Archive for August, 2006

Goldmansexdotcom002_2We didn’t see any news services or blogs out with this yet, so let us be the first to break the sad news: We were checking out the Goldmansex.com site just to see if it was still there, as we’ve done from time to time since Goldman Sachs filed suit, and much to our surprise, they note on the front of their site that they’ve lost their case against the company per a decision dated 8/31/06. They say their likely new name choice will be: Goldmensex.com (which already points to their site).  HAHAHAHAHAHAHA! We hope they get away with it but wonder if Goldman will just go after them again.   The note said:

Money rules: NAF decides in favour of Goldman Sachs
A NAF arbitration initiated by Goldman Sachs decided Goldmansex has to give up its domain name. The verdict is unexpected and completely out of line with the scope of a NAF arbitration. The fact is that this National Arbitration Forum completely ignored their own regulations: besides other burdens the complainant has to proof the respondent has no rights in the domain name. Goldmansex holds a trademark in this name and the services it provides….

Many friendly lawyers already warned us for this: "A company like Goldman Sachs is so powerful they simply make the decision for the judge". Although Goldmansex is in a complete different line of business and it holds a trademark in the name, that does not matter. Money rules and the NAF does not care about their own regulations….

We now have to think about a new domain name, probably Goldmensex.com.

In the decision reached today by the National Arbitration Forum:

The Panel has found above that Respondent has no rights or legitimate interests in the <goldmansex.com> domain name pursuant to Policy ¶ 4(a)(ii).  The Complainant has alleged and the Panel so finds, that Respondent is intentionally attempting to attract, for commercial gain, Internet users searching for Complainant’s financial services thereby directing such inquiries to Respondent’s website filled with adult-oriented content.  The Panel finds that Respondent is taking advantage of the confusing similarity between the <goldmansex.com> domain name and the GOLDMAN SACHS mark in order to profit from the goodwill associated with Complainant’s mark and that such conduct constitutes bad faith registration and use pursuant to Policy ¶ 4(b)(iv).  See Google Inc. v. Bassano, FA 232958 (Nat. Arb. Forum Mar. 8, 2004) (holding that the respondent’s use of the <googlesex.info> domain name to intentionally attract Internet users to a pornographic website constituted bad faith registration and use under Policy ¶ 4(b)(iv)); see also Youtv, Inc. v. Alemdar, FA 94243 (Nat. Arb. Forum Apr. 25, 2000) (finding bad faith where the respondent attracted users to his website for commercial gain and linked his website to pornographic websites).

The full decision is below:

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A reader emailed us this link to a goofy Ernst & Young recruiting video (Thanks!): "Oh happy day when Ernst & Young showed me a better way".   It’s been around for a few years from what we can see, but it’s amusing nonetheless if you’ve never seen it before.  It really starts hopping at the 3:35 mark. And if you’re hankering to sing along, we even found lyrics for you. (4:29)

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Craigslistcomeflywithme001They all seem to take their picture with the bull.  How original.  In any case, here we have a "busy professional" who, though you’ve never met him before, wants you to put your life in his hands and board his private plane…so that you can have lunch in the Hamptons.

Dig the braces.  Dig the cigar.  And there are more pictures below including one that looks like it was probably taken some time ago given that he looks a bit more svelte.  And then there’s the plane….

Anyone know him?

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If you want to read along with Bernanke’s speech

Posted by WSF On August - 31 - 2006

Benbernanke001 Here’s the full text:

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Mock Lucy Gao announcement making the rounds now…

Posted by WSF On August - 31 - 2006

Lucygao004aYes, it’s in poor taste.  But it’s also pretty funny.  A comment posted to the Entertainment Blog at Aussie newspaper The Age includes what an invitation to her funeral might sound like. (Did we already mention that it’s in poor taste?)….

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Donaldtrumpcarolynfired004Donald Trump axed his blonde haired boardroom sidekick Carolyn Kepcher, allegedly because all of the attention from "The Apprentice" was going to her now-more-stylishly-coiffed-than-when-the-show-started head.  She’s been replaced on the show by a younger blonde, The Donald’s daughter, the more youthful and datable Ivanka.  Maybe she’ll help the show’s ratings that have been declining dramatically for lack of interest.

"She became a prima donna," said one insider. "Being on ‘The Apprentice’ went to her head. She was no longer focused on business. She was giving speeches for $25,000 and doing endorsements."…

"George [Ross, Trump sidekick #2] has been around a long time. He’s seen everything. He didn’t get excited even when women on the street started screaming when they saw him on his way to work," said one source. "But Carolyn took it very seriously. She thought she was a freaking movie star."

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TCW Group, looking to capitalize on a deepening real estate slump, is planning a $1.5 billion fund to buy distressed mortgage-backed securities according to Jeffrey Gundlach, the firms CIO.

TCW will raise money from institutions and wealthy individuals, and the fund will open in the first quarter of 2007, Gundlach said Wednesday.

Delinquent payments, falling home prices and rising borrowing costs have shaken the U.S. property market after a five-year boom. Gundlach said TCW would invest in mortgage- backed securities that have declined enough to compensate for a risk in loan defaults.

"There are profits to be made by being capitalized and ready to get into the market when others are getting out," he said.

TCW to Launch Fund for Distressed Real Estate – Bloomberg via Los Angeles Times

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Piratecapitallogo001Choosing to avoid a proxy fight showdown, Pep Boys has named Tom Hudson, Pirate Capital’s founder, to its board of directors, effective immediately.

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Warrenbuffettwedding001_1 Congratulations!: Warren Buffett not only celebrated his 76th birthday yesterday, he also got hitched to his longtime companion, 60 year old Astrid Menks, in a private 15 minute ceremony at his daughter Susan’s Omaha home.  Douglas County District Judge Patricia Lamberty performed the ceremony.

Here’s to hoping that the notoriously frugal Mr. Buffett got a prenup…just in case.

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Wall Street Folly Headline Roundup – 8/31/06

Posted by WSF On August - 31 - 2006
  • Buyout groups lure top talent
  • HSBC’s Kidwai Falls Prey to India’s Legal Zeal: Andy Mukherjee
  • Hedge Fund Puts Skin In The Skin Game
  • Euronext Investor TCI Challenges CEO on Deutsche Boerse Offer
  • Euronext told to put Deutsche bid to shareholders
  • Private equity buys stake in HSH Nordbank
  • Field Day for Arbitrageurs As Coffee Prices Fluctuate
  • For MFS, cloudy future
  • ING Offers to Purchase Summit REIT for C$2.06 Billion
  • Joyce, Dickens, Google — classics are there to download
  • Ex-Brocade CEO pleads not guilty
  • Alcatel Battles Criticism of Its Lucent Deal
  • Complaints force Verizon to cancel DSL surcharge
  • China labor dispute gets Apple’s attention
  • Valley execs more likely to add jobs than reduce [Silicon Valley]
  • Exelon Says Delay May Scuttle Public Service Purchase
  • Genzyme tries unusual hostile bid
  • SEC Drops Probe of Ex-Shell Chairman Philip Watts
  • Possible 3-Way Merger Would Create Aluminum Giant
  • North American president of Coke hired to run Clorox
  • Judge Calls $51 Million Award Against Merck ‘Grossly Excessive’
  • Newsweek’s Whitaker to Leave Editor Post; Meacham to Take Over
  • Court Ruling Fades To Black
  • The Frappucino as economic indicator
  • Union claims Starbucks win
  • RadioShack Uses E-Mail To Fire Employees
  • Wal-Mart ‘committed to UK operation’
  • I’ll get jewellery group in the end, says Ratner
  • Heard On the Street: Diller Retools IAC to Compete With Web Stars
  • Macao is poised to outshine the Las Vegas strip
  • Gambling on Recovery
  • Stuy Town At $5B: Never!

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Lucygaoboxers001Lucygaokickedmeoutoftheritz001_1The story just keeps on going:  We noted on on 8/29 that an enterprising person had started selling Lucy Gao T-shirts.  Now the Time of London has picked up the story. (see below).

We took another look at the cafepress.com site and note that the seller has been a busy little bee, clearly looking to strike while the iron is hot.  There are many more styles offerred than when we first visited, including men’s boxers, hooded sweatshirts, etc.

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Pricey tutors all the rage for NYC teens

Posted by WSF On August - 30 - 2006

Tommyleeandnataliehistutor001Blame Wall Street bonuses, at least in part: Keeping up with the Jones’ in New York City now seems to require hiring a tutor for your kids — at a cost of up to $500 an hour.  You may even run across an investment banker or two in the tutor pool….

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Page Six on Fergie and her Guggenheim Capital money man

Posted by WSF On August - 30 - 2006

Jtoddmorleyfergie001_1No he’s not gonna suck her toes like her last financial adviser did: We noted a report in a UK publication two days ago that there’s a new man in Fergie’s life — Guggenheim Capital financier J. Todd Morley.  A friend was quoted in the article as saying that it’s strictly platonic.    So are some people perhaps doubting that?   Maybe.  Fergie’s publicist, Howard Rubenstein, is found repeating that line to Page Six explaining  "This is strictly business, strictly professional. [Morley is] happily married and has three kids. She’s spent time with his whole family. It’s also absolutely normal for them to have been appearing in public for a drink or a sandwich or coffee."

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Wilburross02Citing synnergies, Wilbur Ross is merging two companies in which he has majority ownership:  International Textile Group and Safety Components International.  The company will be headquartered in Greensboro, NC;  WL Ross & Co will own approximately 82% of the combined entity which will have annual revenues of around $1 billion…..

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Pollycourtneypoledancer001This is pretty funny.  Polly Courtney, who was interviewed by The Observer this past weekend, and who has penned the new apparently self-published book "Golden Handcuffs" detailing her disillusionment with investment banking  — at Merrill Lynch as it turns out — has admitted to being a pole dancer at a club called "For Your Eyes Only" on a website.   However, when asked about it by the Daily Mail, she claims that she was just being sarcastic and that "I’d never do anything like that".  (Uh huh). 

In the Observer article, Ms. Courtney describes her disillusionment with the banking business with its long,unpredictable hours and ample sexism, which is the subject of her novel.  She even described how she never felt  "properly invited to "lads night out".  Ironically it appears that she might have been pretty comfortable if she had been properly invited.

We’re not knocking pole dancing.  It’s really catching on as a form of exercise.  Even Christine Schwarzman, wife of Blackstone’s Stephen Schwarzman has been observed to take a turn or two around a pole….

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Armetgurkhaarmoredvehicle001_1For a meager $200K you can have this baby:

The squat and hedgehog-lookin’ 19,000 lb beast-of-an-armored-vehicle ain’t just built to shrug off a roadside bomb with its high strength ballistic aluminum armor, or stop a bullet from an AK-47 with its ballistic glass. No, it’s also pretty fast for its size — with a top speed of 93 mph.

Armet Gurkha Armored Vehicle Kicks Hummvee Ass – Jalopnik via Gizmodo

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Bloomberg casts his vote: Hips don’t lie

Posted by WSF On August - 30 - 2006

Shakira03Mayor Michael Bloomberg made his choice known for MTV’s Video of the Year.  It’s one from that Orally Fixated Columbian vixen with the bodacious bod and gyrating pelvis — Shakira’s "Hips Don’t Lie".  Bloomberg taped a spot that aired on MTV’s TRL daily countdown show and said:

"I think I’m going to have to go with Shakira — those hips don’t lie."

Saying hips don’t lie, NYC mayor endorses Shakira for best video – AP via USA Today

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Goldman Sachs Summer Interns

Posted by WSF On August - 30 - 2006

Last night we showed you pictures of some of the Citigroup UK summer interns.  Below is a shot that’s said to be of this summer’s Goldman Sachs UK interns.   Thanks to the reader who pointed us to it at the Oxford Gossip site.  Keep those emails coming!

Goldmansachssummerinternsuk001

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Wharton dismisses perv professor

Posted by WSF On August - 30 - 2006

Scottwardlscottwardwharton001_1The Wharton professor who was arrested for a third time on kiddie porn charges won’t be teaching at the school any longer.  L. Scott Ward, 63, has been dismissed.

"We have made arrangements to ensure that he will not be teaching at the Wharton School or elsewhere at the University this semester and he will not teach at Penn in the future," [University spokeswoman Lori N.] Doyle said in a statement.

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Wall Street Folly Headline Roundup – 8/30/06

Posted by WSF On August - 30 - 2006
  • Private equity woos top talent
  • Agius succession stirs big merger speculation
  • Rivals see Agius as one of City’s most important dealmakers
  • Spitzer Returns Fire Over Grasso
  • Corporate Star Bets On Private Equity, And There’s a Story
  • Major banks squeezed by higher bond rates
  • Euronext Posts 63% Rise in Net; NYSE Vote Is Set for December
  • Wall Street Plays the Markets
  • Santander’s Daud Turns to Brazil as Argentina Squeezes Profits
  • India May Allow Merrill, Rivals to Broker Commodities
  • Lawyer’s Charge Opens Window On Bill Padding
  • Mortgage Market Begins to See Cracks As Subprime-Loan Problems Emerge
  • Google chief executive appointed to Apple board
  • Consumer Demand and Growth In Laptops Leave Dell Behind
  • Windows Vista priced at $239
  • On YouTube, Charges of Security Flaws
  • 1st Apple laptop fire in Japan reported
  • Langberg Rebuke of board rattles Quantum
  • Key investor ‘to oppose Alcatel deal with Lucent’
  • Russians buy $1bn stake in Airbus parent
  • Insiders buy stock in Pep Boys
  • Mittal’s Drive Into Asia May Be Slowed by Posco, Tata
  • Schering-Plough to pay $435m penalty
  • Wal-Mart Hires Clinton Aide to Handle Criticism
  • 110-Building Site in New York City Goes on Market

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Happy Birthday Warren Buffett!

Posted by WSF On August - 30 - 2006

Warrenbuffetyoungcirca195101_2Happy birthday to the Oracle of Omaha!  76 years young.

Born August 30, 1930.  The DJ Industrial Average closed at 240.42 on that day.

That’s Mr. Buffett, pictured at left, which we snipped from a 1951 Newspaper article that we found on the Berkshire Hathaway site some time ago.

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A reader was nice enough to alert us to more photos:  From what we can gather, these are pictures of some of the other Citigroup UK summer interns, supposedly taken last week.  There’s one Asian woman in the group shot picture, which doesn’t look like Lucy Gao (at least we don’t think so, although we could be wrong).  She’s not in any of the other pictures either, but  then again, last week she was probably incredibly busy, so we understand.  The open shirted guy groping himself below looks pretty toasted.  And the revelers in the pictures further below — they look like they’re feeling no pain as well.  Gotta love these spirited interns.  Thanks so much for the great entertainment!

Citigroupukinterns001

Citigroupukinterns002_1

More pictures below…..

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Lucygaotshirt002Lucygaokickedmeoutoftheritz001

A commenter alerted us that there’s a profit angle (naturally — isn’t there always?) to the Lucy Gao story as well: Some enterprising person / group (maybe even the commenter — who knows?) has already jumped on the bandwagon to try to make a buck on the infamous Lucy Gao email. T-shirts are for sale at Cafe Press.  And no, we’re not affiliated. There are five designs including one with Lucy Seated (her birthday party picture from the looks of it) with the quote "When asked "how can I help you Sir/Madame?", you reply "I am here for Lucy’s Birthday Party at the Rivoli Bar" and "Lucy Gao kicked me out of the Ritz  (I arrived at 9:01pm).

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Typeapersonalitydefinition001_1

To work on Wall Street, you generally have to be a Type A personality, be able to withstand high stress and be prepared to work long hours.  And at least two out of three of those traits are risky to your health.

Earlier this month, we noted a study determined that if you have a high stress job that you have a greater risk of high blood pressure.  And just yesterday, another study claimed that if you work long hours, you’re also increasing your risk of high blood pressure.  Well here’s at least one piece of good news:  If you’re a Type A personality you may be happy to know that contrary to popular belief, yet another new study has determined that there’s "absolutely no connection between the hard-driving personality and heart disease"…..

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Pollycourtney002 We meant to post this yesterday, but time just got away from us.  On Sunday, The Observer featured an interview with Polly Courtney, who’s coming out with the novel "Golden Handcuffs" in November, about two recent college graduates who find themselves "working with, for, and against each other" at competing investment banking firms in London. "It is about ambition, resilience and shattered dreams, and what it means to sell your soul to the City."

And it’s something that she’s said to have experienced first hand as both an intern and in a full time job with a banking firm.  In the interview, Ms. Courtney talks about being courted, as well as the perks and high pay that she received  –  but which ultimately came at the expense of being hugely overworked, subjected to unpredictable hours, sexism (including comments about how/why she got her job and never feeling properly invited to "lads night out") and nasty backstabbing.  It wasn’t worth it to her.  So the disillusioned banker chucked it to write her upcoming book.

By way of curiousity, we found that Ms. Courtney has a website where we notice that she has some interesting thoughts on the Helen Green court decision vs Deutsche Bank. (aka woman who was awarded £800,000 after having been bullied by female employees.). (More below).

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