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$$$ Lessons From Asia, With Amanda Drury [CNBC]
$$$ First the Volcker Rule, Now the Eddie Murphy Rule [MarketBeat]
$$$ Duff McDonald on Jamie Dimon [Charlie Rose]
$$$ Charlie Gasparino has some thoughts about Governor Paterson [FBN]
$$$ Steve Eisman Plays Hopscotch on Park [NYO]
$$$ Caeser’s wants to give you a free buy-in/room for next weekend’s poker tournament. [DB]
We missed this a few weeks ago but since their colleagues begged for a post-as-wedding-gift, here ya go. Lovebirds Josh and Ting Li exchanged vows on Valentine’s Day at Apple’s flagship Fifth Avenue store. Ting came up with the idea to have the ceremony (and include the phrase “I love you more than [an iPhone]” in her vows) because her man first worked up the courage to strike up a conversation with her when he heard she was looking to by an iPod, and from there their love of “everything Apple bloomed.” So, kind of cute, if you’re into shit that inspires tears and hurt feelings in Vikram Pandit. ‘Cause you know what these two failed to mention? That their loved blossomed at Citi, where they worked together for two years (and where Josh still works as a VP in the Equity Capital Markets Group). Fuckers should’ve wed in the space allocated for the Zen Garden. Alwaleed or Parsons would’ve gotten ordained. But, whatever! Best wishes and all that.
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Either stick ‘em where the sun don’t shine, or:
Sen. Barbara Boxer, a Democratic Senator facing a serious Republican challenge, is calling for a vote on a bill she introduced that would impose a new tax on Wall Street bonuses. The tax, which would go toward paying back bail out money, would be applied to any bonus amount above $400,000 received by employees of banks that received more than $5 billion in U.S. government assistance. Boxer said on the floor of the Senate this morning, “that I believe reflects fairness and justice and the America way.” It is co-sponsored by Democrat James Webb of Virginia, who has tended to take a more centrist approach toward fiscal policy.
Your choice!
The SEC today charged Sean David Morton with scamming $6 million from 100 investors in his Delphi Investment Group (the individuals would put money in one of three companies- Vajra Productions, LLC, 27 Investments, LLC, and Magic Eight Ball Distributing, Inc.- all under the Delphi umbrella). Morton, who bills himself as “America’s Prophet” (so punny!), with his wife Melissa, apparently reeled in the cash by convincing potential investors that his psychic abilities would make them “piles of money,” if they acted fast.
According to the Commission’s complaint, Morton used his monthly newsletter, his website, his appearances on a nationally syndicated radio show called Coast to Coast AM, and appearances at public events, to promote his psychic abilities. Morton made numerous materially false representations relating to his psychic abilities in order to solicit investors for the Delphi Investment Group. For example, Morton wrote to potential investors in his July 20, 2006 newsletter that: “I have called ALL the highs and lows of the market, giving EXACT DATES for rises and crashes over the last 14 years.” (emphasis in original.) The Commission alleges that this assertion, like others Morton made in soliciting investors, is false.
This is also good:
In one-on-one correspondence with potential investors, Morton was even more aggressive in his solicitation. For example, on October 7,2006, Morton wrote to a potential investor, Investor G, in two separate emails: “The more [money] you get me the MORE 1 can make for you” and “[g]ive ME enough money to help YOU! Give me enough so that the average profits will make a DIFFERENCE in your life.” (emphasis in original.) In a subsequent email, after Investor G had already invested with the Delphi Investment Group, Investor G told Morton that he would like to invest in other types of investments such as the stock market. Morton replied, “for RIGHT NOW you will make the most with [the Delphi Investment Group]. Once the DOLLAR starts to DROP, which will happen soon, we are set to make a FORTUNE!” (emphasis in original.)
I’m sure a lot of you will be quick to label these people, like Investor G, as pretty stupid for falling for such an obvious scam. But we did a little investigative research (went to Mr. Prophet’s website) and have another theory. Nobody was duped by the psychic claims. They just got a load of Morton with people such as, for example, ANTHONY MICHAEL HALL and figured this guy must be legit. You probably would’ve, too. Continue reading »
The smaller but top quality Art Dealers Association of America fair, The Art Show, runs at the Park Avenue Armory until March 7. Tuesday night’s opening attracted big bucks collectors, including CIT Chairman and CEO John Thain and MoMA board president Marie-Josee Kravis. Show highlights include a two- artist hanging at Galerie St. Etienne of delicate drawings by Gustav Klimt and Egon Schiele.
Fowler’s $7,000 Geometrics Pump Collectors at N.Y. Armory Show [Bloomberg]
As previously mentioned two seconds ago, HBO has bought the rights to Andrew Ross Sorkin’s Too Big To Fail. Last night at a talk hosted by Stern, John Mack mentioned the flick, and asked Paulson who he thought should play him. Paulson said “a young Paul Newman,” which, actually, would’ve be perfect if the movie took place forty years ago.
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In a move sure to chap Hank Paulson’s hide, HBO has acquired the rights to Andrew Ross Sorkin’s Too Big To Fail (along with Bethany McLean and Joe Nocera’s book on the fall of Lehman). Not because the former Treasury Secretary doesn’t get a kick out of the Hollywood-ization of his life’s work, or because he isn’t excited at the prospect of scoring an invite to the premiere, but because this book is full of lies. Damned lies. He doesn’t vomit. He dry heaves. Christ on a crutch someone needs to get this right, for once. You think if anyone could it’d be wonderboy, but, apparently, you’d think wrong.
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You can all stuff it! He’s not taking shit from any of you. Next question!
A new book about everyone’s favorite hooker fucker comes out next week. It was written by a former senior adviser of Eliot Spitzer, Lloyd Constantine, and apparently the former governor is none too pleased, describing the tome as “a fundamental breach of trust…little more than a self-serving and largely inaccurate interpretation of events mixed with unfounded speculation.” Spitzer doesn’t say specifically what Constantine got wrong, leaving us to speculate.
*Maybe it was the suggestion that Ness started banging hookers because he couldn’t play tennis anymore: “Mr. Constantine offers one diagnosis for Mr. Spitzer’s tempestuous behavior that perhaps only a wealthy Manhattanite could suggest: acute lack of tennis. Mr. Spitzer dropped his weekly game with Mr. Constantine in 2006, worried that a tender hamstring would cause him to hobble on the campaign trail. That ‘deprived Eliot of an important physical release,’ Mr. Constantine writes.”
*Or that Spitz was crying over the phone when he admitted to paying for puss, when in reality, he could’ve just had a tickle in his throat: “The book’s emotional capstone is the agonizing final days of the Spitzer governorship. There is a disconsolate Mr. Spitzer weeping into the phone the night of March 9, after telling Mr. Constantine that he was about to be exposed.”
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JPMorgan Tops Goldman in Investment Banking as Fees Swell 13% (Bloomberg)
The world’s No. 1 investment bank in 2009 was JPMorgan, which took in $4.97 billion, a 16 percent increase over 2008, when it was also the leader. JPMorgan was also No. 1 in fees from equity and debt sales. Goldman Sachs was No. 2 in total fees and No. 1 in mergers and acquisitions, having advised Schering-Plough Corp. on its completed $47 billion sale to Merck & Co., among other transactions.
White House Offers Bill to Restrict Big Banks’ Actions (NYT)
Goldman Sachs and Morgan Stanley would probably be the Wall Street firms most affected by the ban, known informally as the Volcker Rule, but they might be able to shed their status as bank holding companies, to avoid some of the restrictions.
Traders Seek Out the Next Greece in an Ailing Europe (NYT)
In a statement, Michael Vachon, a spokesman for Soros Fund Management, denied any wrongdoing and said, “It has become commonplace to direct attention toward George Soros whenever currency markets are in the news.”
State Street Pays Departing CEO $5.4 Million Cash (Reuters)
Congratulations, Ronald Logue.
Wells Fargo Chief Earns $21 Million (Reuters)
John Stumpf did pretty okay for himself, too. (Are you seething inside, Lloyd?)
Pandit to Offer Thanks for Government Bailout (Dealbook)
“This investment built a bridge over the crisis to a sound footing on the other side, and it came from the American people,” Mr. Pandit said in his prepared remarks for today’s hearing on Capitol Hill. “Citi owes a large debt of gratitude to American taxpayers.”
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