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lehman may 19
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Active Managers Up, Hedge Fund Managers Out
May 18, 2015 | Bloomberg View
By Matt Levine
...I really enjoyed this profile of Jonathan Hoffman, the former Lehman Brothers bond trader who moved from Lehman to Barclays when Lehman went bankrupt in 2008, got an $83 million bonus from Barclays that year, and is now suing the Lehman estate for another $83 million bonus. Hoffman argues that he was promised $83 million from Lehman ... -
Former Lehman Trader Suing For 2nd $83 Million Bonus Was A “Sneaky Bastard,” Probably Deserves The Money Nevertheless: Colleague
May 18, 2015 | Dealbreaker
By Bess Levin
Elsewhere in bonus news this week, remember Jonathan Hoffman? He’s the former Lehman Brothers trader who ultimately became a (now former) Barclays trader, but not before he considered his many options elsewhere (Citadel, SAC, Millennium, any firm you can think of). Which is why, according to Hoffman, the $83 million he was paid by the... -
Small is Getting Big on Wall Street: David Bukzin of Marcum LLP Discusses the 2015 MicroCap Conference
May 19, 2015 | Equities.com
.... The 2015 MicroCap Conference even extended a second day to focus primarily on nanocaps and pre-IPO companies. This year’s keynote speaker was quite a coup as well. Delivering the address will be the ever-controversial Dick Fuld, who is best known as the former CEO of Lehman Bros. during the financial crisis of 2008...
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Jonathan Hoffman
Dick Fuld
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Active Managers Up, Hedge Fund Managers Out
May 18, 2015 | Bloomberg View
By Matt Levine
...How many $83 million bonuses does one man need?
I really enjoyed this profile of Jonathan Hoffman, the former Lehman Brothers bond trader who moved from Lehman to Barclays when Lehman went bankrupt in 2008, got an $83 million bonus from Barclays that year, and is now suing the Lehman estate for another $83 million bonus. Hoffman argues that he was promised $83 million from Lehman and that the $83 million he got from Barclays was an entirely unrelated bonus that just happens to have been for the same amount of money. Lehman argues: Come on. ("It is no coincidence that Mr. Hoffman asked Barclays for the very same amount he was owed," says the trustee's spokesman.)
So you've got a guy who made himself "tens of millions of dollars annually by placing bets that leveraged the massive balance sheets of" a now-bankrupt bank, and is suing for more tens of millions of dollars, and yet he comes across as sort of charming? Like, he worked hard, kept his head down, and made oceans of money for Lehman; now he just wants some of it back. When I mentioned this story last year I was very puzzled by his motivations, but this profile helps clear them up: It's the classic money-as-scorekeeping trader mentality, and Hoffman just seems to want appropriate credit for his accomplishments.
Elsewhere in, like, personal-grievance miscellanea, here's a very weird Hoover Institution post from Yale Law School professor Jonathan Macey about Lynn Tilton and Patriarch Partners:
In a just world, if the SEC found a company run by a lone woman that had saved tens of thousands of jobs and dozens of failing American businesses including Rand McNally, Stila Cosmetics, Dura Automotive, and MD Helicopters, it would give that company a medal. But not this SEC. This SEC is trying to put the company, Patriarch Partners, out of business, suing it for securities fraud on a theory that is both highly technical and specious. The SEC’s enforcement action potentially threatens tens of thousands of American manufacturing jobs at these companies.
I have mixed feelings about the SEC suit against Patriarch but I have to say that it never occurred to me that the SEC should give it a medal. I mean, for one thing: Patriarch's accounting really seems to have been not so hot. Also: The SEC doesn't really give out medals? Does it?...
For full story:
http://www.bloombergview.com/articles/2015-05-18/active-managers-up-hedge-fund-managers-out
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May 18, 2015 | Dealbreaker
By Bess Levin
Elsewhere in bonus news this week, remember Jonathan Hoffman? He’s the former Lehman Brothers trader who ultimately became a (now former) Barclays trader, but not before he considered his many options elsewhere (Citadel, SAC, Millennium, any firm you can think of). Which is why, according to Hoffman, the $83 million he was paid by the British bank was part of a separate employment agreement and not the $83 million Lehman Brothers owed him, which he is currently fighting for. Anyway, the Journal has an update on his story today and in addition to some totally relevant color about Hoffman’s figurative and literal stature at Lehman…
…Hoffman was the most profitable member of his group and “was viewed as one of the best proprietary traders in the market.” On a desk that featured several former college athletes and at times had a locker-room feel, the short, slender Mr. Hoffman wasn’t the norm but was generally sociable, one former trader said.
…there’s this:
Barclays declined to comment, but the testimony of a bank executive only added to the ambiguity of whether Mr. Hoffman was a victim of the bankruptcy or is being greedy. In a deposition, Michael Keegan, a Barclays managing director, recalled thinking Mr. Hoffman was a “sneaky bastard” for seeking payment from the Lehman estate. “I thought he was paid for it” by Barclays, Mr. Keegan said. But then under questioning from Mr. Hoffman’s lawyer Mr. Keegan conceded that, in fact, Barclays chose to pay Mr. Hoffman and “we were under no obligation that I know to do that.”...
For full story:
http://dealbreaker.com/2015/05/former-lehman-trader-suing-for-2nd-83-million-bonus-was-a-sneaky-bastard-probably-deserves-the-money-nevertheless-supervisor/
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May 19, 2015 | Equities.com
...Since it launched in 2012, with the goal of providing a supportive platform for microcap companies to connect with Wall Street, the conference has grown leaps and bounds with the market itself. The 2015 MicroCap Conference even extended a second day to focus primarily on nanocaps and pre-IPO companies.
This year’s keynote speaker was quite a coup as well. Delivering the address will be the ever-controversial Dick Fuld, who is best known as the former CEO of Lehman Bros. during the financial crisis of 2008. Of course, there will be a number of compelling panels for issuers and investors attending the event as well.
Equities.com had the opportunity to catch up with David Bukzin, Partner-in-Charge of Marcum LLP’s national SEC Services Practice as well as the Firm’s New York City office and NY Assurance Services, to learn more about this year’s event.
...EQ: This year's key note is Dick Fuld, obviously a very well-known figure in this industry for his time as Lehman Bros.’s CEO during the financial crisis. What are you most excited about from his presentation?
Bukzin: He was a key figure in the 2008 financial crisis, and somewhat controversial because of it. What’s exciting is that we are now eight years removed from that, and he chose to use the Marcum MicroCap Conference as the forum for his first major public speaking appearance since 2008.
While he is a controversial figure, it is undeniable that Dick Fuld built Lehman Brothers into a powerhouse that was highly influential until its demise in 2008. Some of the lessons that he took away from those experiences are part of what he'll share at the conference. That could be one of the most valuable things any one of our keynote speakers has ever had to communicate to all these young, emerging global companies.
Also, acknowledging that Mr. Fuld is a controversial figure did not scare us away from inviting him to be our keynote. Instead, it made him more attractive to us because of the unique perspective he will be able to offer us...
For full story:
http://www.equities.com/editors-desk/stocks/small-micro-cap/david-bukzin-marcum-2015-microcap-conference
Client Attorney Privileged/Attorney Work Product/At Request of Counsel
Jonathan Hoffman
Dick Fuld
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