How Gordon Ramsay “neglected to take into account how little alcohol New Yorkers would order at lunch” and almost went bankrupt despite his TV income — Bloomberg
Allen Salkin has some new facts in the continuing saga of Annie Leibovitz and Art Capital Group: the amount that Leibovitz owes Art Capital has now ballooned to $30 million (the original loan, taken out in September 2008, was for $24 million); and the maturity date on the loan has now been extended only to “next summer”:
Michael Froman is one of those behind-the-scenes technocrats who never quite makes it into full public view. But according to Matt Taibbi, he’s one of the most egregious examples — up there with Bob Rubin, literally — we’ve yet seen of the way the revolving door works between business and government generally, and between Citigroup and Treasury in particular.
Yet more proof, if proof be needed, of Bank of America’s dysfunctionality comes in the latest HAMP report from Treasury. BofA has 1,018,192 loans eligible for modification — more than twice as many as anybody else; JP Morgan is in second place with 448,815. Of those million-plus mortgages, BofA has managed to turn the grand total of 98 into permanent modifications — a conversion rate of 0.0096%.
How much has the abrupt departure of star bond fund manager Jeffrey Gundlach cost his former company? Maybe less than you might think: about $2 billion left his fund in the 48 hours after he was fired, but redemptions seem to be slowing down, and that still leaves over $60 billion remaining.