William Bryan Jennings, the co-head of North American fixed-income capital markets at Morgan Stanley who is currently on leave, appeared in court today (wearing “a blue suit, white shirt and patterned tie”) to plead not guilty to assault and hate-crime charges. Read more »
Morgan Stanley Would Prefer Employee/Friend Of Brothel Owner Not Be Seen Around The Office For The Time BeingBy Bess Levin
Despite telling Morgan Stanley’s legal counsel that he and Anna Gristina/Scotland were merely “friends” as opposed to partners in a whorehouse that he was supposedly trying to help her line up financing for, broker David Walker, who has not been charged with anything, has been put on administrative leave “until the Manhattan district attorney’s office concludes its investigation.” [FBN, earlier]
Morgan Stanley Guy Identified As Friend And Partner Of Brothel CEO Doesn’t Know What All The Fuss Is AboutBy Bess Levin
Earlier today it was reported that the Morgan Stanley employee who was helping Upper East Side madam and self-titled “CEO” Anna Gristina/Scotland expand her “empire” was a broker David Walker. Subsequently, some people showed up to one David Walker’s apartment for a comment on the matter. He told them 1) That contrary to various stories, he was “not there” when Gristina was arrested 2) That he doesn’t get why he’s the only Morgan Stanley guy being singled out here and 3) How dare you- she’s a nice lady! Read more »
Accused Madam Didn’t Sit Through Countless Meetings Discussing Capital Markets Strategy To Be Treated Like Some Common PimpBy Bess Levin
Remember Anna Gristina/Scotland? To recap, she’s the entrepreneur we were introduced to yesterday whose business hit a bit of a stumbling block when she was arrested by the Manhattan DA and charged with “promoting prostitution” out of her firm’s global headquarters, a whorehouse on East 78th Street. Gristina/Scotland is currently on Riker’s Island having been unable to post bail, set at $2 million, but prior to all this going down, she was just a (self-described) CEO with big plans and an outlook not so different from her colleagues in the business world. Before being nailed as part of a 5-year investigation, a typical day for Anna included: Read more »
Manhattan DA Pumps The Brakes On Mom/Madam’s Brothel Just As It Was About To Really Take Off With The Help Of Her Contacts In The Business WorldBy Bess Levin
As the entrepreneurial among us know, successful, brand name business don’t just happen overnight. They take blood, sweat, tears and in some cases, other bodily fluids, that the public never sees. Anna Gristina was nearly there. The mother of four (who went by the name “Anna Scotland” professionally) had been providing hookers for to “wealthy, powerful men” (“politicians, top-law enforcement, influential lawyers, bankers, entertainment execs and Fortune 500 businessmen”) out of an Upper East Side whorehouse for a decade and a half, had developed a thriving client list willing to pay between $1000 (for a “Dream Girl”) to $2000+ (for an “Ultimate Elite Model”) per appointment, and made millions in the process. She was ready for the big time. Just the other day, in fact, Gristina/Scotland was sitting down at the office of her friend and business associate, a Morgan Stanley employee, to hear his plan for “expanding her operation through the Internet.” And then this happened. Read more »
Trail Of Breadcrumbs Led Police To Morgan Stanley Banker Who Accidentally Stabbed Cab Driver Over Fare DisputeBy Bess Levin
“Jennings asked him to stop somewhere for food before taking the highway, so he took him to a deli on 10th Avenue, a stop that helped police investigators identify the banker, Ammar said. Video footage from the deli allowed police to recognize Jennings after Ammar said he was unable to remember the location of the banker’s house in Connecticut.” [BusinessWeek, earlier]
Specifically, her rights to Perrier on the company dime. It’s unclear what this woman’s name is so moving forward she’ll simply be referred to as The One With Brass Balls And An Allergy To Tap. Read more »
William Bryan Jennings is the co-head of North American fixed-income capital markets at Morgan Stanley, though his responsibilities have been passed onto a coworker for the time being until a particular matter is “resolved.” That matter would be a cab ride he took on the evening of December 22, which resulted in Jennings being charged with “second-degree assault, theft of services and second-degree intimidation based on race or bigotry.” At present, there are two conflicting stories about what happened. Read more »
One More Peep Out Of Morgan Stanley Employees And Next Year’s Bonuses Will Be Determined By IQ Test (Results Posted In Lobby)By Bess Levin
Gorman doesn’t fit the image of a Wall Street titan. Notwithstanding his $10.5 million pay package, he shows up at black-tie events in a rumpled tuxedo he bought as a business- school student in the 1980s. He keeps supplies of Vegemite — a favorite Australian food that’s made from yeast extract — in the executive kitchen and eats it on toast. He often walks home from his Times Square office to his Upper East Side townhouse and was spotted on one weekend in a track suit and sneakers waiting in line at the post office. The 6-foot-3-inch (1.9-meter), 195-pound (88-kilogram) Gorman’s favorite pastimes include reading John le Carre spy novels and taking boxing lessons weekly at his gym…Gorman is the sixth of 10 children born to Melbourne engineer Kevin Gorman. His father, now 90, was home-schooled until age 14 because he lived in the Australian outback, far from any town. Kevin Gorman once had each of his children take an IQ test, James says. He posted the results in the family’s living room, with each child’s score and expected occupation. James, whose sister is now a judge on the Supreme Court of Victoria, came in fifth — a result that relegated him to an expected job of “midlevel bureaucrat or manager,” he recalls. [Bloomberg, earlier]
One thing about Facebook is that Facebook doesn’t need the money that Facebook is raising in the Facebook IPO that Facebook just filed. (Did you hear?) It’s got almost $4bn in the bank and it can’t even be bothered to pretend that it’s got any plans for what to do with more:
The principal purposes of our initial public offering are to create a public market for our Class A common stock and thereby enable future access to the public equity markets by us and our employees, obtain additional capital, and facilitate an orderly distribution of shares for the selling stockholders. We intend to use the net proceeds to us from our initial public offering for working capital and other general corporate purposes; however, we do not currently have any specific uses of the net proceeds planned.
And while the selling shareholders undoubtedly will be happy to be able to sell in the open market, they can kind of do that now, with robust SharesPost and SecondMarket trading at high-eleven-figure valuations. Basically Facebook is IPOing because it’s got so many shareholders that it is legally required to register so might as well raise a few yards of rainy-day money while it’s at it.
When that’s your posture – and, to be fair, when people are beating down your door to buy your stock – you can be pretty, pretty cavalier with shareholder rights. What that means here is a two-class share structure (insiders get 10 votes per share, the public gets 1 vote), a board of directors that is not required to be independent, and Mark Zuckerberg controlling 57% of the voting power of the shares (while only owning 28%) via really quite all-encompassing voting agreements with current investors, some of which last until he dies. If your theory of public corporations is “they should be controlled by and for the benefit of the public shareholders,” this may trouble you. If your theory is “I’d follow Mark Zuckerberg anywhere,” then, carry on.
Other things to know or avoid knowing: Read more »