a new employee who’ll inject a little infamy-by-association into the shop, here’s the cover letter Reed was circulating earlier this year (not sure if he’s since landed a job, so act fast).
To Whom It May Concern:
I would like to take this opportunity to set the record straight regarding my position at Bernard L. Madoff Investment Securities. I am sure that you are aware that the firm no longer exists due to the fraudulent activities of the owner in a separate part of the business. My position in the firm was in the proprietary division on the 19th floor, which was separate in records, location, personal, and management. The employees in the market making and proprietary units are victims of this fraud.
From May of 2000 to October of 2006, I was an equity market maker who concurrently traded proprietarily in the firm’s market making unit. When I was hired in May of 2000, the firm employed over 40 traders in the market making division. During my six years on this desk, Bernard L. Madoff eliminated virtually all of the traders from their market making business in an effort to become fully automated. By October of 2006, there were eight remaining market makers at the firm. At that time, I was one of three market makers that were offered the opportunity to manage a $25M long / short equity, options, and futures portfolio in the proprietary division.
My experience as a market maker was valuable because it taught me to drastically reduce my transaction costs with respect to stock specific liquidity and it also aided me in attaining a certain respect for the market and its complexities. As a portfolio manager, I vastly increased my understanding of risk management / hedging and I was successfully able to remain profitable in a multitude of volatile environments. In 2008 I was +8.4% on allocated capital, and +66% on utilized capital. I only hope that you can judge me based on my accomplishments and not on my association with my previous place of employment. I would sincerely appreciate the opportunity to speak with you in the near future.
Regards,
Reed Abend
I am a day trader. Who is ‘Ruthie Baby’?
The only Stahl who will ever matter is the evil Gunnar Stahl of Team Iceland.
http://www.youtube.com/watch?v=MxJkAQFGEyo
@2 was bess the goalie?
@3 no that’s your mom
I physically intimidate people at work all the time. It’s no big deal.
Holy Cross? weak
Bloomberg name change = admission of guilt?
The Social Security Administration should hire him.
physical intimidation at work FTW!
I physically intimidate people at work with my mangina.
–Ping Jiang
I’m going to start using that resume.
what is greg’s first article of the day going to be?
Hired!
-Ken Griffin
This finally explains it……
http://www.newscientist.com/article/mg20227115.500-humans-prefer-cockiness-to-expertise.html?DCMP=OTC-rss
@7- imo, absolutely.
@12, I don’t know, but I’m sure it will be fantastic and funny.
-Greg’s Mom
did he really think changing his name from “rick” to “richard” was going to do anything? if he was actually trying to fool people he would’ve had a sex change operation and started going by Mandy. And yes, @7 name change is super shady.
You owe us money for the work we did at the fake business!
Fuck you JoBoo!
All the unindicted schnooks at Enron found jobs.
Back in the good old days, do you think they ever told a babe at a bar that they were compounding 21% annually?
Proficient in Excel and Word.
’nuff said
“I know who I am! I’m a dude playing a dude disgused as another dude!”
hey greg time to get your ass off your mother’s couch and start typing
@23
Do you think there will be a DVR clause in his next contract?
Greg is busy bleaching his mother’s anus. Please call back later.
Greg’s mother.
proficient in Excel FTW
greg quit
Holy shit, he’s proficient in Excel? HIRED!
@25, I’m talking…G5! That’s how he can roll. No more frequent flyer bitch miles for my boy! Oh yeah! Playaaaa! Big dick playa!
that cv sucks ass, wouldnt expect to get a job outside McD with that..
@29- it seems lame but in all seriousness most people put it on their resume.
I am proficient in stuff, too.
@32
but we finance ballers are not must people.
How does one segregate “personal”, I wonder?
And this: “+8.4% on allocated capital, and +66% on utilized capital”, looks like Spanky liked to keep a LOT of cushion. Given a big enough cushion, my dog could make 8% running a portfolio like that.
Porker: Stop giving away secrets!!! Remember, the first rule about fight club is…
@36 Oh, right. “My bad”, as the kids say.
@37
No Porky pls explain
-Cliff A.
Well, Cliff, there’s not much to tell.
When I said “cushion”, I was actually just talking about one of those donut shaped things, with which I’m sure you’re quite familiar?
Do these 2 guys know there is approx 45 billion in claims ahead of them of victims who actually lost everything. I am sure they will focus on deferred comp to some traders first….
Squisha squisha
This is a good reminded re deferred comp. It can be problematic, even when its not firm equity. You’re an unsecured creditor and if things go bad you’re in line with all the others.
this guy must be making no money at First New York and decided to file claim his put option good risk management anyone know how he is doing this year? down i bet
Homonym errors on a cover letter?
“My position in the firm was in the proprietary division on the 19th floor, which was separate in records, location, *personal*, and management.”
Personal? Theirs a good error for ya.
Homonym errors on a cover letter?
“My position in the firm was in the proprietary division on the 19th floor, which was separate in records, location, *personal*, and management.”
Personal? Theirs a good error for ya.
Double Posting…thats an Error
Calling a plain old low-IQ fuck-up a homonym error is also an error.