Wednesday, 22 October 2014
Last updated 13 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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…
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 ...