[Twitter via BI]
Only two are visible in this photo he tweeted of himself and Prince Charles but presumably the gold thing behind the couch is an oil painting of his HRH and one would hope that if the cameraman zoomed out, we would see glossy 8X10′s of this, this, this, and this. And maybe a huge version of this, on the wall behind his desk.
Area Man Can’t Believe Stovetop Storage For Highly Important (And Allegedly Forged) Documents Resulted In Evidence-Destroying InfernoBy Bess Levin
Brandon Fradd is a hedge fund manager who previously ran Apollo Medical Partners with a guy named James Melcher. Melcher claims that Fradd cheated him out of $6 million in profits. Fradd claims that Melcher was never owed those profits in the first place, as per their profit-sharing agreement. Initially, Fradd attempted to argue that because his former partner never made a stink about his cut while they were working together, he wasn’t entitled to anything after the fact. When that argument proved unconvincing, he turned to Plan B, the (alleged) forging of a document that conveniently contained “an amendment to the profit agreement [that] undermine Melcher’s claim.”
Unfortunately for Fradd, someone on the other side had to go and call in an “ink expert,” which sent him scrambling to figure out Plan C, in order avoid to the prison sentence that generally comes with forging documents. Let him know what you think. Please consider that he didn’t have much time to come with this: Read more »
Westport-Based Investment Firm Just Wants To Let People Know None Of Its Principals Are Sexual Deviants, Nor Have They Given Birth To WeirdosBy Bess Levin
Investment Professionals [EIP]
Especially when he’s working his ass off to make this company big money and no one seems to give a baker’s damn. Here’s a tip from the Mayo Jar: When Fortune All-Star Analysts talk, you listen. Read more »
Riding Metro North later today? If so, do yourself a favor and hole up in the Bar Car and/or sit quietly while minding your own damn business, whether or not you suspect the driver is doing the crossword puzzle while driving, which he or she probably most definitely is. After a video shot by a passenger last week showing “a Metro North engineer engrossed in a newspaper while operating a rush hour train” resulted in the guy being suspended pending an investigation, fellow railroad workers, rather than making a big show of proving they don’t all catch up on the news while driving, have responded by more or less telling riders, “We don’t come to where you work and slap the dick out of your mouth.” Read more »
Earlier this month, the Journal explored the difficulty MF Global customers have encountered in attempting to get their “missing” money back, after the firm went down for the dirt nap last October. One woman who can relate all too well? Barack Obama AKA Angela Dozier-Carter, who is owed $150 trillion and then some, of which she hasn’t seen a dime. Read more »
Are you just waking up from a nap, perhaps your second of the day? Did you take it under your desk, curled up on the conference room floor, or in a bathroom stall? If the idea of regularly catching a few winks at your place of work strikes you as a fireable offense, relax: apparently everyone is doing it, says Bloomberg BusinessWeek. Yes, from the people who brought you “90 percent of Wall Street does calisthenics in the middle of the trading floor,” comes “Sleeping On The Job? Good! Overachievers Do.” According to BBW, not just some but “many Wall Street types use power-napping to make up for lost sleep,” at the office. Where, specifically, do these naps take place? Wherever looks comfy and you can fit a pillow and an eye mask if overhead lights are an issue. Got some colleagues who haven’t received the memo and continue to rudely pound the keyboard as though they don’t know you’re trying to get some sleep here? One woman recommends “heading out to the car to recharge.” Break into one if you don’t drive to work. No one will mind. Everyone’s been there. Read more »
“Goldman received a $20 million fee for playing matchmaker for El Paso. The fee, of course, was not disclosed, nor was the Kinder Morgan stake owned by Goldman Sachs’s private equity arm, worth some $4 billion.” [DealBook]
If you’re in a certain line of work, and I bet you are, then your main concern about things like the Volcker Rule and increased capital requirements for banks is that they might reduce your comp. If you’re in that line of work, you’re also probably the sort of person who has a higher than average aversion to having your comp reduced. However, you’re also the sort of person whose comp everyone else would be happy to see reduced, because you make too much already you greedy jackass.
That poses a quandary because nobody’s all that interested in hearing your arguments against the new rules, even if they’re good arguments and not 100% about your own personal remuneration. One thing you could do is get proxies to make your arguments. If you think that the Volcker Rule will reduce liquidity in foreign government bonds, you could suggest to foreign governments that it’s really important that they lobby against the rule on your behalf. You did that. Good work. Let’s see how it turns out. If it turns out well, the next step would be to get other clients to say “well, we want liquidity in our [stocks/bonds/rate swaps/whatevers] too,” since that would then be a more compelling argument.
It probably speaks well of the overall state of human rights in Europe that the European Court of Human Rights devotes a lot of its time to compelling moral issues like George Soros’s insider trading conviction. (Fine, there’s some torture too.) But how good is this:
Hedge funds have been known to use hardball tactics to make money. Now they have come up with a new one: suing Greece in a human rights court to make good on its bond payments. The novel approach would have the funds arguing in the European Court of Human Rights that Greece had violated bondholder rights, though that could be a multiyear project with no guarantee of a payoff. And it would not be likely to produce sympathy for these funds, which many blame for the lack of progress so far in the negotiations over restructuring Greece’s debts.
You … you think? You think that might look bad? Hmm.
More specifically the potential human rights violation here is the retroactive introduction of a collective action clause into the Greek-law bonds, which represent some 90% of the outstanding Greek debt. The idea here is along the lines of add CAC, scrape together a majority of the bondholders to agree to the exchange, and then force the holdouts to exchange on the same terms. Because Greece’s bonds do not currently have a CAC, people who bought the bonds would understandably feel a bit miffed to have one added retroactively, and some of them might replace the words “feel a bit miffed” with the words “have their human rights violated.” At the very least, though, retroactively and unilaterally adding material terms to the debt agreements seems pretty shady.
But one can have a little bit of perspective on this. I think there are about four things that Greece could do with its Greek-law bonds: Read more »