Jon Shazar

Posts by Jon Shazar

Happy Early Hannukah.To be fair, great idea though it may be, it is available only to a very limited set of investors, in this case a set of one. But if you can’t beat the Brotherhood of the Sach—and you cannot—you can at least join them in shorting the euro, buying 10-year T-bills at between 2% and 3%, and siding with nickel over copper. Also: Read more »

Would not be caught dead in that warehouse of mediocrity on the UES.The Carlyle Group co-founder is a man of refinement and taste who is more or less single-handedly preserving America’s cultural heritage, such as it is. But assuming Warren Buffett’s glittering eyes were pointed in his direction when he compared Berkshire Hathaway to the Metropolitan Museum of Art and others as “porn shop owners” who will slap a pair of bigger tits on a painting before selling it to the first guy in a raincoat to come along, Rubenstein isn’t having it, and said as much yesterday. If Berkshire Hathaway’s a big fancy museum on Fifth Avenue, then private equity firms—any, apparently—are an even bigger, fancier museum! A former royal palace! In Paris! Read more »

Take it or leave it.At a sizeable discount, por favor. Read more »

  • 20 Nov 2014 at 5:50 PM

Rich People Are People, Too

And that means that they can have IRAs. They can also do more with their IRAs, the kind of things that can turn $5,000 into $196 million in six years, tax free. Read more »

Goldman Sachs Is Smart

Come to give thanks. Not smart enough to avoid almost certain death without that government lifeline in 2008, but smart enough to realize that said lifeline, coupled with the 1999 banking deregulation that helped lead to the financial crisis of which that almost certain death was a part, gave it (and Morgan Stanley) a tremendously unfair advantage over everyone else vis-à-vis commodities, one that’s still printing money for the bank. Read more »

There is much handwringing in certain hedge-fund capitals over the demise of AbbVie’s $54 billion deal to buy an Irish pharma whose only attraction, apparently, was a lower tax bill. Many performance points were lost. But AbbVie’s post-Jack Lew change of heart re: Shire is not the only bloodbath that has hedge funds reeling.

As previously mentioned, a federal judge is What could go wrong?annoyingly insisting that the federal government probably has a right to take whatever it wants from Fannie Mae and Freddie Mac, what with the whole $187.5 billion bailout and whatnot. As with AbbVie’s cold feet, certain segments of the I-95 corridor between New Haven and Trenton did not see it coming. And even though the debacle is now well over a month old, casualties are still trickling in. The latest: Marathon Asset Management. Read more »

Knows from sinking ships.The former AIG chief may not testify in his lawsuit against the government for taking his company away, but he can’t stop the government from mentioning—as often as possible—that time he said that AIG was the Titanic and he was the deck-chair-rearranger-in-chief. Read more »

Phil Falcone Isn’t Through With Charlie Ergen Yet!

Harbinger's latest filing.Phil Falcone is sticking with his narrative for a little debacle called LightSquared: First, GPS companies started using his spectrum without permission, and then said that if Phil started to use it to provide 4G all over this great country, it would be a great country littered with airline wrecks. This planted a seed in the twisted mind of the wickedest man in the whole wide world, Charlie Ergen, who is trying to buy the entire electromagnetic spectrum so that anyone with entertainment needs will have no choice but to come to him and his Dish Network empire. Now, being a man absent of moral fiber, Charlie Ergen thought nothing of buying up as much LightSquared debt as he could on the cheap, even though he more or less explicitly wasn’t allowed to. This “fraudulently deprived Harbinger of control of LightSquared when it was needed most,” so that Charlie and Dish could swoop in and buy the precious if not entirely usable spectrum for nothing. Which, whether you buy Phil’s story or are partial to Charlie’s “it was for my daughter’s college fund” angle, is pretty much what happened.

Long story short, as far as Phil is concerned, this means it is not his fault that Harbinger’s investors have taken a $2 billion bath on LightSquared. And he would very much appreciate it if a judge let him show who is at fault. Treble damages would also be nice. Read more »