“I don’t like the guy and every time I get a chance to take a shot at him I do it.”
feuds
Recently, Mike Mayo has gotten into a bit of public with Citigroup. To recap, a few weeks back, the analyst started telling clients and whoever else will listen that the bank is inflating its profits and needs to a write down $50 billion of deferred-tax assets. For the offense, Citi apparently froze Mayo out, denying him any and all access to Vikram Pandit. This, being the worst thing you can do to a person, made Mayo hit harder, musing that maybe we can’t trust Citi at all. Somewhere along the way Charlie Gasparino got wind of all this and made it public, meaning Citi had to be all, “Mike Mayo? LOVVVVE him. There’s no freeze out, Vik’s just been really busy finalizing his fantasy football team, is all.” Citi has graciously extended an offer for Mayo to come over on October 1, which he’s accepted, at which time they probably think a little face time and sweet talking from Uncle Vik will be all that’s necessary to get Michael to upgrade Citi to “fucking awesome” in his book. According to Charlie Gasparino, that may not be the case. Mayo’s next note will more likely be along the lines of “we are about two quarters from consigning this dump to the scrap heap of corporate history.” Continue reading »
Donald Trump is dueling it up with activist investor Carl Icahn over Atlantic City’s Trump Entertainment Resorts. Specifically, the two are fighting for ownership of the property, which Trump does not currently own. Don’s argument is that the casinos “would be hurt if Icahn won because it would take the Trump name off them.”
Jim Cramer Takes Issue With Own Investing Tips Being Thrown Back At Him, Demands Apology, More Gentlemanly Conduct (On The Internet)
By Bess Levin
The other day, the blogger over at Wall Street Cheat Sheet penned a column arguing that “according to transitive logic,” Jim Cramer would recommend selling your stock in The Street.com (TSCM), due to the fact that JC tells people to dump shares when executives leave companies suddenly or miss their filings. Both of these dealbreakers recently occurred at The Street, so the author argued that if one were a strict Cramer fundamentalist, there’d only be one thing left to do. He did not claim that JC had actually made this call himself, but rather used it as sort of WWJCD case study. You would think that Jimbo would a) realize this and b) be flattered that someone had not only bought his book but was following his teachings so closely and helping others to apply them in real time investing situations. But you’d think wrong! Uncle Jim fails to see the humor here and not only that but he wants the post removed, an apology, and honestly? A little class and civility up in this piece. Best line (especially picturing him writing it): “Think about how much better you are than that.”
From: James Cramer
To: info@wallstcheatsheet.com
Subject: Some decorum and some fairness
Date: Mon, October 26, 2009 5:30 am
Namely, did Ace Greenberg’s million dollar donation in 1998 to New York City hospitals, which paid for Viagra prescriptions for homeless men, reflect poorly or favorably on Bear Stearns? JC ponders this and other questions on the subject of the down on their luck getting it up via spokesman Charlie Gasparino, an expert on the sex habits of the destitute, in The Sell-Out:
Ace would always be the guy who marched to his own drumbeat. It’s what made him a media darling; the press loved his mannerisms, from the magic tricks he performed on the trading desk to the fact that he answered his own telephone calls. Cayne saw the dark side of Greenberg’s personality; it’s why he never doubted the sexual harassment story.
As crazy as Cayne seemed, Greeberg could match him in being off the wall. It was, after all, Greeberg who had once donated $1 million to a hospital so homeless men could enjoy sex by having access to free Viagra. He had made a splash of it, making the announcement in the New York Times without alerting Cayne, who first heard it when he picked up the paper in the morning and nearly hit the ceiling.
“Are you fucking kidding?” Cayne screamed at Greenberg after reading the story.
Yesterday we discussed the fact that Andrew Ross Sorkin’s new book mentions that during last year’s crisis, Lloyd Blankfein started boycotting CNBC (by turning his TV off), on account of “rumor-mongering” by Charlie Gasparino. Chaz conceded that while LB might’ve been unhappy with his ace reporting, the Goldman CEO never uttered the filthy term in connection with CG’s name, or even thought it. Knowing Gaspo, we figured he’d solve this problem the way he solves all his problems, namely with the busting of knee caps and the suggestion that ARS is the perfect size to fit in the trunk of a Buick. Unfortunately he’s apparently been advised to keep the brass knuckles in his dresser drawer for the time being, and has instead sought legal counsel to deal with “this guy.”
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