The Bull Gets Slapped Over Electronic Docs
Merrill Lynch received a $2.5 million spanking from the SEC yesterday along with a ceas-and-desist order being sloppy with its email handling. Evidently, the brokerage giant wasn’t fast enough in turning around requests for certain emails and electronic documents. Neither Merrill nor the SEC would comment, but there is speculation that the requests were related to the “Squawk Box” scandal.
You Got Nailed [NY Post]
Ex- Hedge Fund Manager Goes All Out on Townhouse
As if we needed it, another example that money does not equal taste. The Times does a close-up on ex-hedge-fund-manager and man-about-town Brad Zipper’s four-story townhouse in Little Italy. Mr. Zipper had better watch his zipper: He better not get any of those models and movie stars pregnant because the house is hardly geared towards family living. We wouldn’t mind a go at the wine cellar however.
A Little Soho, A Little St. Tropez [NY Times]
GLG Trading Woes Reaching End With Modest Fine
If the Wall Street Journal is to be believed, hedge fund giant GLG and its former star trader Philippe Jabre got off easy when the FSA levied a fine of $2.61 million this week over “improper” trading in a Japanese financial stock. The trading is alleged to have occurred back in February 2003. The fine will split evenly between the $11.5 billion fund and its disgraced manager, both of whom can probably afford it.
GLG, Jabre Receive Fine [WSJ]
No One Starving in the Fuld and Paulson Households
We already reported that Lehman head honcho Dick Fuld saw his bonus jump 34% in 2005 from$10.3 million to $14.8 million. By comparison, Goldman CEO Henry Paulson received no bonus but did get a restricted-stock award (isn’t that a kind of bonus?) valued at $30.1 million on top of 220,392 options. Mmmmmm, stock.
Lehman CEO Up 34%; Nil for Goldman [WSJ]
NFL’ers Left Holding Ball on Hedge Fund Investment
Two days after a group of NFL players sued an Atlanta-based money manager for refusing to let them withdraw about $15 million in capital, the Massachusetts officials joined the scrum, filing an administrative complaint against the firm, International Management Associates, and its CEO, Kirk Wright. Triggered by a complaint from a constituent who has $3.2 million sunk in IMA, the Secretary of State called for a number of remedies, including restitution. He’ll have to get in line though: Georgia has already frozen the assets of of the firm (which Kirk claims total about $150 million) and its three principals.
NFL Players Say Fund Fumbled [CNN Money]
Massachusetts Joins Inquiry [CNN Money]
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