Cuts going down circa now. Continue reading »
Archive for January 2011
How Much Do Facebook Execs Think Their Company Will Be Worth A Few Years Down The Road?
By Bess LevinOne trillion dollars. [SAI]
As you may have heard, Ping Capital’s Exceptional Value Fund ended 2010 up 105 percent. While impressed by the number (and Mr. Jiang’s comeback), some potential investors might have been slightly leery about monthly swings of 8+% and the unorthodox ways in which PJ was able to score such an eye-popping return. Well today is your lucky day. Continue reading »
$$$ Ex-Primary Global Analyst Pleads Guilty in Nationwide U.S. Insider Probe [Bloomberg]
$$$ Bank of China Brings Yuan Trading to U.S. [WSJ]
$$$ Hedge-Fund Managers See Rising Cost of Health Care [DI]
$$$ On the market for a vuvla-encrusted apartment? Nouriel Roubin’s is available. [The Deal] Continue reading »
There Will Be A Bunch Of Strippers Demonstrating How To Shovel Snow In Front Of The Nasdaq Building Tomorrow
By Bess Levin
FYI. Continue reading »
Lenny Dykstra Scoffs At Accusations He Sexually Assaulted His Housekeeper, Maintains Good Luck Streak
By Bess Levin
When we last checked in with Lenny Dykstra, things seem to be on the up and up for the former baseball player-cum-Jim Cramer endorsed money manager. He claimed to “be back,” spiritually and financially-speaking, on account of his new “mortgage forensic research firm,” known as Predatory Lending Recovery, LLC, which despite not yet having any clients and only one testimonial, Len said is a billion dollar business. He described himself as “a lightning rod for money.” And he suggested he was still in possession of the thing the matters most to him in life, his private jet. Then, this happened:
Former pro baseball player Lenny Dykstra’s housekeeper has accused him of sexual assault, according to records…the female housekeeper alleged Dykstra would force her to give him oral sex on Saturdays.
No stranger to sexually harassing members of his staff (in 1999 Dykstra was arrested for that sort of thing with a 17-year-old female who worked at his car wash), we wondered if this news would threaten Nails’ comeback, and if it was a harbinger of worse things to come. However, prosecutors have apparently decided not to file charges, “because of an apparent lack of evidence that the activity was forced.” Here’s what LD had to say about the matter: Continue reading »
“Sooner rather than later I hope,” James told Maria Bartiromo. Also! Credit where credit is due: “Nothing is worse than it was a year ago.”
Around the office they’re known as “Trader One,” “Trader Two,” and “Trader Three,” but you can call them Tiffany, Blake, and Uncle Jim. Continue reading »
Remember, back in the day, when hedge funds were where investors went when they wanted a thrill? Where there was something exhilarating about locking up your money for a matter of years with a manger who would make insanely risky bets? Where it felt dangerous but that was part of the fun- thinking about the fact that at any moment, you could be getting a letter informing you that the fund was shutting down, and for every dollar you invested, you’d be getting 9 cents back? Where you gladly turned your money over to a guy wearing only fleece, who would slap you on the mouth if you dared inquire as to how things were looking but part of you liked it because it only stung for a few seconds and also because one year he handed you 69.8% and 71.8%? Where you were at times seriously fearful for what was being done to your money and some months you’d lose big and other times you’d win and in fact you never knew what to expect but that’s what made it so exciting? So worth it, for the tingling feeling it gave you, down in your plums? For the chance to feel alive again? Yeah. You’d better start looking for that sensation elsewhere. Continue reading »
As you may have heard, Goldman Sachs today released a 63-page report detailing what percentage of revenue comes from the bank’s own trading and investing, as well as other disclosures attempted to show pull the veil of secrecy back just a bit and show the world that while yes, ritual sacrifice in the basement of 200 West and a Buffalo warehouse is standard, Goldman Sachs is a friendly squid with nothing to hide. The second page of the document (via Deal Journal) kicks things off with “The Goldman Sachs Business Principles,” such as:
Our assets are our people, capital and reputation.
If any of these is ever diminished, the last is the most difficult to restore. We are dedicated to complying fully with the letter and spirit of the laws, rules and ethical principles that govern us. Our continued success depends upon unswerving adherence to this standard.
We stress creativity and imagination in everything we do.
While recognizing that the old way may still be the best way, we constantly strive to find a better solution to a client’s problems. We pride ourselves on having pioneered many of the practices and techniques that have become standard in the industry.
Our business is highly competitive, and we aggressively seek to expand our client relationships.
However, we must always be fair competitors and must never denigrate other firms.
We consider our size an asset that we try hard to preserve.
We want to be big enough to undertake the largest project that any of our clients could contemplate, yet small enough to maintain the loyalty, the intimacy and the esprit de corps that we all treasure and that contribute greatly to our success.
Another reason for the report was to show that contrary to what some people believe, Goldman Sachs loves its clients and that business about a buddy system between the prime brokerage and prop desk in order to facilitate front running of client trades? Baseless rumor at best. Sure, there were times when lines were flirted maybe occasionally crossed by accident. But that was the old Goldman Sachs. The new Goldman Sachs respects boundaries. Having said that, some clients like it when things are taken a little further than others are comfortable with and so, a formal chart has been devised so that GS can keep track of who’s down for anything and who’s not, called The Matrix. Continue reading »
“Tilton sleeps only a few hours a night and often stays up late reading science fiction. She sips a homemade concoction of clay, salt and chlorophyll.” [WSJ]
