The report said the former Bear Stearns trader once allegedly said, “I’m going to rape you like I rape my daughter.”
zerohedge dot com
Fortress investment group has been on a tear recently: the stock which had probed the sub-dollar space some months ago, recently got a much needed upgrade from the fine analysts over at Barclays, which optimism was undoubtedly bolstered by the firm's retention of one Daniel ("His Name Is Not") Mudd as CEO, who did miracles during his prior tenure at Fannie Mae for shareholder returns. After all, as the whole "once bitten..." saying goes, one can be positive he has learned from losing billions in shareholder value in the past, and will never repeat it again. (Outliers such as Bob Nardelli are just that - outliers.)
Yet a casual glance at the Fortress Board of Directors reveals one Howard "Howie" Rubin. Taking a look at Howie's directorial bio reveals little of significance:
Howard Rubin
Director
Mr. Rubin has been a member of Fortress Investment Group’s board of directors since February 2007. Mr. Rubin currently serves as a Portfolio Manager at Soros Fund Management, LLC. Mr. Rubin is a director of Deerfield Triarc Capital Corp. (member of Audit Committee). In addition, he previously served as a director of Global Signal, GateHouse Media, Inc. (member of Audit Committee) and Capstead Mortgage Corporation (head of the Audit Committee). He has over twenty years of experience trading mortgage-backed securities. From 1987 until 1999, Mr. Rubin was a Senior Managing Director at Bear Stearns, where he ran the Collateralized Mortgage Obligations desk. Mr. Rubin received a Masters of Business Administration from Harvard Business School and a B.S.E. in Chemical Engineering from Lafayette College.
In fact, one would believe that Mr. Rubin's career, as presented, started at Bear Stearns and there was nothing relevant prior. One would be remiss, as Mr. Howard really hit the prime time long before he even joined Bear Stearns, in what Michael Lewis in "Liar's Poker" described as the man who (in the days before Kerviel and other next gen "superstar" traders) had "lost more money on a single trade than anyone on the history of Wall Street." The relevant headline and article in the Wall Street Journal on April 29, 1987 read:
"MERRILL HAS $250 MILLION LOSS ON UNAUTHORIZED TRADING
Executives at Merrill Lynch privately identified the trader as Howard A. Rubin, 36 years old, who had been the firm's head mortgage trader. They said he had far exceeded his limits in acquiring mortgages that were packaged into a particularly risky form of securities. The package involves splitting off the interest payments on the mortgages from the principal and selling each separately. They are known as 'interest-only/principal-only' securities, or lOPOs."
We urge readers to read the entire snippet in Liar's Poker, not least of all because the story of Jerome Kerviel it turns out is nothing new, but because back than $250 million was actually considered a big loss for a trader. How the times have changed.
Another article by the New York Times on April 30, 1987 put Rubin's departure in a slightly more negative light:
'A portfolio manager for an investment fund founded by financier George Soros sexually abused women at a Manhattan penthouse dungeon, according to a $27 million Brooklyn federal court suit. '
'Rubin – who collaborated with two female fixers and a lawyer – had the women sign non-disclosure agreements, the papers state. '
'In one session, he beat one of the women’s “breasts so badly that her right implant flipped,” the papers state. '
'At the $8 million penthouse, they were shown to a side room featuring ropes, chains, and sex toys along with other BDSM equipment. '
'One plaintiff was tied up, gagged and shocked with a cattle prod in her groin before Rubin allegedly raped her, according to the filing. '
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Lafall ago
The report said the former Bear Stearns trader once allegedly said, “I’m going to rape you like I rape my daughter.” zerohedge dot com Fortress investment group has been on a tear recently: the stock which had probed the sub-dollar space some months ago, recently got a much needed upgrade from the fine analysts over at Barclays, which optimism was undoubtedly bolstered by the firm's retention of one Daniel ("His Name Is Not") Mudd as CEO, who did miracles during his prior tenure at Fannie Mae for shareholder returns. After all, as the whole "once bitten..." saying goes, one can be positive he has learned from losing billions in shareholder value in the past, and will never repeat it again. (Outliers such as Bob Nardelli are just that - outliers.) Yet a casual glance at the Fortress Board of Directors reveals one Howard "Howie" Rubin. Taking a look at Howie's directorial bio reveals little of significance:
In fact, one would believe that Mr. Rubin's career, as presented, started at Bear Stearns and there was nothing relevant prior. One would be remiss, as Mr. Howard really hit the prime time long before he even joined Bear Stearns, in what Michael Lewis in "Liar's Poker" described as the man who (in the days before Kerviel and other next gen "superstar" traders) had "lost more money on a single trade than anyone on the history of Wall Street." The relevant headline and article in the Wall Street Journal on April 29, 1987 read:
We urge readers to read the entire snippet in Liar's Poker, not least of all because the story of Jerome Kerviel it turns out is nothing new, but because back than $250 million was actually considered a big loss for a trader. How the times have changed. Another article by the New York Times on April 30, 1987 put Rubin's departure in a slightly more negative light:
https://twitter.com/clindahilden/status/926395839853064192 ? https://www.facebook.com/hashtag/HowieRubin Howard Rubin or **Howie Rubin ** Portfolio manager accused of raping, beating women in penthouse dungeon | New York Post
'A portfolio manager for an investment fund founded by financier George Soros sexually abused women at a Manhattan penthouse dungeon, according to a $27 million Brooklyn federal court suit. '
'Rubin – who collaborated with two female fixers and a lawyer – had the women sign non-disclosure agreements, the papers state. '
'In one session, he beat one of the women’s “breasts so badly that her right implant flipped,” the papers state. '
'At the $8 million penthouse, they were shown to a side room featuring ropes, chains, and sex toys along with other BDSM equipment. '
'One plaintiff was tied up, gagged and shocked with a cattle prod in her groin before Rubin allegedly raped her, according to the filing. '