Write-Offs: 09.21.09

By Bess Levin

$$$ Hassan Nemazee charged in $290 million fraud [Reuters]
$$$ “In addition, Mr. Cioffi was executive producer of two independent films, including a 2006 vehicle for Rosie Perez and a movie called Follow the Prophet, which isn’t about the pursuit of money but, rather, a teenager escaping marriage to the leader of a polygamist cult. [Crain's]
$$$ Bank of America to Pay U.S. $425 Million to Remove Merrill Asset Guarantee [Bloomberg]
$$$ The Pandora’s Box of Wells Fargo and Commercial Real Estate [FT Alphaville]
$$$ 2 men charged with $80 million Ponzi scheme [AP]

1

Posted by guest | September 21, 2009 at 6:40 PM

Why does a $80 mil ponzi scheme sound like they should get off with a slap on the wrist and a $1000 fine with 20 hours community service?
Gosh, America and it’s superlatives …
2

Posted by guest | September 21, 2009 at 6:43 PM

Why does a $80 mil ponzi scheme sound like they should get off with a slap on the wrist and a $1000 fine with 20 hours community service?
Gosh, America and its superlatives …
3

Posted by Seaman Bodine II | September 21, 2009 at 7:34 PM

anyone got anything on succo shutting down besides the stuff over tin foil head land?
4

Posted by Last Man Standing | September 21, 2009 at 9:01 PM

i think the polygamist thing is very similar to Coiffi’s hedge fund
5

Posted by guest | September 21, 2009 at 9:10 PM

@SB2 for now it’s just suspending redemptions. His first offer appears to be a SpinCo/CleanCo arrangement.
6

Posted by Seaman Bodine II | September 21, 2009 at 10:21 PM

I don’t know his shop well (though he’s a good guy I’m told from mutual friends), but I though there were multiple sleaves etc., so was curious if one fund was acting up, or was I wrong, and it’s really just one large vol strat

Dealbreaker