Just down the street at 555 Theodore Fremd Avenue, Tremont Capital Holdings is fighting off law suits after being sucked dry by scam artist Bernie Madoff to the tune of $3.3 billion dollars.
(PHOTO: Super Mario) But at 401 Theodore Fremd you'd think it was Mardi Gras (pre-Katrina). 401 is the headquarters for Gamco Investors, Inc. and its CEO, Mario Gabelli, raked in a cool $46 million payday in 2008. Super Mario had to withstand a 34% cut from his $71 million payday in 2007, according the Crain's New York. From Crain's:
"Mr. Gabelli, who started his Rye, N.Y.-based firm in 1977 and controls shares that give him about 95% voting power in board matters, awarded himself pay last year that amounted to less than 20% of Gamco’s total revenue. Most of his compensation is based on an agreement that reserves him a healthy cut of the firm’s revenue, but he also collected a $2.4 million “incentive fee,” according to a regulatory filing. He takes no salary, bonus, or stock awards. The second-best-paid Gamco executive, its president, was awarded $3.8 million."
It used to be that the law said that only a qualified investor could invest with hedge funds and the like, on the theory that only they could afford to take such risks. A qualified investor had to have some serious dough to place it with people like Gabelli. But since so many hedge funds popped up in the last 10 years, they had to start going after progressively smaller fish. So the less experienced hedge fund operators started making ill-advised bets with money from people who probably should not have invested with them.
The fact that Gabelli, a very seasoned investor, was investing with Madoff proves the point that the best way to double your money is to fold it in half and put it back in your pocket. Caveat emptor, or better yet, caveat investor.
Wish i worked at Gabelli.. then i would still have my bonus. Why doesnt the liberal media attack this guy?
Death from Above:
You raise a great point. Trees are terrorists – remember a few years ago when they threatened to kill a celebrity every month until the country stopped using fax paper? Sonny Bono and Michael Kennedy were both brutally slain by faceless and cowardly trees. The country was cowed into using e-mail, and the slaughter stopped. But they’ve recently started the killing again, this time taking out Natasha Richardson. Rumor has it they want us to stop reading newspapers…
OMG scooter – your wit is sharp & absolutely on point ! who is that wack-job ?? hope its not a neighbor of mine ! ROFL
You guys are a riot.
I’m new on here and I love to blog many sites. Its good to be able to blog on a local site.
Hey, death from above:
About that lady in Rye that died from a falling tree, that tree was dead for a long time and should have been removed, long B4 it became a hazard. And, what the heck was she doing out in her yard picking up fallen branches in the middle of that storm, anyway. Its very sad how stupid we humans can be.