Convicted insider trader John Joseph Hartman and his brother planned to “make a lot of money” by bribing high-profile jockey Danny Nikolic to rig horse races, a court has heard. On his second day of evidence in the committal hearing against his former best friend Oliver Curtis, John Hartman admitted under cross-examination that his brother, UBS banker Edward Hartman, had concocted the plan to make tens of thousands of dollars in 2008. Edward Hartman wrote in an email to John on August 29, 2008, saying the deal could “only be between you and me okay?” before telling him to set up a BetFair account in someone else’s name. “I have a very high profile jockey that will have some very short priced losers for us to lay,” Edward wrote. “But no one else can know other than us, that’s very important.” He was found guilty and fined over two lesser offences, and is banned from racing for two years for threatening a steward during an appeal hearing against a previous ban. John Hartman agreed during cross-examination that he had been part of the email exchange but said that the bribe had never taken place, adding that horses were animals so the outcome was not guaranteed. [SMH]
UBS Banker Brother: Bribes Or No Bribes, You Can’t Truly Rig A Horse Race Unless You Can Convince The Animal To CooperateBy Bess Levin
“I’ve had an opportunity to watch the Canadian version of affordable health care in action with all its limitations with my Canadian husband’s family. A couple of years ago, I was startled to see the cover of Maclean’s, a national Canadian magazine, showing a picture of a horse lying on an MRI table with the headline, “In Canada a horse gets better treatment than you.” It went on to say that young Canadian medical students have no incentive to become doctors to humans because they can’t make any money. Instead, there is a great surge of Canadian students becoming veterinarians. That’s where the money is. A Canadian animal can have timely MRIs, surgeries and any number of tests it needs to receive quality health care. My sister-in-law had to wait two months to get a General Practitioner. During this period she spent her days in bed vomiting continuously, unable to get any food or drink down because she couldn’t get an appointment with the doctor. When she finally did, the doctor said, “Oh you don’t need me, you need a specialist.” That took another two weeks until she got a pill that corrected the problem. Really, is this what we want? [...] Boomers are smart. They see the train wreck coming… most I speak with think the Affordable Care Act is a greater Ponzi scheme than that pulled off by Bernie Madoff.” [WSJ via Matt, related]
Back in April, both the New York Times and Charlie Gasparino claimed they’d heard Lloyd Blankfein was tired. So tired, they were told, that a regular nap would not suffice, but rather an entire lifestyle change was necessary, which included quitting his job. Goldman Sachs said the reports were untrue and reassured us at the time that Lloyd would be with us for many years to come. Unfortunately, the stories opened the door for people to start speculating about who might take over for LB when– we don’t even want to say it let alone think it– he decides he’s done running Goldman Sachs. They included current president Gary Cohn, vice-chairmen Michael Evans and Michael Sherwood, the latter of which was recently named Gary Cohn’s successor as chairman of the partnership committee, as well as “more junior candidates” like, David Heller, Harvey Schwartz, and David Solomon. Today Reuters reports that despite being less known than some of the other names, Solomon “might have what it takes to lead Wall Street’s most powerful bank.”
While it remains to be seen whether his slight resemblance** to Lloyd will be a good or a bad thing for his candidacy (will the fact that he kind of looks like LB serve as a constant reminder that he’s not LB and never will be?) insiders are apparently into Solomon’s laid-back attitude and the fact that he’s not a trader. Here’s a little more info on Lloyd Lite. Read more »
Perhaps some of you remember Jon Winkelried? The former Goldman Sachs co-president is persona non grata at the firm but for the purposes of context, a quick refresh: Winkelried was the good for nothing prick who abandoned Lloyd Blankfein when the CEO needed him most, and when it would look most bad for the company to have a high level departure (circa the shit hitting the fan era). A traitorous shrew, really, who let deaf ears fall on Blankfein’s pleas to stay, and who traded it all in for a bunch of barnyard animals.
Anywho, Goldman ended up getting on just fine with out he whose name shall not be mentioned, got on great in fact, but his actions did leave a lasting mark on Blankfein, namely that he lost the ability to open up and trust high level execs and that his previously dormant abandonment issues flared up like nobody’s business. So when there was talk of Goldman CFO David “Bones” Viniar retiring, Lloyd naturally panicked. But apparently it was for naught. Bones would never do that to his li’l fella. Read more »
This is the cover for the summer issue of a magazine called “PRESTIGE New York.” It gets better.