Yesterday in the Economic Times (of India), the following advertisement ran touting the “golden shower” Sundaram Mutual wants to rain on investors. Continue reading »
golden showers
Ping (Jiang) Capital Down 4.96 Percent For January, Ping Jiang Interested In Meeting With *You* Today
By Bess Levin
Ping Jiang, maestro of the whiteboard marker, was fired from SAC Capital in March 2008, (not because of the push-up bras but due to poor performance). He branched out on his own soon thereafter but we’d heard nary a peep since then re: returns or whether or not he was making employees sew their own dresses. No word on the latter yet (speak up, young seamstresses!) but– and I bite my tongue saying this– I’m slightly worried about how the team will be able to cover the costs associated with new “office supplies,” after ending January down nearly 5 percent. Granted, this may have been a blip, following a stellar 2009, when the fund was up 192.81%, presumably thanks to the official implementation of PJ’s trading philosophy (no more hiding it behind closed doors). And while we’re on the subject– it seems as though Jiang is keeping it in the family, having hired brother (?) Justin as a manager, which as an interesting twist to the BJ for trade approval model. Finally, the most important news! The team is looking for investors for a new fund, Ping Emerging Markets Macro, and would love to get your ass in to meet Mr. J today– get a piece of this while it’s still hot.
From: [redacted]
To: [redacted]
Subject: Ping Emerging Markets Macro Fund
Dear [redacted],
Ping Capital Management Ltd was founded by Ping Jiang and partners in March 2008. Ping Jiang splits his time between a research office based in Shanghai and a trading and operations office in New York. Ping Jiang is currently in New York and would like to meet with interested investors to discuss their current fund, Ping Exceptional Value Fund, and a new fund, Ping Emerging Markets Macro Fund, that is expected to launch H1 2010. Short biographies for Ping and the partners are attached.
The Ping Exceptional Value Fund is a Latin American- and Asian-focused macro strategy that combines quantitative micro analysis with discretionary macro analysis and trading. The Fund trades across two different time frames; long-term concentrated value investments in themes that are determined to be extremely undervalued and short-term
active trading around the core themes.
The Ping Emerging Markets Macro Fund will use the same research process as the flagship fund but will have a more significant focus on the short term trading element.
Please let us know if you would like to arrange a meeting, schedule a call or would like to receive any additional information from the manager.
Well, this is upsetting. We’re now getting word that the annual ritual of Goldman employees stripping down naked and rolling around in the cash-money portion of their bonuses will not be going down as planned this year, at least for top brass, who really deserve it. CNBC reports that the 30-person Goldman Sachs Management Committee (which includes Blankfein, Gary Cohn, David Viniar) will be receiving no cash for 2009. Instead, they’ll get what’s been dubbed “shares at risk,” which can’t be sold for five years, and include clawback provisions as well, in case anyone tries to be a hero.
It feels like it’s been forever (real time: two years) since the SAC Capital female hormone case, doesn’t it? For those of you who shamefully forget, back in the fall of 2007, a former employee of the hedge fund, Andrew Tong, alleged that his boss, portfolio manager Ping Jiang, had forced him to take female hormone pills as part of a slightly unorthodox philosophy of Jiang’s that male traders needed to be more like women (not as aggressive, etc) in order to maximize returns. Tong also alleged that he was instructed by Jiang to wear dresses, and as a result of the pills, could not perform sexually with his wife, with whom he was trying to have a baby. Unfortunately, at the time, those were all the details we got. The court filings were sealed, and in early 2008, Jiang was fired (but not because of the tranny stuff! Because he didn’t make as much money as the year before, natch). Today, by way of a story by the always awesome reporter Matt Goldstein, we find out a bit more. Goldstein’s article is about the “most feared man on Wall Street,” if you do stuff like insider trade. He’s the guy leading the Galleon investigation for the FBI, and obviously his name is BJ Kang, because how could it not be?
According to Goldstein, court documents and sources indicate that BJ may be “focusing” on SAC next (as previously mentioned, one of the cooperating witnesses in the Galleon case, Choo Beng Lee, worked at the fund for a couple of years). And this isn’t the first time The Beej and SAC have crossed paths. In 2006, BJ was part of the team looking into alleged accounting irregularities at Fairfax Financial, and in 2007, BJ was tasked with looking into “a previously undisclosed investigation involving alleged trading irregularities” at SAC, opened by federal prosecutors in Brooklyn (which was later closed). One person BJ interviewed while checking things out? The lovely Andrew Tong. And speaking of the lady of the hour– litigation on TrannyGate ended last year, and the previously sealed court documents have been opened. Shall we take a peek inside? If we’re up to get down with some slightly disturbing shit, yes! For instance, thongs:
And pet-names:
And the obligatory sodomy sessions, golden showers:
“You’ll have to give me a blow job if you want to make that trade.”
