Remember when alleged Ponzi-schemer Allen Stanford was beaten so severely that he lost feeling in the right side of his face and landed in the hospital looking like that? His lawyers say his brain was “injured” as a result, that he has a “major depressive disorder,” is addicted to anti-anxiety drugs and is “not competent to stand trial.” At least one doctor agrees, having testified that Stanford “is not able to work effectively, rationally, with his attorneys to develop a defense against the charges.” Assistant U.S. Attorney Gregg Costa, however, isn’t buying it. Continue reading »
Archive for January 2011
Shelly Sindland, a 15 year veteran TV reporter for Connecticut’s Fox 61, has apparently settled her age and gender discrimination claim against the Tribune Company. The settlement followed a win by her against the Tribune and Fox 61/Courant publisher Richard Graziano with the Connecticut Commission on Human Rights and Opportunities…Sindland’s complaint claimed editorial policies at the Hartford television station under Graziano’s management encouraged female anchors to wear tight tops on Fridays, which was nicknamed Big Boob Fridays, to boost ratings. [CTW]
According to Dow Jones: Continue reading »
Correction: Investment Manager’s Car Was Airborn For Forty-Five Feet Before Crash Landing And Driver Does Remember *One* Thing From That Night
By Bess Levin
Yesterday we learned the extraordinary story of private equity guy Russell Stildolph, left, and his flying Porsche. At the time, we asked you to estimate how fast the Norwalk resident got his 911 Carrera up to before launching it 35 feet in the air and parking/crashing on the lawn of a woman not expecting to have a car striking the second story of her house. Today, some additional information has emerged. Continue reading »
A few weeks before Christmas, documents were released by the government revealing that at least one of the cooperating witnesses in its Insider Trading Fest(ivus) was currently employed at a hedge fund. Some people said the CW was with Level Global. The firm assured clients earlier this week that after conducting “extensive internal factual correlation analysis and cross-referencing the facts in the complaints to our firm’s records,” they can say confidently such is not the case.
Dear Investor:
We are writing to address investor inquiries related to the two most recent complaints filed by the U.S. Attorney’s Office in connection with the Government’s ongoing investigation into alleged insider trading in the financial services industry. As
you know we have been cooperating with the U.S. Attorney’s Office and have met with them on several occasions, in part, to discuss the challenges posed by speculation in the press about its investigation and Level Global’s need to communicate candidly with our investors.
As you may recall, back in November the feds made a big show of announcing their latest insider trading probe by raiding showing up at the offices of a bunch of hedge funds, telling employees to walk in with their hands in the air and then sit quietly while a team of agents put documents in boxes. The ones we knew about were Level Global, Diamondback and Loch Capital, based in Greenwich, Stamford and Boston. There was also a fourth, whose identity has remained unknown. Continue reading »
This is what it’s about, people. Mending fences, not just between the White House and the business community but two former bros, neither of which want to be the one to make the first step towards rekindling what they had. Continue reading »
If you’ve checked out Bloomberg‘s “richest hedge funds” story today, you may have noticed a sidebar of the “top emerging-market hedge funds.” Number one on that list? Mr. Ping Jiang, founder of Ping Capital Management. Dealbreaker readers will not be surprised; we’ve been exclusively tracking the performance of Jiang all year and the returns have been consistently of the kick-ass variety. Still, it’s nice to see Jiang’s efforts recognized. Having said that, it’s not enough. That’s why today we want to present Ping with an award that reflects what he’s had to do to get to this place. Continue reading »
The latest issue of Bloomberg Markets magazine has the answer to that burning question but first, let’s take a gander at who had the best performance, among large hedge funds.
Congratulations to all for jobs very well done. Unfortunately, with the exception of Bridgewater, none of the above made the sort of money that would qualify them for a spot on the most profitable list, which must be a kick in the pants. Here are the funds that did, which may have had something– not all just something– to do with a little thing that starts with a ‘char’ ends with a ‘ging a fuckton of fees.’ Continue reading »
A Goldman Unit Is Said To Have Rejected Facebook (Dealbook)
Goldman Sachs Capital Partners — a group that manages and invests for pensions, sovereign wealth funds and other prominent clients — was given the initial opportunity to invest $450 million in Facebook. But the unit’s chief, Richard A. Friedman, a longtime Goldman partner, decided the Facebook deal was not suitable for his clients, in part owing to the high valuation and to a mismatch with his investment criteria.
FrontPoint Partners Launches Biggest Fund Amid Probe (WSJ)
FrontPoint Partners LLC, the hedge-fund firm that was hit late last year by the government’s insider-trading investigation, completed its biggest launch ever on Thursday. The Greenwich, Conn., firm, run by Dan Waters and Mike Kelly, announced the final close for FrontPoint-SJC Direct Lending Fund LP with total commitments of more than $1 billion. The launch suggests the insider-trading probe hasn’t scared off all FrontPoint’s investors.
Paul Volcker To Step Down From White House Panel (Reuters)
The decision to leave the board was Volcker’s. A source close to him said he was ready to continue to advise Obama on an informal basis as often as the president would like.
LinkedIn Plans To Pursue An IPO (WSJ)
Unless Goldman wants to throw them $450 million.
Angry Witches Cast Spell To Protest Romanian Taxes (NPR)
Angry Romanian witches are using cat excrement and dead dogs to cast spells on the president and government who are forcing them to pay taxes. Also in the eye of the taxman are fortune tellers, who should have seen it coming. And President Traian Basescu isn’t laughing it off. In a country where superstition is mainstream, the president and his aides wear purple on Thursdays, allegedly to ward off evil spirits. A dozen witches will head to the Danube to put a hex on the government and hurl mandrake into the river “so evil will befall them,” said a witch named Alisia. She identified herself with one name, as is customary among witches. Continue reading »
$$$ Goldman Flooded With Facebook Orders [WSJ]
$$$ WHY Facebook is doing this deal: “Facebook is raising this round in order to prevent junior and mid-level employees from selling shares on secondary exchanges like SecondMarket (outside of those who already have done so). By doing so, Facebook hopes to remain below the 500-shareholder threshold that would force it to publicly disclose its financial data. In other words, this deal is the exact opposite of a precursor to IPO.” [Fortune]
$$$ Why couldn’t the Democratic Congress conduct an ethics trial for Rep. Maxine Waters? [Slate]
$$$ Help the Journal determine what percentage of its readership is the type that would say its favorite Clint Eastwood movie is The Bridges Of Madison County, favorite Olympic sport is ice dancing and would like the superhuman power to tell the difference between a 1989 and a 1990 cabernet (bonus round: are you picking up what they’re throwing down?) [WSJ]
$$$ T2 Partners’ 2010 letter to investors [PDF] Continue reading »
