Over at the Journal today you will find a highly disturbing report: as the firm begins the process of converting into a family office, “SAC, which took the initials of its founder, Steven A.Cohen, has also had internal discussions about whether to change its name, in part to forge a new identity following its legal battles.” Read more »
The hedge fund formerly known as SAC Capital
Serious question of the day
- Ben Bernanke’s second term as Chairman of the Federal Reserve ends on January 31, 2014.
- Ben Bernanke has “already stayed a lot longer than he wanted to, or he was supposed to,” and will not likely be reappointed next year.
- Ben Bernanke has a head for numbers
- Ben Bernanke is a leader
- Ben Bernanke has gotten used to being addressed as “Mr. Chairman.”
- Bernanke loves Bernanke loves caviar quality suits at street vendor hot dog prices.
- Men’s Wearhouse has an opening.
The one thing potentially stopping him:
- Ben Bernanke’s noted devotion to Jos A. Bank.
It’s possible, of course, that he could put all that aside for the right price and a package that included a 50% employee discount.
But would he? Should he? Read more »
Poll: Should Nasdaq Be More Embarrassed About A) Screwing Up The Facebook IPO or B) Employing A Guy Nailed In A Nassau County Prostitution Sting Operation?By Bess Levin
The Post is thinking it’s gotta be B… Read more »
The following note was found in our inbox earlier this afternoon: Read more »
Who should replace Ben S. Bernanke as Chairman of the Federal Reserve when his term ends in January 2014? If anyone cared to ask us, we’d say no one: we like our Fed Chairman soft-spoken, bearded, and just as comfortable in dad jeans as they are in their bespoke Jos. A. Bank suits. But nobody asked and, according to Andrew Ross Sorkin, Bernanke has told “close friends” that regardless of whether or not Obama wins a second term, he’s ready to move on. Apparently qualified successors are few and far between and while Larry Summers is said to be “at the top of the list,” the fact that Treasury Secretary Tim Geithner may finally be granted freedom from his own personal Guantanamo Bay and will also necessitate a replacement who will have to work closely with the new Fed Chair poses some staffing issues, on account of the perception that Summers is somewhat difficult to work with. Read more »
Reader Poll: What Is The Appropriate Way To Close A Letter Informing Your Employer You’ve Lost It A Couple Billion Dollars?By Bess Levin
“Regards”? “Best wishes”? “Very yours truly”? “Sincerely”? “All the best”? “Love”? ”Again, really sorry”? ”Well I guess I’ll take off now”? “It’s been a pleasure working with you”? “TTYL”? “Keep in touch”? Kweku Adoboli, UBS’s alleged rogue trader, who does sound genuinely sorry for the “shit storm” he brought on the bank, went with “thanks.” Read more »
At some point tomorrow, Raj Rajaratnam will be sentenced for the 14 counts of securities fraud and conspiracy he was found guilty on in May. The prosecution, which claims the Galleon founder netted “at least” $50 million in ill-gotten gains, has requested he go away for anywhere between 19 years and seven months to 24 1/2 years, while the defense, which argues Raj scored a mere $7.4 million, would prefer 6 1/2 to 8 years. To that end, the Rajaratnam team led by attorney John “How long are you going to suck [U.S. Attorney for the Southern District of New York] Preet’s teat” Dowd has 1) asked friends of Raj to send character letters to Judge Howell highlighting what a great guy he is and 2) made the bold statement that Rajaratnam is suffering from a “unique constellation of ailments ravaging his body” and that he will most certainly “perish if given a lengthy prison term.” To date, individuals vaguely and otherwise connected to the Galleon case have been sentenced to 2.5 years (Danielle Chiesi), 3 years (Emanuel Goffer), 4 years (lobster fiend) 10 years (Zvi Goffer). So! Read more »