idiots

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    News

    In Time Of Great Mourning, CNBC Asks “What Was Robin Williams’s Estate Plan Like?”

    Then provides baseless speculation by people who literally have no idea before concluding that eh, he could’ve done a better job.

    / Aug 12, 2014 at 6:39 PM
  • News

    Highland Capital Management Founder Sees Your Hiding Of Assets And Raises You A Megalomaniacal Prick

    As some of you may recall, back in March, Highland Capital Management founder and CEO James Dondero testified that he is “insolvent under Texas family law, if not according to normal accounting rules,” despite a 2010 tax return showing his adjusted gross income that year to be in excess of $36 million. The reason his finances were in question was because Dondero filed for divorce in September, and how much he owes his wife Becky is currently in dispute. Becky is “seeking enforcement of a prenuptial agreement guaranteeing her half of the couple’s community property, capped at $5 million,” plus “spousal support and interim attorney fees.” James, perhaps you can glean, is hoping it will be less than that and perhaps even nothing. One thing that really didn’t help?

    Patrick Daugherty, a former senior portfolio manager at Highland who quit in October, testified that he met with James Dondero for drinks last month. “He told me his plan was to get his net worth down and pay her as little as possible,” said Daugherty, who was called to the stand by Becky Dondero.

    That testimony was given on March 28th. On April 11, this happened:

    Highland Capital Management, the $20 billion hedge fund and private equity firm based in Dallas, has launched a lawsuit that calls its former private equity investing chief a “megalomaniacal” manager who engaged in “abusive tirades” that “dehumanized employees.” Patrick Daugherty is the former head of stressed special situations and private equity at Highland Capital Management, where he was responsible for $8 billion of assets until he resigned in September 2011. Known as a blunt-speaking Texan, Daugherty has served on the board of Metro-Goldwyn-Mayer and as chairman of companies like Cornerstone Health Group.

    According to a 14-page complaint Highland filed in Texas state court in Dallas earlier in April, Daugherty has been paid in excess of $26 million while at the firm, but voluntarily resigned after “Highland refused to accede to his unacceptable ultimatums and megalomaniacal demands regarding compensation.” The lawsuit claims that Daugherty was “belligerent to peers” and that Highland employees complained and even quit after Daugherty publicly berated them as “‘f—ing idiots’” and disparaged them using other vulgarities. Highland, which has a reputation in the investment community for using hard-hitting tactics, pulls no punches in a lawsuit that at times can appear cruel. It claims that Daugherty’s tenure at Highland was characterized by extreme behavior and his performance diminished over the years as he “became increasingly unmanageable, erratic, and insubordinate.”

    It didn’t have to be this way, Patrick!

    $20 Billion Highland Capital Calls Former Private Equity Chief “Megalomaniacal” [Forbes]

    / Apr 27, 2012 at 4:09 PM
  • News

    Who Didn’t Realize Sending Packages Containing Fake Grenades Was Something This Office Frowned Upon?

    As you may have heard, earlier today, people working in 2 World Financial Center were evacuated from the building after a suspicious package was flagged by security. Initial reports claimed it contained a grenade; obviously this was cause for alarm and would have continued to be had the NYPD determined it to be an actual grenade and not a “grenade-like novelty item,” mounted on a plaque with a sign that says “Complaint Dept. Pull Pin.” Now that it’s clear everyone is safe (and at least mildly buzzed), a few questions need answering.

    1. Who sent this thing? Was it:
    a) A person whose sense of humor involves putting something like the above (or a sign that reads “I can only please one person per day. Today isn’t your day…and tomorrow don’t look good either”) on her desk.
    b) An idiot friend of someone who works in the building.
    c) An rival bank trying to disrupt Nomura trading
    d) other

    2. Assuming the item was purchased by someone working in the building, when do you think it dawned on him or her that they were responsible for having the building evacuated?

    3. What will the consequences for the sender be, legal and professional? Senior Jailhouse Correspondent Matt puts the probability of prison time at 1.37 percent.

    / Apr 12, 2012 at 2:26 PM
  • News

    Domino’s “Estimates It Will Cost Roughly $22 Billion” To Build A Location On The Moon

    Back in January, SAC Capital amassed a 5.3 percent stake in Domino’s Pizza, making it the fifth largest investor, at 3.2 million shares. While Cohen didn’t have any plans to meddle with management, behind the scenes he did do his part to enhance the brand, not only in an attempt to maximize profits but out […]

    / Sep 2, 2011 at 3:19 PM
  • News

    Raj Rajaratnam Did Not Appreciate Having An Employee Question His Goldman Inside Information

    As we learned yesterday, some of the material, non-public information Raj Rajaratnam has been accusing of profiting on came from former Goldman Sachs board member Rajat Gupta. In one particular instance, Gupta participated in a conference call with Lloyd Blankfein, who discussed specifics re: upcoming earnings, and dialed up Rajaratnam 23 seconds later to furnish […]

    / Mar 2, 2011 at 10:33 AM
  • News

    Who Are The 6 People Expected To Buy Vegas’s $5,000 Burger?

    THEhotel at Mandalay Bay is home to Hubert Keller’s new restaurant, Fleur. The menu includes a burger priced at $5,000 (which comes with a $2,500 bottle of wine, so manage your expectations about what this mere $2,500 piece of meat will taste like now) and Fleur representatives optimistically believe they’ll sell 6 of these things […]

    / Jan 10, 2011 at 3:24 PM
  • News

    SAC Capital Lawyer Forced To School Hapless Rabbi In Ways Of The World

    In his opening statement this week, a lawyer for Milton Balkany, the Rabbi who tried to shake down SAC Capital’s Steve Cohen for $4 million, said that his client went after this particular hedge fund manager because he was “Jewish and rich.” Since obviously Cohen is not the only person on earth or even in […]

    / Nov 4, 2010 at 3:59 PM
  • News

    In Retrospect, There Were A Bunch Of Things Accused Ponzi Schemer Kenneth Starr Didn’t See Coming

    Say what you will about alleged Ponzi schemer Ken Starr, but the guy wasn’t stupid. He knew how to leverage his “friendship” with Blackstone co-founder Pete Peterson into big name clients for his scam operation and he kept them going for quite some time. Still, he apparently wasn’t the most perceptive guy in the bunch. […]

    / Aug 3, 2010 at 2:15 PM
  • News

    SEC Embarks On “Not As Dumb As We Look” Campaign

    The SEC has taken a lotta flack over the last year or so. Given. The report that a good number of officials spend hundreds of hours looking at tranny porn during business hours was embarrassing but it was really just noise. The bigger criticism to be (justifiably) made is that the Commission as a whole […]

    / Jun 15, 2010 at 2:56 PM
  • News

    Kiefer to Get His $1 Million Cattle Investment Back

    If you’re planning to screw someone out of a $1 million with a harebrained idea to buy cattle in Mexico and re-sell them in the U.S. at a higher price, the last person you want to mess with is Jack Bauer. I mean, come on. Kiefer Sutherland not only gets wasted and head-butts fashion designers, […]

    / Apr 28, 2010 at 5:03 PM
  • News

    Harry Markopolos Is Not Quite Certain Anyone At The SEC Knows How To Read

    The Daily Show With Jon Stewart Mon – Thurs 11p / 10c Harry Markopolos www.thedailyshow.com Daily Show Full Episodes Political Humor Health Care Reform Log on to ladyboyjuice.com 348 times in one day? Yes. That, they’ve got a handle on. Words and stuff? Marko’s not yet convinced. (Yet another reason these people must die.)

    / Mar 9, 2010 at 10:32 AM
  • News

    SEC Charges ‘Psychic Investor’ With Fraud

    The SEC today charged Sean David Morton with scamming $6 million from 100 investors in his Delphi Investment Group (the individuals would put money in one of three companies- Vajra Productions, LLC, 27 Investments, LLC, and Magic Eight Ball Distributing, Inc.- all under the Delphi umbrella). Morton, who bills himself as “America’s Prophet” (so punny!), […]

    / Mar 4, 2010 at 3:30 PM
  • News

    Jim Chanos Is Sick Of People Blaming Their Problems On Hedge Funds

    [via BI] Subprime? Banking crisis? Currency and sovereign debt crisis? Male pattern baldness? Shrinkage? Take a little responsibility or at least go bark up some other tree. Jim Chanos is no longer interested.

    / Mar 3, 2010 at 12:45 PM
  • News

    Oliver Stone Is Giving Wall Street One Last Shot With This Movie

    Oliver Stone has said it before and he’ll say it again: nobody was supposed to see Wall Street and think “Hey! I wanna do that, too.” And yet, for the last twenty odd years, you people and the people you work with have never failed to approach Stone or Michael Douglas when they’re out to […]

    / Mar 3, 2010 at 10:45 AM
  • News

    The ‘Brotherhood’ Of The SAC

    Bloomberg Markets magazine has a long profile on SAC Capital today, and the grand poobah who runs the place, Stevie C. For those of you who’ve never had the pleasure of working for the king, here’s a bit of a primer. * For the serious neophytes, who should be ashamed of themselves for not knowing […]

    / Feb 26, 2010 at 11:15 AM
  • News

    Harry Markopolos On The SEC

    “They’re a bunch of idiots” the Whistleblower-in-Chief told New York Times magazine, demonstrating commendable restraint in not calling them “retards.” In related news, Marko’s book, No One Would Listen: A True Financial Thriller, co-written by hedge fund manager-cum-auteur David Einhorn, is hitting shelves next week. A signed copy is being sent Bernie’s way as we […]

    / Feb 24, 2010 at 2:45 PM
  • News

    Just Stop Talking

    Here’s a clip of the investigative journalism team at Fox Business discussing footage of one of its reporters and a camera crew staking out Bernie Madoff’s accountant David Friehling’s house, during which Friehling’s son dumps water on the network’s van, and later, as DF files a complaint against Fox with the Clarkstown, NY police department. […]

    / Dec 23, 2008 at 3:37 PM

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