Archive for June 2010
Since the Debrahlee “Too Hot For Citi” Lorenzana story has come out– which has included soft-core porn spreads, morning show appearances, and allegations that DL was canned because her presence distracted her male colleagues, who supposedly couldn’t work in her presence because their “penises were standing up”– Citi has had to keep its thoughts on the matter relatively brief. They still have to go to arbitration with this lady and Jamie Dimon and his firm are the only ones allowed to tell a woman to “zip it, Toots” without taking any heat. So while we’ve heard lots of “this case is without merit,” and so on an so forth, we’ve yet to have Citi tell us how they really feel, re: the girl who dreamed of being “Tits on a Stick.” Today that ends, with a spokeswoman for the bank offering that in her opinion, this chick is not that hot.
Citibank rep Natalie Riper [noted], “Just because she’s saying she was too hot doesn’t mean it’s so.”
Tomorrow, Vikram Pandit’s “brutal truth” on the bazonkas in question. Not to be missed.
“5:30 this morning, saw Ruthie checking in at the Continental Elite Access (First Class) counter at Newark. Where is she going with all those bags??? Is she allowed to fly first class still??”
You like me. You really like me!
One Crowd Is Still Loyal To Goldman Sachs (NYT)
Despite all the bad headlines — the accusations of fraud, the talk of a big settlement, the risk, however remote, of criminal charges — there’s an inconvenient truth that’s been largely ignored: Most of Goldman’s big customers are not bolting. “We trust them,” Jeffrey R. Immelt, the chief executive of General Electric, told an audience at the 92nd Street Y in New York last month. “People need to tone down the rhetoric around financial services and stop the populism and be adults.” “I’m a big boy,” Mr. Pritzker told me. “I understand that they are in many businesses. I go into it with my eyes wide open.” He added, “I don’t feel any outrage, just the opposite.”
Blackstone’s Wien Says Hedge Fund Returns May Halve (BW)
“I’m worried that by trying to protect capital on the downside they give up too much on the upside,” he said. “The concept of hedge funds was to produce equity-like returns with bond-like volatility. The danger is we get bond-like returns with equity-like volatility.”
Giving In on Trading, Bankers Turn to Other Losses (NYT)
Bankers have all but given up on defeating one of the most contentious provisions in the financial regulation bill — one that would effectively bar federally insured banks from trading for their own accounts — and are now focusing on battles like heading off a prohibition on derivatives trading.
BP Faces Grilling In Congress (Reuters)
McKay, the head of BP America, will be surrounded at the congressional hearings by executives from Exxon Mobil, Chevron, ConocoPhillips and Royal Dutch Shell seeking to stave off repercussions for the industry. McKay’s rivals are likely to hang him out to dry in a rush to prove their companies would never take such risks or face such failures as the spill that has poured millions of gallons of oil into the Gulf of Mexico. “This incident represents a dramatic departure from the industry norm in deepwater drilling,” Exxon Mobil Chairman and Chief Executive Rex Tillerson said in prepared testimony.
US Targets $20 Billion BP Pay-Out (FT)
In a letter to Mr Hayward, Harry Reid said the creation of a $20bn account would serve as an “act of good faith” and would be an important first step in ensuring that BP would not delay or evade responsibility for damages.
Pickens: Investigation can wait, let BP work (AP)
“I don’t know (if BP was negligent in the blowout), but I don’t like the investigation going on when we’re trying to fix the problem,” Pickens told reporters Monday. “Because nobody’s going to run off. We’ve got plenty of time to investigate it.”
El-Elarian: Markets Pricing In Global ‘Paradigm Change’ (CNBC)
El-Erian said markets have shown four distinct characteristics lately: Volatility, interconnectedness, political sensitivity, and improbable movements. That behavior is a reaction to tenuous European economies and the realization that policy makers have few stimulative tools left should conditions worsen. As such, households have cut back on spending and decreased their debt even as governments have dramatically increased their own leverage. “We’re starting to get people to realize that we’re not in a ‘V’ anymore, (it’s) more like a square root,” he continued. “We’re going to come back off (the bottom) and then we’re going to level off at about 2 percent growth.”
Bullfighter Christian Hernandez runs out of ring in Mexico, arrested for breach of contract (NYDN)
Christian Hernandez, the 22-year-old terrified toreador, didn’t make excuses. “There are some things you must be aware of about yourself,” he said. “I didn’t have the ability, I didn’t have the balls, this is not my thing.” Continue reading »
$$$ Dealing With A Toxic Resume [Fins]
$$$ Summer Bummer For Wall Street [Crain's]
$$$ Treasury Dept Undermining Key Derivatives Reform [HP]
$$$ CAA Negotiating $200M Investment From KKR: Partners Want To Cash Out Of Agency [DH]
$$$ Fortress President Mike Novogratz Talks Shop [Opalesque]
Last month, the talk re: Eliot Spitzer making his triumphant return to the public eye seemed to pick up some serious steam. We personally declared ourselves to be fully on board. We were amped, in fact, and armed to the gills suggestions for a format. We figured it was only a matter of time, possibly days, before Ness was officially offered a gig, and we needed to get the best ideas (ours) out there fast (naturally, we wanted whatever the noted HF did to have room for his obvious sidekick. Unfortunately, it seems that the talk was a bit premature, and that it may grind to a halt entirely if Eliot can’t pump the brakes on this one. Apparently the former Governor is getting slightly ahead of himself. Continue reading »
Such as, how do you pronounce his last name? You might’ve assumed it was “Gund-lack” but it’s actually “Goond-lack.” Trying using it in a sentence. (If you want, take this one: “Good-lack, it’s really uncool that you haven’t returned my copy of Ass Traffic, Volume 9. Oh, what, now that you’ve got your own firm you don’t have to play by the rules?”) As for the other issues, Goond-lack completely avoids the question, which, if you want to talk about uncool, really tops. You’d think someone who previously claimed to in no way be ashamed but instead proud– as he well should be– of the library of porn in his office and the finest collection of dildos in the world wouldn’t have a problem talking Dr. Fellatio but apparently you’d think wrong.
Wachovia VP Had Good Reason To Steal Money From Bank That You’ll Probably Never Understand
By Bess Levin
Scott Welch's Den of Iniquity
With the money he embezzled from Wachovia ($11.2 million give or take a few clams), Scott Welch bought himself many a sports car. This was a plan, to throw people off the trail. He didn’t buy a new set of wheels “constantly,” as neighbors recall, in an attempt to hide the fact that he was stealing money from the bank, but to distract from what he was really putting the funds toward. A love that dare not speak its name. A love of plants, and impeccably maintained yards. Continue reading »
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Communiqués
Third Point Dumped Citi And Bank Of America After Seeing Obama’s Schedule
By Bess LevinWayyy too many pit-stops for snacks, which only the shrewdest of investors like Daniel Loeb would know spell trouble.
Continue reading »
I’m interviewing the CNBC anchor/Amanda Drury gal-pal next week and, like some of her former colleagues have done in the past, she’s graciously agreed to answer some of your questions. Naturally I’m sure most of you would like to know if she has any tips to offer re: being a working mom but anything else?
