Footage of Mitt Romney’s remarks about the 47 percent voters who don’t pay taxes or depend on government assistance—”I’ll never convince them they should take personal responsibility and care for their lives”—was taken in the Florida home of Marc Leder, co-CEO of private equity firm Sun Capital Partners, said David Corn, the reporter who published video clips at Mother Jones. Mr. Leder, a part-owner in the Philadelphia 76ers, is as TPM points out, also known for his bacchanals: “At the Bridgehampton home that Leder rented for a whopping $500,000 a month, guests cavorted nude in a pool and performed sex acts, while scantily clad Russian women danced on platforms,” The New York Post reported last year.
Lisa Marie Falcone, Harlem native, fashion plate, wife of hedge fund manager Phil Falcone, and proud owner of a pet pig named Wilbur, was arrested on Saturday afternoon after crashing her Mercedes-Benz in Bridgehampton, according to reports.
Three JPMorgan executives tied to the massive trading losses announced last week are expected to resign, Yahoo CEO Scott Thompson stands aside and a hedge fund calls for Aubrey McClendon’s head. Here’s the morning Wall Street roundup:
Europe reckoned with Greek elections and the Spanish government took a controlling stake in the country’s third-largest lender. Phil Falcone kept cool at a hedge fund conference, despite turmoil facing LightSquared. Green Mountain founder Robert Stiller talked about the sale of company stock that led to his ouster as chairman. That and more, in this morning’s Wall Street roundup.
Europe simmers: European governments held back a part of rescue funds promised to Greece after weekend elections raised the specter that the country’s new governing coalition might shred an existing bailout agreement. As in, literally. With the Greek government unformed, and leftist Syriza coalition talking tough, the Journal reports that German and Finnish made a stink before agreeing to release $5.5 billion in bailout funds.
Spain said it would take over Bankia SA yesterday, converting $5.8 billion in preferred equity into voting shares, good enough to control a 45 percent stake in the nation’s third-largest lender. The country’s banking system is looking more and more like an Ireland-sized catastrophe, according to Bloomberg: While the government has ordered banks to post additional capital to cover losses on construction and property loans, the prescribed collateral-raise would leave nothing in the tank for trillions more in home loans and corporate debt.
Calm before: Storm clouds may gather over Phil Falcone, but when Dealbook went to see the Harbinger Capital founder speak at the SALT conference in Vegas, the hedge fund manager was the epitome of calm, or at least, he spoke thoughtfully and in mellifluous tones. On the other hand, no one asked about LightSquared.
Bad documents: The Florida Supreme Court will hear arguments today in a case that could undo hundreds of thousands of foreclosures, as the court decides whether banks that used fraudulent paperwork to file foreclosures can dismiss the suits and refile with new documents. Reuters has the story of how a 35-year-old drywall hanger initiated the case, and potential implications in Florida and across the country.