In the market for some tiny bottles of low-grade vodka touched by a Ponzi scheme? Today’s your lucky day. Continue reading »
Archive for May 2011
Next Up: A Crackdown on Outside-Expert Firms (DealBook)
With the government securing a conviction against Raj Rajaratnam of the Galleon Group on Wednesday, federal prosecutors will shift their focus to expert networks — the intricate web of money managers, corporate executives and consultants at the center of another wave of insider trading cases.
Goldman Sachs Viewed Unfavorably by 54% (Bloomberg)
The company was viewed less favorably than other banks by the 1,263 poll respondents. While 54 percent said they had an unfavorable view of Goldman Sachs, 25 percent felt the same about JPMorgan, 49 percent for Citigroup Inc. (C) and 48 percent for Bank of America Corp. (BAC) Thirty-five percent had an unfavorable view of Frankfurt-based Deutsche Bank AG (DBK), which was also singled out in the U.S. Senate subcommittee report.
AIG Share Sale Starts But Could Be Pulled (WSJ)
The stock offering commenced Wednesday following lengthy discussions between Treasury and AIG’s management and directors about what they want to achieve from the share sales…Following the discussions, the Treasury and AIG are now in alignment about how to proceed with the offering, and they won’t sell shares if taxpayers don’t earn a profit now and in the future on the sales, according to people familiar with the matter. In other words, if they don’t get the price they want, Treasury will “pull the deal,” said one of the people.
Glencore Said to Gain Double Orders for IPO (Bloomberg)
Glencore International Plc received enough demand from investors for its $11 billion initial public offering to sell the shares more than twice over, according to three people with knowledge of the matter. Highbridge Capital Management LLC, a hedge fund owned by JPMorgan Chase & Co., proposed a $500 million investment, said one of the people, who declined to be identified because the information isn’t yet public. The last orders for the offer are due on May 18, with final pricing to be disclosed the following day, according to a term sheet for the sale.
Exit interview: Kobe Bryant says Lakers’ failed title run was a ‘wasted year of my life’ (LA Times)
Kobe Bryant is never much for sentimentality, and he’s not going to change any time soon. So when he reflected Wednesday on the Lakers’ underachieving 2010-2011 season, which included being swept in a Western Conference semifinal series, Bryant didn’t mince words on his disappointment. Continue reading »
The Steve Cohen SALT Chat: Energy, Risk Management, Fathers, 2012, Compliance, Art, Hitting The Gym
By Bess Levin
[The music playing while we wait is a mix of Duran Duran, Journey and U2.]
Anthony Scaramucci: I know this man needs no introduction. Steve and I have gotten to know each other over the years, but most recently in Davos where we had some fun. Steve, SAC has been in the news recently, is there anything you’d like to address on this topic?
Steve Cohen: I’d like to thank you for that softball question–nice way to start the interview. Continue reading »
At Least One Hedge Fund Manager Appreciates The Genius That Is The Post‘s Graphics Department
By Bess LevinQ: What’s the first thing you guys read every morning?
A: “The Post. That’s my treat to myself.”– James Dinan. “The P&L statements.” — Izzy Englander. “An email from our London trading desk, which compiles all of the news about the companies I care about. I read it off a computer I had put in my closet, ’cause I’m lazy.” — Lee Ainslie.
Here’s what Lee Ainslie, James Dinan, Izzy Englander had to say on the “hedge funds legends” panel at this year’s SALT conference in Vegas about the culture within their firms:
Ainslie: “It’s very important to identify what you values are; make sure everyone understands what you’re trying to achieve as a team. Our training week at the beginning of the year starts with an ethics section. We never keep an individuals’s P&L- only team P&L, so no one person gets credit or blame for an investment decision, which makes for a very collegial culture and makes people do recognize that they’re there to what’s in the best interest of our investors. Continue reading »
Defenders of Goldman have been quick to insist that while the bank may have had a few ethical slips here and there, its only real offense was being too good at making money. We now know, unequivocally, that this is bullshit. Goldman isn’t a pudgy housewife who broke her diet with a few Nilla Wafers between meals — it’s an advanced-stage, 1,100-pound medical emergency who hasn’t left his apartment in six years, and is found by paramedics buried up to his eyes in cupcake wrappers and pizza boxes. [Rolling Stone]
“We started out with 37 stocks, we’re down to 14,” defense attorney John Dowd said today after his client was found guilty on 9 counts of insider trading and 5 counts of conspiracy. “The score is 23 to 14 for the defense. We’ll see you in the Second Circuit.” Continue reading »
“I will be shorting US bonds,” Rogers told a conference in Edinburgh. “I would probably be doing it today if I weren’t here,” he said. Bonds in the US have been in a bull market for 30 years, Rogers said. “In my view that’s coming to an end…the bond bulll market is coming to an end. If any of you have bonds I would urge you to go home and sell them. If any of you are bond portfolio managers I would get another job,” he said. [CNBC]
Protesters outside the Bank of America Bryant Park building, where the firm’s annual meeting is taking place today and where they are taking issue with the bank’s mortgage issues.
Hey, Raj Rajaratnam’s Lawyer, Do You Have A Comment For CNBC?
By Bess LevinYes he does! “Get the fuck out of here. That’s what I’ve got for CNBC.” Continue reading »
Tags: comments, Galleon, get the fuck out of here, insider-trading, John Dowd, Raj Rajaratnam