Carl Icahn’s a pretty good judge of character. Of men, as they said in his day. Sure, there was that one time, with that Ackman guy, but even that turned out alright in the end.
Now, Carl Icahn’s a pretty busy guy. He’s also, as we may have mentioned once or twice before, 78 years old. No matter: It would be criminal for him to deny his gift for finding the right man for the job to the companies of the world, or at least the companies of his portfolio. And so he does not. And while some may have some trepidation about going to work for a company in which Icahn owns even a single share, those who take the leap assure you he’s a grandfatherly teddy bear. Read more »
“Ex-Bloomberg employees (this Alphaville contributor included) have been aware of the power of UUID for a long time. It’s only one of the, erm, “informational advantages” that comes from working at Bloomberg. Another prominent one being the internal database reporters are required to contribute to on a regular basis. That database includes personal contact details of their sources – readily accessible to other Bloomberg employees – as well as personal details such as the names of their children, favourite foods and hobbies.” [FT Alphaville, earlier]
According to Dick Parsons, who stepped down as chairman of Citi in March because Mike Mayo told him to, last week’s news that Pandit had left the building for good was “somewhat” surprising, though, if you really think about it, not so surprising, as whipping morbidly obese companies into shape just really isn’t Vikram’s thing. Even he’ll tell you that.
“You need seasoned, honed managers who can cause a 250,000, 300,000-personnel organization to march” with direction, Parsons said in a weekend interview at his Tuscan vineyard in Montalcino, Italy. “Vikram will tell you, ‘That’s not my bag.’” Pandit, 55, produced “every good idea that we had” to prevent Citigroup’s collapse during the financial crisis, Parsons said. New CEO Michael Corbat, 52, who previously ran the Citi Holdings unit, is well-equipped to lead the firm as it cuts costs and sells unwanted assets, the ex-chairman said. “Mike Corbat, who I knew back in the day when he ran the Holdings operation, is just that kind of man,” said Parsons, 64, adding that he was “somewhat” surprised by the timing of Pandit’s exit. “The transition and change was, in the long term, not inevitable but appropriate.”
Just because their manipulation of Libor has gotten the most notice doesn’t mean it’s the only thing like to mess with. Don’t box them into that corner, like your one-trick ponies at Barclays. Read more »
Over the weekend, the LA Times reported that a group headed by Steve Cohen was among those that advanced to the second round of bidding for the Los Angeles Dodgers. Mark Cuban, “veteran baseball executive” Dennis Gilbert, and former Dodgers players Steve Garvey and Orel Hershiser are out; at the top of Cohen’s elimination list remain Magic Johnson and Joe Torre. Obviously, we have no idea whether or not the SAC Capital manager will emerge victorious. Either way, though, something about all this has been troubling us: namely how acquiring a baseball team figures into SC’s long-term plans. Read more »