cocaine

Eighteen people were arrested for allegedly running a prostitution and drug ring that marketed its services to visitors to the New York area for the Feb. 2 Super Bowl, the New York Attorney General said. The ring sold “party pack” packages of cocaine and prostitutes and is estimated to have generated millions of dollars in illegal proceeds, Attorney General Eric Schneiderman said today in a statement. [Bloomberg]

“Drugs and personal excess will always be found on Wall Street (and in any profession that pays big bucks), but it’s been my experience that fraudsters are more often family men like Bernie Madoff — guys who methodically steal tens of billions without screwing a single hooker or snorting a single line of coke.” [NYP]

According to the Telegraph, Aurelius Capital Management struck a deal to sell its shares of Co-op Bank to Perry Capital just prior to the news that former chairman Paul Flowers enjoyed purchasing cocaine and crystal meth. In related news, Co-op has conceded that it’s possible there is a connection between the fleeing of clients and the revelations. Read more »

  • 03 Jun 2013 at 12:41 PM

Back of Tee: Consider Yourselves Cut!

If “The Buy Side” is remembered for any single line, it will be the remark that Mr. Duff says he uttered one evening upon confronting a lengthy queue outside a downtown Manhattan nightclub. Barging past the bouncers, he announces: “I don’t stand in lines. I snort them.” He and his trading pals think the joke so hilarious that they later emblazon it on souvenir T-shirts. [NYT, earlier]

David Nutt, the former Government drugs tsar sacked after claiming that horse riding was as safe as taking ecstasy, has said that the banking crisis was caused by too many workers taking cocaine. Prof Nutt said that too many bankers who took the drug were “overconfident” and so “took more risks” and said that not only did it lead to the current crisis in this country, but also the 1995 collapse of Barings bank. He said cocaine was perfect for their “culture of excitement and drive and more and more and more”, adding: “Bankers use cocaine and got us into this terrible mess. It is a ‘more’ drug.” [Telegraph]

Investors gave Bernie Madoff money because they trusted him. They gave Sam Israel money because they liked him—a gregarious, disarming goofball who, as a Wall Street apprentice, had invented an alter ego he called Captain Proton, a fearless superhero whose special powers were granted by vodka and cocaine. Now in his forties, he lived in a Westchester mansion, rented from Donald Trump for $22,000 a month, with an adjacent chapel in which he had built a replica of the Bayou trading floor alongside an 800-­gallon saltwater fish tank and a menagerie of rare reptiles. He’d also installed a high-end studio for jam sessions, where he’d play with the Allman Brothers’ drummer when the band was in town. He owned a fleet of Porsches and signed personal checks printed with the image of SpongeBob SquarePants…Once he’d welcomed his family home from a short trip standing in the driveway wearing cowboy boots, his wife’s bikini underwear, a lacrosse helmet, swim goggles, a life jacket, and a cape, then started screaming at his wife when she didn’t get the joke. [NYM, related]

Toying with the idea of cranking things up a notch at work with a few lines of blow before the open, exploring the affects of Ecstasy on your ability to trade, smoking enough meth to lose your teeth and/or saying fuck it on casual Fridays and rolling in wearing a button down with the sleeves pushed up displaying your track marks for all to see, thereby debunking the stereotype you’re a yuppie asshole? You know we’ll always support you in whatever you do but please strongly consider putting off all of the above until the Fall when you’re less likely to die on the job. Read more »