Dreaming Big
A few weeks ago, we had a little chat about James Glover, the RBSGC managing director who, being pretty ticked about the subpar compensation situation for the past few years, decided to help himself to a bonus (he did so by having junior employees submit wires that would normally go to a counterparty to pay for trades, and then approving them to, instead, go to his personal account). Unfortunately, G-Love’s genius plan, which went on for months, was found by the damn chippies running the place and their infernal “internal controls.” They escorted him out of the building and turned the matter over to “law enforcement.” A lot of people back at the ranch were pretty miffed about what happened, especially on the legacy Greenwich Capital side (where The Glove worked for many years), because they apparently felt like it gave the RBS people ammo to throw it back in their faces, and somehow hurt the argument that “GC employees are better than everyone else” at the palace on I-95. But they may have been judging too harshly! It turns out Jimbo had a really good reason for “stealing” the money (if you want to put that sheen on it). Beyond the fact that he was miffed about the bank taking away cash bonuses last year, Glover had just built a nine-bedroom, five-bath ski house in Windham, NY (we’d previously been told it was Vermont), which he couldn’t *exactly* really afford (but if one of you can, it’s now on the market for $1.1 million). The other reason G-Love made it rain without permission was that he had a dream. A dream to build ski houses for everyone. Greenwich Time reports:
Many also knew about [Glover's] dream to build beautiful luxury mountain homes in his favorite ski town, Windham, N.Y. Glover has a second home he shares with his sister, Janet Glover, in Windham. But just three weeks ago, after his separation from RBS, he put the home up for sale. A Windham neighbor told Greenwich Time they were surprised he was going to sell the house considering he just finished an addition. The nine-bedroom, five-bath ski house is appraised for around $800k and listed at $1.1 million. Glover’s neighbor and local Realtor, Carol Shaw, told Greenwich Time she thinks he’s priced it to sell right away. You see, in June 2008 Glover took out a very large building loan and security agreement against the house and another piece of land in Windham from Port Chester-based USA Bank. Building loans are typically due in 18 months to two years and the pressure to pay this one off was mounting. If not paid off on time, the Glovers could risk losing their home and other Windham real estate investment. Glover had partnered up with Thomas Poelker, a builder in the upstate New York resort community, to develop a luxury subdivision near the Windham ski resort. According to people familiar with the transaction they bought the undeveloped 75 acres of land for around $1 million a few years ago. It was subdivided into 9 lots, a road was built into the area, and one 10,000 square foot spec house is under construction.
One lending financier who spoke on the condition of anonymity because the deal is private, told Greenwich Time that Glover came to him a few months ago and said he was really worried about the balloon payment coming due on the $3.6 million dollar loan he took about against the second home in Windham to help finance the luxury development. While he was still employed with RBS, the financier told him he would have to try to do a workout with the bank, and that refinancing wasn’t likely. The unfinished spec house has been for sale for a year for $5.9 million. According to a local Realtor, no spec-built luxury home has ever been sold in the area for more than $2 million. Many locals question if this level of luxury second home living will find a willing buyer in this economy. USA Bank would not comment on whether it will foreclose or do a workout if Glover can’t make his loan payment. When we reached Janet Glover, James’s sister who co-signed on the loan, she would not comment on how they plan to make the payments.
Bess, what happened to OB/CB?
@1 The site was down all morning (just like it’s been for a month). OB was shelved b/c at 1 in the afternoon, who gives a fuck? Write-offs, or as you call it, “CB” weren’t put up yesterday because the back-end was down last night.
Even Windham’s favorite ski town isn’t Windham…there was obviously a lot wrong with this joker.
Bess…please tell us more about your back-end.
@Teri, very nice. Serious question, considering that the muffin-top girl from JPM got probation why should G-Love do any worse?
Windham- “At least it ain’t Huntah”
Bess – Not sure if you are aware, but there seem to be some technical issues with the site.
I think there might be a cable loose from the wireless ether-router or something.
@ 2, The back-end was down, eh?
@6 Na, the problem’s gotta be with the rotator splint.
Has your IT department just tried unplugging the system and plugging it back in?
why aren’t you covering UK insider trading cases?
http://www.businessweek.com/news/2010-03-10/ex-cazenove-partner-convicted-in-insider-trading-case-update2-.html
racist
@Bess
Get your back end back up and let me pound you like I do my secretary
@9/NS seems like they got the unplugging part down pat.
@9 + 12: I’ve always found it helpful to unplug and plug the back end.
@10 every time you masturbate a helpless kitten gets cancer. Just sayin’.
@13 you can do that but its not very sanitary for the outlet.
Hey Guys :>
Let’s stay on message here – the house is messy, and completely and utterly distasteful, will never sell for $1.1 milly, and, where the heck is Wyndham, NY? $6 milly buys you a lot of shag pad in Austria.
I could fix this site with a sharpie, closepin and a double a battery. Darrel hand me that sharpie.
-MacGruber
I think that Bess and DB were cyber attacked. There is no reason to be down as long as DB has been down unless someone did some serious sabotaging of the server or whatever IT people dream about sabotaging.
Either that or a combined AIG/Lehman IT team has been working for DB while simultaneously trying to find work.
@19 you underestimate the power of retards running the server side of things. and all of our sites have been down.
Windham?! This guy risked it all for Windham?! What was next, a beautiful loft penthouse in Queens and fully pimped-out Chevy Cobalt?
Bess- sites like blogger.com and wordpress.com offer free blogs. Would suggest moving your site to one of those. I’m sure they can top your up-time of 45.250%. Come to think of it, my uncle has an old TRS-80 and he could host the site and probably do better than your current IT guys. BTW – when you bought your internet hosting, did the salesman happen to be a descendant of a Nigerian king who also asked for your bank account number via e-mail?
I find myself checking business insider more and more each day this nonsense continues.
@22, close, it was a Nubian Princess in exile, and all she asked for was a)any numbered account in Switzerland? b) the access to the vault with the bearer bonds. She started crying when I told her we only store family relics there and hung up before I could thell her it is half a tonne of Mayan gold assembled through time.
@22 = a_ _clown.
Bess-
If this was circa 1998 I would believe you but in this day and age the management of a website is something a re-tard CAN do.
Fire them all and tell them to stop giving you BS answers when they use terms like “back end”
Bill Gates
@23 no one gives a shit. also, unreadable DB > functioning business “insider” any day of the week.
If my IT guys fucked up anywhere near as bad as the DB crew did, they would all be headless horsemen. They could try blaming it a Chinese hack, but they would be toast anyway.
SAC
@25 hey champ, check out the fucking masthead and direct your comment to Matt Creamer, executive editor or David Minkin, publisher, or Nick Scholl, WEB.
@ 28 – curious, what does an exec editor @ DB do? Who do I have to s _ _ g to get that gig?
@26 — so true, so true.
@29 he’s the exec. editor of all the Breaking Media sites, so he’s an over-seer of sorts. seems like making sure the sites are in working order would be one his tasks, no?
@31 he’s on spring break. he switched the site hosting to his blackberry while he’s away. he’ll be checking it (and giving access to the site) at regular intervals, so stop complaining.
@21 the fact that he threw it away on Windham is awesome.
@21 – get a life. All I can say is 2.5 hrs from the GWB. Lay of the Skills!
@34 welcome Jim Glover!
@ 34 – granted, there are only a few other places to ski in upstate NY, but Windham is not one of them, and $1.1 million gets you a far better pad elsewhere. Please do not tell me you actually drive there on the 87 and REGIONAL roads… on Fridays… Gridlock?
This Cat-got-skills!!
@36 – Gridlock? You must be driving on different roads then me. Enjoy your 5 hr trip to Vermont, I’ll be at the bar…
@ 38 – is it then me or than me – I am confused? English is but my fourth language. On the gridlock – depends where and when in NY you start, but crossing that bridge + driving up there is not 2.5 hours.
Two words for you: global. warming.
Three more words: Austria, Switzerland, France (although, with all the rich Russians, it is not the same apres ski).
Working stiff. Did your MBA part time?
@39 – you are my hero. you got the dealbreaker iphone app? that way you can chime in from the gondola