The New York offices of Pimco, the massive asset manager run by Bill Gross, are being fumigated this week because of a bed bug infestation. “Our New York office is addressing an isolated issue with insects, and as a precautionary measure the firm is fumigating certain areas of the office space,” a spokesman said on Wednesday. “During this period, our employees are working remotely, and we expect to resume full on-premises staffing over the coming days.” Pimco’s New York offices, located in the Paramount Plaza on 1633 Broadway, are one of a dozen global locations. Pimco, a unit of Allianz SE, has its headquarters in Newport Beach, Calif. “This is an issue that is far from uncommon in New York City,” the spokesman said, regarding New York City’s battle with the epidemic of tiny blood-sucking insects. [Reuters, earlier]
Acquisitions should be amicable. They should not become an addiction used to hide how crummy your operating margins are, but used sparingly, like when you are trying to stave off the affections of a serial acquirer. And they should definitely not involve Bill Ackman or alleged insider-trading. Behold: Read more »
The youngest members of the House of Lloyd are said to be in for a nice little salary bump. Read more »
Unfortunately for the brokerage, regulators like the SEC and FINRA keep dredging up the distant past of two years ago, when the firm was perhaps a little more lax vis-à-vis market access. But that’s ancient history, history which, Wedbush would like to add, does not include any losses to anyone at any time, and for which it should really just get a pass. Read more »
When does the second quarter end? Why, June, of course. And when was Dov Charney fired as CEO of the company he founded? June. Therefore, Dov Charney is responsible for the fact that said company lost less money in the three months ended in June than it had in the year-earlier period, according to Dov Charney, who is also not interested in having it pointed out that he was also CEO during the aforementioned year-earlier period, or that he was fired not for being bad at running American Apparel’s finances (which he arguably was), but for being an alleged scumbag. Read more »
Argentina’s Bonds Decline on Plan to Offer Local-Law Swap (Bloomberg)
Argentina’s bonds sank to a two-month low after the government said it plans to pay foreign-currency notes locally to sidestep a U.S. court ruling that blocked payments and caused its second default in 13 years. The government will submit a bill to Congress that lets overseas debt holders swap into new dollar-denominated bonds governed by domestic law, President Cristina Fernandez de Kirchner said in a nationwide address yesterday. Payments will be made into accounts at the central bank instead of through Bank of New York Mellon Corp., the current trustee.
Standard Chartered Said to Probe Failures on Lawsky Fine (Bloomberg)
Standard Chartered Plc (STAN) is probing why anti-money laundering controls implemented as part of a 2012 deal with New York’s banking regulator missed numerous suspicious transactions, a person with knowledge of the matter said. The so-called accountability review could lead to firings over the compliance failures that cost the bank another $300 million in fines yesterday, according to the person, who asked not to be identified because the investigation is private. Standard Chartered said that it’s “begun extensive remediation efforts,” without elaborating.
Harvard Wall Streeters Buy Minor-League Dragons for $40 Million (Bloomberg)
Minor-league baseball’s Dayton Dragons have been sold to Palisades Arcadia Baseball LLC, which is led by three Harvard University friends and graduates, according to a news release announcing the transaction. The new ownership group, which is led by Nick Sakellariadis, Greg Rosenbaum and Michael Savit, paid a minor-league record $40 million for the team that had been owned by Mandalay Baseball Properties LLC. Sakellariadis recently retired after a 35-year investment banking career at Citigroup-related companies, according to the news release. Rosenbaum is president of Palisades Associates, Inc., a merchant banking and investment firm, and Savit is a minority owner of the National Basketball Association’s Memphis Grizzlies.
Islanders’ Owner Announces He Will Sell N.H.L. Team to an Investment Group (NYT)
The Islanders’ owner, Charles B. Wang, announced Tuesday that he would sell the team to Jonathan Ledecky, a former owner of a minority stake in the Washington Capitals, and Scott Malkin, a London-based investor. Wang said in a statement that he would initially sell the group led by Ledecky and Malkin a “substantial minority interest,” pending N.H.L. approval, and that Ledecky and Malkin would become majority owners of the Islanders in two years. Financial details were not announced, and Wang did not reveal how much of a stake he would retain after surrendering majority control of the team. Wang had been listening to offers for the team since at least March. One of the suitors, Andrew Barroway, a hedge fund manager, thought he had a handshake deal to buy the Islanders for $420 million. Last week, he filed suit against Wang, accusing him of reneging on the sale and raising the asking price to $548 million so that he could pursue an agreement with another buyer. Barroway is seeking $10 million in damages.
Man Gets Stuck In Highchair (HP)
Video of the bloke, identified only as Darren, has captured the attention of many. The incident reportedly took place at a hotel lobby in Cambridge, England. His attempts to escape as his friends watch, help and laugh will astound, but the topper is when he takes off his pants. “No one wants to see that,” one pal can be heard saying. Even as Darren appears to get agitated, onlookers still cannot conceal their mirth. CNN reported that friends, who put Darren there in the first place, were finally able to extricate him by “dismantling” the high chair with keys. Read more »