Here are some thoughts (with associated ‘TCM smart’ links) provoked while reading today’s edition of The Wall Street Journal:
From the article entitled “’Boy Wonder’ Swoops In” and others in the “Money & Investing” section, the following information is of note:
- From the article entitled “Splogs Roil the Internet, the following information is worth investigating:
Bawag P.S.K. made the loan to Refco CEO Phillip R. Bennett and is now under scrutiny for making the loan when Bennett needed $430mm quickly.
GLG Partners, one of Europe’s largest hedge-fund operators, has lured Steve Roth from Deutsche Bank AG to run its convertible-bond arbitrage fund, known as the market-neutral fund with Philippe Jabre, the fund’s longtime manager. Mr. Roth is the first big hire since Emmanuel Roman, the former head of prime brokerage for Goldman Sachs in Europe, became co-chief executive along with Noam Gottesman. GLG Partners was involved in a possible sale to Lehman Brothers earlier this year.
- J. Christopher Flowers, formerly of Goldman Sachs, is now heading J.C. Flowers & Co. Christopher made a killing in his 2000 takeover with investor Tim Collins of the Japanese bank now called Shinsei Bank, which was then known as Long Term Credit Bank of Japan.
- Enstar Group Inc. is also an investor in the Refco Futures bid. Nimrod Frazer is chief executive of Enstar Group based in Birmingham, AL.
- Mark Winkelman, a former Goldman Sachs Group Inc. executive, will be installed as chairman of the futures and commodities trading business if the Flowers-led bid succeeds. Jacob Goldfield, a former Goldman partner, would be vice-chairman.
- Cargill Investor Services Inc. was recently acquired by Refco and is part of the mess that is Refco Capital Markets Ltd.
- Refco’s Capital Markets division, an unregulated business that handles over-the-counter trading of derivatives and other securities, was included in the Refco bankruptcy filing.
- Other investors in the Flowers-led consortium include Silver Point Capital, MatlinPatterson Global Advisors LLC and private equity firm, Texas Pacific Group.