Phil knew that this was more than just a threat. In all the years they’d been living together, he’d never seen her so mad, not even after she’d discovered he’d been hawking her vintage Hermes scarves for cash last summer. No, she’d really had it with him this time. It’d been more than three years since she’d been able hold her annual Christmas party, the social event of the season that people had done unspeakable things to score an invite to in the past and her patience had long since whittled down to that of a toothpick.
If she wasn’t able to throw it the way she liked– Swarovski-encrusted invitations, go-go dancers dressed as Romans flanking the pool room, ice sculptures done in the family’s likeness, individual raw-bars at dinner, a ‘Maids-a-Milking’ themed after hours– then she wasn’t going to throw it at all. Better to make ‘em wait and come back with a vengeance then serve up a watered down, less hot version of what she was capable of. So they’d agreed on a deadline: Christmas 2014. She’d started working on preliminary plans in August and, yet, as of last month, not one penny had been deposited into her ‘Travel and Entertainment’ fund.
She’d sent emails about it marked ‘high importance,’ pestered his secretary, and finally stormed his office earlier in the week, where she found him doing little more than raking sand back and forth on of those desk trays, rather than hustling to get the money together. She exploded then and she exploded this morning, following him to the front door of the townhouse in her robe and shouting in no uncertain terms that if he didn’t come home with the money that night, he needn’t come home at all. And, honestly? As of lunchtime he was trying to figure out if he had any buddies left who’d let him sleep on the couch, just for a night or two until he’d found something more permanent. And then he remembered something. Page 741 of his employment agreement. Not with Harbinger Capital Partners. Not with HC2. Not with LightSquared. But with the Harbinger Group. Read more »
“Over the course of the last eleven years, I have been fortunate to be the CEO of Knight Capital Group. Together we achieved a wide variety of the business goals we had established. With the transaction with GETCO completed, and after careful consideration, I have decided that now is the right time for me to resign as Executive Chairman and leave the organization…I take great pride in the fact that “legacy Knight” is operating so well as it moves into KCG Holdings. And I am gratified that the values at the core of Knight’s DNA – client service, integrity and maintaining the highest standard of business ethics – will continue to be core values of KCG going forward. Our business success is dependent upon relationships built on trust, and it is due to the committed and hardworking employees of Knight that our company has been successful through the years. Similarly, it has been an honor to work closely with Knight’s clients…All the best, Tom Joyce.” [BI]
Scotts said Monday its board had unanimously reprimanded Mr. Hagedorn for his use of “inappropriate language,” and that three independent directors had resigned following the move…In a statement Monday evening, the 57-year old chief executive said he has “a tendency to use colorful language,” and apologized for what he said were “inappropriate” comments. He said he has made “a personal commitment to prevent a future recurrence.” Mr. Hagedorn, CEO of Scotts since 2001, is the son of the man who co-founded Miracle-Gro. He is well known among analysts, reporters and people who do business with the company for his candid and often profane language. He is typically more restrained during investor calls, according to analysts. But at the company’s analyst and investor day in December, four of Mr. Hagedorn’s comments were edited for profanity, according to a transcript of the event from S&P Capital IQ. In describing the fragile mood of consumers during that event, Mr. Hagedorn said: “Whether it’s fuel prices, stock market, or the bulls— in Washington, when consumers get stressed today, they shut down,” according to the transcript. At the same event, Mr. Hagedorn also said that during better times for the lawn products business, the company was “making s— pots of money.” [WSJ]
Noted bank analyst Dick Bove is planning to submit his resignation from Rochdale Securities LLC on Monday, according to a person familiar with his plans. Mr. Bove has remained at Stamford, Conn.-based Rochdale as it has searched for a rescue since Oct. 25, when a trade in shares of Apple left it in what President Daniel Crowley called a “negative capital position.” […] Mr. Bove has been unable to publish stock research since the errant trade, because Rochdale’s cash shortfall has prevented the firm from trading securities or issuing analysis. [WSJ, earlier]
Jack Welch said he will no longer contribute to Fortune following critical coverage of the former CEO of General Electric, saying he would get better “traction” elsewhere. On Friday, Welch suggested that the Obama administration, calling them “these Chicago guys,” had manipulated the monthly jobs report in order to make the economy look better than it actually is just weeks before the election…CNNMoney, which shares content with Fortune.com, ran a story on Friday covering Welch’s tweet. The piece said that even conservative economists thought Welch was wrong to question the jobs numbers. On Tuesday, Fortune.com ran a story detailing Welch’s record as a job destroyer. GE lost nearly 100,000 jobs during the 20 years in which Welch ran the company. “I never put myself out there as an employment agency,” Welch told Fortune…Following the story, Welch sent an e-mail to Reuters’ Steve Adler and Serwer saying that he and his wife Suzy, who have jointly written for Reuters and Fortune in the past, were “terminating our contract” and will no longer be sending our “material to Fortune.” Reuters’ story about Welch’s tweet quoted money manager and blogger Barry Ritholtz, who said Welch’s comments were laughable. Reuters wrote that Ritholtz comments were referring to allegations that Welch regularly manipulated GE’s earnings during his tenure as CEO in order to best Wall Street profit estimates. [Fortune, related]
The remaining directors of MF Global Holdings turned in their resignations Friday, following the appointment of a trustee to oversee liquidation of the futures brokerage. Former FBI director Louis Freeh was installed as trustee in the MF Global bankruptcy case on Monday. [CNBC]