“You don’t get much better than Stevie Cohen,” said Ed Butowsky, founder of Chapwood Investments, a private wealth management firm based in Dallas with client money invested in SAC. If Butowsky had his druthers, he would steer more investment assets to Cohen’s hedge fund, which he said has delivered three times the return as the “Oracle of Omaha” Warren Buffett with a third of the risk since 1994. “The very thought that people want to trash Stevie Cohen, who is one of the great legends in portfolio management, because of some allegations, shame on them,” Butowsky said. “If it was me and I had to live through this stuff the last three years, I would tell everybody to go jump off a boat.” [Greenwich Time, earlier]
endorsements
If Area Man Were Steve Cohen, He’d Tell His Detractors To Take A Long Walk Off A Short Pier, Based On The Hopeful Assumption That They Don’t Know How To Swim Or Even Tread Water
By Bess Levin
The Oracle of Omaha has given the eponymous piece of legislation two thumbs up. Read more »
Bank of America Corp., the second- biggest U.S. lender, fell below $5 in New York trading for the first time since March 2009 amid concern that Europe’s debt crisis will be a drag on the world’s financial system…With most companies that have dropped to those levels, “it is usually some fundamental problem with the business model and it may go to zero, but I think Bank of America is very different from your typical small failing company,” Angel said. [Bloomberg]
“Jamie Dimon is a fabulous banker, and probably writes the best annual report in America,” Warren Buffett said in an interview. “I grab his report when it comes in and my friends do, too.” [Bloomberg TV]
“If he decides to get out of banking, I think he would be really good in politics,” Bubba told Reuters (in perhaps the first ever profile to be somewhat critical of the JPMorgan CEO). Read more »
Someone In Silicon Valley Is Going To Be The Lucky Recipient Of A Set Of Commemorative Lloyd Dolls
By Bess Levin“At Accel Partners, we have a long history of working with Goldman Sachs and at Accel Partners, we’re certainly work closely with Goldman Sachs in the future,” said partner Jim Breyer. “[Their name] is not mud [in Silicon Valley].” [Deal Journal]
The Third Point manager has endorsed Wilson for Comptroller, who Loeb says is New York’s only hope against riots in the streets. Alternatively, if that’s what you want, DiNapoli’s your man.
Dear Friends,
I have chosen only one candidate to bring to your attention, that is Harry Wilson for Comptroller of NY State. He has recently tied incumbent Democratic candidate Thomas DiNapoli in the polls. For those of you who are Democrats, this is not a matter of party politics but literally one of whether we want New York the go the way of Greece and go bankrupt because, trust me, that is the course we are headed towards without sound fiscal leadership.
“He seems like the right choice for New York,” she said last night at 1Oak. [Daily Intel]
In 2002, accusations by then Attorney General Eliot Spitzer set off a chain of events that resulted in Merrill Lynch analyst Henry Blodget being fined $4 million in fines and repayments and being banned from the securities industry for life. Those polled at the time probably didn’t expect the two to end up bros. Today we find out how utterly wrong they were. Read more »
What this joyous news you hear? Dubai has added itself to a small but fierce list of people who have pledged not only to not judge Tiger Woods’ life choices, but to stick it out with him in his time of need. Maybe it’s because Dubai knows what it’s like to be publicly humiliated, or because the Big D feels it has some wisdom to impart on those who’ve (probably) contracted several strains of the clap. WHO KNOWS. Doesn’t really matter why. The point is that like Ken Lewis, Dubai is not ashamed to have its name associated with T Dubs.
Charlie Gasparino’s self-described “definitive book on the financial crisis,” Up In Smoke, comes out tomorrow. Sadly, one of the main subjects of CG’s most recent contribution to literature, Jimmy Cayne, will not be available to make an appearance at the party tomorrow evening, which is deeply upsetting to those of us who were hoping to get high in a bathroom stall with the former Bear Stearns CEO. And of course it’s upsetting to Chaz, who is well-aware that just one Jimmy Cayne would beat all of the star power Andrew Ross Sorkin had assembled at his soiree last week. Which is why JC knew he had to break it to Gaspo easy. Calling the country reporter this afternoon, after what one can only assume was a seriously successful hotboxing sesh, Cayne, I shit you not, had this to say:
Charlie, I wanted to call and tell you that I’m sorry I can’t make the book party. I really wanted to but I’m going to be out of town. I want to wish you the best of luck with the new book, and tell you that you are the greatest reporter in the history of reporting, hands down.
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