Actually, regret, singular. And it’s not that he ruined countless people’s lives, or that he’s going to die in prison, or even that no one cares about the so-called “Legitimate Years.” It’s that he didn’t have a right mind to march into the offices of the Wall Street Journal, scream “You call this a stipple portrait?” and demand a retraction. Read more »
Guy Who Worked In Notorious Boiler Room Where He Was Urged By Boss To Slit His Throat Has Already Fandangoed His Tickets To The MovieBy Bess Levin
Over at the Post today you will find a first-person account of what it was like to work in Stratton Oakmont, the boiler room that is the subject of ex-con Jordan Belfort’s memoir and Martin Scorsese’s upcoming movie, starring Leonardo DiCaprio as the wolf. Josh Shapiro walks us through his time at Stratton, beginning with his first impressions (“…no sign that says Stratton Oakmont or anything but there’s a line of cars — Rolls-Royces, Bentleys, Lamborghinis, Ferraris, Porsches, Mercedes. And I’m like ‘Whoa!’ It looked like a car show. I’ve never seen cars like this. I didn’t have a driver’s license yet.”) through leaving just months before the Feds raided the place and his bosses got upwards of 39 months in prison. In between he “worked [his] tail off” cold calling potential customers, was told he was a loser who should kill himself if he didn’t land enough, met a hooker with a heart of gold, and rescued another woman from a life of blowing 40 guys in one sitting by dating her for over a year. This is his story. Read more »
Deutsche Bank creates new post to tighten controls (Reuters)
Deutsche Bank on Monday named 43-year-old Thomas Poppensieker as head of a new effort to tighten controls at Germany’s flagship lender, reporting directly to co-Chief Executives Juergen Fitschen and Anshu Jain. The move comes as Deutsche Bank pursues an ambitious cultural transformation plan led by Fitschen and Jain, and as it works through a long list of scandals, investigations and fines that came in the wake of the financial crisis.
Paulson Extends Comeback With Merger Bets as Stocks Rally (Bloomberg)
After wrong-way bets on the U.S. recovery, the euro crisis and gold had helped cut assets by about half from the 2011 peak, his main hedge funds are posting double-digit returns. The New York-based firm’s Advantage strategy, which suffered record losses in 2011, is up 30 percent this year through November, and the Recovery fund surged 55 percent, according to two people briefed on the returns, who asked not to be identified because the information is private.
Big Investors Change U.S. Trading (WSJ)
Some of the world’s biggest investors are changing the way they trade in U.S. markets in response to what they say are rising risks for institutions of their size. The strategies include conducting more “upstairs trades,” in which deals are executed among big institutions, bypassing the broader market, as well as other sophisticated order-routing techniques designed to avoid pitfalls that have become increasingly apparent to investment managers. Investors say such measures are increasingly necessary because the proliferation of algorithmic trading and other structural issues, including thefragmentation of the market, are hurting their ability to get the best prices and execute large trades quickly.
My Interview With Madoff (WSJ0
The 75-year-old, dressed in beige polyester pants and shirt with a matching canvas belt, showed no signs of stress. He told the occasional joke and said he was lucky to be in Butner, as it had a reputation of being “very laid back” and is kind of like a “camp.” “This is as good as it gets,” said Mr. Madoff.
Domestic Battery Rap Dropped In Water Pistol Case (TSG)
Giovanna Borge was busted in September following a confrontation with her beau in a Port St. Lucie apartment. Borge told officers that her boyfriend “said something to her that she did not like,” so she “took a water pistol and squirted him with water.” Following the pistol dripping, the pair tussled, with Borge claiming that her boyfriend struck her with a pillow and dumped a container of water on her head. But since Port St. Lucie Police Department officers decided that Borge was the “primary aggressor” during the September 27 incident, she was collared for “squirting water” on the victim to “antagonize and agitate him against his wishes.” Read more »
$$$ Volcker Rule to Force Banks to Comply With Five Regimes [Bloomberg]
Billionaire hedge-fund manager John Paulson posted gains in his firm’s main strategies in November, in part from an investment in Extended Stay America Inc., according to two people familiar with the matter. Paulson’s event-driven Advantage fund surged 13 percent in November and 30 percent this year, said the people, who asked not to be identified because the information is private…Paulson Partners Enhanced Fund, the leveraged version of the firm’s merger-arbitrage strategy, gained 2.3 percent in November and 28 percent this year, the people said. Paulson Partners increased 1.2 percent last month and 16 percent year-to-date. The Recovery Fund, which seeks to benefit from growth in the economy, is the firm’s best-performing strategy in 2013. The fund rose 6.5 percent in November, bringing returns since the start of the year to 55 percent, according to the people. The Paulson Credit Opportunities Fund increased 3.2 percent last month, bringing returns for 2013 to 20 percent, the people said. Paulson’s Advantage Plus fund, which seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage, rose 6 percent in November and 28 percent this year, according to the people. [Bloomberg]
Using Yiddish Word For Screwing Only One Of The Many Colorful Ways That Bernie Madoff Made Clear He Was Up To No GoodBy Jon Shazar
Even if, for argument’s sake, you were able to convince yourself that “schtupping,” Madoff’s name for the placing of fake trades, was nothing to be alarmed about, some of this, no doubt, should have given you pause. Read more »