Tags: AOL, Joey Ramone, little known facts, Maria Bartiromo, savvy investors
Joey Ramone wasn’t just a punk when it came to his finances. Fox Business Network’s Maria Bartiromo revealed Wednesday that the late rocker was also a savvy stock picker. “[Joey] used to e-mail me all the time saying, ‘Maria, what do you think about AOL? What do you think about Amazon?’ ” Bartiromo told Shepard Smith. But, “I didn’t realize it was the real Joey Ramone . . . I was answering him back . . . giving him my take on things, and he called me one day and said, ‘I want you to come down to CBGB’s, I wrote a song about you.’ I said, ‘What, Joey? I have to get up tomorrow morning at 4 a.m.! I can’t be at CBGB’s at midnight.” Ramone’s 2002 ode included the lyrics, “What’s happening on ‘Squawk Box?’ What’s happening with my stocks?” Bartiromo said, “I’m so mad I didn’t go that night because when he sent me the video . . . singing that song . . . most people don’t know what a savvy investor Joey was. He knew what he was doing.” [NYP]
Tags: apologies, Brady Dougan, Credit Suisse, tax evasion
Apparently yesterday’s statement before a Senate subcommittee–wherein Dougan said that neither he nor Credit Suisse executives knew tax evasion was going on, but would nevertheless take responsibility for the few bad apples that had to ruin things for the rest of the group– was not satisfactory, particularly the part where Dougan claimed to just to have no knowledge of the practice. In order to move forward, the group needs to hear Dougan 1. Apologize for the original apology and 2. Say he knew it was going on the whole time, that he weighed in on the best way to hide assets, and maybe offer up pictures of himself on the beach thumbing through a copy of the Credit Suisse Tax Evasion handbook and sipping a pina colada. Follow through on one and two, and all will be forgiven. Read more »
Tags: Hedge Funds, insider-trading, prospects, SAC Capital, so that's nice for them
For the ten SAC Capital employees who have been convicted of securities fraud over the last several years, the results of the government’s crackdown on insider trading are obvious: time in the big house, fines, and the dream of being being honored as a distinguished alumni of Stanford Business School dashed. For SAC founder Steve Cohen, too, the impact is clear: no more outside investors, a new layers of management– a cocoon, if you will– between him and his traders, and a giant metal ‘S’ ‘A’ and ‘C’, which once graced the wall of the firm’s lobby rendered completely useless.
For another group of people, though, the effect of multi-year investigation is less clear: the hundreds of SAC employees who did not engage in insider trading. Specifically, what having the hedge fund soon to formerly be known as SAC Capital on their resumés means for their professional lives and long-term career plans. Would it be the equivalent of a scarlet ‘S’ on their chests? Would hiring managers blow them off in a “seat’s taken” kind of way? Would they have to burn their fleeces and any other evidence of having once been associated with the firm? Would they stand in the shower scrubbing their skin raw in an attempt to get the SAC stench out, after a particularly unpleasant meeting with a potential employer who announced flatly that he could “still smell them on [you]“? Would they have to leave town, and start over in a place where no one had ever heard of SAC Capital? Read more »
Tags: apologies, Brady Dougan, Credit Suisse, tax evasion, we're just finding out about this ourselves!
“Some Swiss-based private bankers went to great lengths to disguise their bad conduct from Credit Suisse executive management,” Dougan said at a Senate subcommittee hearing in Washington today. “While that employee misconduct violated our policies, and was unknown to our executive management, we accept responsibility for and deeply regret these employees’ actions.” [Bloomberg]
Tags: bonus watch, bonuses, RBS
Employees of the royalest bank in the UK should expect lower bonuses for 2013, but they will have the opportunity to serve tea and haul feta for customers free of charge, so things even out. Read more »
Tags: chief surveillance officers, Hedge Funds, job opportunities, SAC Capital, Steve Cohen
Steven A. Cohen, the billionaire investor, is looking to hire a former prosecutor or securities regulator to monitor trading at his investment firm in the wake of the federal government’s insider trading investigation. Mr. Cohen’s SAC Capital Advisors hedge fund, which pleaded guilty to securities fraud in November, is in the process of converting to a family office that will manage mainly $9 billion of his personal wealth. The firm announced its intention to hire a chief surveillance officer to monitor trading in a letter to employees on Tuesday. The firm expects to fill the newly created position in the spring…The letter to employees also described how SAC, after converting to a family office, would consolidate several operating divisions and would announce a new name for the firm sometime in April. [Dealbook]