Bloomberg reports that Goldman Sachs plans to pull its entire investment from Harbinger Capital’s flagship fund, for two reasons. 1) The returns weren’t very good and 2) Falcone “borrowed” $113 million from one of his firm’s smaller funds (where redemptions had been suspended) in order to pay personal taxes.
First off, everybody just breathe: one the hand, there’s some good news to be gleaned here– Phil Falcone pays his taxes! That’s more than you can say for a lot of people. On the other: let us take a moment to freak the fuck out! Unless we’re missing something, the fact that he needs to loan himself money from investors to pay his own taxes can’t be good and there are some serious, serious things at risk in the event things take a turn for the worst. Such as:
* Wilbur, the Falcone’s piano-playing pig. Who’s going to take him in?
* The Little People who work the Falcone children’s birthday parties
* LISA MARIE FALCONE’S WARDROBE. Gladiator. Mermaid Chic. Slutty Peacock. You think that shit comes cheap? Think again!
This kind of thing happens all the… oh wait. No it doesn’t. RUN MOTHERFUCKERS RUN!
Phil trying his hand as a telecommunications entreprenuer…..didnt Bernie Ebbers start that way? that ended well..
she’s gonna BLOW!!!!!!
Smells like another Madoff …
Smells like another Madoff …
It was MY idea to pull $120 million from Harbinger!
Other than that, I probably still have complaints.
It was MY idea to pull $120 million from Harbinger!
Other than that, I probably still have complaints.
having a plastic-faced wife, duping your investors out of redemptions and being down 15% YTD is the NKI
having a plastic-faced wife, duping your investors out of redemptions and being down 15% YTD is the NKI
a new piano for Wilbur?
a new piano for Wilbur?
nice. This isn’t gonna end well.
Will Lisa blow me?
I am fairly certain, and by fairly I mean 99.9%, that she cannot open her mouth wide enough to eat a spoonful or peas let alone suck on a male wand of average length.
Moving money from one pocket to the other is really no big deal, especially if you really need the liquidity. Ben
Moving money from one pocket to the other is really no big deal, especially if you really need the liquidity. Ben
Some fund found his business plan in 90s and backed him
Great start
Some fund found his business plan in 90s and backed him
Great start
you haven’t been funny all day. just stop.
you haven’t been funny all day. just stop.
it is like robbing Peter to pay Paul….only in this case I am robbing my loyal investors to pay Uncle Sam. It is the same thing, only different, if you really think about it.
~ Phil
it is like robbing Peter to pay Paul….only in this case I am robbing my loyal investors to pay Uncle Sam. It is the same thing, only different, if you really think about it.
~ Phil
firing the Little People and paying your taxes is also the NKI
Why would anyone ever think this is suspicious?
- SEC
damn
He’s being really efficient and paying the Investors tax liability for them. I think this story is being misreported.
Yes?
Naughty naughty. My bet is that the pig survives this nightmare as he sounds like he has secondary skills that will take him places. And in a twist of fate, I predict we’ll see the Bimbette working for Wilbur this time around. I hope she was kind to him in the past.
Whats wrong with making a few loans to one’s self?
Whats wrong with making a few loans to one’s self?
Now thats a donkey / pig show I would pay to see
Grow up all you Yahoo Financiers. He took money from the Special Situations Fund. I’m fairly certain a private equity person actually paying taxes is a special situation and hence would qualify under the mandate. Nothing to see here. Keep moving….
Ruh-Roh, Raggy.
The Falcone IOU, underwritten by GS, is a suitable investment for the fund; especially given its AAA rating by S&P. We feel confident that the collateral – a pig, a Manhattan mansion, and a dime store hooker – is sufficient to cover any anticipated losses.
-Harbinger Risk Officer
i see your point
You guys are douchers. They guy obviously has enough loot to pay his taxes. There are some intricacies here yall dont know about. Slow day at UBS?
lights dimmed, latest john legend record playing on iTunes.
I’ll bid $15 for the motorized bicycle
I bid $20 for the pig…..
Can you be more specific?
Oh yes, sorry, I meant $20 for Lisa.
I bid $20 for the pig…..
Can you be more specific?
Oh yes, sorry, I meant $20 for Lisa.
didn’t GS and CS just help them bring $350MM in bonds?
$20? really?
is it related to this?
http://www.jeffreybewkes.com/2010/10/philip-falcone-harbinger-capital.html
Perhaps a Swine-way?
Excellent execution of the animal-pun. Kudos to you sir.
you use the term ‘douchers.’
other than that I have no concerns.
If I were still at the helm, we would step right in and replace GS’s withdrawal with our own investment!
Timing. It’s pretty much everything.
K. Lewis
Your last name is Levin. Other than that, I have no concerns.
You cut me so deep.
Your last name is Levin. Other than that, I have no concerns.
You login under multiple user names to leave the same comment within minutes
of the last.
Other than that I have no concerns.
Too deep? Not the first time I’ve gotten that.
Ok, shows over people. Nothing to see here! Move along!
http://cache.gawker.com/assets/images/comment/4/2010/04/e3dab9070842c2eca3533d5783947437/340x.gif
Worked for Adelphia, why not try it again?
But I’m jacked.
Would be more a question of GIRTH, no?
Off
you are a fraud, yet you still fk with the editor. other than that, I have no concerns.
What a naughty Falcone.
Although presumably she could still sip man chowder through a straw?
The fact that it was posted twice shouldnt get in the way of its hilarity; its the best comment on here.
Taking money out when your investors are gated … all i can say is hope he gets AIDS .
As someone who has been picking up shares of HRG in the past few days, I am trying to make this seem like something other than terrible. It isn’t really working.
Candle light, pink dress on me, glatiator outfit on her, on a baby grand, “little people” holding their unemployment checks, camera strapped to pigs head, Swizz Beats playing on iTunes, ugly ladies with their hands in the air, all the while being audited by the IRS.
TJ road trip?
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