Having just written a book on the subject (When Mooks Fail, currently #15 on the Amazon.com best-seller list), Charlie G. continues his intrepid reporting on the utter shamelessness of Wall Street.
Now, Tom Maheras, the former Citigroup president, is hardly the only person who proves that, no matter how much you lost on subprime bets, you can still raise $100 million for a hedge fund. But Chazzie reports that, despite being forced out at Citi two years ago for obvious reasons, Maheras is basically still working for the firm.
Citigroup is (one of) his prime brokers, giving Maheras another chance to put Citi at risk. Sandy Weill, the always-sage former chairman of the firm, is one of his biggest investors. And showing that Maheras still has the cojones for this kind of work, one of his biggest bets has been on Citigroup.
What’s more, it’s paying off. The year-old hedge fund, Tagean Fund, is up 84%! Thanks, in no small part to the Citi investment. Welcome to Wall Street, where the second chances are unlimited, where (as Chazzie might put it) irony rules, where (as we will put it) injustice rules.
Posted by guest , Nov 05, 2009 1:40PM
Tom Maheras is a shitheel.
Posted by guest , Nov 05, 2009 1:42PM
Tom Maheras is a shitheel.
Posted by CoveredLong , Nov 05, 2009 1:42PM
1st line of the last paragraph is really confusing...I thought it was called the Hubris fund?
-Literal Guy
Posted by guest , Nov 05, 2009 1:52PM
So much Gasparino, so few bloggers. Sigh.
Posted by guest , Nov 05, 2009 1:56PM
Hey Shazam, how about deleting that mile of space between the last paragraph and the video, bud.
Posted by guest , Nov 05, 2009 1:58PM
Tom got a standing ovation when he left 390 for the last time. Take that for what it is worth-
Posted by guest , Nov 05, 2009 1:59PM
Shazam, I would like to make some sexy sexy with you. Ok? yes thank you please.
Shafeefy
Posted by guest , Nov 05, 2009 2:03PM
I like what homeboy on the right has to say about cg's tome. Can I give zero stars?
http://www.amazon.com/Sellout-Government-Mismanagement-Destroyed-Financial/product-reviews/0061697168/ref=cm_cr_dp_all_helpful?ie=UTF8&coliid=&showViewpoints=1&colid=&sortBy=bySubmissionDateDescending
I Hope da made guy don't blow ma fuckin' liggs off. I don wanna sleep wit da fishes.
Posted by guest , Nov 05, 2009 2:07PM
Greg
I'm going to borrow dozens of copies of The Sellout from area libraries in your name and renew them all several times.
Not Jeff Macke but a fan of his work
Posted by Anal_yst , Nov 05, 2009 2:12PM
First of all, blowing up C was a team effort, one that never would have came to fruition were it not for the input of hundreds of unskilled, poorly-incentivized men and woman the world over. Giving one lone man all the credit for their work is an insult to their ongoing legacy of abject failure.
Posted by guest , Nov 05, 2009 2:14PM
J. Chaing black-listed there yet?
Posted by Tax Chick , Nov 05, 2009 2:15PM
@Anal - speaking from having lived the Shitty experience? Sounds like it.
Posted by guest , Nov 05, 2009 2:17PM
Some-a-body tella the chicky to sittuh up a-straight, no can see "honkers"
-Mr Watanabe
Posted by guest , Nov 05, 2009 2:22PM
Shazam,
I'm going to replace your chrome rainfall shower head with one that is cheap, plastic, and hand held. Your morning showers will ruin your day.
~ Jeff Macke
Posted by guest , Nov 05, 2009 2:23PM
@6 Probably left right at the top before the whole thing came crashing down.
Posted by guest , Nov 05, 2009 2:23PM
What do we get for ten dollars?
Posted by guest , Nov 05, 2009 2:33PM
Does Tom's name appear even once in CG's bloated tome?
Posted by guest , Nov 05, 2009 2:33PM
Does Tom's name appear even once in CG's bloated tome?
Posted by guest , Nov 05, 2009 2:35PM
Shamelessness of wall street? How did Prins get hired at Goldman? She was not that hot then... or now http://bit.ly/3uHeJZ
Posted by guest , Nov 05, 2009 2:38PM
Alanl-yst - Funny!
Posted by guest , Nov 05, 2009 2:41PM
I love how CG always has his sleeves rolled up like he was just slicing some prosciutto.
Posted by guest , Nov 05, 2009 2:51PM
@21 - ...only da finest Gabbagool
-cg
Posted by guest , Nov 05, 2009 3:05PM
Random question, does anyone know what name of head gov't trader at Morgan Guaranty in the 80's.
Posted by guest , Nov 05, 2009 3:05PM
@6
There's also usually standing ovation when lunch arrives at 390 Greenwich.
Posted by guest , Nov 05, 2009 3:20PM
23 - are you thinking of Mark Werner?
Posted by guest , Nov 05, 2009 3:24PM
25--no, it was Tommy something. I thought it was Maheras or something similar. Too many years ago.
Posted by guest , Nov 05, 2009 3:24PM
you gotta wonder if TM dumped his 2.4 million shares of C in time....owned them > $52/shr
Posted by guest , Nov 05, 2009 3:31PM
If they sold American Funds exclusively, like I do, Citi would have built a good stable business with the millionaire next door.
Top Edward Jones Producer
Posted by guest , Nov 05, 2009 4:06PM
26 - you are probably thinking of tom kalaris then - he is at barclays now heading wealth mgmt -
Posted by guest , Nov 05, 2009 4:42PM
Business Plan
-------------
1) Start Hedge Fund
2) Sell money losing fund to large bank.
3) Become CEO of large bank.
-T.M.
Posted by guest , Nov 05, 2009 5:18PM
I heard that somebody threw this book wrapped in baby seal flesh into an ocean full of sharks, and the sharks wouldn't eat it because they said it's time that CG sleeps with the fishes for once tonight. True story, I swear to Moses.
-Rabbi Blankein
Posted by guest , Nov 05, 2009 6:05PM
29---that's it, thanks, he was always good for some laughs. I remember him once mocking MBA's about not understanding simple bond math.
-26
Posted by guest , Nov 06, 2009 6:44AM
@30, that NEVER works. Idiot.
-388