dreams

Marijuana sales are spreading across the nation thanks to the growing legalization of the drug. Now a new financial firm, KindBanking, wants to be the financial backbone for the hemp and cannabis industry. “Think of us as the GE Capital of this under-served, but potential multi-billion dollar industry,” said KindBanking’s founder and CEO David Dinenberg…KindBanking, which launched in April, already has nearly a dozen deals, and is talking to start-ups in the U.S. and around the world, including Amsterdam and Panama. The West Hollywood firm provides equity financing in states that allow pot, plus alternative capital like debt, convertible debt and other venture capital or angel investments. In return, KindBanking becomes a partner and owns a portion of the company. “We’re doing deals for dispensaries, growers, equipment companies, edible products makers, even a weed-based online news network” Dinenberg said. [CNBC]

Sheila Bair, who served as chairman of the Federal Deposit Insurance Corp during the crisis and its aftermath, levelled fresh attacks at Mr Geithner, the Obama administration, fellow financial regulators and bankers such as Vikram Pandit, Citi’s chief executive, in a new book that has laid bare policy disagreements of the past few years…Ms Bair criticises Mr Pandit for a lack of commercial banking experience and says she tried to force him out. Ms Bair was “pushing hard” for Jerry Grundhofer, former chief executive of US Bancorp, to replace Mr Pandit. Citi’s board “could have done so much better than Pandit,”  Ms Bair wrote…Taxpayers were unnecessarily put at risk and Citi, despite its weakness at the time, was allowed to avert nationalisation, a forced reorganisation or meaningful restrictions on its activities, Ms Bair alleges. “The public justifiably wanted retribution. Citi should have been led to the pillory,” Ms Bair writes. [FT via Heidi Moore]

“For most traders, we don’t really care that much how they’re going to fix the economy and how they’re going to fix the whole situation [in Europe]…Personally, I have been dreaming of this moment for three years. And I have a confession to make- I go to bed every night and I dream of another recession. I dream of another moment like this. Why? People don’t really seem to remember but the 30′s depression wasn’t just about the market crash. There were some people who were prepared to make money from that crash…And anyone can do that. It isn’t just for some people in the elite. Anyone can make money. When the market crashes, when the Euro and the stock markets crash…if you know what to do…if you have the right plan set up, you can make a lot of money off of this. For example, hedging strategies is one.” Read more »

In February 2010, RBS employee Jim Glover (AKA G-Love) was told that his services were no longer required by the firm, when it came to light he’d spent that last year or so instructing junior employees to submit wires that would normally go to a counterparty to pay for trades, and then approving them to, instead, go to his personal account. The Glove Love did so, it’s been suggested, because he wasn’t happy with what he believed to be an offensively paltry bonus that wasn’t sufficient enough to fund his dream: “to build beautiful luxury mountain homes in his favorite ski town, Windham, N.Y.” Now that Glover has pleaded guilty and faces a fine of up to $1.25 million (plus ten years in jail), his own dream house has been put on the block and it could conceivably be yours a ten-spot, as the auction requires no minimum bid. According to the listing: Read more »

  • 08 Apr 2011 at 3:43 PM

Bernie Madoff Has A Dream

The Legitimate Years, Part 2. Read more »

Peterson

Derek Peterson spent nearly a decade working as an investment banker, most recently at Morgan Stanely. Peterson “always wanted to take a company public” but never found the right one. Then one day it hit him, like the sort of epiphany one gets when they’re really, really stoned– he would get into the business of getting people high. “The few dispensaries in my neighborhood — I started talking to them and found out they were doing $10 million to $14 million in business a year,” Peterson said. “I just started to see the economics.” Read more »

  • 14 Jan 2011 at 9:30 AM

Vikram Pandit’s Birthday Will Be One For The Books

For those of you who failed to mark it down on your calendars, please be advised that today is Vikram Pandit’s birthday (his 54th to be exact). Normally we’d tell you to drop what you’re doing and pick up something for him A-SAP but this year we’d advise you to go the no presents route. Not because Vickles is one of those faux modest jerks who says “no gifts, just your company” while not really meaning it but because we can say with absolute certainty that you will not top the gift to end all gifts Vikula is already poised to receive. Dick Parsons, if you’ll do the honors. Read more »