The Latest

As you may have heard, hedge fund manager Louis Bacon is in a bit of a tiff with “Canadian clothing magnate” Peter Nygard, his neighbor in Nassau. While the genesis of the argument is unclear, Bacon appears to have been upset with Nygard for doing some environmentally questionable things in the area, while Nygard claims Bacon’s beef is that he wouldn’t sell the Moore Capital founder his land. Typically, when rich people live within close proximity of one another, disagreements quickly devolve into amazingly petty wars of words and actions between two people with little to lose and unlimited resources with which to do things, like, say, cut down each other’s shrubs without asking. Any past feuds between the exceedingly wealthy, though have been complete and total child’s play compared to Bacon v. Nygard, in which:

* Bacon has claimed Nygard paid off a group of people to march around carrying signs linking Bacon to the KKK.

* Nygard has claimed an assistant of Bacon’s, acting on orders from his boss, blasted the most annoying sounds in the world from “military grade speakers” directly into Nygard’s bedroom, as a message not to fuck with Bacon.

* Nygard has claimed Bacon also dispatched an assistant to burn down his neighbor’s house. Read more »

  • 26 Sep 2014 at 2:34 PM

FCA Takin’ It Easy With Forexgate

You know what turned out to be a real pain in the ass for the U.K.’s Financial Conduct Authority? Going after all of those individual Liborgaters and trying to hold them financially accountable for what they’ve done. Well, it’s not going to make that mistake again. Read more »

  • 26 Sep 2014 at 2:03 PM
  • Banks

Bonus Watch ’14: Lies, Damn Lies and Semantics

The European Union still doesn’t care what you call them. They’re all bonuses to them. Unless, of course, they fall into the narrowly-defined category of “allowances.” Good luck with that. Read more »

In a move that stunned Wall Street, bond guru Bill Gross is joining Janus Capital Group, effective Sept. 29, the company announced Friday. Gross is leaving as chief investment officer of Pimco, the company he founded, after a remarkable 43-year tenure. Bond guru Bill Gross had met with Jeffrey Gundlach to discuss joining fixed income investment management firm Doubleline.1 Five Pimco executives told parent company Allianz they would leave Pimco if Gross did not. [CNBC, earlier] Read more »

FIFA will tolerate a whole lot of corrupt, immoral, underhanded shit. I mean, slave-labor-to-build-stadiums-so-that-the-world’s-best-players-can-die-of-heat-exhaustion-in-a-desert-country-smaller-than-Connecticut-because-said-country-had-a-very-large-bribe-budget corrupt, immoral and underhanded. But they will not stand for their players being treated like commodities, to be bought and sold. At least not by hedge funds. Starting in four years. Read more »

[via @cnbcnow]

Opening Bell: 09.26.14

Pimco’s Bill Gross to Join Janus Capital to Manage Bond Fund (!!!) (Bloomberg)
Bill Gross, co-founder and co-chief investment officer of Pacific Investment Management Co., will join Janus Capital Group Inc., the company said. Gross will start Sept. 29 and will start managing the Janus Global Unconstrained Bond Fund starting Oct. 6, according to a press release distributed by BusinessWire today.

Bill Gross Leaves Pimco for Janus (WSJ)
“I look forward to returning my full focus to the fixed income markets and investing, giving up many of the complexities that go with managing a large, complicated organization,” Mr. Gross said in a statement released by Janus. “I chose Janus as my next home because of my long standing relationship with and respect for CEO Dick Weil and my desire to get back to spending the bulk of my day managing client assets.”

Bill Gross leaves Pimco for Janus (Reuters)
The announcement comes just days after the Wall Street Journal reported that U.S. securities regulators were investigating Pimco and Gross in connection with an exchange traded fund he also managed at Pimco.

Wall Street scared new Attorney General could be Preet (NYP)
Attorney General Eric Holder is heading to the exit door — and that’s making Wall Street nervous. Executives in the financial services industry see Manhattan US Attorney Preet Bharara as a possible successor — and with his tough-on-corporate-crime history believe a renewed focus Wall Street could be coming to Washington. Holder, after six years atop the Justice Department, is seen as not interested in highlighting white collar crimes. “[Holder] was pretty easy on Wall Street,” Marc LoPresti, a corporate and securities lawyer in New York, told The Post…Bharara, who has held his position since 2009, has successfully prosecuted more than 80 insider-trading cases, including former Galleon Group head Raj Rajaratnam, ex-SAC Capital trader Matthew Martoma, and forced a guilty plea from SAC Capital itself.

U.K. Regulators Hold Talks With Banks on Settling Forex-Rigging Probe (WSJ)
FCA officials, including Chief Executive Martin Wheatley, told the bank officials that the regulator’s goal is to reach a group settlement with the six banks in the next eight weeks, one person said, although that timetable could be delayed. The FCA told the banks that they should each expect to pay the U.K. regulator more than the £160 million ($261 million) that UBS paid in 2012 to settle the U.K.’s probe into interest-rate rigging, the people said.

Woman Drives 12 Blocks With Traffic Officer On Hood Of Car (HP)
A San Francisco woman faces charges of assault with a deadly weapon and misdemeanor hit and run after she allegedly struck a traffic officer who was issuing her a citation, then drove 12 blocks with the man on the hood of her car. Witness Allison Yates said she snapped a photo of the incident as driver Bo Mounsombath, 33, sped by with the attendant clinging onto her car the morning of Sept. 18…”I saw her go by and realized there was a guy on the hood on his back, hanging on kind of spread-eagled. She turned right from that far left lane across all lanes of traffic,” Yates told Hoodline. “She was screaming, he was screaming, it was insane.” Yates’ photo is outrageous, but so are the details in the case. Police caught up with Mounsombath on Market Street, about a mile from where the incident started. According to KTVU, the officer told investigators that he saw Mounsombath take a street sweeping ticket from another car and place it on hers. He walked up to give her a ticket, then Mounsombath stepped on the gas, striking him and a motorcycle before leaving the lot. The officer held on. Mounsombath told KRON that the officer asked her to “do things instead of getting a parking citation which led me to believe he was posing as a meter maid.” The woman told KTVU that the officer had asked for her phone number, felt sexually harassed, and fled out of fear. She said she didn’t mean to hit the officer. Read more »

Write-Offs: 09.25.14

$$$ Facebook to win EU approval for $19 billion WhatsApp bid: sources [Reuters]

$$$ Jobless Claims in U.S. Climbed Less Than Forecast Last Week [Bloomberg]

$$$ Wall Street Still Needs a Leader on Reform [Dealbook]

$$$ What the Indictment of ‘The Situation’ Tells Us About the Tax Code [The Upshot]

$$$ Accused Smuggler Found With 51 Turtles Beneath Clothing [AP] Read more »

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