Billionaire hedge fund mogul Bill Ackman (pictured) is in a tiff with billionaire Bershire Hathaway investment mogul Charlie Munger. The topic? Whose investments are more “moral.” Now that’s what I call comedy!
• Katie Lee, the cookbook author and ex-wife of Billy Joel, is reportedly putting the 4,000-square-foot townhouse at 23 Perry Street that she and Joel once shared—and which she bought from Joel for $3 million after their split last year—on the market. The four-bedroom manse is set to be listed with Dolly Lenz for $12.9 million. [NYP, photos]
• Hedge fund mogul Bill Ackman has closed on the sale of his three-bedroom co-op at the Majestic on Central Park West. The 3,000-square-foot apartment, which Ackman first listed for $10 million last April and which went into contract in November, sold for $7.1 million to Douglas Libby and Marianne Johnson. [Cityfile]
• Seven months after she put her loft at 101 Wooster Street on the market for $3.99 million, Whoopi Goldberg has closed on the sale of the two-bedroom pad. The 3,600-square-foot apartment, which went into contract in October, sold for $2.985 million to Ben Lerer and his wife Emily. Lerer is the founder of Thrillist.com and the son of Ken Lerer, the new media investor and co-founder and chairman of the Huffington Post. [NYO]
• Just four months after she won approval to tear down her Southampton home and build something bigger and better in its place, Tory Burch has put the Meadow Lane property on the market for $17.9 million. She has good reason to sell. In October, Burch went into contract to buy an even bigger property nearby for an estimated $45 million. [WSJ, Sotheby's]
• Barry Weiss, the music executive who replaced Clive Davis as the CEO of BMG in 2008, has picked up a new apartment. Weiss has paid $4.995 million for a penthouse at the Harrison at 205 West 76th Street. [Cityfile]
• Showtime chief executive Matt Blank has paid $11.2 million for a 10th-floor condo at the Superior Ink building at 400 West 12th Street. [Real Deal]
• Hedge fund mogul Bill Ackman may want to stick to finance in the future. On Tuesday night, Ackman personally auctioned off the guest suite he owns at The Majestic on Central Park West and ended up selling it for $320,000, just $20,000 above the minimum bid. [Curbed, previously]
If you're looking to pick up a tiny apartment—or you're interested in rubbing shoulders with one of the city's most prominent hedge funders—keep in mind that Bill Ackman will be personally auctioning off the 322-square-foot guest suite/maid's residence he owns at The Majestic tonight. The show kicks off at 8pm and Ackman will be providing the wine. You just need to bring your checkbook, be ready to bid at least $300,000, and be prepared to close this week. Ackman, in case you're wondering, is decamping to The Beresford, where he picked up an apartment for $26 million and where, we sincerely hope, he earns an invite to join fellow residents John Stossel and John McEnroe in their regular beach volleyball games in Central Park. [Curbed]
• The Soho loft that Josh Hartnett lived in until recently (and reportedly trashed before moving out) has a new owner. Music executives James Dowdall and Rose Noone sold the apartment at 237 Lafayette Street to banker Rory Keane for $2.030 million. [Cityfile]
• Samuel I. Newhouse IV, the grandson of Condé Nast chief Si Newhouse (and participant in Jamie Johnson's Born Rich), is moving to Tribeca. Newhouse picked up a "zen-like" loft at 55 North Moore Street for $2.465 million. [NYO]
• Hedge fund mogul Bill Ackman has found a buyer for his 3,000-square-foot co-op at the Majestic. The three-bedroom apartment, which went on the market for $10 million in April, was listed for $7.9 million when it went into contract earlier this month. He's still looking for someone to pay $950,000 for his 322-square-foot "guest suite" in the building, though. [Curbed, PDE]
Hedge fund manager Bill Ackman lost his high-profile proxy contest with Target last week, a defeat that reportedly led him to shed a tear or two when he spoke at the company's annual shareholders meeting. It was Ackman's decision to invoke the words of John F. Kennedy, though, that really ticked off New York Times business columnist Joe Nocera, who penned a blistering critique of Ackman's performance on Friday. So how did Ackman respond? He stayed up all night and composed a 5,000-word essay to explain himself: "The tear was not for the loss of a proxy contest as Mr. Nocera implies, but rather in recognition of the significance of JFK's words nearly 50 years ago. It may also have represented some amount of physical and emotional fatigue." Duly noted. [NYT]
• It looks like General Motors will file for bankruptcy on Monday. [WSJ]
• Bill Ackman, the activist investor who's been taking aim at Target for months now, lost his battle to remake the company's board yesterday. [Fortune]
• A group of banks and money managers are now trying to "fend off" some of the new trading rules proposed by the Obama administration. [WSJ]
• The U.S. economy shrank at a 5.7 percent annual pace in the first quarter, which makes it the worst six-month performance in five decades. [BN]
• The market has been up big the last few weeks. But the ride may be over. "The market has gone too far, too fast," as one fund manager puts it. [BN]
• Following the stress tests last week, a number of banks have been busy de-stressing: Both Morgan Stanley and Wells Fargo raised billions late last week to satisfy new capital requirements mandated by the Fed. [NYT]
• Meanwhile, Bank of America, which needs to raise $34 billion (down from the $50 billion it could have been forced to raise) is looking to offload its stake in China Construction Bank, although finding takers isn't easy. [WSJ]
• Warning: Turning around AIG may take a bit longer than expected. [WSJ]
• Marisa Noel Brown, the daughter of disgraced Fairfield Greenwich Group founder Walter Noel, and her husband Matt, are officially putting their townhouse at 12 East 78th Street on the market. The Indiana limestone–faced manse, which the couple bought for $13.5 million in 2008 and then spent millions renovating, will be listed with Stribling's Patricia Farman-Farmaian for a mere $11.5 million. Quick cash buyers, please. [NYO]
• Mariah Carey and Nick Cannon have reportedly paid "around $7 million" for a 11,750-square-foot mansion in Bel Air, Calif. [Real Estalker]
• Citigroup posted its first profit in 18 months today, which made Wall Street very happy and sent Citi shares up to a whopping $4. [WSJ, DB]
• GE's first-quarter profit fell less than expected, dropping 35% compared to a year earlier, results that gave shares a boost in early trading. [BN, WSJ]
• AIG chief Ed Liddy still owns a big stake in Goldman Sachs, info that will be most pleasing to Goldman conspiracy theorists out there. [NYT, NYT]
• Is the banking business showing signs of recovery? [NYT]
• Carl Icahn and Kirk Kerkorian are locked in battle over MGM Mirage. [WSJ]
• General Growth Properties's bankruptcy will make hedge funder Bill Ackman a very rich man. And he already happens to be a very rich man. [NYT]
• The president of the Federal Reserve Bank of San Francisco now says it was a mistake to allow Lehman Brothers to collapse. Now you tell us? [BN]
• Merrill Lynch's top 10 earners in 2008—a list that Andrew Cuomo will be interested to take a look at—is out. Each made more than $10 million in cash and stock in 2008 as the bank racked up losses of $27.6 billion. [WSJ]
• The private sector lost nearly 700,000 jobs in February. [CNN]
• A UBS exec will address the Swiss bank scandal on Capitol Hill today. [NYT]
• Ben Bernanke yesterday: "If there is a single episode in this entire 18 months that has made me more angry, I can't think of one other than AIG." [BN]
• Bill Ackman's hedge fund dropped in February, Ken Griffin gained. [BN, NYP]
• More than 8.3 million mortgages are underwater, according to a report. [BN]
• Bernie Madoff has agreed to give up rights to his investment firm and company art collection. A hearing scheduled for today to look into conflicts of interest on the part of his lawyer, Ira Sorkin, has been postponed. [AP]
• Details about the Obama administration's plan to revise the bailout are still sketchy, but more will be revealed by Tim Geithner tomorrow. [WSJ, BN, DB]
• UBS is slashing bonuses by 80 percent, but the bank says it does not have plans to get out of investment banking altogether. [BN]
• Barclays announced that quarterly profits exceeded analysts' estimates. [BN]
• More trouble for Bill Ackman's Pershing Square Capital. [DB, NYP]
• Goldman chief Lloyd Blankfein addresses what went wrong on Wall Street in a op-ed piece for the Financial Times. [FT, FT]
• Sunday's New York Times, meanwhile, provides an account of what went wrong between Merrill's John Thain and BofA's Ken Lewis. [NYT]
• "There's only so much due diligence you can do," hedge fund manager Arki Busson explained to Bloomberg News when asked how he managed to get suckered by Bernie Madoff. This is especially true when you spend most of your time chasing models and actresses. [BN]
• Bernie Madoff's lawyer says his client will agree to "tightened bail requirements" to stay out of jail. Maybe he could be confined to his bathroom instead of his entire apartment? [BN]
• Bank of America started handing out pink slips yesterday as it plans to cut 35,000 employees following the merger of BofA and Merrill Lynch. [NYP]
• Bill Ackman's Pershing Square lost 12 percent in 2008. [BN]
• The SEC has reopened its investigation into insider trading allegations at Art Samberg's Pequot Capital. [WSJ]
• Wilbur Ross would like to buy a bank if you've got one to sell him. [CNN]
♦ The Fed is expected to cut interest rates again today, possibly to as low as 1 percent. [WSJ]
♦ The White House is pushing banks to stop hoarding the bailout billions and start making more loans. [AP]
♦ George Soros says the number of hedge funds "will be reduced in size by anywhere between half and two thirds" over the next few years. [Reuters]
♦ GMAC, which is controlled by GM and Steve Feinberg's Cerberus Capital, is now looking to become a bank holding company so it can tap into the $700 billion bailout pool. [WSJ]
♦ Credit card crunch: Lenders wrote off an estimated $21 billion in bad credit card loans in the first half of 2008. [NYT]
♦ Now comes the hard part. After winning the vote in the Senate last night, the bailout bill will head to the House for a Friday vote. [NYT, WSJ]
♦ John Thain will be staying put at Bank of America, contrary to initial rumors. He'll become the combined company's president of global banking, securities and wealth management. Who wants to hunt for a job in this economy? [MW]
♦ "Warren Buffett has become the new triple-A credit rating system." [NYT]
♦ Dick Fuld's last day in his corner office may come tomorrow. [WSJ]
♦ First-time applications for unemployment benefits rose to the highest level in seven years. [Bloomberg]
