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
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. Read More
Probing MF Global: Two former back-office employees at MF Global, the broker-dealer led by Jon Corzine until its collapse last year, warned superiors that the firm was using clients’ funds to cover its own obligations. The misuse continued anyway. Federal investigators are focusing on Edith O’Brien, a former treasurer at MF Global; Ms. O’Brien Read More
WALL STREET'S LOBBYEST LOBBYISTS
The Volcker Rule’s a’comin, and Wall Street’s not happy. To equate their reaction to an alcoholic’s take on prohibition might be understating the case. They’re pissed, and they’re writing letters. Read More
Last Tuesday in the Sheraton New York Hotel & Towers on West 53rd Street, just after lunchtime, Jamie Dimon made a joke. “I put this next slide in, the next one, for fun,” the JPMorgan chief executive told his audience at the Barclays Global Financial Services Conference, clicking to page 18 of his presentation. Read More
Goldman Sachs, the bank that leads the nation in profitability, is disbanding its principal strategies business, a unit of the company that trades the firm’s own capital, Bloomberg reports.
Citing “two people with knowledge of the decision,” Bloomberg said the decision was an effort to conform to new financial regulations. The so-called Volcker Rule, Read More
