that’s nice

The bad news is that former Barclays chief operating officer Jerry del Missier is still out of a job and it may be some time before he gets a new one, on account of “investigations conducted by American and British authorities [demonstrating] he was a central figure” in the scandal du jour and “asked other bank officials to lower the firm’s submissions to Libor.” The good news is that Jer is still (probably) getting paid, unlike some people he knows. Read more »

Former Paulson Protégé In A Charitable Places About Losses

Remember Paolo Pellegrini? For those who need a refresher, the Italian Stallion is the former Paulson and Co. employee who helped John come up with a highly lucrative subprime trade, later leaving the firm to set up his own shop (the delightfully named PSQR AKA Pellegrini Squared) after some reported friction re: whether or not he was getting enough credit for netting the hedge fund billions via ‘the greatest trade ever.’ PSQR returned 40% in 2008 and 61.6% in 2009 and then in August 2010, Pellegrini gave back all outside investor capital, stating that he would be focusing on managing his own money. And speaking of Paolo’s pennies, the ones he had invested with Paulson have taken a li’l bit of a hit lately. But according to Big P, who previously dabbled in DJ’ing and efforts to get pot legalized, it’s all good. Read more »

  • 24 May 2012 at 3:56 PM

Dick Fuld’s Weekend Is Looking Up

U.S. Securities and Exchange Commission investigators have concluded their probe of possible financial fraud at Lehman Brothers Holdings Inc. and determined that they will probably not recommend any enforcement action against the firm or its former executives, according to an excerpt of an internal agency memo. Under a heading reading “Activity in the Last Four Weeks,” the undated document reads, “The staff has concluded its investigation and determined that charges will likely not be recommended.” [Bloomberg]

People being the operative word here, as the statement “we’re going to look for other means for efficiency” most certainly suggests plants may once again find themselves on the chopping block. Read more »

  • 11 Apr 2012 at 1:35 PM

Jon Corzine’s Got Money To Burn

A bankruptcy judge said MF Global can use existing insurance policies to pay potential “wrongful act” legal-defense fees for former Chief Executive Jon S. Corzine and other executives, even as commodities customers continue to argue that they are entitled to at least some of the money. Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved the request by MF Global to free up insurance money from two separate entities: a total of $150 million in potential coverage from a subsidiary called MF Global Assurance and as much as $225 million from U.S. Specialty Insurance Co. With $375 million in proceeds potentially available, Judge Glenn said he will place a “soft cap” of $30 million for the defense costs, with the parties required to come back to court for approval of further use of the funds. He overruled several customer objections. [WSJ, related]

Bonus Watch ’13: Paulson And Co.

The bad news: even if Paulson and Co. turns things around in 2012, they might not get to collect performance fees, on account of potentially still being under water due* to last year’s annus fucking horribilis. The good news: John Paulson’s employees will still get paid, because that’s just the kind of guy he is. Read more »

  • 21 Mar 2012 at 4:05 PM

Jimmy Cayne May Be About To Come Into Some Money!

10-pound bag of Chronic Supernova, consider yourself bought. Read more »