« February 2008 | Main | April 2008 »
According to Crains NY Business, there will be a bunch of celebrity impersonators, including Mr Client 9, advertising a new celebrity gossip website called Celebrifantasy.com just in time to wish you Happy April Fool's Day....
Fucked on Saint Paddy's day: They say that Matthew MacIsaac, a 32 year old hot shot Toronto hedge fund manager with MM Asset Management, who reportedly pulls down $3 million plus, tried to buy some cocaine for a woman late Saint Paddy's day night at an after hours club called the "Comfort Zone". The trouble was, said woman was an under cover cop. So he was busted and charged with conspiracy to traffic cocaine. He had $600 in his pocket and when the cops questioned him about why so much (although really, by NY hedge fund standards that's not that much of a bank roll), he gave, perhaps unintentionally, what's become the classic bar brag -- by even those who aren't in the business-- "I'm a hedge fund manager".
We understand that Matt has a birthday coming up on April 12. So might we suggest the gift at the left? A "Fuck Me, I'm a Hedge Fund Manager" T-Shirt....
Hedge fund manager faces cocaine charge - Globe and Mail
For days and days CNBC watchers have been bombarded with teasers on an in depth tv expose on the bizarre /salacious life and death of hedge fund manager Seth Tobias. The show finally airs tonight at 9PM Eastern time. And again at midnight. (And no doubt will air over and over and over after that if you don't catch it / Tivo it in one of the first showings)
Is UBS looking to raise more cash? Sounds like that's in the cards according to Swiss newspaper Sonntag's sources. They may ask shareholders to approve raising as much as $16 billion. Meanwhile, Merrill Lynch has lowered earnings estimates and is saying that they may have another $11 billion in write downs. (Merrill also lowered estimates for Credit Suisse) ....
Embarrassingly bad due diligence by a supposedly sophisticated investment banking firm?: As if Lehman Brothers isn't already up to its eyeballs in problems, now they're claiming that they were scammed out of $350 million in an elaborately staged swindle. They thought they were ultimately lending cash to a partnership backed by Japanese trading house Marubeni Corp, but instead found that they had lent money to a big fat fraud created by a few Marubeni employees using a series of forged internal documents. Marubeni says they knew nothing about the transaction. Major oopsie. Now Lehman is suing Marubeni, which claims that the company isn't responsible for the losses "accordingly, we have no obligation to pay any of these demands"....
Lehman Brothers Holdings Inc. has gone to court in Tokyo in an effort to recover $350 million it says it was bilked out of through an elaborate scheme in which employees of a big Japanese trading company allegedly used forged documents and an imposter to raise cash.
The purported swindle, which involved the establishment of a partnership to fund the refurbishment of hospitals, allegedly involved two employees of Marubeni Corp., a 150-year-old trading house, according to people familiar with the situation.
Continue reading "Caught with its pants down: Lehman scammed out of $350 million" »
This is who the Clear Channel bank group, trying to walk away from the deal, will be up against. It's tough talking, potty mouthed Joe Jamail, taking a deposition in Texas. You don't see him, as the camera is focused on the man being deposed. The exchange gets more and more heated, peppered with profanities, and they almost come to blows.....
Prepare yourself for a great laugh!
Today in Clear Channel: The company is finally acknowledging that the deal to take it private might collapse owing to the banks' refusal to honor the terms of their original commitment. The banks, led by Citigroup, with an adverse ruling against them in the lawsuit filed by the sponsors in Texas, are trying to have the lawsuit moved out of that state because they don't want to face that famous 'Texas justice'. If you read the text of the lawsuits that the sponsors have filed, if their allegations are true, we think that a good dose of 'Texas justice' served up by pit bull lawyer Joe Jamail is just what they deserve. We hope that the banks get their nuts really squeezed; the banks can't just decide to move the deal goal posts when they feel like it, as they're trying to do here.
Some are questioning TH Lee / Bain's motives in filing suit, suggesting that they really want to also walk and may be after the banks to pick up the $600 million deal break up fee.
Continue reading "The Clear Channel fight headline round up" »
