Those $3.6 billion in Merrill Lynch bonuses that were paid out early seem to have disappeared from the front page thanks to the likes of AIG and the auto bailout. But Dennis Kucinich, chairman of a subcommittee of the House of Representatives' Oversight and Government Reform Committee, is all over it now:
Tags: Bank of America, Ben Bernanke, Bonuses, Compensation, Fed, Henry Paulson, John Thain, Ken Lewis, Merrill Lynch, Politics
Because it coult take years for that special purpose vehicle stake you might be getting to liquidate……
Tags: Cerberus, Hedge funds
They're cleansing their membership to get back to their "artsy" roots.
Bankers Are No-No's At Soho – Page Six
Tags: Banking Culture
Should a divorced spouse with a fat settlement share in their former spouse's pain now that they've fallen on hard times and their net worths have shrunk? Some bankers and others wealthy types who have agreed to large settlements are looking for do overs. Bloomberg looks at some UK cases:
Tags: Divorce
Page Six tells us that's what Dylan Ratigan is telling everyone. But if he's making those claims, he may be on dangerous ground with a six month noncompete preventing him from making deals. He may want to STFU or invite a lawsuit if he does eventually land at ABC. For its part, ABC is deflecting. It's rep, Jeff Schneider commented "We think the world of Dylan Ratigan". Another ABC insider apparently said "There are no talks, so there is no deal, so he has no title."
Too much Talk – Page Six
"I've never seen anybody live like him and spend like him, and I know billionaires who are 10 times wealthier than he is," says Fernando Botero, the son of the Colombian artist of the same name. "His job was to live grand."
Married since 1989 to Corina Noel, the daughter of Fairfield Greenwich founder Walter Noel, Mr. Piedrahita was one of four of the five Noel sons-in-law to work in the family business. But his outstanding public-relations skills set him apart from the others. Analysts say Mr. Piedrahita, 50 years old, played a key role in expanding the reach of the Madoff fraud by wooing wealthy Latin Americans and Europeans to invest in Fairfield Greenwich, which had about half its assets with Mr. Madoff…
"I look at myself in the morning, and I'm very proud of what I have
done, and so are my partners," says Mr. Piedrahita. Then he adds,
referring to the Madoff scam: "Nobody knew anything about anything.
The Charming Mr. Piedrahita Finds Himself Caught in the Madoff Storm – Wall Street Journal
Tags: Bernie Madoff, Fairfield Greenwich, Legal
Warren Buffett's trusty Goldman Sachs banker Byron Trott is leaving the firm to start his own shop according to the WSJ. BDT Capital Partners could raise as much as $2 billion and will seek to invest and advise companies controlled by families or entrepreneurs. Berkshire Hathaway will be an investor. According to Warren Buffett "we'll have a modest partnership interest", although he didn't specify an amount. "We will not be the big dog". Despite Trott's departure, Goldman is expected to still get plenty of busness from Buffett…..
Tags: Goldman Sachs
All publicity is good publicity: Ms. Newton has apparently been a busy bee since her story appeared on Page Six yesterday. She commented on our post where we noted the discrepancies between her blog and the Post story and thanked us for the coverage. She’s of course, updated her blog.
Watch just about every morning show tomorrow, and a few later this week. Inside Edition, Entertainment Tonight, and more calls are coming in!
Addendum: CNBC just aired a Natalie Morales report from The Today Show featuring Randi Newton / Ricks. Here it is:
Tags: g-string, Morgan Stanley, Randi Newton, Rick's, stripper, Wall Street
Federal taxes on a pack of smokes will be going up from $0.39 to $1.01.
Smoke break gets more expensive with tax boost – AP
Hell no, it wouldn't be shocking. We just can't believe that this kind of stuff took so long to come out. According to Rush & Molloy, Bernie Madoff had at least one affair during his half century marriage to Ruth according to two sources:
Tags: Bernie Madoff, philanderer, ponzi scheme, Ruth Madoff, Sex
Tags: Banks, Credit Crunch, Dresdner, George Soros, Hedge funds
A must read: Check out the NY Magazine piece written by Michael Osinski. "I wrote the software that turned mortgages into bonds." It's pretty fascinating stuff….
Tags: CDO, Credit Crunch
Page Six still believes that former CNBC 'Fast Money' host Dylan Ratigan could very well end up at ABC after his six month noncompete expires….
Tags: CNBC, Revolving Door
That's what Swiss newspaper Sonntag is reporting according to Reuters. UBS may shed another 8,000 jobs and is expected to take writedowns of another $2 billion on illiquid assets.
UBS shares fall as more writedowns, job cuts seen – Reuters
Tags: firings, illiquid assets, job cuts, Revolving Door, UBS, writedowns
Just about everyone by now probably knows what a Sham Wow is from those now famous infomercials. Well the Sham Wow guy, Vince Shlomi got arrested last month after he reportedly took a hooker back to his hotel room and punched her out after she put him in a painful tongue chomp. (Ouch) According to the NY Daily news:
With GM on the ropes, and CEO Rick Wagoner having been under seige for quite some time, it's not really a surprise that he's said to be stepping down according to unnamed Bloomberg sources.
Tags: Autos, Barack Obama, Distressed, GM, Politics, Revolving Door
Tags: Autos, Barack Obama, Drugs, Politics
Earlier we noted a NY Post story that talks about how many professional former six figure salaried women fired in the crash have turned to stipping. One they cite is Randi Newton, 28.
“A few nights after I got laid off, I went with friends to a strip club to get drunk and forget my unemployment troubles,” Newton said. “The manager offered me a job as a dancer. I thought it was different. And fun.”
But The Post story’s timeline and facts seem to be a bit off from another version. From Ms. Newton’s account in her blog, she didn’t happen to wander into the strip club right after she was fired from Morgan Stanley; it doesn’t sound like she was fired from that gig — she had another job with a marketing company from which she was laid off. And the Miss America Organization scholarship recipient (and graduate of U Nebraska at Omaha) was a waitress for a year before taking her clothes off (which she did after getting dumped by her boyfriend and having gotten drunk). And she’s since retired her g-string (although it sounds like she still works for Rick’s doing publicity).
Oh, and by the way, in addition to her blog she has a publicist and a book that’s coming out at the end of 2009….
Tags: Morgan Stanley
It’s pretty bizarre to hear that working in a strip club women face less sexual harassment than they do on Wall Street, not to mention that the clubs are better run. But that’s what former Morgan Stanley (no stranger to sexual harassment lawsuits) financial analyst Randi Newton, 28, who was fired in the crash says. She’s one of many professional women formerly making over six figures in their former jobs who have taken up working the pole since getting axed. You can find her three to four nights a week at Rick’s Cabaret in Murray Hill.
Tags: Barack Obama, Jamie Dimon, JP Morgan, JPM Chase, TARP
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