Wall Street Folly

• AIG Permitted by Feinberg to Pay $3.3 Million Grant
• Dubai World Seeks More Time for Debt ‘Standstill’ Agreement
• Collapsed Lehman pays out big bonuses
• Raj Rajaratnam, Chiesi Deny Insider Trading Charges
• Goldman on top in annual tussle for M&A jackpot
• Fortress Sues Law Firm Over Loss Read the rest of this entry »

Tags: AIG, Bonuses, Fortress, Galleon, Goldman Sachs, Insider Trading, Lawsuit, Marc Dreier, Pay czar, Raj Rajaratnam, Sovereign wealth funds

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Hedge funds, Marc Dreier, ponzi schemes, swindler

Scammer Marc Dreier’s posh 3,000 sq foot $10.4 million apartment at apartment at 151 East 58th St is on the auction block today, contents and all — which apparently even includes a half eaten raspberry peach pie (maybe it’ll wind up on Ebay). Read the rest of this entry »

Tags: Marc Dreier, prison, Real Estate, scammer

• NYC Comptroller Sees 400,000 Jobless By 2010, Most Since 1993
• Lawyer Sentenced to 20 Years in $700 Million Fraud
• Rattner Resigns as Obama’s Point Man on the Auto Industry
• U.S. in Talks to Rescue CIT Read the rest of this entry »

Tags: Bailouts, CIT, Dell, Goldman Sachs, Marc Dreier, NYC, unemployment

• Warren Spector’s Penthouse crib sold for $8M
• On the auction block: Scammer Marc Dreier’s condo
• London pushed off of the top 10 most expensive cities’ list Read the rest of this entry »

Tags: Bear Stearns, Marc Dreier, Real Estate, scammers

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Tags: bonds, Elliott Associates, Fortress, Hedge funds, Highbridge, Marc Dreier, Private equity

• Bernie's John Hancock
• Roubini Says Stocks Will Drop as Banks Go ‘Belly Up’
• Dreier Receiver Recovers Artwork, Yacht, Property for Victims
• Canary Wharf owner worries about debt

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Tags: Banks, Bernie Madoff, Canary Wharf, Economy, Marc Dreier, Nouriel Roubini

The lawyer who bilked hedge funds and others out of $380 million didn't work alone.  Former stockbroker Kosta Kovachev was arrested and charged with conspiracy to commit wire fraud….

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Tags: Hedge funds, Legal, Marc Dreier

The Wall Street Journal did a front page profile on hedge fund swindling lawyer Marc Dreier.  Some of the highlights:

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Tags: Hedge funds, Legal, Marc Dreier

Hedge fund swindling lawyer Marc Dreier's law firm has filed chapter 11, throwing 250 lawyers out of work without their health insurance and soon, their Blackberry service.

Marc Dreier is being held on federal criminal charges and may also seek
court protection from creditors, said Mark Pomerantz, a receiver for
the law firm chief. The Midtown Manhattan-based law firm yesterday
listed assets of $100 million to $500 million and debt of $10 million
to $50 million in its filing in U.S. Bankruptcy Court in New York….

The arrest of Dreier, the New York firm’s only equity partner, has put
250 attorneys out of jobs. His arrest had a “devastating effect” on the
firm, partner Joel Chernov said in affidavit in Dec. 8 court papers.
The December rent is overdue; the month’s health-insurance premium
hasn’t been paid; and AT&T Inc. will end its BlackBerry service,
Chernov said

.Dreier Law Firm Files for Bankruptcy After Founder Arrested – Bloomberg

Tags: Bankruptcy, Legal, Marc Dreier

A list of hedge funds and other investors who may have gotten bamboozled in the Mark Dreier swindle is found in a grand jury subpoena attached to a court filing made by Dreier's court-appointed receiver Mark Pomerantz. The subpoena requires that any documents pertaining to those funds be produced, so while it doesn't necessarily mean that they all lost money, they're presumably somehow involved (and we'll guess that most of them probably did lose). There are some heavy hitters on the list, including Paulson & Co, Elliott Associates, Davidson, Kempner, Baupost, Sandell Asset Management, Fortress, Perella Weinberg, GSO (Blackstone's alternative investment arm) and Eton Park.  Also notable on the list is Verition — run by Amaranth's iceberg hitting captain, Nick Maounis. Did he step in it again and strike yet another iceberg?

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Tags: Amaranth, Baupost, Blackstone, Elliott Associates, Eton Park Capital, Fortress, Hedge funds, Legal, Marc Dreier, Perella Weinberg

The Office Depot / Jib Jab elves are back.  We present Wall Street scam artists Bernie Madoff and Marc Dreier, Sam Israel, as well as the potty mouthed delusional and ethically challenged Illinois Governor Rod Blagojevich in our 'You've been elfed' creation…..

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Tags: Bernie Madoff, Legal, Marc Dreier, Politics, Sam Israel