Archive for May 2012

Lorenzana, a buxom beauty who was axed from her job at Citigroup in 2010, said she fought the bank by herself in arbitration after lawyer Gloria Allred dropped her as a client. “If I could turn back time, I would have not chosen Gloria Allred as my lawyer,” she said. The 35-year-old knockout sued her former employer for allegedly canning her over her killer curves. Lorenzana said she sympathizes with Lauren Odes, the latest pink-slipped stunner to retain Allred. Odes says that her employer tried to get her to “tape her breasts down” and wear a bathrobe at work because her outfits showed too much skin. “Nobody should be fired because of their physical appearance,” Lorenzana said. “I feel sorry for the girl.” But Odes could be in for a rude awakening, Lorenzana said, charging that Allred worked her case more like a photo-op than a lawsuit — a charge the big-name attorney disputed. “The only times I saw her (Allred) was when the media was there,” she said. Lorenzana said that Allred dumped her after the celebrity lawyer pushed for a settlement, but she wanted to press on. [NYDN, earlier]

This weekend the New York Times published an amazing, front-page-of-Sunday-business article about … well, there was this guy, see, and he was annoyed because he thought some people had access to his personal opinions that he had formed based on public information before some other people had access to those personal opinions, and he decided that that was “insider trading” even though he had no inside information about any public company, and he spent seven years complaining about it to a bunch of people, and they all pretty much ignored him because they knew what insider trading is, and then at the end of the seven years he complained to Gretchen Morgenson, who had the advantage, from his perspective, of not knowing what insider trading is, and so she wrote a huge article that was like “HERE IS CRAZY NEWS FROM 2005.” Life is too short etc., and others admirably debunked the bunk, so, y’know, moving on.*

Except did Gretchen Morgenson have inside information that this old story would become relevant again? Because here is a thing that happened lo this very decade: Read more »

Remember the fight that broke out at the New York Athletic Club last month, which a witness described as a “nondiscriminatory ragematch” involving “young people, old people, girls, members, and nonmembers,” which started as a tiff over a woman and “escalated into a brawl involving three fighting wolfpacks,” wherein “tables were overturned or moved to the room’s periphery to crate a lion’s pit for the battle,” a “fat pudgy kid came out of nowhere, laid out a larger man with a blow to the head and was tackled by a crowd,” approximately two noses were broken, and the police made three arrests? Oddly, it looks unlikely that the guy who did “the most damage” (to people’s faces) will be walking away with a slap on the wrist. Read more »

Write-Offs: 05.21.12

$$$ J.P. Morgan Suspends Share Buyback [WSJ]

$$$ Bank of America’s CEO ‘Comfortable’ With Investments [CNBC]

$$$ Gupta ‘Threw Away His Duties,’ Prosecutor Says In Opening [Bloomberg]

$$$ France, Germany Fail to Resolve Differences Over Euro Bonds [WSJ]

$$$ U.S. lets China bypass Wall Street for Treasury orders [Reuters]

$$$ MF Global’s Corzine Got More Than $8 Million in Year Before Collapse [WSJ]
Read more »

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  • 21 May 2012 at 6:22 PM

Have We Identified The Next Food Eating Challenge?

The Montana State Society’s Testicle Festival in Virginia Square was a rousing success this year. Festival-goers consumed 110 pounds of bull and bison testicles, 84 liters of Crown Royal and 1,500 cans of beer this year, according to event organizer and Society president Jed Link. All three were records for the event, now in its eighth year. Organizers estimate that nearly 600 people attended the Testicle Festival, which was held at the American Legion post at 3445 Washington Boulevard. Even though the event didn’t start until 6:00 on Saturday evening, Link said a line started to form at 4:30 p.m. [ARL]

  • 21 May 2012 at 5:57 PM

Brian Moynihan Has Total Confidence In Jamie Dimon

He’s got this. Read more »

  • 21 May 2012 at 5:48 PM

This Is A Post About Greenshoes

Why don’t we talk abstractly about greenshoes for a while, because for some reason some people want to talk about them and hey, why not, they’re a thing. In talking about greenshoes, though, we are not going to use the F-word, because I swore to myself that last week was the end of that. We’re just going to talk about greenshoes. Greenshoes.*

Let’s start with a very basic thing about greenshoes, which is that they make no sense! If you are a company, or an executive or investor or whatever in a company, and you want to raise money and/or sell your shares, here are things that you could want:
(1) to raise $100 million
(2) to sell 5mm of your shares

Here are things you are unlikely to want:
(1) to raise $100 or $115 million
(2) to sell 5mm or 5.75mm of your shares

Obvs, no? Keep in mind that, when you launch the deal, you don’t know exactly what price you’ll get – you’ll just have a range – which is an annoying enough uncertainty. Throwing in the additional binary that you’ll get either an uncertain $X or 115% of $X seems a bit much. So here is what happens when a naive company comes to an underwriter: Read more »