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.
Off The Record w/ Charlie Gasparino [CNBC]
Tom Maheras is a shitheel.
Tom Maheras is a shitheel.
1st line of the last paragraph is really confusing…I thought it was called the Hubris fund?
-Literal Guy
So much Gasparino, so few bloggers. Sigh.
Hey Shazam, how about deleting that mile of space between the last paragraph and the video, bud.
Tom got a standing ovation when he left 390 for the last time. Take that for what it is worth-
Shazam, I would like to make some sexy sexy with you. Ok? yes thank you please.
Shafeefy
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.
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
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.
J. Chaing black-listed there yet?
@Anal – speaking from having lived the Shitty experience? Sounds like it.
Some-a-body tella the chicky to sittuh up a-straight, no can see “honkers”
-Mr Watanabe
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
@6 Probably left right at the top before the whole thing came crashing down.
What do we get for ten dollars?
Does Tom’s name appear even once in CG’s bloated tome?
Does Tom’s name appear even once in CG’s bloated tome?
Shamelessness of wall street? How did Prins get hired at Goldman? She was not that hot then… or now http://bit.ly/3uHeJZ
Alanl-yst – Funny!
I love how CG always has his sleeves rolled up like he was just slicing some prosciutto.
@21 – …only da finest Gabbagool
-cg
Random question, does anyone know what name of head gov’t trader at Morgan Guaranty in the 80′s.
@6
There’s also usually standing ovation when lunch arrives at 390 Greenwich.
23 – are you thinking of Mark Werner?
25–no, it was Tommy something. I thought it was Maheras or something similar. Too many years ago.
you gotta wonder if TM dumped his 2.4 million shares of C in time….owned them > $52/shr
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
26 – you are probably thinking of tom kalaris then – he is at barclays now heading wealth mgmt -
Business Plan
————-
1) Start Hedge Fund
2) Sell money losing fund to large bank.
3) Become CEO of large bank.
-T.M.
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
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
@30, that NEVER works. Idiot.
-388