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Lots of small businesses do the same -- plumbing outfits, lawfirms, dentists, you name it. Take a lawfirm, for example. It operates like a legal pyramid scheme (and I say this as a former lawyer). Bid on larger projects and take on more than one at a time. of them are small businesses.
Thanks largely to news of a crucial legal settlement, GSK (NYSE: GSK) was one of the better-performing big pharma stocks on Wednesday. Relieved investors showed their appreciation by collectively bidding the company's shares up by 5.8% on the day, a performance that easily eclipsed the 0.7% rise of the benchmark S&P 500 index.
But yeah, then I went to Wachtel afterward because it, it seemed like, because like, you know, you’re, you’re a law student and you don’t know what a lawfirm is. And then like you can spend your second year summer at a lawfirm. And so you end the summer knowing what a lawfirm is.
And how’d you get rich legally?” How does he answer the question, what do you do for a living and how do you get rich legally? Two, I was shocked that it was legal. He had a construction company and he’d bid a job at $1,000, it cost $1,200, but he’d outbid the other guy who was bidding the job at $1,400.
So I did my thesis on how leveraged buyouts work from the legal and the business side. And Goldman was the size of a lawfirm back then. And I mean, it was literally like the size of a lawfirm, not a giant global institution. And you know, so we looked at it very hard, decided not to bid. RITHOLTZ: Right.
I did the, the first time I make it make some bid to, to get to know the people and the, write a story about it. 01:07:56 [Speaker Changed] So one other thing I have to ask about is you throw some shade at some of the big lawfirms, Sullivan and Cromwell and others. It came into Alameda. From the client, not from F T X.
Citi and Nordea acted as placement agents for the transaction, with SVP and Bjelin Group receiving legal counsel from top lawfirms. Read more Trump names private equity CEO to lead Federal Housing Finance Agency President-elect Donald Trump nominated Bill Pulte, CEO of private equity firm Pulte Capital.
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