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Michael Cohen Is An Amazing Banker

TedTed
in Fund Discussions
FYI: Yesterday the US Attorney's Office of the Southern District of New York released a sentencing memorandum for Michael Cohen. We'll leave the political implications to our colleagues in the DC bureau, but one paragraph in particular jumped out at us (emphasis ours):

The largest source of undisclosed income was more than $2.4 million that Cohen received from a series of personal loans that he made to a taxi operator... for a total principal of $6 million. Each of these loans carried an interest rate in excess of 12 percent. Cohen funded the majority of these loans with a line of credit with an interest rate of less than 5 percent (such that Cohen was earning a substantial spread on the difference between the two loan rates)... In total, Cohen received more than $2.4 million in interest payments from Taxi Operator-1 between 2012 and 2016.
Regards,
Ted
https://ftalphaville.ft.com/2018/12/08/1544280108000/Michael-Cohen-is-an-amazing-banker/

Comments

  • MarkMark
    edited December 2018
    1) What does this have to do with mutual funds?
    2) This is how you know that Mr. Cohen is not mobbed up. Seriously, 12% isn't worth bending over to pick up off the street for any respectable mob guy.
  • hank
    edited December 2018
    Can’t even read the article. They want me to “register” first. (No thanks - get enough junk email now.) I subscribe to FT on Kindle. So if that’s the original source I’ll read it. Ya know. Much as I hate to say it, publishers and journalists deserve to be paid for a quality product like FT. So finding a way around the paywall ain’t very appealing.

    Hate to step on @Mark here. I only know NYC as a tourist. Fine city. But I do believe they have some “shady” types lurking there too. Cohen seems to be connected to the darker side in some way. But we’ll wait and see what turns up.
  • Sven
    Cohen seems to be connected to the darker side in some way
    That is why he is known as The Fixer. How are they differ from John Gotti and their companies?
  • hank
    edited December 2018
    Sven said:

    That is why he is known as The Fixer. How are they differ from John Gotti and their companies?

    But seems to know which side his bread is buttered on. And standing with “Individual 1” when things got hot wasn’t in his plan. One wonders if he’s protecting somebody else?


    Just noticed this thread is listed under “Fund Discussions”. LOL
  • Old_JoeOld_Joe
    "Just noticed this thread is listed under “Fund Discussions”. LOL"

    @Ted is all into making up rules, not honoring the real ones.
  • hank
    edited December 2018
    Old_Joe said:

    @Ted is all into making up rules, not honoring the real ones.

    Yep. That’s the type that typically goes into Administration - from my experiences.:)
  • Old_JoeOld_Joe
    Good point! I've always thought that Ted's a frustrated wanna-be administrator.
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