Lampert, Please Report To Clean Up In Aisle 8, Clean Up In Aisle 8 Please


Alpha magazine officially followed up yesterday's list of 2008's top earning hedge fund mangers this morning with its list of 2008's top losers. Clocking in at number one, we are sad to say, is our favorite midwestern fund boss, Ken Griffin, who lost $2 billion last year, as opposed to making $1.5 billion in 2007. Eddie Lampert won the dubious honor of making the list two years in a row, having lost $1.1 billion in 2007 and $1 billion in 2008. Rounding out the top three was the industry's resident Zamboni driver, who personally misplaced $900 million after taking in $750 million the last time around. Tontine's Jeffrey Gendell, who has not previously qualified for the mag's top earnings list, having only made $190 million last year, took a $625 million hit in '08 but please don't worry about JG, 'cause he's got a plan to make it all backand then some. And, to reiterate, as one of the men above noted to his troops yesterday, "I know this looks bad, but don't worry about me compadres. You should see our clients."

The mag also revealed the incomes of the bottom half of the Top 25 today.


New York Times Columnist Disappointed Goldman Sachs Didn't Hang On To Stake In Sex Trafficking Company, Clean Up Shop With A Little Activism

On April 2, the Times ran a piece by columnist Nichholas Kristof entitled "Financiers and Sex Trafficking." Kristof wrote that he had figured out that a website called place where, among other things, those looking for underage girls and of age women forced into prostitution, can find them--is owned by "an opaque private company called Village Voice Media," which until recently was in part (16 percent) owned by Goldman Sachs. Upon being contacted about the matter, the "mortified" firm "began working frantically to unload its shares," all of which were sold several days later. Today Kristof went on CNBC to discuss the matter and while he can sort of see why the bank wouldn't want to be publicly associated with an "emporium for girls" (which he doubted top executives knew about), he can't help but feel that if Goldman really cared, it would have continued its relationship with the company and "used its stake to try to advocate for change within...rather than just selling back to management." Goldman's Ties To Sex Trafficking [CNBC via BI]

Former Citigroup VP Who Helped Himself To $23 Million Gets 8 Years

Nobody fucks with Count Vikula! Former Citigroup Vice President Gary Foster was sentenced to 97 months in prison for embezzling almost $23 million from the bank, according to federal prosecutors in Brooklyn, New York. Foster pleaded guilty to bank fraud in September, admitting that he transferred money from various Citigroup accounts to his own at JPMorgan Chase. He concealed his activities by making false accounting entries, according to the government. He used the money to buy real estate and luxury sports cars, including a Ferrari and a Maserati, prosecutors said. The government has seized or restrained property from Foster valued at a total of $14 million. “I executed a scheme to defraud Citigroup,” Foster told U.S. District Judge Eric Vitaliano at his plea hearing last year in Brooklyn. “I directed funds to be wired into my personal account at JPMorgan.” Ex-Citigroup Executive Gets 8 Years For Embezzlement [Bloomberg]