Goldman Sachs announced that it’s opening offices in the Middle East, in Dubai and Qatar.
Morgan Stanley said a few months back that it would be doing the same; John Mack attended their official Dubai opening last weekend.
Goldman CEO says firm to open Middle East offices – Reuters
Tags: Goldman Sachs
JPMorgan Chase Chairman William Harrison and Chief Executive Jamie Dimon didn’t have a half bad 2005 pay-wise, so not to worry — they won’t be standing in front of Chase retail branch cash machine entrances opening doors and begging for tips anytime soon. They were each paid $22.3 million….
Stephanie Villalba, former head of Merrill Lynch’s European private banking group who had filed a $13 million sex discrimination suit against the firm, lost, and then appealled, has also lost the appeal. Adding insult to injury, she’s left with a meager £61,000 settlement and legal expenses of more than $1 million. Ouch!
Tags: Merrill Lynch
Let the poaching recommence! As long as Morgan Stanley’s retail broker boss James Gorman doesn’t actively solicit Merrill brokers, they’re free to hire.
A New York State judge has served Morgan Stanley what seems these days like a rare victory in its hiring efforts. New York State Supreme Court Justice Emily Jane Goodman has lifted a temporary restraining order that restricted the contact that brokerage chief James Gorman, recently hired from Merrill Lynch, could have with Merrill Brokers. Morgan had been on something of a hiring spree from Merrill soon after Gorman’s arrival, and Merrill sued, alleging that Gorman was violating the terms of his employment contract by soliciting brokers from Merrill. They subsequently won a temporary injunction. Now the judge has ruled that Merrill’s injunction was too restrictive, and there wasn’t enough evidence supporting the allegation that Gorman actually solicited brokers.
Tags: Merrill Lynch, Morgan Stanley
Mario Gabelli’s lawyers are being kept pretty busy these days. The U.S. Justice Department said earlier this month that it would be filing civil charges agains Mr. Gabelli alleging that he created sham companies to bid for cell-phone licences at a discount via rules favoring small businesses and minorities. And just yesterday, New York State Supreme Court judge Linda S. Jamieson granted a summary judgement against him in a long running legal battle with two men who provided financial backing to him in the 70’s and who allege that they were unfairly prevented from selling their shares in his private company Gabelli Group Capital Partners, which controls Gamco Investors, Mr. Gabelli’s publicly traded mutual fund company…
He acknowledges, however, that politics could be an uphill battle. In a recent interview that sounds like an effort to reposition the outspoken former adman turned CNBC talk show host into a warmer and fuzzier kinda guy, he made his political aspirations public. Hmmmm….how easy is it gonna be to reposition someone who makes comments like "No one takes a dump like me" into a serious political candidate? Can he convince people that a classy remark like that is actually a positive ASSet?
Tags: Donny Deutsch
Australian regulators have sued Citigroup for insider trading in the securities of Patrick Corp. Citigroup was simultaneously advising Toll Holdings Ltd., the company that’s made a hostile bid for Patrick….
Michael Eisner’s new CNBC talk show isn’t making much of a splash, according to the ratings. His "Conversations with Michael Eisner" drew only 95,000 viewers, that despite being given a nice lead in by Howie Mandel’s game show "Deal or No Deal" with 518,000 viewers.
CNBC claims that the abysmal results were better than they appeared. (Spin, spin, spin.)
"CNBC is very proud of ‘Conversations With Michael Eisner’ and we look forward to its next broadcast on April 26," network spokesman Kevin Goldman said in a statement.
Uh huh. And everyone likes CNBC’s makeover too. Can you spell ‘delusional’? Eisner is NOT a very engaging interviewer, and worse, his raspy voice is not exactly broadcast friendly.
It’s Not Such a Wonderful World for Eisner Show – Los Angeles Times
Billionaire Paul Allen built his Experience Music Project museum as tribute to his rock idol Jimi Hendrix. There he houses his rock and roll memoroabilia collection, including a smashed Jimi Hendrix Guitar and his "Roots and Branches" sculpture made from 600 guitars and other instruments (pictured). He also has other neato stuff, like Captain Kirk’s Starship Enterprise chair from the ’60’s TV show ‘Star Trek’.
Allen also, as it turns out, has a love of art (don’t all self respecting billionaires these days?), and from April 8 to Sept. 24, he’ll put 28 of the works from his impressive collection on display at his EMP museum, including pieces from Gaughin, Brueghel, Jasper Johns, Roy Lichtenstein, Renoir, Monet and Degas.
Dresdner Kleinwort Wasserstein capital markets head Steve Bellotti has quit the firm after an internal power struggle that would have downgraded him to group co-head was said to have backfired…
Bloomberg columnist Mark Gilbert tripped over a section on the Goldman Sachs website where some of their mostly junior masters-of-the-universe-in-training types from around the world describe their experiences at the firm. So let’s meet some of them….
Tags: Goldman Sachs
If you forgot to wish him ‘Happy Birthday’, it’s better late than never. Goldman Sachs’ Henry Paulson turned 60 on March 28.
Tags: Goldman Sachs, Henry Paulson
John Mack is keeping his legendary knife nice and sharp, although he seems to have passed it on to his general, new retail chiefJames Gorman. According to an internal memo from Gorman, this time the blade will fall on around 15 percent of Morgan Stanley’s senior managers in its New York area retail brokerage operations…
Tags: John Mack, Morgan Stanley
Rumors of Scores’ demise have been vastly overstated. Gentlemen (and perhaps a few ladies) who frequent the club, you may breathe easily. One of the owners of the Scores strip club, Richard Goldring, has pleaded guilty in Manhattan’s state Supreme court to filing false tax returns, but it’s gonna have no impact on the club. So lap dances for everyone on Wall Street!
The Chinese will be getting their own Apprentice like reality show come next December, this one seeking the most talented entrepreneurs in China. The winner and four runner ups will be rewarded with with start up capital for their own companies. The losers? Well that’s how the fortune cookie crumbles….
Dogged by poor performance of bond investments in downgraded auto makers General Motors and Ford, which caused investors to flee from one of GLG Partners’ flagship credit funds, its manager, Jean-Michel Hannoun left the firm last Monday….
Tags: FSA, GLG Partners, Philippe Jabre
They continue to drop like flies at Morgan Stanley. Ashutosh Sinha, managing director, head of Asian investments and co-portfolio manager for global emerging markets, has left the firm to form Asia long/short hedge fund with his brother…
Tags: Morgan Stanley
Yale is letting no moss grow under its ivy. Worrying that its $500 million investment had grown too large, the huge ivy league endowment is pulling the plug on its relationship with the Children’s Investment Fund Management LLP. Started in January 2004 by former Perry Capital manager Christopher Hohn, the fund had more than doubled its investors’ returns since then…..
Tags: Endowments
Gradient Analytics fired back at ‘60 Minutes’ with a laundry list of facts that the show didn’t happen to mention in their piece on Biovail and those mean, nasty alleged short selling scheme conspirators, Gradient and SAC Capital…
What is it with Tom Hanks and blatant product placement in his movies? First he starred with Meg Ryan in "You’ve Got Mail", which prominently featured AOL. Now Hanks is apparently going to star in a movie which prominently features Starbucks coffee….
Google found itself caught red faced *again* with its pants down when one of its staffers mistakenly deleted the company’s main offical blog, and someone nonaffiliated with Google temporarily took possession of the address. Major Oopsie!
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