Remember Jim Glover AKA G-Love? For those who need refreshing, JG is the guy who we reported almost a year and a half ago had decided to help himself to a bonus after deciding the one awarded to him by management wasn’t good enough. Read more »
A few weeks ago, we had a little chat about James Glover, the RBSGC managing director who, being pretty ticked about the subpar compensation situation for the past few years, decided to help himself to a bonus (he did so by having junior employees submit wires that would normally go to a counterparty to pay for trades, and then approving them to, instead, go to his personal account). Unfortunately, G-Love’s genius plan, which went on for months, was found by the damn chippies running the place and their infernal “internal controls.” They escorted him out of the building and turned the matter over to “law enforcement.” A lot of people back at the ranch were pretty miffed about what happened, especially on the legacy Greenwich Capital side (where The Glove worked for many years), because they apparently felt like it gave the RBS people ammo to throw it back in their faces, and somehow hurt the argument that “GC employees are better than everyone else” at the palace on I-95. But they may have been judging too harshly! It turns out Jimbo had a really good reason for “stealing” the money (if you want to put that sheen on it). Beyond the fact that he was miffed about the bank taking away cash bonuses last year, Glover had just built a nine-bedroom, five-bath ski house in Windham, NY (we’d previously been told it was Vermont), which he couldn’t *exactly* really afford (but if one of you can, it’s now on the market for $1.1 million). The other reason G-Love made it rain without permission was that he had a dream. A dream to build ski houses for everyone. Greenwich Time reports:
Many also knew about [Glover's] dream to build beautiful luxury mountain homes in his favorite ski town, Windham, N.Y. Glover has a second home he shares with his sister, Janet Glover, in Windham. But just three weeks ago, after his separation from RBS, he put the home up for sale. A Windham neighbor told Greenwich Time they were surprised he was going to sell the house considering he just finished an addition. The nine-bedroom, five-bath ski house is appraised for around $800k and listed at $1.1 million. Glover’s neighbor and local Realtor, Carol Shaw, told Greenwich Time she thinks he’s priced it to sell right away. You see, in June 2008 Glover took out a very large building loan and security agreement against the house and another piece of land in Windham from Port Chester-based USA Bank. Building loans are typically due in 18 months to two years and the pressure to pay this one off was mounting. If not paid off on time, the Glovers could risk losing their home and other Windham real estate investment. Glover had partnered up with Thomas Poelker, a builder in the upstate New York resort community, to develop a luxury subdivision near the Windham ski resort. According to people familiar with the transaction they bought the undeveloped 75 acres of land for around $1 million a few years ago. It was subdivided into 9 lots, a road was built into the area, and one 10,000 square foot spec house is under construction.
For the past few years, bonuses at RBS have been what you call not so great (for good reason of course, which is that whatever money the firm had needed to be put towards on-site saunas and sports bars, so just silence yourselves). RBSGC Managing Director James Glover (apparently known to colleagues though not to his face as “G-Love”), was all too aware of the shit bonus situation, particularly the potential scheme to pay employees entirely in RBS debt and if we’re being honest? He didn’t like it. It didn’t jibe with the ski house in Vermont he was building (which some haters claimed was out of his price range) or the money problems he was having in general. So Jim did what any thinking man would do and came up with a plan– help himself to a bonus.