You’re a hedge fund manager working and living in CT, catching a 7:30 showing of Harry Potter this evening in Stamford. The tickets have been purchased, the seats selected, and the previews about to begin. You tell your wife you need to take a leak and will be back in 5. You clumsily make your way through the aisle, forcing people to turn their legs so you can fit through and get outside. But once there you don’t head toward the bathroom. Because that’s not what you actually excused yourself to do. Oh, you came outside to pull down your pants and relieve yourself alright, but in a totally different way: by shoving a box of Jujubees in them. Read more »
In the growing battle over stolen information, who can muster the most misplaced outrage? The French, for whom the ends (prosecuting tax evaders) justify the means (using a list stolen from HSBC)? Or the Swiss, defenders of the Eighth Commandment and erstwhile protectors of tax cheats from around the world?
Or bets are on the French.
“France is committing no fraud, the tax evaders are,” said Eric Woerth, budget minister, in an interview on Canal Plus. “What counts is that we obtained [the information] legally.”
It turns out that the next best thing to running a successful bank may well be running a catastrophically unsuccessful one.
At the very least, Dicky Fuld and Jimmy Cayne did very, very well for themselves according to a new report from a bunch of Harvard Law School eggheads. So did their buddies: Executives at the late Bear Stearns and Lehman Brothers took home some $2.5 billion in cash over the last nine years of the banks’ all-too-short lives.
The report shows that the top five executives at each firm walked away with $250 million apiece on average from 2000 until last year when both firms ceased to be able to pay huge bonuses or to, you know, function. Everyone’s favorite pothead cashed out a comfortable $388 million, which should keep him well-supplied for some time. Wall Street’s cutest primate, for his part, banked $541 million.