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"Full of malarkey," is Blackstone (BX +4%) President Tony James' description of the lawsuit...

"Full of malarkey," is Blackstone (BX +4%) President Tony James' description of the lawsuit against his firm, KKR, and others charging them with collusion. Referring to a friendly email between him and George Roberts, he says it's not just logical, but "a requirement" for the firms to work together on big deals. (earnings earlier)
Comments (2)
  • Cash Flow is King
    , contributor
    Comments (11) | Send Message
     
    Any decent lawyer who got a 19 or higher on their ACT (or the SEC, well ok you would need to handicap the SEC because they hire really bad people who can't get hired in the private sector) could get this sorted out in about 45 days....just go out and subponea 5 or 10 former senior employees (partners, MDs, etc.) at each of the big firms and shine the bright lights in their eyes....and they will puke out the truth faster than a frat boy or sorority girl during rush week. I speculate that at least 1/2 of the people who leave these firms despise the corrupt moral code of conduct that they had to adhere to while working at the firms (albeit they were paid lavishly and they know it). I speculate that during discovery these people would cherish the opportunity to tell the truth about the collusion on deals and the never ending violation(s) of the compliance "Chinese Walls" that, as these firms expand into every more products, has made it practically impossible to make any decision without putting a segment of investors in harms way but for the benefit of another class of investors in a different product line. Why? Because all of these firms are still really run by 2 to 5 guys who call all of the shots (across all product lines) and the rest of the people (including partners) don't go to the latrine until they are told when, where, and how. Chinese walls between product lines and no collusion amongst firms....bullshit...this is the only edge (sorry, competitive advantage) that these firms have.
    18 Oct 2012, 12:36 PM Reply Like
  • Joe Dirnfeld
    , contributor
    Comments (1128) | Send Message
     
    Tony James was hosting obama at his house for a fund raiser, he pays protection money, nothing will happen. he will call Obama which in turn will tell the sec to shut the f up.
    18 Oct 2012, 07:11 PM Reply Like
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