Having just written a book on the subject (When Mooks Fail, currently #15 on the Amazon.com best-seller list), Charlie G. continues his intrepid reporting on the utter shamelessness of Wall Street.
Now, Tom Maheras, the former Citigroup president, is hardly the only person who proves that, no matter how much you lost on subprime bets, you can still raise $100 million for a hedge fund. But Chazzie reports that, despite being forced out at Citi two years ago for obvious reasons, Maheras is basically still working for the firm.
Citigroup is (one of) his prime brokers, giving Maheras another chance to put Citi at risk. Sandy Weill, the always-sage former chairman of the firm, is one of his biggest investors. And showing that Maheras still has the cojones for this kind of work, one of his biggest bets has been on Citigroup.
What's more, it's paying off. The year-old hedge fund, Tagean Fund, is up 84%! Thanks, in no small part to the Citi investment. Welcome to Wall Street, where the second chances are unlimited, where (as Chazzie might put it) irony rules, where (as we will put it) injustice rules.
Off The Record w/ Charlie Gasparino [CNBC]