As we mentioned last month, bonuses at JPMorgan will be down “about 10-15 percent across the board in IB.” Why then, do you keep reading stories about ‘record bonuses’? It’s called division. Charlie Gasparino breaks down the math. Continue reading »
Archive for January 2011
$$$ Swiss banker who used WikiLeaks faces trial [BW]
Robert Khuzami can’t even look at you people (who include Trivium Capital founder and SAC alum Robert Feinblatt). Continue reading »
Mark your calendar, ladies: Continue reading »
Which is why the document, last signed November 1, 2007, names Bernie Madoff as a co-executor of his late son’s a estate, a role Bernie’s been unable to fulfill given his current situation. [NYP]
Lawyer Representing Hedge Fund Charged With Collecting Ill-Gotten Gains Resents SEC’s Use Of The Term ‘Fraud’ As A Description Of Client’s Actions
By Bess LevinOn Friday, the Securities and Exchange Commission charged former hedge fund manager-cum-selectman Forrest Fontana with illegally selling short shares of Merrill Lynch, XL Capital and Wells Fargo in 2008. Fontana’s lawyer, Lisa Wood, doesn’t deny this happened. Having said that, she does take issue with the use of the term “fraud” as it relates to her client, whose “crime,” if you can even call it that, was an accidental technical violation that only happened once. Continue reading »
Okay, that’s not entirely fair- employees will receive some of the cash they earned in 2010 this year, some in 2012, a little in 2013, and the remainder of the payout in 2014 (all of which is subject to a clawback clause). Sound like fun? It’s the Swiss bank’s take on tantra. Continue reading »
Big Consultant Pay Hints Insider Probe Will Widen (WSJ)
Large sums of money paid to some consultants charged in the government’s insider-trading case indicate they may have talked with dozens of hedge funds, suggesting the scope of the investigation could widen significantly, people familiar with the expert-network industry say.
Goldman Sachs Proprietary Traders Roskis, Benatoff Said to Plan Hedge Fund (Bloomberg)
Ariel Roskis and Daniele Benatoff, who work for New York- based Goldman Sachs’s principal strategies desk in London, plan to start the fund in the second quarter, said the person, who declined to be identified before the plans are announced. The pair have secured a $300 million investment from Brummer & Partners, the largest Scandinavian hedge fund, the person said.
Florida Kicks Off Bank Failures For 2011 (AB)
The honor goes to Orlando-based First Commercial Bank Of Florida.
Citi: Smokes Could Be Gone In 30 To 50 Years (NYP)
A Citigroup analysis of the tobacco industry indicates there may be zero puffers in 30 to 50 years’ time. The research was based on declining smoking rates in Britain. Currently, only one in five Americans lights up, down from almost one in four a decade ago. Even though the decline among American smokers is at a standstill now, “it is quite possible that there will be no smokers left in Britain or many other developed countries in about 30-50 years,” the report states.
Paulson Group Said to Seize CNL Hotels From Morgan Stanley Funds (Bloomberg)
A lender group including Paulson & Co., the New York-based hedge fund run by John Paulson, seized control of former CNL Hotels & Resorts Inc. properties from Morgan Stanley’s real estate funds through a $600 million debt restructuring, said two people with knowledge of the deal.
A Cupcake IPO (NPR)
Crumbs Bake Shop will go public through a $66 million merger with the 57th Street General Acquisition Corporation.
Playboy Agrees to Hefner’s Offer to Go Private at $6.15 a Share (Bloomberg)
The company said it agreed to be taken private by founder Hugh M. Hefner for $6.15 per share. Continue reading »
$$$ Bernanke Brightens Outlook [WSJ]
$$$ What the ‘Massachusetts Foreclosure Ruling‘ Means [CNBC]
$$$ “A well-known basketball coach defrauded hedge fund investors of $16.5 million and used the money for homes, vacations and jerseys for his team, according to a complaint filed by the Securities and Exchange Commission.” [NR] Continue reading »
Principal and Mensa Member
Time was, if you were naming a hedge fund, you either went with some obscure reference, historical or otherwise, intended to demonstrate just how much of a pretentious asshole you are (PA’s make the best money managers), your initials, as way of sending the message ‘I run this house,’ or some sort of word that the evoked the idea of power and machismo, where investor capital is protected by a moat. Today brings a fourth option for those playing the name game, i.e. the most difficult task of opening your own shop. Continue reading »
Are you ready? Surely Maria’s done her homework and prepared for this interview like any other, but in the event she’s looking for some last minute questions, any suggestions?
