So when his wife wanted to attend a little party in East Hampton this weekend, it surely took some convincing. “It’ll be good to get out, Steve,” she probably said. “I bet they’ll serve cocktail franks.” “Alec Baldwin will be there; you loved him in Glengarry Glen Ross and Along Came Polly.”
One or all of these temptations clearly struck a chord, and Cohen decided that yes, he would be nice to get out and mingle. Unfortunately, he didn’t realize that Bloomberg‘s exacting eye would be watching. Read more »
Next month in Jackson Hole, central bankers and various hangers on will assemble for the social event of the year, if you’re a person who likes to discuss monetary policy over canapés. This time around, though, economists from Goldman Sachs, Morgan Stanley, and other banks won’t be in attendance, because in a fit of oh no they di’nt-ness from the hosts at the Kansas City Fed, they weren’t invited. Read more »
[Steve] Cohen was among the roughly 2,400 people who attended Christie’s victory bash at the Asbury Park Convention Hall, as well as a private dinner Christie had with a handful of supporters, according to people close to Cohen with direct knowledge of the matter. Cohen was one of the few who received a personal invitation from the governor to attend, these people say. Further raising eyebrows is that the invitation came just hours after Manhattan US Attorney Preet Bharara announced a plea deal with Cohen’s hedge fund that includes the largest fine in the history of insider-trading cases, a guilty plea and an agreement by SAC to end its business of managing money for outside clients…Christie and Cohen are said to be friends; one person with direct knowledge of the matter said the New Jersey governor had heard that Cohen was depressed amid the legal pressure, including last week’s guilty plea, and “told Steve to get off his couch” urging Cohen to attend his victory celebration. Cohen reluctantly agreed, this person said. — Charlie Gasparino, Fox Business
November 4, 2013. Christie Re-election Headquarters. The governor is talking to reporters about the following day’s election, which he is all but certain to win. As we enter, he is answering a question from the Bergen County Times.
Christie: “…well you can tell him that if he wants to be an idiot, that’s his prerogative. If he wants to be an idiot that’s fine, but not in my state. You wanna be an idiot? Get the hell out of New Jersey.”
An aide approaches Christie, hands him a folded up note, and whispers something in his ear. A look of consternation passes over the Governor’s face. Christie apologizes and tells the reporters he’s going to have to cut things short, then exits stage right and walks into a conference room, shutting the door behind him.Read more »
December 7, 1941. November 22, 1963. December 4, 2009. All dates of such historical and cultural significance that if you asked someone where they were that day, they’d surely be able to tell you. Because they weren’t just any old days; they were moments when everything changed. The bombing of Pearl Harbor; the assassination of JFK; and, perhaps most importantly, the firing of Jeffrey Gundlach from the TWC Group, which had taken issue with his decision to start his own firm, and choose to express that anger by first escorting him out of the building and second raiding his offices, where they found an amount of adult films and sexual devices that suggested Gundlach was operating an online wholesale sex shop distributor and keeping the inventory at work. TCW also sued its former employee and at the time, rather than roll over and take it which is something he would never do, Gundlach vowed to fight back and clear up the misconception that TCW was the victim in the situation. On the contrary, JG told people, the real victim was US taxpayers who were “promised” Gundlach’s services and had to settled for a subpar bond manager when his relationship with the firm was terminated. Gundlach ultimately emerged victorious* and perhaps even more satisfying to The Pope was the number of TCW employees and clients who followed him en masse to his new company, the aptly named DoubleLine Capital. We’re not sure how you celebrated last night’s hugely significant anniversary, but we do know how Gundlach did: Read more »
American International Group Inc, the insurer majority owned by the U.S. after a 2008 bailout, is hosting an event at a California facility that advertises “the amenities of an ultra luxury hotel.” The American General unit assembled about 65 people who distribute its products for a two-and-a-half-day stay this week at the Resort at Pelican Hill in Newport Beach, California, said Larry Mark, a spokesman for AIG’s life insurance division. Nine AIG managers were also sent to the resort to make presentations, Mark said in a e-mail. He declined to say the cost of the event for the insurer…“We are back to the business of being in business and we’re in the marketplace competing,” said Mark. [Bloomberg]
As you may have heard, the last several years have not been so hot for RBS. In the last 12 months alone, the bank beat expectation by posting “a bigger-than-estimated first quarter loss” (with a loss of 1.4 billion pounds for the first half), employees have gotten canned, management has already informed staff that 2011 bonuses will be less than 2010’s, you can’t say “ABN Amro” without getting tased, they’re still mopping up the mess from ToiletGate, they just got downgraded by Fitch, and the Queen is riding all their asses. What was left to look forward to? Not much at all but at least there was the annual Christmas party which, since 2008 has amounted to one bag of (fun size) chips per head. It wasn’t a lot but it was something and now? It’s gone.
RBS is canceling Christmas for its investment bankers this year as the government-owned lender tries to reduce costs.
Okay, so, no Christmas party seems a bit harsh but employees can still get into the holiday spirit with non-Christ-based soirées, right? WRONG! There will be no Halloween parties, no pre-Thanksgiving raves, no New Year’s bashes, no Beamer’s Appreciation Day on RBS’s watch. Read more »
Last month it was reported that in 2007, executives with Munich Re subsidiary Ergo Versicherungsgruppe came up with the idea to throw a party for top performing sales executives at a bathhouse, featuring a bunch of prostitutes for their consumption. Because such events have the potential to devolve into mass chaos, with buyers and sellers running amok and no one knowing who’s down for what, the Germans had the bright idea to keep order via color-coding. Each hooker would wear an armband, with yellow indicating “available for sexual favors,” red indicating that she was a hostess and white indicating that she was “reserved for executives and top agents.” Additionally, the girls also received a “stamp” following each visit to one of the curtained canopied beds, so party-goers could know how many times she’d been “frequented.” When the story came out, a spokesman for the company said in a statement that incentive trips for successful salespeople “definitely don’t usually proceed the way it’s described.” Since then, current and former employees have countered that that’s actually exactly how they usually proceed and were going to keep proceeding, until Ergo ruined everyone’s good time by banning them indefinitely. On top of that, the company has now gone and taken out a full-page ad that includes an apology for the “mistakes” made by both the firm and the participants. Read more »