Serious question- has James Dimon, he of JPMorgan, come out looking better than some other Wall Street CEO’s because of a nice face, “fluffy white, unbankerish hair” and an ass you could bounce a quarter off of? Alternatively, has Dick Fuld become something of a villain not because of that business with Lehman Brothers’ balance sheet, per se, but because he’s got a mug that will haunt your dreams? Both are theories currently being floated. Read more »
Sayeth Chaz: Read more »
According to Charlie Gasparino, who’s been tailing him. Read more »
J.P. Morgan Chase fired back at Lehman Brothers Holdings Inc.’s attempt to dismiss a J.P. Morgan lawsuit against it, citing emails it says suggest Lehman knowingly misled J.P. Morgan into keeping “goat poo” securities that Lehman brokerage buyer Barclays Group PLC didn’t want. In a bankruptcy court filing made Thursday, J.P. Morgan says two Lehman employees “referred to both RACERS and another security called Fenway [commercial paper securities] as ‘goat poo’ to be scattered in ‘other people’s backyards.’” The J.P. Morgan suit is in response to a lawsuit Lehman filed in May, alleging that J.P. Morgan illegally siphoned billions of dollars from Lehman as it collapsed in September 2008. [Dow Jones]
Llewllyn Connolly, allegedly 44, is a Harvard Business School alum who’s spent the last couple decades working for Wall Street firms including Lehman Brothers, Goldman Sachs and, most recently, Swiss Re, as a managing director. He and his wife, Fay Lin, live in an apartment on Bond Street, which some of you may recognize as a New York address. Problem was, Connolly didn’t feel like paying New York City taxes, so he came up with a not terribly inventive way to avoid doing so, which involved claiming he was single and living in London. Read more »
If you’re going to commit financial fraud, you probably don’t want to find yourself sitting at a table across from David Einhorn, who will know what you’re up to and share it with the world. Similarly, if you’ve never played poker and have only ever had a 15 minute tutorial on the game, you probably should avoid playing with the Greenlight Capital founder, whose vastly superior skills will demonstrate just how much you suck. As I like to live on the edge, yesterday in an undisclosed location, I choose not to heed the wisdom of the latter. Over several hands, Einhorn and I discussed the new edition of his 2008 book, “Fooling Some Of The People, All Of The Time.”
The latest version includes an epilogue, and concludes the story of Allied and Einhorn’s years of trying to get other people to listen when he said something was up. As we now know, Allied’s shares collapsed, Greenlight collected $35 million, and the hedge fund made another big (and correct) call on a bank called Lehman Brothers, whose failure was, according to Einhorn, “the Allied story all over again,” just on a bigger scale, with more resounding consequences. Even after the last crisis, which should have been a wake-up call, Einhorn doesn’t think we’ve changed much and if anything, the reforms passed only “encourage poor behavior and will likely foster an even bigger crisis.” He and I chatted about that exciting event, Quantitative Easing, Steve Eisman’s illicit pleasure of choice and more, plus poker tips for people who really, really need them.**
BL: You mentioned an unexpected and tremendous response from readers of the book the first time around. What’s the craziest piece of fan mail you’ve gotten- has anyone sent you their undergarments in the mail?
DE: [laughs] No, do you think they should?
DE: You’re hysterical.
BL: I mean, people do that. Musicians, rock stars get sent that sort of stuff. You’re like a rock star…of investing.
DE: Well, the thing is, my following [for the most part] is with 20 to 35 year old men. So, you know. I definitely don’t want their undergarments. Read more »
The DecorMyEyes proprietor and former Lehman Brothers employee has been arrested. Cyber-stalking, interstate threats, mail and wire fraud will make it difficult for him to continue in the industry. We should start helping him raise money for a fund ASAP. [CNBC, previously]