oh okay

They redeemed 90 percent of their money because they thought everyone else was going to redeem for that reason. Read more »

Time was, the name “Wharton” signaled something. Prestige. Power. Off the charts entitlement. A long, proud history of sending students to the National Championship of DCF Modeling and and sending the “competition” home with tears in their eyes. Now, though? Future Masters and Mistresses of the Universe can’t even bother to apply. Read more »

When the campaign decided to go for it, they went all out. Staffers and surrogates lobbied their contacts in Trump’s office, and senior campaign strategist Stuart Stevens called a person close to the Celebrity Apprentice star and asked what they could do to win him over. The friend’s advice: “Flattery goes a long way with Mr. Trump.” And so, in September 2011, the candidate himself paid a visit to Trump Towers in New York City. Other GOP contenders had already made the journey to kiss The Donald’s ring — including Herman Cain, Michele Bachmann, and Rick Perry — but Romney was considered the most serious candidate at that point. Rather than hold a big press conference outside the building like others did, Romney slipped in and out of a back door, dodging the photographers lurking nearby. No one knows what was said behind those closed doors — only Romney and Trump were present — but whatever it was, the candidate had “charmed” him, according to a source who spoke to Trump afterward. The source added that Trump had seriously considered backing Perry, but Romney’s meeting put him over the edge. “I think it’s a rich-guy thing,” Trump’s friend told BuzzFeed…Would they stay in touch now that the election’s over? “Trump doesn’t like to be associated with failure,” the source responded. “Trump’s a winner. My guess is today he’s pretty disappointed.” [BuzzFeed via Heidi Moore, related]

  • 31 Oct 2011 at 11:20 AM

Lynn Tilton: Ask And Ye Shall Receive

“For many years I had men asking me on the phone each day what I was wearing and what color my underwear was,” Tilton said. “And so I sent out a Christmas card with me in a red lace sort of teddy, and red cowboy boots and a Santa hat, wishing them a Merry Christmas.” [ABC, earlier]

Earlier today, US prosecutors rested their case against former Galleon employee Zvi Goffer, who like his old boss Raj, has been accused of insider trading. Here’s what Assistant U.S. Attorney Richard Tarlowe had to tell the jury:

Tarlowe urged the jury to consider why the three men used prepaid phones that they subsequently destroyed, why Zvi Goffer spoke on recordings about creating what he called a “divergence” that would conceal the reason for trades, why Zvi Goffer referred on recordings to “our guy,” and why he and Kimelman spoke so often about the legal documents that prosecutors say were used in deals that Ropes & Gray worked on. “Think about why they were doing things like that,” Tarlowe told jurors. “The defendants are guilty as charged.”

And here’s what Goffer’s lawyer had to say about all that: Read more »

It’s been hitting me pretty hard what happened just a few years ago. Then you see [Senator] Carl Levin and the Senate looking to bring criminal charges against Blankfein. There are some key learnings that came out of that period in history, and it felt like it was a really appropriate thing to eulogize on my body… to me this represents the recipe for human greed. It was severely misappropriated by traders, the way it was oversimplified and reduced it to a single gamma number – and they couldn’t stop using it even knowing the inherent fallibility in it. I’m going to come off like such a f———g socialist in this, but to me it perfectly embodies what went wrong. And in that way it was the closest thing I’ve seen to the economic paradigm that we’re in. [Easy Street]

Earlier this morning, Raj Rajaratnam’s 7-man legal team led by attorney John Down gave its final remarks in the insider trading case. While the Galleon founder is, of course, innocent until prove guilty, much of the evidence brought by the prosecution has made him look prettay prettay prettay bad, including but not limited to recordings of Raj complimenting Danielle Chiesi on how she “played” a tech exec into giving her material non-public information and one of him telling a friend he knew to buy shares of a company because “one of our guys is on the board,” as well as testimony from a former McKinsey exec that Raj paid him $1 million for his tip about AMD’s acquisition of ATI and the previously undisclosed fact that the defense’s big witness, Richard Schutte, was gifted with a $15 million investment in his hedge fund by the Rajaratnam family two weeks prior to speaking glowingly of Raj. How did Dowd explain all that in his wrap-up? It’s pretty simple, really. Everyone who said something that suggested his client was guilty is a liar. Read more »