GoldenTree Trader Appeals Denial Of Goldman Bonus

Jun 16 2014 | 9:41am ET

A GoldenTree Asset Management trader won’t be held down by a “kangaroo court” in his effort to win $20 million in unpaid compensation from his former employer.

Deeb Salem has appealed a Financial Industry Regulatory Authority arbitration ruling that Goldman Sachs does not owe him the money. He said the panel was biased against his claim, calling it “ridiculous” and “bullshit” during a hearing. He added that the arbitrators refused to allow him to call several Goldman Sachs executives during the hearing, a “shocking and blatant miscarriage of justice” that he’s asked a New York State court to junk.

“Employees trade their rights to go litigate in court and get smart judges to review their circumstance in exchange for an expedited hearing on the merits,” Salem’s lawyer, Jonathan Sack, said. “Deeb Salem got neither.”

Salem has said he was scapegoated by Goldman after a 2011 Congressional hearing that found he and others at the firm had sought to manipulate mortgage derivatives in 2007, and that the firm withheld $6.15 million in deferred compensation and $15 million in bonuses. Goldman said that he left the firm voluntarily, forfeiting that money, and the FINRA panel agreed. The arbitrators said that even if the Goldman executives testified as Salem expected, he still would have established no legally enforceable claim to the money.


In Depth

JOBS Act Propels Real-Estate Crowdfunding Platform

Oct 21 2014 | 2:57am ET

If D.J. Paul were a real estate development, he would be described as “multi-use...

Lifestyle

Strippers Accused Of Robbing Hedge-Fund Manager Face Jail

Oct 20 2014 | 9:20am ET

A group of alleged stripper-thieves—whose victims include a hedge-fund manager...

Guest Contributor

PAAMCO: European Equity Exposure - Challenging Year, But All is Not Lost

Oct 16 2014 | 4:12am ET

European equity hedge fund managers have had a tough time so far this year. The...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    Sep 30 2014 | 9:29am ET

    The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…

 

Futures Magazine

October 2014 Cover

Deeply flawed risk benchmark

Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.