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$$$ Facebook Busted in Clumsy Smear on Google (Daily Beast)
$$$ Dick Bove: Lloyd Blankfein’s Uncertain Future at Goldman (Fox Business)
$$$ Apollo earnings up, in first report since IPO (Reuters)
$$$ Glencore CEO Says Commodities Market Still Strong (CNBC)
$$$ Kyle Bass: ‘Greece Is Bankrupt’ and Will Restructure (CNBC) Continue reading »
Tyrone L. Gilliams is the founder TL Gilliams, a “trading firm” located in a suburb of Philadelphia that promises investors returns of 5% a week. But he’s also so much more than that. He’s a hip-hop promoter. He’s a (n alleged) friend of P. Diddy. He’s an aspiring reality TV star who hired a team of videographers to follow him around. He’s a philanthropist- to the world. If you’d heard of Gilliams years earlier and liked what you saw, you could’ve become an investor as a way to get close to all that. Unfortunately, TLG may not be actively investing for much longer, as at least one client- David Parlin- has accused him of misappropriating funds for “trips to the Bahamas, outings to Miami nightclubs, shopping sprees at Saks Fifth Avenue and a Cherry Hill, NJ Mercedes Benz dealership” and of running a Ponzi scheme, filing suit against Gilliams on April 13. As recently as February, TLG had registered the “Black Fox Fund” (a planned “$20 million stock-focused fund”) and while it’s likely the vehicle will have to be put on hold, at least for the time being, take a gander at this phenomenal video Ty-Gill shot to promote his firm’s “Joy to the World Fest” and if you think he’s someone with whom you’d like to entrust your money, consider getting in touch. Continue reading »
[Music playing while we wait includes "You Give Love A Bad Name" and "Livin' On A Prayer"]
12:45 Guy introducing Rex sees lots of similarities between the Jets coach and George W. Bush (who spoke last night): both are “winners, blunt passionate, and couldn’t care if the things they say might have consequences.”
12:50 Rex is happy to be here though, he must admit, doesn’t know anything about derivatives…”buy low, sell high, that’s all I’ve got” Continue reading »
For those size queens out there, Institutional Investor has compiled the 2011 rankings.
25. ESL Investments ($14.0 billion)
23. Moore Capital ($15.0 billion)
23. Appaloosa Management ($15.0 billion)
22. Davidson Kempner Capital ($15.3 billion)
21. DE Shaw ($15.6 billion)
20 Landsdowne Partners ($16.146 billion)
19. AQR Capital ($16.7 billion)
18. Elliott Management ($16.8 billion)
17. Renaissance Technologies ($17.0 billion)
16. Winton Capital Management ($17.78 billion)
15. Avenue Capital ($18.3 billion)
14. Goldman Sachs Asset Management ($19.8 billion)
13. King Street Capital (($19.9 billion)
12. Farallon Capital ($21.5 billion)
11. Baupost Group ($23.4 billion) Continue reading »
Yesterday, the Post claimed that Steve Cohen, who’d put in a minority bid for the Mets last month, had suddenly lost interest in getting involved with the team. Apparently some people mistook SC’s playing hardball as him dropping out, as he reportedly still wants a piece of this thing. Continue reading »
Apparently this group was downtown earlier today, marching with music and signs that read “make banks pay” and “people before Wall Street, Governor Cuomo.”
“This is not a good investment.” Continue reading »
According to CNBC’s Kate Kelly, BH made the decision to close the $600 million fund after portfolio manager Fabrizio Gallo left to join Bank of America (which has got to hurt) and investors were rumored to be unhappy with the ‘personnel changes.’ In related news, Larry Summers has apparently been tapped to help ‘woo‘ new clients, so they should be okay.
“Once the steam stopped coming out of my ears, I’d be dropping so many subpoenas,” Spitzer told Matt Taibbi of the Levin report. “And I would parse every potential inconsistency between the testimony they gave to Congress and the facts as we now understand them.” [Rolling Stone via BI, earlier]
Fifty-four percent of respondents to the global poll of traders, investors and analysts conducted May 9-10 have an unfavorable opinion of the New York-based bank, more than double the negative rating for JPMorgan. Yet a month after a U.S. Senate report said Goldman Sachs misled clients, 78 percent of those surveyed said the accusations will either have no effect on the firm or will harm its reputation without driving away customers. “Investors will continue to put their money with capable institutions, regardless of their history or morality,” said poll participant Christian Contino, 27, who works as a consultant for the investment-management section of the United Nations’ International Fund for Agricultural Development. [Bloomberg]
The firm is up to $7.2 billion in assets (from $6.7 billion last month) and needs to get comfortable with that before it can think about taking on any “new relationships.” [AR]
