Dimon mulls JPMorgan Chase succession plan (NYP)
According to people familiar with the matter, JPMorgan Chase CEO Jamie Dimon will be shuffling the roles of his key lieutenants in order to set the stage for his eventual successor. Among those likely to see their jobs change in the next few months is CFO Michael Cavanagh; Charlie Scharf, CEO of the bank's massive retail-services unit; and Samuel "Todd" Maclin, CEO of commercial banking.
Steven Cohen’s Ex-Wife Is Sued by Former Lawyer Batista Over Suit (BW)
In the complaint, which also names Patricia Cohen’s new lawyer, Gaytri Kachroo, Paul Batista seeks to place a lien on any eventual settlement or judgment that Patricia Cohen wins. Batista also seeks to be reimbursed for expenses he incurred on his former client’s behalf over the seven months he spent preparing the case. “Kachroo and Cohen have publicly, repeatedly and falsely claimed that plaintiff Batista was ‘discharged’ or ‘terminated’ for ‘cause,’” according to the complaint. Their “statements regarding plaintiff Batista are false and are a pretext created by defendants Kachroo and Cohen in an effort to deprive plaintiff of the fees earned and to be earned.”
AIG Growing Less Reliant on U.S., On Path to Repay Bailout, Benmosche Says (Bloomberg)
“We are well on our way to paying back the Federal Reserve” with the sales of American Life Insurance Co. and AIA Group Ltd. to MetLife Inc. and Prudential Plc, Benmosche said. “We are beginning to show the appropriate returns you’d expect of a company of our stature.”
CNBC's Erin Burnett Doesn't Think All Rich People Are Evil (Vanity Fair)
This was a fairly painful interview, but EB does note that she's buds with Rush Limbaugh, so there's that.
Goldman Sachs Fund Buys Stake in Ganek’s $4 Billion Hedge Fund (Bloomberg)
Goldman Sachs’s Petershill Fund Offshore LP, a $1 billion fund set up to buy minority stakes in hedge funds, bought a minority stake in David Ganek’s Level Global Investors LP.
Morgan Stanley pulling out of Revel Casino (NBC)
Morgan Stanley is pulling out of the $2 billion Revel casino in Atlantic City, N.J., and is prepared to take “a substantial loss” on the stalled project, into which it has sunk $1.2 billion, the company said.
Used-car dealer Chris Orsaris stole $7 million to finance mob fantasies (NYDN)
The car-peddling prodigy, whose sales career started as a teen, used the stolen cash to cover his exorbitant spending: a $5.5 million Trump World Tower apartment, a $2.9 million Hamptons home and a $2 million Florida condo, officials said. Orsaris, who also owned a $5 million Queens waterfront home, also bought an $860,000 yacht christened B LOW ME - and then filed a bogus claim that it was stolen, officials said.
Icahn Now Owns Whole Mortgage on Trump Casinos (AP)
The billionaire investor, who previously owned 51 percent of the mortgage issued by Dallas-based Beal Bank, agreed last week to buy the remaining 49 percent at a 7.5 percent discount, according to court documents. And he and the Don are still not good friends, FYI.
Starwood Capital Swooping In On Commercial Real Estate (Fortune)
The biggest slient drama: the return of Barry Sternlicht, who runs the $14 billion-in-assets Starwood Capital and who built his name buying properties on the cheap after the Savings and Loan crisis. Sternlicht's current focus is on one of Greenwich's prime downtown office buildings, 100 West Putnam.