Sent: Thursday, June 26, 2014 7:35 AM
To: [redacted at UBS]
Hey [redacted at UBS],
I was on my way to the office this morning but I left my wallet with my ID in it at home. I am not going to be able to continue my internship with UBS this summer.
One tale many love to tell about Richard S. Fuld, besides the one involving him destroying an 158 year-old institution, is that of the time he got into a fistfight at his son’s hockey game, with a parent from the opposing team. Though there have been many stories over the years of adults who lack impulse control throwing down at their children’s sporting events, perhaps people were fascinated by the fact that the the CEO of a public company was unable to reason that punching someone in the face at a Peewee hockey game (or anywhere in public? or anywhere period?) = bad, keeping your hands to yourself = good. On that note, one sports fan reports that Fuld has since matured, and realizing his own limitations, now travels with protection (for himself/spectators in his section). Read more »
If This LiqhtSquared Bet Goes According To Plan, Phil And Lisa Maria Falcone Will Be Able To Buy A Whole House Of Dancing Pigs- And Ones For Their Haters, TooBy Bess Levin
For the latest issue of Vanity Fair, reporter Bethany McLean got personal with one of our favorite hedge fund couples, Phil and Lisa Maria Falcone. If you’ve been keeping up with the travails of the Harbinger Capital founder and his wife, you know that despite living in a 25,725-square foot mansion on 5th Avenue (which was renovated to include a bar inside Lisa’s closet), a few billion or so in the bank, unparalleled eyes for fashion and Manhattan’s premier singing and dancing pig who can also play the piano, the last couple years have not been the easiest for the Falcones. Everywhere they turn they feel like people are beating up on them, taking shots. To their chagrin and bewilderment, New York “society,” for the most part, doesn’t accept Lisa and many of Phil’s investors, when they’re not being held by a gate, have run for the hills, causing Harbinger’s assets under management to drop from a peak of $26 billion to $7 billion and counting. Things have gotten so bad, in fact that, several months back, Falcone “almost took off the Ganesh charm- the elephant-headed Hindu deity that represents good fortune- that he wears around his neck.” As he told McLean, “I thought, You have got to be kidding. I get very superstitious.”
But he kept it on and why? Because 1) You have not seen the best of Phil Falcone yet:
“You take your lumps and get your bruises. you get knocked down. The key is getting back up,” Falcone says. “I’m already standing. I’m 48. It’s not even the second period of my career, and I’ve had a pretty good first period.”
And 2) Phil’s got a big bet in the works, one that he’s pretty sure will shut everyone up, about everything, if the elephant can pull through for him. You know the one. LIGHTSQUARED. Yeah. Just let it sizzle there, in the air. It’s going to be huge and then all you people are going to be begging to invest with the best.
“I think [the wireless bet] could be bigger than subprime for me,” he says.
You know what else it will rival? Hairbrushes. Read more »
Yesterday having been a pretty slow day, most of you probably dealt with the boredom in the usual ways (dicking around on the internet, throwing a Nerf ball around with colleagues, untangling your phone cord, counting the number of steps from the bathroom to your desk, fantasizing about a life that doesn’t so closely resemble hell, etc). Adam Reasoner cut around 10:30 out to have shots taken on him at Madison Square Garden, after receiving a text from his brother, Marty Reasoner, that the team needed a practice goalie. Read more »
You can stop giving yourselves a hernia. Read more »
Gang, something serious happened. One of our favorite hedge fund managers is in trouble and needs help. Phil Falcone has been put in a horrible position, that I hope no one else ever finds him/herself. It’s a pretty well-known fact that the Harbinger founder is a huge hockey fan. The Minnesotan grew up skating, played as an undergrad at Harvard and pro in Europe for a year before being sidelined with a leg injury. He’s owned a forty percent stake in the Minnesota Wild for some time and recently acquired the Dubuque Fighting Saints. Falcone’s love of ice never posed an issue on the work at his hedge fund– until now. And it’s bad. Here’s the rub: Read more »