Tag Archive | "director"

Mexico Central Bank Governor Agustin Carstens On Why He Deserves This Job (Running The IMF)

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“I think I have all of the qualifications to run the institution. I have 30 years of public service. I have a PHD from the University of Chicago. I have worked all my life in matters relevant for the Fund. I was the Executive Director of the Fund, the Deputy Managing Director of the Fund, in charge of the relationship with 80 countries. I was Minister of Finance of Mexico and now I am the Governor of the central bank. I have wide experience, I have participated in the G20, part of the steering committee of the Financial Stability Board, I’m a board member of the Bank for International Settlements. I know the institution from all different angles. I know the Fund as a member of the staff and its management, I was an Executive Director and I know the Fund, having been in authority with a lot stake at the Fund. I think I make a good candidate.” And despite all that…

Nothing about how he would react in a scenario wherein he was surrounded by hotel maids and “no one would find out,” i.e. this resume is going directly to the trash.

Article courtesy of Dealbreaker

Write-Offs: 03.23.11

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$$$ In testimony in the Galleon insider-trading trial, Goldman Chief Executive Lloyd Blankfein said he had “awareness—I want to say, some inkling“—that the activities of the director, Rajat Gupta, were under scrutiny by prosecutors in March 2010, when Goldman announced he wouldn’t stand for re-election. Mr. Gupta stepped down as a Goldman director in May 2010. [WSJ]

$$$ Socrates Resigns After Parliament Rejects Deficit-Cutting Plan [Bloomberg]

$$$ Donald Trump Says He Could ‘Definitely‘ Beat Obama [National Journal]

$$$ Tokyo to Distribute Bottled Water After Radiation Levels Climb [Bloomberg]

$$$ Why Won’t the Fed Accept a Profitable Deal From AIG? [CNBC]

$$$ Fed tells Bank of America to rein in dividend plan‎ [Reuters]

Article courtesy of Dealbreaker

Confidential To Anyone Starting A Hedge Fund: Harry Markopolos Protégé Neil Chelo Will Make You Wish You Were Never Born

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If anyone out there is considering starting a hedge fund, there’s a few things you should know. Don’t want to scare anyone but…okay we’re just going to come out and say it- according to reports, “gone are the days when a trader could leave some Wall Street firm with a few of his buddies, snap his fingers and raise several hundred million dollars overnight.” Now, you might have to spend six months to a year raising money and not only that? You’re going to have to make it through several rounds of due diligence by potential investors. You may also have to come face to face with a guy named Neil Chelo who some people (Neil) like to call The Enforcer.

Chelo honed his craft while working for Madoff nemesis Harry Markopolos (who last year nominated Chelo to pose for the cover of Playgirl). Now as the director of research for Washington-based fund of funds Benchmark Plus, he tears apart potential investments with his bare hands and/or vicious rhetoric and line of questioning. “I’m not a conference room type of guy,” Chelo says “It’s very easy for people to fake it for two hours in a conference room, but it’s a lot more difficult if you are at their desk going through their portfolio.”

During a recent visit to a West Coast hedge fund that Benchmark was considering investing in, he found one of the fund’s top portfolio managers woefully unprepared to explain why she was shorting, or betting on a decline in the price of several stocks. Chelo said the trader and her team of analysts hadn’t done sufficient research on the stocks for him to get comfortable with the notion of committing money to the hedge fund. When Chelo walked out the door, he didn’t look back.

You’ve been warned.

Article courtesy of Dealbreaker

Opening Bell: 03.11.11

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Tsunami Slams Japan After Record Earthquake, Killing Hundreds (Bloomberg)
Japan was struck by its strongest earthquake on record, an 8.9-magnitude temblor that shook buildings across Tokyo and unleashed a seven-meter-high tsunami that killed hundreds as it engulfed towns on the northern coast. As many as 300 people were killed, a Japanese police official said. Many are missing after the quake and waves as high as 23 feet swept ashore, according to state broadcaster NHK, which showed footage of flood waters sweeping away buildings and vehicles. Airports were closed and bullet train services suspended, and an emergency evacuation order was issued for a nuclear power plant north of Tokyo.

BOJ Pledges Liquidity on Japan Quake as Toyota Shuts Plants (Bloomberg)
Japan’s central bank pledged to ensure financial stability after the strongest earthquake in at least a century forced Toyota Motor Corp. to shut some plants, knocked out oil refineries and sparked a plunge in stocks. “It’s early days,” Stephen Gallo, head of market analysis at Schneider Foreign Exchange in London, said in an e-mailed note. “But the horrific events in Japan bear very close watching from a financial perspective, given the bloated problems in Japan’s public sector.”

Japan Among Worst Record Ever Reported (Tribune)
The quake that hit Japan was a magnitude 8.9, the biggest earthquake to hit the country since officials began keeping records in the late 1800s, and one of the biggest ever recorded in the world, according to the U.S. Geological Survey. The quake struck at a depth of six miles, about 80 miles off the eastern coast, the agency said. The area is 240 miles northeast of Tokyo.

Rajaratnam Jurors Told of Inside Tips by Ex-McKinsey Director (Bloomberg)
“I told him there were advanced discussions,” Anil Kumar told jurors on the first day of testimony in the case. “Mr. Rajaratnam kept asking me for that information and I felt that I owed him something given how much money he was paying me.”

Fed’s Dudley Plays Down Inflation Risk From Oil (Reuters)
“While rising commodity prices may be giving some of you a bad headache, they are not likely to lead to a sustained rise in inflation to levels inconsistent with our dual mandate,” Dudley told the Queens, New York chamber of commerce.

Fired Goldman Banker Seeking Deals Aided Massachusetts Campaign (Bloomberg)
Neil Morrison, a Goldman Sachs banker fired in December, began advising former Massachusetts Treasurer Tim Cahill’s gubernatorial campaign in 2009 even as he was seeking to underwrite state bonds, according to e-mails obtained through a public records request.

Asset Managers Take Up The Pen (WSJ)
The wave of regulation following the financial crisis is prompting some of the biggest players in the $25.6 trillion asset-management industry, normally silent on policy matters, to get more vocal. Since August 2009, senior executives of the New York asset-management company have sent nearly 60 letters to U.S. financial regulators and wrote 16 policy papers on topics ranging from derivatives oversight to mutual-fund fee disclosures.

Euro Zone Debt Crisis Intensifies Ahead of Summit (CNBC)
Leaders of the 17-nation currency area are expected to back a watered-down version of a German-French plan to boost economic competitiveness at Friday’s Brussels summit but seem unlikely to resolve sharp differences over the size and scope of the euro zone’s rescue fund. A German official said the question of raising the fund’s lending capacity would not be decided on Friday but in a package at the end of March, and Berlin opposed giving it any direct or indirect role in buying troubled states’ bonds.

Trading Dispute Splits BNY Mellon, Fund (WSJ)
A large Los Angeles County pension fund has stopped funneling some currency trades to Bank of New York Mellon Corp., protesting the way the bank profits from the transactions. The decision by the Los Angeles County Employees Retirement Association is a rare example of a pension fund ceasing business with a custody bank. The dispute comes amid scrutiny by funds and investigators over currency-trade costs.

United Technologies CEO Says Obama Makes Business-Friendly Shift (Bloomberg)
Obama’s administration is showing a willingness to consider tax policies such as permanent credits for research and development, and “to look at deficit reduction,” Louis Chenevert said yesterday in an interview in New York. “I’m encouraged, actually, to see the renewed focus to support large businesses like ours,” he told reporters, noting that Hartford, Connecticut-based United Technologies has more than 75,000 employees in the U.S.

Article courtesy of Dealbreaker

Former Goldman Sachs Board Member Accused Of Insider Trading

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Rajat K. Gupta may be in some legal trouble on account of being “a friend and business associate of Raj Rajaratnam.”

The Securities and Exchange Commission today announced insider trading charges against a Westport, Conn.-based business consultant who has served on the boards of directors at Goldman Sachs and Procter & Gamble for illegally tipping Galleon Management founder and hedge fund manager Raj Rajaratnam with inside information about the quarterly earnings at both firms as well as an impending $5 billion investment by Berkshire Hathaway in Goldman.

The SEC’s Division of Enforcement alleges that Rajat K. Gupta, a friend and business associate of Rajaratnam, provided him with confidential information learned during board calls and in other aspects of his duties on the Goldman and P&G boards. Rajaratnam used the inside information to trade on behalf of some of Galleon’s hedge funds, or shared the information with others at his firm who then traded on it ahead of public announcements by the firms. The insider trading by Rajaratnam and others generated more than $18 million in illicit profits and loss avoidance. Gupta was at the time a direct or indirect investor in at least some of these Galleon hedge funds, and had other potentially lucrative business interests with Rajaratnam.

Board Member of Goldman Sachs and Procter & Gamble Charged in Insider Trading Scheme [SEC]

Earlier: Raj and Rajat’s Fancy South Asia Hedge Fund

Goldman Director In Galleon Probe

Article courtesy of Dealbreaker

SEC Charges Hedge Fund Manager, Analyst, Tech Exec, IR Chick In Galleon-Related Case

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Robert Khuzami can’t even look at you people.

The SEC alleges that Robert Feinblatt — a co-founder and principal of New York-based hedge fund investment adviser Trivium Capital Management LLC — and Trivium analyst Jeffrey Yokuty engaged in insider trading in the securities of Polycom, Hilton, Google and Kronos. The SEC further alleges that Polycom senior executive Sunil Bhalla and Shammara Hussain, an employee at investor relations consulting firm Market Street Partners that did work for Google, tipped the inside information that enabled the insider trading by Feinblatt and Yokuty on behalf of Trivium’s hedge funds for illicit profits of more than $15 million.

“Today’s action reveals disturbingly corrupt arrangements — faithless company executives who secretly pass corporate information to hedge fund managers willing to violate the law for profit,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “Market participants need to understand that by engaging in such behavior they invite SEC scrutiny, and we will uncover their conduct and take aggressive action.”

Update: Reuters’s Matthew Goldstein notes a Stamford connection: “Feinblatt, who shut his Trivium Capital Management firm in late 2008, was charged with getting confidential tips from Galleon cooperating defendant Roomy Khan. Khan had worked as a consultant to Feinblatt, who started his fund after leaving SAC Capital in 2002.”

SEC Charges New York Hedge Fund and Wall Street Professionals in Galleon-Related Enforcement Action [SEC]

Article courtesy of Dealbreaker

Write-Offs: 12.01.10

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$$$ Data Show Economic Recovery Strengthening [WSJ]

$$$ Hedge Funds Got Help, Too [Dealbook]

$$$ The Ladies Of Bernie Madoff Get Their Government Close-Up [TSG]

$$$ Kissing Up Like A Pro, Tip #1: “Make it uncomfortable.” [FINS]

$$$ Police probe alleged Ponzi scheme involving medical marijuana dispensary [Denver Post]

$$$ Citigroup Said to Discuss Hiring Former White House Budget Director Orszag [Bloomberg]

Article courtesy of Dealbreaker

Unfounded Rumor Of The Afternoon: Goldman Sachs Partner To Grapple With The Question Of How One Throws A “Naked-Themed” Halloween Party, Food And…

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Almost a year ago, at the height of the campaign to Hate on Goldman Sachs, Lloyd Blankfein issued an edict. Lay low. Do not draw attention to the firm. Do not purchase flashy items. Do not dump a bag of hundos on the floor, strip naked and roll around in them at your local watering hole. Don’t even eat together outside the walls of headquarters if you know what’s good for you. Lloyd wasn’t telling people to not be themselves, just not to be themselves in public, where they could be readily identified as employees of Goldman Sachs. Naturally, the rule applied not only to first-year peons but the upper echelons of Goldman Sachs management as well. Which is why when he threw “a series of” topless parties in the Hamptons last summer, partner, managing director and hero to all Rick Kimball did so in the privacy of his Southampton rental. The same logic presumably applied during the planning of an upcoming “naked-themed Halloween party,” supposedly taking place at his pad on Jane Street.

Word on the street is that as Goldman Sachs Director, Rick Kimball, continues to be celebrated within corporate headquarters, the Board of Directors of his apartment building on Jane Street, where he occupies the two story penthouse, on the other hand are not quite as thrilled with his performance. Numerous video tapes of him getting it on in the elevators with various young women and countless all night raves with flowing champagne and scantily clad nymphs, often on work nights; then, stumbling directly into his waiting personal limo off to the office, has finally rendered an apartment board vote last week of, “Your ass is out!,” although this has not deterred his plans for a naked themed Halloween party on the 30th……I guess he figures he’s already been booted, what the heck.

Lloyd would most likely have a serious problem with Kimball renting out, say, the floor of the NYSE for the event, but at his own place? Not much to complain about (except for the lack of an invite to the festivities). (NB: I called GS for confirmation of the soiree and was told nothing is planned “for Halloween,” which may just be typical Master of the Universe sleight of hand, re: the 30th vs. the 31st.)

Article courtesy of Dealbreaker

Real Talk With Eli Roth & Filmmakers On Twitter Power

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“It was almost out of fear of being left behind” said director Richard Kelly of his reasons for joining Twitter at last night's Power of the Tweet Poolside Chat for the L.A. Film Festival.  The chat was intended to bring together some of Hollywood's most Twitter-happy personalities, with a panel that also included filmmakers Jon Chu, Eli Roth and Adam Shankman, whom you may know best as the recipient of that infamous Miley Cyrus lap dance.

For those who think Twitter has peaked and is on the decline, think again. These Tweeters stand proudly by their Twitter handles and 140-characters-or-less statements to the world. In LA Weekly's rundown of the night, many interesting nuggets were revealed in Tweet Chat, which allowed for real talk on how the social networking craze has influenced everything from the panels' personal lives to the box office.

Want to get discovered by Hollywood? “I look at pretty much everything that comes in” said Kelly of the links people Tweet @ him. Seriously, he actually passed on a fan's YouTube video to his agent. Hear that struggling artists? Hop on the Twitter train if you're fighting for your big break!

And how has Twitter affected the directors' careers and showbiz in general? “Now with Twitter, there's no escape–if you've made a shitty movie, people know within 15 minutes of the first show this thing sucks ass.” explained Roth. As for Shankman, the director has felt the burn of an overly sensitive public and sensationalist media in the wake of on seemingly harmless Tweets. Disney now has their cast and crew sign contracts prohibiting them from Tweeting from the set after the Shankman posted some scandalous photos of Miley Cyrus last year. “Please let it be called The Shankman Clause,” he quipped.
But mind your Tweets, for they can and do provide a basis on which to be judged by the world. Roth referred to Ashton Kutcher's Twitter eulogy to Brittany Murphy, saying “I love Ashton, but when someone's trying to do something really profound on Twitter, I'm like, ‘Go fuck yourself.” Amen, brother. Don't act like you're not guilty of deeming someone an idiot after reading an asinine Tweet, or even hideous spelling and grammatical errors. It's only natural.

[Photo via]

Article courtesy of Los Angeles | Guest of a Guest – Los Angeles People, Places, Parties & Nightlife

Anyone Wanna Run BP?

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Tony Hayward hasn’t actually resigned yet but at the present he’s not in so good with the Prez and a li’l accident– a blip, really– did go down on his watch. Reuters already has a list of fill-ins prepared in the event Big T involuntarily resigns. It includes Andy Inglis (head of BP’s core exploration and production division), Iain Conn (the head of BP’s refining and marketing unit), and Bob Dudley (a “Managing Director” with responsibility for oversight of the Americas and Asia).

But we’re thinking this might be the sort of thing that calls for not just an outsider who didn’t work at the company at the time of the event that dare not speak its name but also an outside the box candidate. Names that come to mind include the Alia Sabur (the Long Island genius who says she figured out how to fix the leak in a matter of minutes), Lenny Dykstra (who knows from shit and could just be so wrong he’s actually right), Lloyd Blankfein (who most likely orchestrated the “slip up” as a diversionary tactic), and Jack Welch (who’s begging for it). Other suggestions welcome.

Article courtesy of Dealbreaker