Write-Offs: 09.26.14
$$$ Wall Street is about to be rocked by secretly recorded audio tapes that purport to show a too-cozy relationship between the New York Federal Reserve Bank and the financial institutions it is supposed to regulate. The 45 hours of tapes, made by Carmen Segarra, a former NY Fed worker, capture former co-workers, whose job was to keep banks like Goldman Sachs in line, instead deferring to the banks, being unwilling to take action and being extremely passive, according to NPR’s “This American Life,” and ProPublica which obtained the tapes and is scheduled to air a program about the matter Friday night. [NYP]
$$$Pimco's Ivascyn on Shortlist to Succeed Gross; Has Beaten 99% of Peers Over Past 3 Years [Bloomberg]
$$$ Gundlach said: "I am CEO of the firm. We talked about working together, but I was never going to be the 'co-guy.' I am CEO. That was never going to happen." [Reuters]
$$$According to Gross’s wife, Sue, who was reached by phone this morning, Gross is “very excited” about his new job. He is currently in Colorado at Janus’s offices. “It’s been a really rough year,” Sue said. “The whole year is a blur.” [BusinessWeek]
$$$ Mr. Gross's behavior grew increasingly erratic in the wake of Mr. El-Erian's departure, according to people familiar with the matter. Several months ago, the Pimco executive committee issued a warning to Mr. Gross that he needed to change his behavior, the people said. Mr. Gross's behavior didn't change, these people said, as he yelled repeatedly at members of the committee and others. [WSJ]
$$$Meet your friendly neighborhood billionaire. He’s a 63-year-old married guy. He’s got just over $3 billion in the bank, including $600 million in cash. He made his own money on Wall Street. He went to Penn. He loves sports. That basic composite comes from Wealth-X and UBS’s new “census” of the world’s 2,325 billionaires, giving a rare view into how the 0.00003 percent lives. And they live very, very well. [NYM]
$$$Shia LaBeouf Ran a "Metamarathon" Around a Dutch Museum for Art [Gawker]
$$$Gross' sudden Pimco exit may quicken outflows to rivals [Reuters]
$$$Alibaba Gives Bigger Incentive Fees to Credit Suisse, Morgan Stanley [WSJ]
$$$Spokane To Test Sewage For Pot [AP]
