Get in at the ground floor. Continue reading »
Goldman Sachs alums
As you may have heard, things have not been going so hot for MF Global lately (though CEO Jon Corzine would beg to differ, saying yesterday on an internal call that “things are fine, pretty much”). The brokerage firm reported its biggest quarterly loss ever this earlier this week, Moody’s cut its rating to one step above junk on Monday, and Fitch, not wanting to feel left out of the gang bang, downgraded the company to BB+ from BBB, as well as placing it on Rating Watch Negative. Supposedly, the wheels really started to come off when Corzine began actively realizing his dream of refashioning MF-G in the likeness of his former employer but now is not the time for pointing fingers- now is the time for working the phones and selling off (part) of this bitch. Continue reading »
Seriously, he’s taking bets.
Is Jon S. Corzine on the short list to replace Timothy F. Geithner as Treasury secretary?
A preliminary prospectus filed on Tuesday by MF Global, where Mr. Corzine, the former Democratic governor and senator from New Jersey is now chief executive, suggests that just may be a possibility.
MF Global is planning to sell five-year notes on Tuesday with an unusual twist: the notes will pay an extra 1 percent in the interest rate “upon the departure of Mr. Corzine as our full time chief executive officer due to his appointment to a federal position by the President of the United States and confirmation of that appointment by the United States Senate prior to July 1, 2013,” according to the offering. The higher possible rate reflects how important investors consider Mr. Corzine to be to MF’s prospects and pays them taking the risk that he might leave.
Also it reflects information asymmetry! If Corzine were seriously planning to go to Washington wouldn’t MF not offer to pay an extra 100bps on its debt when he leaves? Continue reading »
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Posted in:
Communiqués
Hedge Fund Manager’s Decision To Take Blame For Performance Is Slightly Alarming
By Bess LevinIn a letter sent this week, hedge fund manager (and former co-head of proprietary currency trading at Goldman Sachs) Christian Siva-Jothy informed investors that he would be shutting down his firm, SemperMacro, due to poor performance (the fund is down 2.3 percent year to date, and lost 8.7 percent in 2010 and 27 percent in 2009). He also made some truly disturbing statements. Continue reading »
There’s an old saying that goes “write what you know.” When JC Davies was laid off from her job in the fall of 2008, she decided to do just that. Though she had spent nearly a decade as an equity research analyst, first at ING Barings, then Goldman Sachs and finally RIM Securities, what she truly knew, deep within her soul had nothing to do with money or investing. What JC Davies knew was this: dick. And not just white dick but dick of all colors of the rainbow—so much so that you could call her an expert, and she hopes you will. Continue reading »
The feat of strength was accomplished mostly through firing people but whatever, the point is he got the job done, as promised. Not only that, but he did the whole thing while planning a wedding at the same time. Continue reading »
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