John Paulson’s pianos have also helped Dromeus Capital. Read more »
Posts by Bess Levin
But a glittering surface often deflects attention from a messier reality, and that’s true with Mayer and Yahoo. No one wants to sound as if they aren’t rooting for Yahoo or for her, and because Mayer didn’t cooperate for this article, even her friends were often unwilling to speak on the record about her. She’s anything but easy to categorize, in ways that are both interesting and possibly troubling for Yahoo’s future. “She is a confusing person,” says someone who has worked with her closely. “It is a mistake to paint her as an angel or as a devil.” Another executive who worked with her agrees that she is a hard person to understand. “There are some parts of Marissa World that are just inexplicably weird,” he says. “It doesn’t add up.” [Vanity Fair, related]
SAC PM Accused Of Insider Trading Didn’t Have Time For A Customary “How Are You? How’s Your Mother?”: Goverment WitnessBy Bess Levin
Earlier in the day, before Mr. Berke began his cross-examination, Mr. Horvath testified that after Diamondback and two other hedge funds were raided by federal authorities in fall 2010, Mr. Steinberg coached him about how to talk to the Federal Bureau of Investigation if approached by any agents. Mr. Horvath said his former boss told him if the F.B.I. asks about the kind of information Mr. Tortora provided on Dell, just say it was “O.K.” Mr. Horvath said Mr. Steinberg flew to a conference he was attending in Arizona to personally deliver that message. “He just walked straight up to me,” Mr. Horvath said, adding that his then boss didn’t even say hello before bringing up the F.B.I. [Dealbook]
Deustche Bank is out with a report today encouraging I-bankers to gird their loins. Read more »
Goldman Sachs has said it would move much of its European business out of London if Britain leaves the European Union. The warning from the world’s most powerful investment bank comes as political pressure for Britain to leave the EU mounts. David Cameron has committed to holding a referendum on Britain’s membership if the Conservatives win the next election and some Tory MPs have been agitating for an early vote on the matter. Michael Sherwood, co-chief executive of Goldman Sachs International, said: “In all likelihood we would transfer a substantial part of our European business from London to a eurozone location – the most obvious contenders being Paris and Frankfurt.” [Guardian via Heidi Moore]
Here’s Kent Engelke, explaining the math he used to come up with that prediction. Take the 7% of presidents who have been impeached or resigned, ignore the fact that 0% of impeached presidents have actually been removed from office, then add 3%, just for the hell of it.
“If ObamaCare is the fiasco that some headlines are suggesting it is, I place the odds around 10% the president will resign before next November’s election,” said Kent Engelke, managing director at the brokerage Capitol Securities Management. Engelke, who has more than 27 years of experience in the securities industry, says he got the 10% number from a simple calculation: 7% of all U.S. presidents faced impeachment or resignation (Presidents Andrew Johnson and Bill Clinton were impeached, while President Nixon resigned). He adds in another 3% due to the heightened animosity between president Obama and Republicans in congress.
And here’s Dick Bové, acting as the voice of reason on this one. Read more »
In The Future, Hedge Fund Manager Will Definitely Think Twice Before Transferring £600k To Her Lover’s Bank Account No Questions AskedBy Bess Levin
- Ask said lover if he lives with his mom
- Double-check to make sure the Bentley he drove her home in was in fact his, and not a rental while his 2003 Honda Accord was in the shop
- Be a bit more skeptical of his alleged contacts in the Middle East, who required she transfer over 1 million dollars into his bank account before they would invest $1.5 billion in her (and her husband’s) hedge fund.
Gary Cohn Chooses Not To Say, “I ran into Jamie Dimon on the first night of Hannukkah and asked him what it was like to have a menorah shoved up his ass” In The Presence Of A ReporterBy Bess Levin
Goldman Sachs emerged from the financial crisis as the whipping boy of Wall Street. But on Monday evening, the firm’s chief executive, Lloyd C. Blankfein, was feted like a king. Or perhaps like a rabbi. “Lloyd, I’d like to welcome you to your second bar mitzvah,” David K. Wassong, the co-head of private equity at Soros Fund Management, said at the annual Wall Street Dinner sponsored by the UJA-Federation of New York, a charitable organization focused on Jewish philanthropy. “The only difference is that tonight the money goes to UJA.” [...] For Mr. Blankfein and Gary D. Cohn, the No. 2 at Goldman, the evening reflected the firm’s prominent position on Wall Street and the public relations recovery it has undertaken since the crisis. One financial analyst, Michael Mayo, approached Mr. Cohn after the event and jokingly suggested that the folks at Goldman should send a Hanukkah present to Jamie Dimon, the chief executive of JPMorgan Chase, a bank that has recently fallen from favor in Washington after a number of run-ins with regulators. Mr. Cohn smiled at the suggestion. “I have a joke about that,” he said. But with a reporter present, he declined to tell it. [Dealbook]