Bess Levin

Posts by Bess Levin

MTV’s “Jersey Shore” star Michael “The Situation” Sorrentino and his brother were indicted Wednesday on charges of filing false tax returns involving $8.9 million income. Michael was charged with two counts and his brother Marc with three counts of filing false tax returns for 2010 through 2012, according to the Department of Justice. Michael Sorrentino was also accused of failing to file a tax return for 2011. “The brothers allegedly also claimed costly clothes and cars as business expenses and funneled company money into personal accounts,” U.S. Attorney Paul Fishman said. “The law is absolutely clear: Telling the truth to the IRS is not optional.” [CNBC]

  • 24 Sep 2014 at 2:09 PM

Any Guesses? (UPDATE)


[via @cgasparino]

The situation is fluid. We’ll keep you posted.

Update: It involved sleeping in a pod on the sidewalk and taking a fairly gruff tone with the inventor of said pod. For future reference, Gasparino is not impressed with fancy looking sleeping devices. All this man of simple tastes requires is a place where he can take a three hour nap and rejuve for the gym. Read more »

Earlier today, it was reported that the Securities and Exchange Commission has been “investigating whether bond fund manager Pimco inflated the returns of its Total Return Exchange-Traded Fund run by founder Bill Gross.” The probe is said to have sped up in recent weeks but has been going on for “at least a year.” Which means that it was happening when Mohamed El-Erian announced he was leaving the firm. Which means that it’s possible not all but some of Bill Gross’s behavior surrounding El-Erian’s departure could be attributed to stress related to the look-see by the SEC, a theory we decided to explore further. Our findings:

* Enforcing total silence on the trading floor with the expectation that Pimco employees will neither speak to, look at, or breathe in his general direction: Gross has long been known to run the trading floor at Pimco with a “Before you even think to open your mouth, shut the fuck up” policy. This was not a new development. Survey says: can’t be blamed on the investigation. Read more »

  • 24 Sep 2014 at 11:55 AM

The Hustler Club Is Going Public

Technically, it’s Larry Flynt’s entire empire (magazines, websites, a TV network, etc) but the thing to focus on here is that when you step into the Hustler Club, whose Greek Temple-inspired facade can be viewed from the West Side Highway, you’ll be stepping into an investment opportunity. Read more »

First, John C. Kelly claimed that the only reason he was in the possession of recordings of three different women with whom he’d had sex was because of “…this camera set up in my apartment to watch my dog when I’m not there.” (As for how some clips were made when he was at the ladies’ apartments, there’s this: “Kelly would bring his laptop along when he visited the victims at their apartments, claiming he had work to do…He would then allegedly leave the computer open on the nightstand or desk to face the bed.” Re: the tapes making their way to YouTube and Vimeo, um, he’ll get back to you.) Now, he’s sullying the good name of Maddy the puggle once again. Read more »

Britain and the US tag-teamed a 1-2 punch around breakfast and lunch, respectively so who wants to knee the bank in the balls on its way home from work tonight or just after dinner? France? Germany? Read more »

Figures from Emolument.Com, the real time pay data company, suggest that pay for young people in front office investment banking jobs increases rapidly between the ages of 25 and 30. When the investment banker salary and bonus are combined, Emolument puts average total pay for 25 year-old bankers at ‘just’ £67k ($109k). Five years later, it puts average pay for 30 year-old bankers at £196k ($320k) – an increase of 193%, or an average of £25.8k a year. If you’re a 25-year-old who works in investment banking, it clearly makes sense to hang around for another five years – at least. After 30, Emolument says average compensation in investment banking continues to increase, but at a slower rate. Between the ages of 30 and 35, the average banker experiences another 80% increase in total compensation, to £354k ($578k). Between the ages of 35 and 40, total pay increases by another 48%, to £430k ($702k). [eFinancial via Matt]

Remember, back in January, when Pimco co-CEO Mohamed El-Erian announced he was leaving the firm, and founder Bill Gross lost his mind? And did things like call up people at Reuters and demand they report that El-Erian had ghost written a Wall Street Journal article about tension at the firm, as part of a campaign to “undermine” Gross? And “indicated that [he knew this because] he had been monitoring El-Erian’s phone calls”? And when he couldn’t convince anyone to print the story, snapped “You’re on his side. Great, he’s got you, too, wrapped around his charming right finger”? And then went on Bloomberg TV and demanded El-Erian violate his NDA by meeting Gross in a public forum and telling him to his face why he left (even though Gross really kind of already knew)? And was more or less forced to take remedial classes re: how to be okay with people looking him in the eye and speaking to him in general? In an interview earlier this week, El-Erian said he did not see any of this coming, even from Secretariat. Read more »