As many of you know, a lifelong dream of Steve Cohen’s has been to own a Major League Baseball team. Last year he tried and failed to buy the Los Angeles Dodgers. The year before that he tried and failed to buy the New York Mets. While did eventually acquire a small stake in the NY team, obviously it’s not the same as being the majority owner, free to dictate a change in uniform fabric from polyester to fleece, demand private dances by Mr. Met, and fire every player on the team if they’re down by more than 15 games at the All Star break. His pride has thus far prevented him from bidding for a third franchise, because even Cohen knows that the odds of a successful acquisition, at this point, are slim to none, even if said franchise were the Toledo Mud Hens. He knows it, we know it, the Pepsi Party Patrol knows it. We’re pretty sure the editors at Businesweek know it, too, but they reached out to several experts to confirm the suspicion anyway. Read more »
Jim Chanos, who oversees $6 billion as the founder of Kynikos Associates Ltd., said Danny Meyer’s hamburgers might have saved his two sons from getting struck by a bat that slipped out of Miguel Cabrera’s hands during last night’s Major League Baseball All-Star Game. The errant bat flew into the stands down the third base line after a swing and miss by the Detroit Tigers’ All-Star third baseman during the fourth inning last night. It flew over about 10 rows of fans before hitting the empty seats next to Chanos, who was seen dodging the projectile on the television broadcast by News Corp.’s Fox network. Chanos, the money manager who rose to fame shorting Enron Corp., said his sons weren’t in their seats at the time because they were grabbing food at Meyer’s Shake Shack stand at New York’s Citi Field, home of the Mets. “Luckily they got up to get a burger, so the bat landed where they were sitting instead,” Chanos said in an interview today at the CNBC Institutional Investor Delivering Alpha Conference. “I e-mailed Danny Meyer and said his burger had saved my sons.”
“Major League Baseball has approved three potential buyers to review the financial records of the San Diego Padres, team owner John Moores told MLB.com. Moores said one group is headed by movie executive Thomas Tull, another is led by former Dodgers owner Peter O’Malley and the third by billionaire hedge-fund manager Steven Cohen of SAC Capital Advisors. Cohen was an unsuccessful bidder for the Los Angeles Dodgers, who were sold in March.” [Bloomberg, Earlier: Steve Cohen Bids For Dodgers, Earlier: Steve Cohen Bids For Mets]
Last month, Rochedale analyst Dick Bové sent out a note to clients that began with what he dubbed “some interesting stats.” Said stats were salaries of the New York Yankees’ top infielders (“not including promotional deals”!) versus those of JPMorgan’s Jamie Dimon, Wells Fargo’s John Stumpf, Citigroup’s Vikram Pandit, and Bank of America’s Brian Moynihan. The baseball players’ compensation totaled about $80 million, the CEOs’ $65 million. Fair? Bové didn’t think so, noting that while the talentless hacks in the Bronx have won but single World Series in the last 10 years, the banks run by the aforementioned CEOs “impact virtually every American household” (and if pressed to, could surely bring home at least a few Major League Baseball championships).
“Clearly, society values the New York Yankees infield above that of the leaders of the banking industry even without a World Series ring,” Bové concluded sarcastically, shouting “nailed it” at Mr. Giraffe. Obviously, Bové is of the mind that it’s a crock how little these chief executives are paid considering all they do compared to noncontributing zeroes like Alex Rodriguez and Co. It’s unclear if the former head of MLB’s players’ union caught Bové’s riff or if not but last night he offered something of a rebuttal and, spoiler alert, he thinks Wall Street pay is bull shit. Read more »
Mike is my best baseball client. He bets three or four grand a night, spread out over the whole card. He can’t possibly win over time. Sadly, such golden geese occasionally shit on the lawn. That’s what Mike did Friday, when he called and asked me to give him another bookie’s number.
Nobody in particular—just anybody’s. He wanted a second place to bet. Basically he was sitting at his regular table and asking the Maitre d’ where ELSE he should go to dinner. I told him to call me back Saturday. Read more »
…because come next month there’ll (probably) be no “Mr. Cohen, can you help me with my swing” this or “Mr. Cohen, what are your thoughts on polyester uniforms” that. Read more »
Billionaire hedge fund manager Steven Cohen, considered by many to be a frontrunner in the bidding for the Dodgers, was given a tour of Camelback Ranch-Glendale by vice chairman Jeff Ingram and chief revenue officer Michael Young before Saturday night’s split-squad game with the White Sox…Cohen’s group also includes leading sports agent Arn Tellem and investment banker Steve Greenberg. Seven groups reportedly remain in the bidding for the Dodgers and Dodger Stadium, a sale being conducted by Blackstone Advisors for current owner Frank McCourt, who placed the team in bankruptcy last June. [MLB]