Skip to main content

Pang Performance Art Continues

In his ongoing effort to demonstrate to the investing community what will happen if you fail to follow his patented guide to what to not do if you don't want people to wonder if your business is a massive fraud, Danny Pang, founder of the PEMGroup has really taken one for the team. If you foolishly choose not to heed the word of his crash course, which dictates you should endeavor to, among other things, not steal $3 million from your former employer, not allow "tough-looking men" to drop by the office during business hours "all the time," not throw stacks of $10,000 at a bunch of girls from the office on the way back from a trip to Vegas (or at least don't take pics), not leave major funds in your investment firm unaudited, and not tell your partner "I want you to know we are in a Ponzi scheme," those in positions of "authority" may come a' calling.

In the civil inquiry, an attorney for a former president of Mr. Pang's firm -- Private Equity Management Group Inc. -- said he has been contacted by the Securities and Exchange Commission's Los Angeles office. The lawyer, Jeffrey Benice, said he will meet with the agency early next week. An SEC official declined to comment.
Federal criminal investigators are also looking at the firm, known as PEMGroup, a person familiar with that matter said Thursday.

Pang Steps Aside at Firm as U.S. Launches Probe [WSJ]


The Art Of The Farewell

Not everyone gets to write a New York Times Op-Ed when they quit their job, however disaffected. It’s also easier to quit a job after twelve years of cashing investment banking paychecks. No matter how “morally bankrupt” Goldman Sachs is, Greg Smith isn’t giving his bonuses back. Unlike Smith, who quit his job on his own terms and got to publish most of his resume in the Times, most of corporate America isn’t as lucky – and almost everyone in corporate America really wants to quit their job. So what are you supposed to do if you can’t get any above-the-fold space in a major newspaper? You have to burn bridges the old fashioned way – by writing a farewell email.