Naturally, the details of this event lead his latest (and inaugural at Janus) Investment Outlook. Read more »
Posts by Bess Levin
It’s a swell time to be an investment banker at the House of Morgan. Bond traders at JP Morgan? Better luck next time. Read more »
“I expect my second life at Janus Capital to be a simpler sequel to my life at Pimco,” Gross said in a conversation today with Janus’s Chief Executive Officer Dick Weil that was broadcast on the firm’s website. “I think we’re going to make for a good team, not just you and I but a lot of people coming together.” Gross, who had a bandaid under his right eye, said “it’s been a rough few weeks” since he decided to leave his former employer. [Bloomberg]
Jailed-for-life Ponzi villain Bernie Madoff is offering to put in a good word for five former underlings before they are sentenced for aiding his epic $17 billion scheme — and amazingly one of them wants the help. A series of emails Madoff sent lawyers for the five ex-Madoff staffers convicted in March were included in new Manhattan federal court filings Wednesday. In one of them, a Sept. 29 email, addressed, “Gentlemen,” Madoff says, “I am still available to help if you desire. I assure you that my info on each of your clients is of great value and discredits the testimony provided by Frank D,” referring to his former lieutenant Frank DiPascali, the government’s star witness and a convicted fraudster.” Larry Krantz, who represents former Madoff computer programmer George Perez, was the only lawyer to take him up on the dubious offer. [NYP]
Steve Cohen Introduces Incentive Bonus For Employees Who Refrain From Insider Trading (No, Really, This Is Actually Happening)By Bess Levin
Time was, the unofficial policy at (the hedge fund formerly known as) SAC Capital was that one could earn a pretty penny come bonus season if one made the firm a ton of money, and if that money happened to be made through material non-public information well…whatyougonnado? At SAC Capital 2.0 AKA Point72 Asset Management, however, insider trading is not only frowned upon, it’s both officially and unofficially a bad idea and one that could cost you big time on payday (though one would obviously be fired before that, unless payday is the day they get caught).
But just because the company handbook has been rewritten, or Steve Cohen has held a town hall where the words “If we catch you insider trading, I’ll stick my hand down your throat and rip out your spleen” have exited his mouth, or the hedge fund’s propriety trading software has been rewired so that a cartoon Cohen pops up on the screen and says “Remember, I can make it look like an accident” before any trades are placed, doesn’t mean that people can change their ways in a day. Old habits die hard, particularly at a place where those old habits could score you 8 figures a year.
Which is presumably why* someone at Point72 came up with this: Read more »
Lack Of Followers To Janus Just Means Bill Gross Can Give The Truly Loyal Ones Extra Special AttentionBy Bess Levin
If Manhandling A Guy From Moelis & Co., Shouting “Meet Me Outside” After A Bankruptcy Hearing Is Wrong, This Property Investor Doesn’t Want To Be RightBy Bess Levin
Earlier this week, a judge approved Brookfield Property Partners’ $110 million bid to buy bankrupt Atlantic City casino Revel (AKA the biggest mistake Morgan Stanley ever made). One person with whom this outcome didn’t sit right? Glenn Straub, who had previously made a $90 million offer for the place. How’d he express his disappointment? Not well! Or very well, if you were holding out hope someone would once and for all drop the white collar niceties BS and settle their professional setbacks Jersey-style. Read more »
Ex-Trader Who Faked His Own Mugging To Get Out Of Work, Advised His Favorite Hookers To Open Roth IRAs Still Talking Glory DaysBy Bess Levin
Former Galleon trader turned Wall Street memoirist Turney Duff, he of “in an effort to create an alibi for skipping work, he faked a mugging by rolling on the pavement and into a puddle until he was bleeding and bruised” and middled aged escorts who say things like “If only I’d invested some of my money…then I could pick my clients and only hang out with guys like you,” continues to share tales from the crypt. Read more »