Naval enthusiast Paul Singer of Elliott Management and secretive Mexican financier David Martinez are still battling in court, according to The New York Times. Mr. Martinez is said to have a $140 million painting by Jackson Pollock in his Time Warner Center apartment, but no one is willing to stake their name on it. Also Read More
It is one thing for a young banker to move to Williamsburg. It is an expected, if unfortunate, product of gentrification. But what does it say when a former Goldman Sachs boss and New Jersey political hand drops a million bucks on a Burg condo?
While former New Jersey governor Jon Corzine distracted himself from the whole MF Global scandal with plans for a new hedge fund (who wouldn’t like to think of making millions after you lose billions?), his former chief of staff, Goldman buddy and MF Global second-in-command Bradley Abelow decided to pick up another home, a condo on Karl Fisher Row overlooking the track and field at McCarren Park.
Mr. Nice Guy?
A lawyer for the Argentina navy told a court in Ghana it would not pay Elliott Management $20 million for the release of the ARA Libertad, a training vessel used by the South American country’s navy. Elliott, the hedge fund managed by Paul Singer, seized the sailing ship last week in attempt to make good Read More
Which is not to say that we’d expect Goldman to assign the role of chief financial officer to an executive lacking in lovable qualities, only that Harvey Schwartz is going to have a hard enough time living up to the standard set by the firm’s current CFO David Viniar, to say noting of all the nice things people are saying and writing about him.
The outpouring began last month, when Goldman announced that Mr. Schwartz would succeed Mr. Viniar at the beginning of next year. Former SEC Chairman Arthur Levitt told The Journal that the Federal Reserve would love Mr. Schwartz’s “no-nonsense demeanor and sense of humor.“ The Times called him “affable and brawny.”
Max Berger has won billions in settlements in shareholder lawsuits involving Bank of America, Lehman Brothers, Merrill Lynch, Wachovia and Washington Mutual, according to The New York Times. Sometimes viewed in a harsh light, plaintiff’s lawyers are look better when their results are compared to the smaller settlements the government tends to command. Read More
Putting a new spin on an old sobriquet, the Securities and Exchange Commission announced charges against Goldman Sachs and a former vice president at the firm for making undisclosed contributions to the gubernatorial campaign of a former Massachusetts state treasurer.
Goldman—sometimes referred to as “Government Sachs” because former executives (Bob Rubin, Josh Bolten, Hank Paulson … it goes back to Sidney Weinberg, doesn’t it?) have a habit of going to work in Washington—found itself in the SEC’s sights after a former Goldman vice president named Neil M.M. Morrison lent a hand to then Massachusetts Treasurer Timothy P. Cahill, who was running for governor.
According to the agency, Mr. Morrison was “substantially involved” in Mr. Cahill’s campaign from November 2008 to October 2010, during which period Goldman was involved in underwriting 30 debt offerings for the state:
Gangsters v. Banksters?
More than 50,000 Greeks marched on the nation’s parliament to protest austerity measures required by bailout agreements, according to Reuters: ”‘We can’t just sit by idly and do nothing while the troika and the government destroy our lives,’ said Dimitra Kontouli, a 49-year-old local government employee whose salary was cut to 1,100 euros a month from 1,600 euros previously.”
Spain is moving towards accepting European bailouts, even as protests in Madrid turned violent and politicians in the Catalonia region called for secession.
“It’s just amazing how Libor fixing can make you that much money or lose if opposite.” So said Tan Chi Min, a former Royal Bank of Scotland trader in a conversation with traders at other banks, in an affidavit reviewed by Bloomberg. “It’s a cartel now in London.” Tan is suing RBS in Singapore for wrongful dismissal after being fired for attempting to manipulate Libor.
wall street social
Last week, as the Chicago teachers’ strike was puttering out of the news cycle and the National Football League’s lockout of its referees was thundering in, a federal labor mediator announced to little fanfare that the International Longshoremen’s Association and U.S. Maritime Alliance had agreed, “for the good of the country,” to extend the master contract governing dock work from Maine to Texas for 90 days.
The media barely covered the news, but the implications were enormous. If the two sides had failed to reach a deal before the existing contract expired on Sept. 30, the resulting chaos would have touched not only the 20,000-some longshoremen who punch a clock on the East Coast, but thousands of truckers and railroad men, mechanics and warehouse workers, and the many millions of Americans who buy and sell automobiles, home electronics, designer jeans, toothpaste and anything else that’s manufactured on foreign shores. Pretty much everyone.
Three months from now, it could still happen.
Goldman Sachs Chief Financial Officer David Viniar is retiring after 32 years at the firm, according to a press release linked by the firm’s twitter account.
Mr. Viniar joined Goldman in 1980, rising to the top of the firm’s Treasury Department in 1992, according to the release, before assuming the role of deputy CFO in 1998. According to Goldman, Mr. Viniar is the longest serving CFO of a major Wall Street institution.
Two-year analyst programs are a staple at Wall Street banks, with college graduates hiring into the entry-level programs before charting paths to fortune via buy side firms, business school, the recording studio.
Not at Goldman Sachs any longer. The firm is ending its analyst program after executives decided it was no longer the best way to develop talent, The Wall Street Journal reported this afternoon.
To put a finer point on it, Goldman was fed up with its best-and-brightest college grads using the program as a launching pad to private equity and hedge fund jobs: