“Even so, it’s hard to take Weill seriously. First this is a man with an ego the size of the bank he created. People who know him say he needs media attention like an alcoholic needs a stiff drink, and he’s gotten precious little of it since retiring from the banking business six years ago.” [HuffPo, earlier]
Maybe Accused Insider Trader Timothy McGee Thought Intel Obtained In AA Meetings Got A Free Pass Under Securities Laws?By Bess Levin
Pop quiz: you’re an insider trader looking to score some fresh intel. You’ve exhausted all of your sources and what’s more, you’re sick of just hitting them up for tips– you want to make obtaining material non-public information fun again. You figure the best way to go about that is to identify a target with obvious vulnerabilities that can be exploited for profit (always a good time). Do you a) go with the Danielle Chiesi move (i.e. requesting info post or, better yet, mid-coitus) b) get ordained as a Catholic priest and press penitents for potential market moving news during confession or c) go for broke: start attending AA meetings, become someone’s sponsor and then, when he/she’s confiding in you that the stress of his/her job at a certain company has been driving him/her to down a bottle of vodka every night, move in for the kill? If you’re Timothy J. McGee, C just feels so right. Read more »
True or false: the one thing the financial services industry could really use right now is a good buzz? True. And while happy hours and the boozy lunch are always a good idea, you know what would be even better? For you to get hammered at the start of the day, after putting in like 30-60 minutes of work or maybe even on the way to the office. Would add a new and exciting twist to things, amiright? You know I am. To assist you in this pursuit, one NYDrinker has compiled a list of drinking establishments downtown that open at 8AM, though you probably know them all already, Lloyd.
The Wall Street Journal reports that Lehman Brothers recently apologized to clients for ripping off parts of a Sanford Bernstein research report without attribution back in March. In a note sent last week, the bank admitted that the research in a paper on the semiconductor industry “closely resembled” that of analyst Toni Sacconaghi. A Bernstein spokesman told the Journal the firm “greatly appreciated the letter,” which both informed clients of the plagiarism and begged for Bernstein’s forgiveness. So it’s all water under the bridge now but clearly this is the kind of stuff we have to look forward to. You know as well as I do that if Lehman weren’t currently in a shitstorm of its own making, it wouldn’t be apologizing to anyone. They’d be dicks about the Bernstein thing, just because they could. Now that they’ve changed their ticker to TNB (The Next Bear), and no one wants to be associated with them, they’re going on a bender, apologizing for everything, even shit that wasn’t their fault. Over the next couple weeks, watch out for:
– An official apology to Einhorny for registering the address ‘meddling bastard’ (all one word), at Yahoo dot com, adding his signature to the bottom and sending out 2 AM emails extolling the virtues of barnyard animals.
– Late night calls attempting to get back in the good graces of Joe Gregory and Erin Callan
– Mea culpa fruit baskets to the two Coreys for ruining their careers
– A public apology and year’s supply of Junior’s cheesecake to SAC for getting in the way of the HFs plan to take them down, and foiling the plot to go 2 for 2*
Lehman’s ‘Mea Culpa’ [WSJ]
*That’s Lehman talking, not me. Personally I love SAC, and Einhorny, as well.