UBS’s O’Connor LLC, the Swiss bank’s hedge fund that provoked the ire of many an employee last March, when it treated them like regular old UBS employees come pay day, causing them to “contact other hedge funds and recruiters” to explore options, has followed up its last act with one entitled “Don’t let the door hit you on the way out.” Read more »
Bill Ackman Is Still Thinking About Filing An Appeal Against The SAT Board For Those 4 Questions He Got “Wrong” In 1984By Bess Levin
In 1984, when he was a junior at Horace Greeley High School, in affluent Chappaqua, New York, he wagered his father $2,000 that he would score a perfect 800 on the verbal section of the S.A.T. The gamble was everything Ackman had saved up from his Bar Mitzvah gift money and his allowance for doing household chores. “I was a little bit of a cocky kid,” he admits, with uncharacteristic understatement. Tall, athletic, handsome with cerulean eyes, he was the kind of hyper-ambitious kid other kids loved to hate and just the type to make a big wager with no margin for error. But on the night before the S.A.T., his father took pity on him and canceled the bet. “I would’ve lost it,” Ackman concedes. He got a 780 on the verbal and a 750 on the math. “One wrong on the verbal, three wrong on the math,” he muses. “I’m still convinced some of the questions were wrong.” [Vanity Fair]
For the last year or so, Morgan Stanley CEO James Gorman has sent a simple message to employees grumbling about compensation: STFU or GTFO. Now, according to Charles Gasparino, the bank may be telling a few employees to GTFO regardless of whether or not they’ve been bitching about pay. Read more »
Former Madoff Employee Pleads Guilty To *A* Madoff Securities Scam Just Not *The* Madoff Securities ScamBy Bess Levin
You know what has got to suck? When you decide to start charging stuff that doesn’t fall under “business expenses” to your corporate card and engage in a few other amateur hours scams that probably would have gone unnoticed (or, if discovered, not taken to the authorities because the boss had high tolerance for fraud) but then they are because the CEO of your firm had to go and engage in the largest Ponzi scheme on record, which shone an uncomfortable light on company personnel and all of the cheese, popcorn, and salsa of the month clubs you joined (for example). Craig Kugel knows what we’re talking about. Read more »
Apparently, yes. We’re told the “majority if not everyone” from the Houston energy office, headed by Stephen Trauber and said to be considered “the best division at UBS,” walked out last night and is headed for Citi. Read more »
Goldman Sachs Mortgage Co., the lender to the owners of Florida’s Sawgrass Marriott Resort, failed to win bankruptcy court permission to take over and sell the company’s assets. U.S. Bankruptcy Judge Paul M. Glenn in Jacksonville, Florida, today denied Goldman’s request to lift the automatic stay, a part of the bankruptcy code that shields a company from creditors’ efforts to collect on its assets. Tiger Woods made his Feb. 19 apology for his marital infidelity at the TPC Sawgrass golf club.