Being called to testify before the U.S. Congress did little to help him lure clients, said Tilden Park Capital Management CIO Josh Birnbaum, whose hedge fund nonetheless managed to top the industry in 2012. Asked whether his testimony regarding his role in then-employer Goldman Sachs’s $3.7 billion windfall in betting against the subprime housing market had hurt his business, Birnbaum said, “Without a doubt.” “You go back to that period in 2010, when we were just getting our firm rolling, and nothing stops the momentum of a hedge fund like appearing in front of Congress, so there’s no question that that slowed us down,” he said on “Fast Money.” [CNBC]
Goldman Sachs alums
-
Posted in:
Hedge Funds
Having Carl Levin Suggest He F*cked His Clients On Live-TV Not The Boon To Josh Birnbaum’s Business One Might Have Expected
By Bess Levin-
Posted in:
Intramural Soccer
Fabrice Tourre Will Beat These Financial Crisis Charges, Just Like He Beat The Fightin’ Friedmans
By Bess Levin
(Before a season-ending injury that might’ve strained his tendons but never broke his spirit!) Read more »
Steel Partners CEO Not Feeling So Amicable Toward His Ex-Wife, Her Current Boyfriend Anymore
By Bess Levin
Time was, Warren Lichtenstein and Annabelle Bond, pictured at left, were the best of buds. Now? Warren might not even take a gander at the photos Annabelle has spent a lot of time and effort posing for. Read more »
Last month, we learned that at some point over the summer, Richard Kimball Jr. had left Goldman Sachs. Not knowing his plans, at the time we speculated he was either starting his own hedge fund, as former bankers, particularly ones who’ve been partners at Goldman, tend to do, or designing a line for La Perla, as people whose adult pool parties and clothing-optional Halloween gatherings that enrage the neighbors also tend to do. Today, however, we were informed that we were wrong on both counts. While owning a hedge fund or designing lingerie seem like they would fall in Kimball’s wheelhouse, his new gig is actually more perfect for him than anything would could have imagined. ‘Cause when one thinks of Rick Kimball Jr, one thinks PAR-TAY ANIMAL. And when you’re a par-tay animal on the level of The Kimballer, you need to take important steps to ensure the party don’t stop. Safeguards, if you will. One reason often cited by people who’ve been engaging in some hard partying for “never doing that again” is the desire to not suffer crippling hangovers the next day. But what if Rick Kimball told you you could party like no one was watching without ever waking up to another hangover again? Would that sound like something you’d be interested in? Because what we’re saying is: Rick Kimball is currently running a hangover prevention company.* Read more »
Goldman Sachs’ former p.r. chieftain, Lucas van Praag, is hanging out his shingle, The Post has learned. The silver-tongued spokesman — known for his deft handling of the press and delivering withering rebuttals to critics during his 12-year stint at the bank — is launching LvP & Associates in Midtown, according to sources. The 62-year-old van Praag, who was replaced by former Treasury Secretary adviser Jake Siewert in March, will dole out advice to financial firms and other companies seeking crisis management and help navigating reputational risk…During his tenure at Goldman, starting in 2000, van Praag held onto his upper-crust British accent and routinely conjured up terms like “effluent” and “chimera” in sometimes testy exchanges with journalists. Still, the press rep was highly regarded for his grasp of complex markets as well as for his Goldman pedigree. [NYP]
In a hypothetical scenario, which former treasury secretary, among all the living ones, do you think would be most likely to drink his face off and fall in a pool? Process of elimination should point to Larry Summers, with Hank Paulson being an interesting dark horse, right? Except, wrong! Big Poppa, that we know of, was sober enough to stay standing last night and Hank Paulson is yet to encounter his own personal Sophie’s Choice, wherein a vindictive Dick Fuld forces him to pick between a glass of red and the life of an innocent Warbler. Which leaves door number three: Bob “I took a bath in grain alcohol before getting here” Rubin. Read more »
According to Dealbook, the big guy is merely “weighing” whether or not he wants to start one but it seems more than a little obvious this thing is happening. He’s got the office space, the passion, and the tattoo on his ass that reads “Each time a door closes, a bigger, more fucking awesome one opens.” Mornings at home with Maury followed by early afternoons with his Soaps were fun for a while but it’s not the life for him. He needs a desk and a purpose and that purpose is making you big money. All you have to give him is a little something called “2 and 20.” (3 and 50 if you really want to show your support.) Is that so much to ask? Hank Paulson, can he count on you for $100 million to start? Make it 250mm and the whole pushing him out of Goldman and driving a stake through his heart incident is forgotten. Get in on the ground floor.
CFTC’s Exhaustive Internal Review To Determine Whether Or Not Jon Corzine And Chairman Gary Gensler Had A “Too Close” Relationship Reveals Corzine Was The Kind Of Guy To Make A Big Show Of Signing Up For Athletic Events And Coming Up With An Excuse Not To Do Them At The Last Minute, While Gensler Was The Kind To Smirk And Passive Aggressively Ask If You Were “Actually” Going To Do It This Time
By Bess LevinThe memo even explored why Gensler ran the New York Marathon with Corzine’s number more than 20 years ago. According to the report, Gensler learned that Corzine had registered to run the 1991 race. Gensler asked Corzine’s secretary if Corzine was actually going to run. Several weeks later, the secretary informed Gensler that Corzine had decided against running and wouldn’t need the number, the memo said. The secretary gave the number to Gensler. [Bloomberg via DI]
Former Goldman Sachs executive Donald Mullen, one of the architects of the subprime mortgage trade, is trying to raise at least $500 million for a fund that will buy foreclosed homes with an eye toward renting them out. Mullen, who until January was head of the credit and mortgage business inside Goldman’s securities division, began marketing his Fundamental REO Access fund in earnest about a month ago, said seven people familiar with the matter, but who did not want to be identified because they do not work for the upstart fund…The new fund is part of a growing move by former Wall Street traders, hedge funds and private equity shops to profit from acquiring foreclosed homes and turning them into rental properties for their steady stream of cash. Two sources familiar with the foreclosed home market said Mullen has told people the fund could raise as much as $1 billion. [Reuters, related]
Involving weightless trading and his Buzz Lightyear cape. Read more »
Get in at the ground floor. Read more »
