Soros Fund Management LLC is withdrawing its money with William Ackman’s Pershing Square Capital Management due to performance, according to a person close to the matter. Pershing is in the process of returning the money to Soros, less than $250 million, by early 2014, the person said. [Reuters, earlier: “Bill Ackman has filed a complaint with regulators against George Soros’ family fund and unidentified co-conspirators alleging Soros’ firm broke insider-trading rules by tipping hedge funds“]
I mean really!
Irish Prime Minister Brian Cowen Knows What You’ve Been Saying About His Country And Frankly Finds It Outrageous And InsultingBy Bess Levin
“One of the great pejorative terms that continue to be used is this thing of bailout which suggests that the country is in some way seeking not to meet its obligations, to meet its own debts,” Cowen said, rejecting the suggestion that Ireland will be unable to fund its obligation. “That is not the case.” He’s got some meetings set up re: this whole budget thing, they’ll sort it out, it’ll be fine, so just, shhh, relax. Read more »
“Don’t go expecting a movie that will give you some great intellectual or emotional insights into the Wall Street crisis. Sure, there are the obligatory “life on the trading floor” scenes and quasi-faithful recreations of arguments between Treasury and Wall Street at the oak-paneled New York Fed. And there are lots of cameos of CNBC anchors and Nouriel Roubini (as “Dr. Hashimi”) to give the movie “authenticity.” But the authenticity is as phony as Bernie Madoff’s investment returns. How many Fordham-educated prop traders with the last name “Moore” speak fluent Mandarin?” [WSJ via BI]
Barney Frank is a pretty well-known Representative. But you know what? Some people just don’t keep up with the who’s who of Congress. Having said that, I’m pretty sure Mr. Frank did not go to the trouble of crafting this financial reform bill thing so that he could show up to various establishments (night-clubs, the supermarket, the ferry to Fire Island, what have you) and suffer the indignity of not only having to ask “Do you know who I am?” but have the answer be “No” and/or “I don’t care, sir.” Read more »
She’s gonna put some seriously importante dudes’ b’s in a vice and then just, you know, trah la la, act like nothing happened and expect the checks to keep coming? Girlfriend should consider thinking again!
“I think at least in the short term there is going to be a great deal of frustration with people who were beating the hell out of us — then turning around and asking for money,” said a senior executive of a Wall Street bank. One member coming in for special criticism: Sen. Kirsten Gillibrand (D-N.Y.), viewed as largely unwilling to publicly defend her home state’s top industry but who continues to make fundraising requests, according to Wall Street insiders. “Sometimes their chutzpah just has no bounds,” an executive said, referring to Gillibrand, who is on the ballot this fall. “People like her who didn’t stand up for us at all during the debate are certainly going to feel some pushback.” [Politico via Daily Intel]
In fact! We’ve obtained exclusive behind the scenes footage of exactly what sort of “pushback” the Senator from New York is in for and let me just say, it looks terrifying. Read more »
Kenneth Feinberg Making It Really Freaking Difficult For Wall Street Execs To Start Fresh With Their MistressesBy Bess Levin
While there has seemingly been an endless amount of bitching and moaning over Comp Cop Ken Feinberg’s infernal “views” on banker compensation, so far no one has actually been able to come up with a legit reason for why his freaky ass rules should be scrapped. Until now. Surely hearing that his pay structure is throwing a wrench in finance guys’ plans to leave their wives without rendering themselves penniless will be a wake-up call to K. Fein that all of this has too far, right? I mean, he’s got to listen to reason, DOESN’T HE? Read more »