Much like being a first, second, or third year analyst on Wall Street, a lot of being a non-partner employee at a law firm is being shit on. Not respected. Treated like an idiot. That many of these attorneys have six-figure debt and are, in some cases, decades out of their early twenties makes the day to day treatment by their superiors all the more harsh. They can’t ease the pain with a visit to the Murray Hill Brother Jimmy’s; all the can do is go home and wonder “What kind of a life is this? Why do I put up with this,” cry, or some combination thereof. Some quit; others resign themselves to the way of life; a select few go out and get drunk on pinot grigio and decide, “I’m not some paper pusher. I’m an an esquire. I’m important. I know stuff. I’m gonna show them. I’m gonna show ALL of them [knocks over glass].” Read more »

From: redacted at UBS

Sent: Monday, July 15, 2013 3:07 PM

To: ML-IBD-Worldwide-All

Subject: Relationship inquiry: Francis Ford Coppola Read more »

Nobles Crus, a struggling wine fund listed in Luxembourg, has been forced by the grand duchy’s financial regulator to bar its investors from withdrawing their money and also can no longer sell its shares after running out of cash. The decision by the Commission de Surveillance du Secteur Financier (CSSF) to “temporarily suspend all redemptions and subscriptions” in Nobles Crus came late last month after Elite Advisers, the fund’s managers, admitted they did not have enough cash on hand to meet redemptions “involving considerable sums of money”. Revelations about the fund’s illiquidity follow some of Nobles Crus’ rivals as well as valuation specialists questioning the method by which Elite Advisers calculate the month-on-month increase in the prices of the fund’s bottles. It also coincides with a fall in Nobles Crus’s assets, which slid from €109m in September of last year to €91m at the close of March. The fund revealed the news about its failure to meet redemptions in a letter sent to investors at the start of June. The note implies that a reason behind the spate of redemptions the fund endured are European-wide regulatory changes which make it impossible for Ucits funds to invest in specialised investment funds such as Nobles Crus from the start of next year.[FT]

So you’re Cliff Asness, and you’re in Washington for dinner with a couple of buddies, one of whom happens to be Republican congressman Paul Ryan. Just you, some bros, a nice meal, a little chat about monetary policy and the debt ceiling negotiations.

And you’re feeling pretty good, maybe because you just saw the Atlas Shrugged movie for the fifth time and bought the special John Galt action figure, so you splurge on a couple of bottles of the best wine you can get your hands on. Unfortunately you’re in D.C., so you’re stuck with the Jayer-Gilles 2004 Échezeaux, not a slouch exactly but kind of unsubtle and maybe a bit too young to drink. (Burghound: 89-92, drink 2012+, “Strongly reduced, however the big, rich, generous and powerful full-bodied flavors are deep, well-muscled and extremely long, all wrapped in an impeccably well-balanced finish. This definitely has the best material of any wine in the range and if it can add more complexity over time, it could surprise to the upside as it is definitely impressive.”)

So NBD right? You’d think so. But then some possibly drunk lady, who turns out to be Rutgers business professor Susan Feinberg (she teaches a course called “Love and Money”), starts snooping on your table. She sees the label and consults the wine list, where she finds out that it runs $350 a bottle. And then she breaks out her Ph.D.-level math skills:
Read more »

Both the defense and prosecution would like to use the meal to make their cases. Read more »

“If [Ben Bernanke and other leading figures in the Federal Reserve] really told us what they are talking about after three glasses of wine late at night, the markets would wet their pants and it would be all over,” Mauldin said. [CNBC]

“I’m happy to do it because I think it’s going to demonstrate my innocence,” Kinnucan said of the request for information. Will he be happy with all the other fun stuff the feds likely have in store for him after he refused to wear a wire while conversing with SAC Capital, notified his clients of the investigations, and instead of choosing to put a lid on it, pimped his story out to the highest bidder(s)? Stay tuned!