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  • 10 Jul 2014 at 5:44 PM

Greg Smith-Lite Wants To Lend You Some Money

Steven Mandis knows what we’re talking about. Read more »


[via @cgasparino]

“The market” can. Well, a market. And that price is somewhere north of $4 billion, whether those introductions are imaginary or not.

Obviously, the odyssey of CYNK Technology, the company with no assets and no revenues but with a 24,000% return over the last few weeks—which is great for whoever owns the 100,000 shares (out of nearly 300 million “outstanding”) that changed hands yesterday—has captivated the internet this week. But what do we really know about what seems to be one of the more obvious pump-and-dumps of all time? Read more »

Hundreds of undergraduates are starting internships at banks this summer, typically eight to 10 weeks with a salary equivalent to £45,000 a year. Soon follow the graduates, starting their careers as banking analysts, earning about £45,000 plus bonus. The median salary reported by university-leavers last year was £20,500… At the banks, there is a concern they might not meet the younger generation’s expectations. Bruce Tulgan, author of Not Everyone Gets a Trophy, characterises this cohort as worldly, precocious and needy. Used to instant feedback and hands-on parenting, they are less likely to toil away quietly, paying their dues. Not yet teenagers on 9/11, they entered university in a recession that made many suspicious of institutions. One graduate had this to say to Mr Tulgan about financiers: “I know they think they are masters of the universe, but the Soviet Union disappeared overnight. So could they.” [FT]

Hedge fund manager Louis Bacon and thespian Sean Connery, among others, want to know why the Bahamian government is letting “eccentric Canadian fashion mogul” Peter Nygard stick around and bother its citizens. Read more »

Steven A. Cohen proved to be a stickler for the letter of the law when it came to paying the criminal penalty imposed on his former hedge fund as part of its guilty plea on insider trading charges. On April 10, Judge Laura Taylor Swain of Federal District Court in Manhattan gave Mr. Cohen’s SAC Capital Advisors up to 90 days to pay the $848 million penalty, part of an overall $1.2 billion criminal settlement reached with prosecutors last November. On Tuesday, the 90th day since Judge Swain accepted the firm’s guilty plea, Mr. Cohen’s firm made that payment, according to court records. [Dealbook]

When we last checked in with Holly Peterson, she had just released her debut novel, “The Manny,” a book about a rich Upper East Side woman who has an affair with her male nanny. Her father, Pete Peterson, was still working at Blackstone, the firm he founded with Steve Schwarzman. Her then-husband, Rick Kimball, Jr., was still working at Goldman Sachs. Fast forward seven years and much has changed. The elder Peterson has retired. Holly and Rick are no longer together. Rick is no longer with Goldman Sachs, possibly on account of the “naked-themed” Halloween party and “series of” topless backyard barbecues, though perhaps simply because of his newfound passion for hangover prevention ventures.

Yes, much has changed. But, comfortingly so, much has stayed the same. For example, the subject matter of Holly’s latest book, which was a topic of discussion in the Hamptons this week and whose plot can apparently be summed up as “a lotta sex.” Plus! “A stock-fixing scheme.” Bloomberg reports: Read more »

He won’t be on the board anymore, and there’s no guarantee that the hedge fund he gave his shares to will let him be CEO again. But it’s all part of his grand plan to be allowed to shop at his stores again. Read more »