explanations

Time was, the name “Wharton” signaled something. Prestige. Power. Off the charts entitlement. A long, proud history of sending students to the National Championship of DCF Modeling and and sending the “competition” home with tears in their eyes. Now, though? Future Masters and Mistresses of the Universe can’t even bother to apply. Read more »

Now all my life, if I’m really exhausted, I get the dry heaves. It sounds like I’m really sick, because I make a lot of noise. Rahm Emanuel came by. Harry Reid offered to get a doctor. I said I didn’t need it. I play tennis with Wendy, and a couple of times in the hot sun I’ve had the dry heaves. Our opponents thought it was a tactic. Wendy would say, “Hey, get back out here. That’s disgusting.” Of course, it would throw the other people off. In this instance it wasn’t a tactic, but I know that it helped accelerate things. [Bloomberg]

The firm probably employs at least a handful of people who drink themselves into oblivion multiple nights a week as a coping mechanism for dealing with professional unhappiness but the unidentified male who knocked back a few too many last Friday night, took a stroll through the West Village, chatted up a young lady outside Benny’s Burritos, stumbled into some outdoor tables, and reportedly acted like a racist prick toward the person offering him help before getting himself knocked out apparently isn’t one of them. Read more »

The note and the statement, which a person familiar with the situation said were left by Peregrine Chief Executive Russell Wasendorf Sr., blames the fraud on “mean spirited” regulators that dogged his firm, saying they were looking to put firms out of business rather than protect commodities investors. The statement also said that deceiving the regulators was “relatively simple.” [WSJ via BI, earlier]

In addition, Rogers went on to say he was long the U.S. dollar. “The only reason I’m long…is because everybody in the world, including me, has been terribly pessimistic. And whenever that happens you should take the other side of the trade. So I’m long the U.S. dollar, I have no confidence in it, its going to be a disaster, but as we speak I own probably more U.S. dollars then I’ve owned in years, and certainly more than any other currency.” [CNBC]

Did your firm increase base pay in the last couple years? Then you and/or the guy/girl to your right might be getting laid off. Read more »

Clark admitted that he had two glasses of wine while dining at a Larchmont Country Club. En route to his home, he claimed that he was daydreaming. [Scarsdale via BI]

As you may have heard, a Manhattan judge sentenced Kenneth Starr to 7.5 years in prison yesterday, for his $33 million scam that took money out of the hands of Uma Thurman, Al Pacino and Carly Simon, among others. Starr told the court that he “can’t believe what he did,” saying that he “lost” his moral compass. US District Court Judge Shira Scheindlin agreed, and went so far as to pinpoint the moment Starr lost his compass– the second he laid his eyes on the assets pictured at left. Read more »