Michael Penn has vowed to stay put until someone makes him an offer. Read more »
Charlie Gasparino: Gary Cohn Sick Of Watching Lloyd Blankfein Appear On A-1 Of The WSJ, While He’s Relegated To A Sidebar On Page 12 Of This Month’s Cat FancyBy Bess Levin
It’s just not fair! Read more »
Jurors In Tourre Case Approached Deliberations With Razor Sharp Intensity, Ideas For Production Team Casting The Banker And The EmoticonBy Bess Levin
To help inject humor into what was an otherwise intense process, Ms. Rhett said she and other jurors compared the lawyers’ likenesses to actors. “I’m only going to say that there was someone who looked like Dan Aykroyd, someone who looked like Kevin Spacey and someone who looked like a cross between Patrick Stewart and Stanley Tucci,” she said. But when it came time to consider the seven claims against Mr. Tourre, they moved methodically and efficiently. The group chose 52-year-old Steven Zucker, a former retail broker on Wall Street who is now co-dean for art and history at the Khan Academy, a nonprofit educational organization, to be foreman. The jurors devised rules, and Mr. Zucker would call on people to speak. The jurors strove to begin on time every morning and worked through lunch, which consisted of sandwiches of grilled chicken and ham and cheese, in addition to soda and leftover muffins from the morning. [WSJ, earlier]
Poor Fab, but it could be worse. Michael Lewis has a heartbreaking, enraging story in Vanity Fair about poor Sergey Aleynikov, the former Goldman programmer and current Dostoyevskyan holy fool who was sentenced to federal prison for eight years for stealing computer code from Goldman, won a complete victory on appeal, was released, has lost his life savings, and is now being prosecuted under state law just because Goldman, or someone, but probably Goldman, really hates him. It is troubling stuff not least for Lewis’s clear implication that a jury trial may not be the best way to arrive at the truth regarding complex financial-technological questions. E.g.: Read more »
Poor Fab! I, for one, was utterly persuaded that he didn’t commit securities fraud by sending an email that he admitted was “not accurate” but not “false,” but the significance of that distinction seems to have eluded the jury:
A federal jury found former Goldman Sachs Group Inc. trader Fabrice Tourre liable for misleading investors in a mortgage-linked deal that collapsed during the financial crisis, delivering a historic win for a U.S. regulator eager to prove its mettle inside the courtroom.
The panel of nine jurors reached their verdict during the second day of deliberations, finding Mr. Tourre liable on six of seven claims that he violated federal securities law. … Mr. Tourre, who left Wall Street to pursue a doctorate in economics, may face a fine and a ban from the securities industry.
I think it’d be a shame to deprive the securities industry of Fab’s financial-structuring creativity and proclivity for sending embarrassing emails, but as we’ve established I’m in the minority here. Read more »
Goldman Sachs President Gary Cohn said his firm continues to do business with SAC Capital Advisors LP, the hedge fund that was indicted on charges of insider trading last week. “They’re an important client to us, they have been an important client to us,” Cohn, 52, said today in an interview on CNBC. “We continue to trade with them, and they’re a great counterparty.” [Bloomberg]