Weisel: Layoffs & SEC Fine For Conflict Of Interest

Discussion in 'Road Cycling' started by Nikecycling, Mar 14, 2003.

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  1. Nikecycling

    Nikecycling Guest

    from recent news reports: As of 13 March, Thomas Weisel Partners LLC is laying off staff, with at
    least 100 employees will be fired of the total of 600 employees on the payroll. In February, Weisel
    a $12.5 million fine was levied by the S.E.C. for TWP's share of a settlement with federal and
    California regulators over conflicts of interest between TWP's investment banking and stock research
    department. Weisel initially balked at a huge $60 million fine, which it claimed would force it out
    of business and eventually this was reduced to $12.5 million.

    Meanwhile, back in in New York, U.S. District Judge Shira Scheindlin refused to dismiss lawsuits
    against various investment banks and the companies they took public during the IPO boom from 1998 to
    2000. Thisis the same conflict of interest case cited above, with numerous complaints about the
    stocks of hundreds of companies taken public during that time by investment banks such as Goldman
    Sachs and San Francisco's Thomas Weisel Partners LLC.

    Allegations involve the stocks of some of Silicon Valley's biggest names, including Agilent
    Technologies, Covad, Critical Path and TiVo. No word yet whether layoffs will affect Tailwind
    Sports, Weisel's sports marketing firm that owns Lance Armstrong's USPS cycing squad. However,
    another conflict of interest may exist vis a vis Weisel's involvement in USA Cycling, as his
    employee Jim Ochowicz is also the President of USA Cycling.

    With conflict of interest seemingly business as usual at TWP, how can Ochowicz maintain his job
    there and his USA Cycling job? Won't Weisel lay him off if Ochowicz doesn't do what Weisel wants?
     
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  2. Ken McKisson

    Ken McKisson Guest

    like from what sources....

    the national inquirer... the world news? if your gonna post something as reported, you should credit
    the sources.

    "NikeCycling" <[email protected]> wrote in message
    news:[email protected]...
    > from recent news reports:
     
  3. Ken Papai

    Ken Papai Guest

    "NikeCycling" <[email protected]> wrote in message
    news:[email protected]...
    > from recent news reports: As of 13 March, Thomas Weisel Partners LLC is laying off staff, with at
    least

    So, who are you? And what sources?

    > 100 employees will be fired of the total of 600 employees on the payroll.
    In
    > February, Weisel a ...
     
  4. A&B

    A&B Guest

    'Round and 'round the cobbler's bench The monkey chased the weasel, The monkey thought 'twas all in
    fun Pop! Goes the weasel.

    A penny for a spool of thread A penny for a needle, That's the way the money goes, Pop! Goes
    the weasel.

    A half a pound of tupenny rice, A half a pound of treacle. Mix it up and make it nice, Pop! Goes
    the weasel.

    Up and down the London road, In and out of the Eagle, That's the way the money goes, Pop! Goes
    the weasel.

    I've no time to plead and pine, I've no time to wheedle, Kiss me quick and then I'm gone Pop! Goes
    the weasel.

    NikeCycling wrote:
    >
    > from recent news reports: As of 13 March, Thomas Weisel Partners LLC is laying off staff, with at
    > least 100 employees will be fired of the total of 600 employees on the payroll.
     
  5. "NikeCycling" <[email protected]> wrote in message
    news:[email protected]...
    > from recent news reports: As of 13 March, Thomas Weisel Partners LLC is laying off staff, with at
    least

    <news from info released yesterday snipped >
    http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2003/03/13/fina ncial1627EST0239.DTL

    The news releases I have seen make no mention of any links to Tailwind or TWP's sports marketing
    firm, or any relationship Jim Ochowicz has with TWP. What is the point of your speculation?

    Glenn Butzlaff
     
  6. Bob Schwartz

    Bob Schwartz Guest

    NikeCycling <[email protected]> wrote:
    > With conflict of interest seemingly business as usual at TWP, how can Ochowicz maintain his job
    > there and his USA Cycling job? Won't Weisel lay him off if Ochowicz doesn't do what Weisel wants?

    - What makes you think that Och won't do what Weisel wants? Whatever you may think of him, he's
    not stupid.

    - What makes you think that maintaining financial control of an Olympic governing body is illegal?
    Read Prouty's book if you think cycling is unique in that respect. Corruption is the currency of
    the American Olympic movement.

    I'm involved with a race that has inline skate races on the schedule along with bike races. At a
    planning meeting we were discussing USAC and I told the skaters that if inline skating ever hit the
    Olympics they would be astounded at how quickly the sport would change.

    Bob Schwartz [email protected]
     
  7. In article <[email protected]>, "Ken Papai" <[email protected]> wrote:

    > "NikeCycling" <[email protected]> wrote in message
    > news:[email protected]...
    > > from recent news reports: As of 13 March, Thomas Weisel Partners LLC is laying off staff,
    > > with at
    > least
    >
    >
    > So, who are you? And what sources?

    http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2003/03/13/f inancial1627EST0239.DTL

    > > 100 employees will be fired of the total of 600 employees on the payroll.
    > In
    > > February, Weisel a ...
    >
    >
    >

    --
    Steven L. Sheffield stevens at veloworks dot com veloworks at worldnet dot ay tea tee dot net bellum
    pax est libertas servitus est ignoratio vis est
     
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