During the financial crisis, the markets were on edge. This was before the big firms blew up, I remember saying on the air, “Well, you’re going to get some commentary from teh ratings agencies.” The companies that were insuring all the big banks just didn’t have the money to insure them. So basically they all lost their triple-A ratings. I said that and the market moved 200 points. I remember walking into San Pietro, a restaurant in Manhattan where a lot of these guys had lunch and I saw Jack Welch, who came up to me and said, “Charlie, you’re doing great but watch this whole notion of moving the markets. Just watch it or you’ll get your brains blown out.” I said, “Literally?” He said, “No, but it’s a dangerous, dangerous thing.” [New Canaan-Darien Magazine]
Charlie Gasparino
Charlie Gasparino Almost Got His Brains Blown Out For Breaking News During The Financial Crisis, But Not Literally
By Bess LevinDisappointed by MF Global’s dismal results today, its outsize European exposure, and its CEO’s politics, the Fox Business correspondent tweeted:
Maybe! Other possibilities include:
1. The Volcker Rule doesn’t go into effect until 2012, and
2. When it does go into effect, it will apply only to FDIC insured banks, not creepy quasi-bank things like MF Global.
But the Volcker Rule does matter for creepy quasi-banks. Continue reading »
The Ponz Master apparently emailed Gasparino to tell him as much last night and to let him know that their previously scheduled date? CANCELED. Continue reading »
Bernie Madoff Under The Impression That Harvard Plans To Teach A Course Based On His Legitimate Years
By Bess Levin
Since February, Bernie Madoff has been on a little something called the Legitimate Years Tour. Yes, he may have pleaded guilty to a $50 billion crime that ruined countless people’s lives, not to mention resulted in the suicide of his own child, but why must that be all that is said of him, when it only represents a single entry on the old CV? He’s did a lot of other stuff too, and because everyone seems to have forgotten all that when his name comes up, much like they conveniently forget about how Mussolini made the trains run or time, or how Hitler built those wonderful autobahns, or how Ted Bundy made women feel special, he was forced to embark on the LYT to jog some memories. The first stop was a February an interview with New York, wherein he griped to Steve Fishman:
“Does anybody want to hear that I had a successful business and did all these wonderful things for the industry?” Bernie continued. “And got all these awards? And so did my family? I did all of this during the legitimate years. No. You don’t read any of that.”
Next stop: a chat with New Yorker reporter Jeffrey Toobin, who was reminded that Madoff “was worth a billion dollars before any of this nonsense started,” during which it was also suggested he should be getting credit for his later work (the legitimacy of which is still an open-ended question in his mind), if only for the fact that its complexities could only be understood by the most sophisticated of investors (him). And finally, as sit down with the Times, where Berns explained that he got such a raw deal because the judge, like all of his feeble-brained haters, doesn’t understand how “the industry” works.
And yet for all the work he’s put into educating you people on the History of Bernie’s World, in which the whole Ponzi thing is but a blip, you just still don’t get it. But you know what? That’s fine. Not a problem. Because Harvard does. Continue reading »
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. Continue reading »
The past few years have not been the best of times, professionally speaking, for Lloyd Blankfein. As CEO of Goldman Sachs, the shit storm of the financial crisis landed on his head and with it, angry protesters, 75-100 pieces of hate mail each day, lawsuits, investigations, hearings before the Congressional brain trust, calls for him to be fired and/or jailed, the title of “Worst Person in the World,” executive MBA students who think they know how to run a bank better than he does, and half man/half horse semen aficionado Matt Taibbi.
While Lloyd is much loved within 200 West and among those who can’t resist the Lloyd Face, the hate from the outside has been difficult to take. Though he’s fully aware that “there’s a little bit of ‘for better or worse’” about a gig like his, and that “you can’t be the CEO without having to do what the CEOs have to do in distressed moments,” as Blankfein’s college roommate puts it, not having coveted “a public persona,” the “vilification makes him sad.” He’s not planning on leaving the firm any time soon but it’s clear LB needs a pick me up. Sitting down with New York recently for some real talk, he floated a few wants/wishes that, if you care at about him at all, should do your part to help grant. Continue reading »
Expert Network Analyst John Kinnucan Enlists The Big Guns To Collect Money Supposedly Owed From Maverick Capital
By Bess Levin
You’re a former expert network analyst who ran a boutique firm called Broadband Research, counting hedge funds like SAC Capital, Citadel, and Maverick as your clients. In November, the Feds tried to use you as a pawn in their three-year insider trading investigation, by approaching you as you were “sipping wine on the porch,” threatening to arrest you, and then suggesting that rather doing so, they’d like you to “help” them by wearing a wire while speaking to “one guy in particular” they were after. Despite being told that if you didn’t cooperate, there’d be “trouble,” you told them to go fuck themselves, and not only that, you fired off an email to clients (not making use of the bcc field), informing them that “Two fresh faced eager beavers from the FBI showed up unannounced (obviously) on my doorstep thoroughly convinced that my clients have been trading on copious inside information. (They obviously have been recording my cell phone conversations for quite some time, with what motivation I have no idea.) We obviously beg to differ, so have therefore declined the young gentleman’s gracious offer to wear a wire and therefore ensnare you in their devious web.” Basically, you saved their asses.
Fast forward a few months and you’ve been forced to shutter your research firm and have run into some tough times. One of your former clients, Maverick Capital you say, still owes you money and you’re more than a little miffed the founder hasn’t responded to your most recent email in which you wrote:
“Yo Lee [Ainslie] homey, sorry to break it to you, but looks to me likely that Maverick will soon be charged with insider trading. Just thought I’d let you know…Regards, JK.”
What do you do? You get a guy known for delivering results to send a message. Continue reading »
Charlie Gasparino does pull-ups in East River Park Continue reading »
If You’re On The Phone With Charlie Gasparino And Hear Heavy Breathing, Grunting On The Other End, Don’t Worry, That’s Normal
By Bess LevinHe’s just in between sets. Continue reading »
Steve Cohen Not Sweating Government Getting Up In His Business, Says Charlie Gasparino
By Bess Levin
According to Chaz, sources are telling him that Cohen is “essentially brushing off the intensifying probe of SAC. He is not distracted. For all intents and purposes, he feels pretty confident about his chances.”
Catch Andrew Ross Sorkin’s column about Goldman Sachs this morning? Charlie Gasparino did and he didn’t like it. Noting Goldman Sachs’ desire not to make a big deal about the money it made correctly predicting the housing market crash, perhaps in an attempt not to attract anymore attention from Senator Carl “Goldman Sachs is a financial snake pit rife with greed, conflicts of interest, and wrongdoing” Levin, Sorkin encouraged the Masters of the Universe to stop denying their success. Rather, ARS would like to see them “take a bow,” as their housing call is something they should be proud of and which shareholders and taxpayers alike should be happy about, since it meant the latter didn’t have to bail the firm out to the extent it did Citi and AIG. And that pissed Gasparino off something fierce.
Normally he wouldn’t say anything (“‘I’m not and never have been in the Goldman is the root-of-all-evil-camp,” CG prefaces) but after last month’s antics wherein the firm dared to deny his report Lloyd Blankfein’s friends claim he’s thinking of retiring, Chaz can no longer bite his tongue. Not to get too off-topic, but it still baffles CG as to how GS spokesman Lucas vP “can deny someone’s impression from a private conversation.” Sorry, he just had to get that out there. But back to the suggestion that Goldman should be taking any bows– bull shit, Gasparino says. Bull, shit.
“The last thing Goldman should be doing right now is taking a bow and telling the world it’s a great firm, because when it comes down to it, Goldman isn’t really a great firm.
“What is it then,” CG asks fuming. Not being here to simply raise questions without providing answers, Gasparino goes on, attributing a well-known saying to a guy he gets drunk with. Continue reading »
