Back in 2009, over a dozen NHL players, then current and former, sued golf resort developer Ken Jowdy for taking their $25 million investment in a Mexico property that never materialized, and allegedly spending the money on “lavish parties that included various female porn stars, escorts, strippers [and] party girls,” thrown “to impress ex-baseball players Roger Clemens, Reggie Jackson, Pete Rose, and ESPN announcer Joe Morgan,” in addition to paying himself a salary of $800,000/year and putting his brother-in-law on payroll, for no discernible reason, at $650,000/year. Although the lawsuit was ultimately dropped, the government had begun to investigate the situation and started to suspect the players’ money manager, a guy named Phil Kenner (who, according the Daily News, “billed himself as a lifestyle coach“). Four years later, even has the lawsuits by former clients rack up and the FBI investigation is said to continue, Kenner maintains his innocence. To that end, he recently spoke with Fortune reporter Katie Benner in an attempt to clear his name. Do people have it all wrong about him? Are the allegations he defrauded investors patent bull shit? We have no idea but one thing not exactly helping Kenner’s cause re: being an upstanding and not at all shady individual? Telling this story… Read more »
Former Financial Adviser To NHL Players Attempts To Close The Book On Fraud Allegations By Luring Fortune Reporter To Arizona Chicken Coop To Tell His Side Of The StoryBy Bess Levin
On a scale of 1 to 10, 1 being standard, 10 being elephantiasis, how big do you think the balls are on the guy who calls up a hedge fund manager 23 seconds after his meeting with fellow board members concludes to leak inside information about that company and then, after being convicted of securities fraud and conspiracy, tells the company, which paid his legal fees, he doesn’t owe them a dime? And that maybe if they put everything into an excel spreadsheet, he’ll think about tossing them a couple dollars, but probably not? Read more »
Because he’s had some previous success putting bankers on deadlines for complying with his demands and because he has had it up to here with financial regulators and the companies they supervise, both of which have been dragging their heels since Dodd-Frank was passed, CLSA analyst Mike Mayo appeared on CNBC today to issue a message: The time for thumb twiddling is over. Move your asses, NOW, or he’ll move them for you. Read more »
On Tuesday afternoon, Yahoo Chief Executive Officer Carol Bartz was notified that her services at the company were no longer necessary. The message was delivered over the phone and the fact that she wasn’t given the respect of a face to face meeting wasn’t the only thing that ticked Bartz off. “I was in New York to speak at Citigroup’s technology conference the next day and was told to call chairman Roy Bostock called Bartz. I called him at 6:06,” she told Fortune. “When he got on the line, he started reading a lawyer’s prepared statement to dismiss me. I said, ‘Roy, I think that’s a script. Why don’t you have the balls to tell me yourself? I thought you were classier.’” While it’s unclear why Bostock lacked the pair or the grace to go extempore, Bartz is pretty sure she knows why she was canned.
“These people fucked me over.” She adds, “The board was so spooked by being cast as the worst board in the country. Now they’re trying to show that they’re not the doofuses that they are.”
Well consider your plot foiled, boys! If anyone thought Bartz was going to go quietly, or go period, they thought wrong. Girlfriend’s not going anywhere, this much she promises you. Read more »
From time to time around these parts, we like to canvas the world outside Wall Street to see how they deal with certain issues, particularly those related to crisis management. Often times, there are helpful tips to be borrowed and applied to any pre or post Code Red office situations in which you might find yourselves. For instance, thinking about taking a few minutes to evaluate the attractiveness of your co-workers to the guy or girl who sits next to you? Consider not doing it over the PA system, into a bullhorn, or near a recording device. Love to upload home videos of yourself sucking on a partners’ toes to the internet but value your privacy and/or have a board to answer to that doesn’t want to read about your personal life in the press? Rather than telling the press “this is a personal matter,” don’t return their calls. And in the future, consider 1) investing in one of those machines they use to throw voices (like in Scream) and 2) not letting your face appear on camera or, alternatively, have a mask created in your sworn enemy’s likeness to wear while you are filmed using jello molds in a way they were definitely not intended. Do or say some stuff in public that makes you sound a little nuts, that 10 years ago no one would’ve cared about but in this killjoy day and age would get a lot of panties in a lot of bunches? Lay low for a while and later, if asked about it later by some pissant reporters, tell them you really can’t recall if you told someone “If I could, I’d take this fucking ball and shove it down your fucking throat.” Read more »
As you may have heard, Standard and Poor’s knocked the US’s debt down to double-A plus from triple-A Friday evening. Several hours before it was made official, the ratings agency was notified their team had made some calculation errors but chose to say “fuck it, on with the downgrade.” This made a whole bunch of people very upset, including Treasury Secretary Tim Geithner, who commented S&P demonstrated “really terrible judgement, handled themselves poorly, showed a stunning lack of knowledge about basic US fiscal budget math, and…came to exactly the wrong conclusion” and Warren Buffett, who shared that he could not give less of a rat’s ass what S&P thinks, that he’s “not changing his mind about Treasurys based on the downgrade,” that “if anything, it may change my opinion on S&P,” and that the United States’s debt is like that of the first buxon milkmaid he laid his eyes on 70 years ago today- her tits may be down on the ground now but they’ll always be triple-A rated in his mind and that’s all that matters.
A slightly different reaction came from PIMCO CEO Bill Gross. He loved the downgrade and if we’re being really honest? It earned S&P some respect in his eyes, ’cause it showed the ratings agency has balls. Read more »
In a recent interview with New York, Lloyd Blankfein said “I’m tired of [Charlie] Gasparino. I wish he would quit.” Chaz apparently caught wind of Blankfein’s wish, and earlier this afternoon, took to Twitter to respond. Read more »