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Shamelessness: Ellen Pao and Buddy Fletcher
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One of those hard to notice dog-that-didn’t-bark things is how often prestige press coverage is intentionally made more boring than the story actually is. For example, below is the New York Times’ latest long article about Ellen Pao’s sex discrimination case against a famous Silicon Valley venture capital firm.

Ms. Pao appears to be an extremely boring person, but her husband — the notoriously litigious gay black Wall Street Master of the Universe turned bankruptee Alphonse “Buddy” Fletcher — is not boring. If Tom Wolfe put an adventurer as outrageous as Buddy Fletcher in one of his novels, critics would dismiss it as over the top.

Hence, Ms. Pao’s husband is never mentioned in the article.

In Ellen Pao’s Suit vs. Kleiner Perkins, World of Venture Capital Is Under Microscope
By DAVID STREITFELD MARCH 5, 2015

SAN FRANCISCO — Speak up — but don’t talk too much. Light up the room — but don’t overshadow others. Be confident and critical — but not cocky or negative.

Ellen Pao got a lot of advice about how to succeed in the clubby, hypercompetitive, overwhelmingly male world of venture capital. Her annual evaluations were filled with suggestions about how she could improve and perhaps even advance to the inner circle of Kleiner Perkins Caufield & Byers, the blue-chip firm where she was a junior partner. She would be paid millions and be at the red-hot center of the crucible of the tech economy.

Ms. Pao did not make it. Exactly why is the subject of a lawsuit she filed against Kleiner and which is now being heard in civil court here. Ms. Pao contends she was harassed and then discriminated against. Kleiner says she failed to improve despite all that coaching and was terminated.

At risk is the millions that Ms. Pao might have earned at Kleiner, plus millions more in punitive damages. But that is pocket change in Silicon Valley. What is really under examination in this trial is the question of why there are so few women in leadership positions in the valley. At stake is any hope that Silicon Valley can claim to be a progressive place.

My bold.

That’s the lesson here, no need to raise any totally irrelevant questions about her husband’s famous discrimination lawsuits against Kidder Peabody and The Dakota.

If, however, you are interested in the relationship between Pao’s lawsuit and her flamboyant husband’s long career of suing and winning, Fortune covered it back in 2012:

A tale of money, sex and power: The Ellen Pao and Buddy Fletcher affair

by Adam Lashinsky , Katie Benner @adamlashinsky OCTOBER 25, 2012, 9:00 AM EST

… Pao’s stubbornness may have surprised her peers, but it may not have surprised the one person who has been fighting his own battles in parallel. Fletcher has settled lawsuits filed against him, but he’s never lost one yet. Emboldened by his early Kidder Peabody victory, perhaps Fletcher is someone who doesn’t shy away from a challenge, who refuses to cede ground.

But can he fight his way out of his current predicament? The team appointed by the court to liquidate Fletcher’s Cayman Islands fund has raised questions about the handling of investors’ money, saying the fund’s complicated structure “allowed fees to be drawn … at multiple levels, without any benefit to investors.” The liquidators also noted that a firm affiliated with Fletcher had been paid $3.3 million in fees by the Leveraged Fund, unbeknown to the investors. On June 29, Fletcher halted the liquidation process by having part of his firm file for voluntary bankruptcy. Fletcher hoped to maintain control of the process, but the court had other ideas. Over Fletcher’s wishes, the bankruptcy judge appointed Richard J. Davis as the trustee overseeing the process. …

After the revelations of the past year it seems Fletcher may have great difficulty attracting new investors for future funds. His wife’s professional prospects are equally uncertain. Her accusations have reversed her reputation such that even her friends don’t quite know what to make of her: Is she the diligent immigrants’ kid, or is she a defiant nonconformist? Whistleblower or troublemaker?

The couple are now on parallel paths of litigation and have crises enough for a 50-year marriage, never mind one that will be just five years old this December. It’s easily enough to drive even the most rock-solid pair apart. For Buddy Fletcher and Ellen Pao, it seems to have brought them together for now. Oddly enough.

And here’s the lowly New York Post a couple of weeks ago:

Case builds against former NY hedgie ‘Buddy’ Fletcher
By Michelle Celarier February 18, 2015 | 10:06pm

Disgraced former hedge-fund operator Alphonse “Buddy” Fletcher’s broken promises are catching up with him.
A Manhattan judge has ruled that the 49-year-old investor owes his former law firm $2.7 million in unpaid legal bills.

Add that to the more than $140 million in court judgments and tax liens against the Harvard-educated fallen finance whiz and his fund, and you have one of the oddest Wall Street stories in recent memory.

While Fletcher owns three apartments in Manhattan’s exclusive Central Park West Dakota co-op, an $8.85 million self-described castle in Connecticut’s tony Litchfield County, and, with his wife Ellen Pao, a $1.5 million San Francisco home, the ex-hedgie stands accused of cheating Massachusetts and Louisiana cops and firefighters out of more than $100 million and not paying close to $3 million in taxes.

The pension plan of the public employees had invested in Fletcher’s hedge fund, Fletcher International, before that fund crashed and burned in 2012 amid a series of questions concerning the whereabouts of the cash.

The fund’s federal bankruptcy court trustee Richard Davis said the money was funneled out of Fletcher International by Fletcher, whom he accused of “obstructionist legal tactics” to avoid the court’s rulings.

The FBI and the Securities and Exchange Commission are said to be investigating the matter. Both states’ pension fund’s are suing Fletcher as well.

Fletcher’s colorful career arc also includes his 2011 suit against the Dakota, which he accused in a Manhattan state court lawsuit of racial discrimination.

… Meanwhile, the Louisiana Retirement System is trying many avenues to recoup the monies. On Thursday its board will meet to discuss a suit against Citco, a hedge-fund administrator that emerged as one of the alleged co-conspirators in the possible Fletcher scam.

Fletcher could not be reached for comment.

A seemingly obvious pattern, but one that’s hard to notice under the currently dominant mindset, is that numerous unscrupulous individuals have gotten adept at exploiting the current anti-cisgender straight white male worldview for their own personal financial benefit.

 
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  1. Anon says: • Disclaimer

    Maybe the defense can mess this up by hiring some Chinese-American guy to sue Ellen for sexually discriminating against Asian men in marriage.

    Read More
    • Replies: @Twinkie

    Maybe the defense can mess this up by hiring some Chinese-American guy to sue Ellen for sexually discriminating against Asian men in marriage.
     
    That'd be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).

    I know that some HBD folks get all hung up on the WMAF vs. AMWF pairings, but the great disparity stems from those who are foreign-born (among whom females have easier time marrying whites than male do), but the disparity narrows significantly among the American-born.

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  2. LMH says:

    Wait, is he openly gay? Why are they married?

    Read More
    • Replies: @Stephen H.
    It's called having a fag hag.
    , @yaqub the mad scientist
    How DARE you ask such a question? For shame, sir.
    , @Stephen H.
    Also it could be an opposite sex gay marriage. Those are quite common for the sexual identity repressed folks. Pao could be a glazed donut lover, yet the legacy of tiger parents won't allow her to admit it.
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  3. Twinkie says:
    @Anon
    Maybe the defense can mess this up by hiring some Chinese-American guy to sue Ellen for sexually discriminating against Asian men in marriage.

    Maybe the defense can mess this up by hiring some Chinese-American guy to sue Ellen for sexually discriminating against Asian men in marriage.

    That’d be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).

    I know that some HBD folks get all hung up on the WMAF vs. AMWF pairings, but the great disparity stems from those who are foreign-born (among whom females have easier time marrying whites than male do), but the disparity narrows significantly among the American-born.

    Read More
    • Replies: @LC
    That’d be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).

    This stat gets thrown around a lot, but what's the source? I remember reading about high out-marriages of American born Asian males and females, but it was unspecified whether it was ethnic out-marriage, racial out-marriage, or combination of both.

    , @The most deplorable one

    compared to about 44% of American-born females who marry white males.
     
    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  4. Wilkey says:

    A decade or so ago the hot new relationship pairing in television dramas was black man/Asian woman. Kudos to the press for finding one that actually exists in real life (apart from black soldiers and their war brides).

    Read More
    • Replies: @LC
    A decade or so ago the hot new relationship pairing in television dramas was black man/Asian woman. Kudos to the press for finding one that actually exists in real life (apart from black soldiers and their war brides).

    There's a few upper BM/AF pairings, Kevin Johnson and Michael Greer being two examples. Lol, I can't think of any more.
    , @David R. Merridale
    When I was a teenager, our perfectly ordinary family became acquainted with a Hongkong mega-millionaire, on account of my dad helping one of his kids out of a legal jam. He'd take us out to dinner once in a while and was a very interesting conversationalist. His comment on the offspring of East Asian-African relationships: "It is not an attractive mixture." Something about the way he said it still cracks me up.
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  5. Twinkie says:

    Hence, Ms. Pao’s husband is never mentioned in the article.

    I know that the context is very different, but as a rule people seem to be pretty bad at drawing associations or at least just scratching beyond the surface, especially if the message being sold is to one’s liking.

    For example, reporter Emily Miller has been making the waves in the gun-rights movement with her reporting, book, and personality. She’s certainly been speaking at awful lot of places to the acclaim of many in the gun-rights movements. Then this happened: http://www.washingtonpost.com/blogs/erik-wemple/wp/2015/03/03/additional-document-casts-doubt-on-home-invasion-of-local-fox-reporter/

    A document from the D.C. police department shows that Emily Miller, the chief investigative reporter for WTTG-TV (Fox 5), didn’t fall victim to a home invasion on New Year’s Day 2010 as she has told various interviewers in recent years, including some gun-rights lobbying groups.

    I have never been too keen on Ms. Miller, because I knew something about her previous line of work: http://en.wikipedia.org/wiki/Emily_J._Miller

    Miller played a pivotal role in the Jack Abramoff scandal by implicating[4] her former fiance Michael Scanlon, who in turn went on to assist the investigation on his former partner. According to the Wall Street Journal,[5] “[Miller and Scanlon] worked as press secretaries to Rep. Tom DeLay, the feared Texas Republican. They got engaged in September 2001 on the beach in Santa Monica, Calif., and planned an August 2002 wedding. As the date approached, Mr. Scanlon bought a $4.7 million oceanside mansion and guest house, formerly part of the DuPont estate, in Rehoboth Beach, Del. He furnished it down to the monogrammed towels and presented it to his bride-to-be. Then, with the wedding a few months away, he called off the engagement and started dating a 24-year-old waitress.” According to a Washington Post profile,[6] “The FBI contacted Miller months later and arranged an interview with two young female agents, who questioned her on matters ranging from Scanlon’s strange use of different first names to his work for the tribes. Her lawyer had warned her to limit her answers, but Miller says she babbled on after the agents commiserated with her romantic turmoil. The lawyer chided her afterward: ‘You won’t shut up!’”

    I warned some of my friends in the gun-rights movement not to “buy into” Ms. Miller so readily, but they didn’t listen because they liked what she sold.

    Read More
    • Replies: @IA
    Hell hath no fury . . .
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  6. @LMH
    Wait, is he openly gay? Why are they married?

    It’s called having a fag hag.

    Read More
    • Replies: @Brutusale
    No, she's more precisely a beard. Fag hags prefer social relationships with gay men, while beards are personal relationships.
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  7. At stake is any hope that Silicon Valley can claim to be a progressive place.

    The world as 8th-grade lunch table.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter Display All Comments
  8. Luke Lea says:

    “At stake is any hope that Silicon Valley can claim to be a progressive place.”

    For a rather hilarious take on what it means in today’s world to be progressive, here is a rift by former stand-up comic.

    I had never heard of Pat Condell before yesterday. He, along with Nigel Farage, deserves a wider audience in this country. These two Brits articulate the case against political correctness better than anyone on the American scene in my judgment.

    Read More
    • Replies: @donut
    Condell is entertaining and correct about immigration and the progressive's policies effects on society . Just ignore his pro Israel videos .
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  9. From his website:

    “David Streitfeld writes for The New York Times. He lives in Chicago with his wife, Phuong Ly.”

    Used to work the LA Times real estate beat, done some interesting work.

    Read More
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  10. @LMH
    Wait, is he openly gay? Why are they married?

    How DARE you ask such a question? For shame, sir.

    Read More
    ReplyAgree/Disagree/Etc. More... This Commenter This Thread Hide Thread Display All Comments
  11. @LMH
    Wait, is he openly gay? Why are they married?

    Also it could be an opposite sex gay marriage. Those are quite common for the sexual identity repressed folks. Pao could be a glazed donut lover, yet the legacy of tiger parents won’t allow her to admit it.

    Read More
    • Replies: @WowJustWow
    I think you're on to something. The other thing that really gets me is that I can only see a woman with her looks having an affair with a well-paid married venture capitalist if she relentlessly pushed him into it. "Her suit maintains that Mr. Nazre was in a position to retaliate against her, and did so, and that her position at the firm suffered when she complained." All according to plan.
    , @donut
    Hey ! Leave the Donut out of this . In the future please refer to them as "carpet munchers" or "clam diggers" . Thank you .
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  12. IA says:
    @Twinkie

    Hence, Ms. Pao’s husband is never mentioned in the article.
     
    I know that the context is very different, but as a rule people seem to be pretty bad at drawing associations or at least just scratching beyond the surface, especially if the message being sold is to one's liking.

    For example, reporter Emily Miller has been making the waves in the gun-rights movement with her reporting, book, and personality. She's certainly been speaking at awful lot of places to the acclaim of many in the gun-rights movements. Then this happened: http://www.washingtonpost.com/blogs/erik-wemple/wp/2015/03/03/additional-document-casts-doubt-on-home-invasion-of-local-fox-reporter/

    A document from the D.C. police department shows that Emily Miller, the chief investigative reporter for WTTG-TV (Fox 5), didn’t fall victim to a home invasion on New Year’s Day 2010 as she has told various interviewers in recent years, including some gun-rights lobbying groups.
     
    I have never been too keen on Ms. Miller, because I knew something about her previous line of work: http://en.wikipedia.org/wiki/Emily_J._Miller

    Miller played a pivotal role in the Jack Abramoff scandal by implicating[4] her former fiance Michael Scanlon, who in turn went on to assist the investigation on his former partner. According to the Wall Street Journal,[5] "[Miller and Scanlon] worked as press secretaries to Rep. Tom DeLay, the feared Texas Republican. They got engaged in September 2001 on the beach in Santa Monica, Calif., and planned an August 2002 wedding. As the date approached, Mr. Scanlon bought a $4.7 million oceanside mansion and guest house, formerly part of the DuPont estate, in Rehoboth Beach, Del. He furnished it down to the monogrammed towels and presented it to his bride-to-be. Then, with the wedding a few months away, he called off the engagement and started dating a 24-year-old waitress." According to a Washington Post profile,[6] "The FBI contacted Miller months later and arranged an interview with two young female agents, who questioned her on matters ranging from Scanlon's strange use of different first names to his work for the tribes. Her lawyer had warned her to limit her answers, but Miller says she babbled on after the agents commiserated with her romantic turmoil. The lawyer chided her afterward: 'You won't shut up!'"
     
    I warned some of my friends in the gun-rights movement not to "buy into" Ms. Miller so readily, but they didn't listen because they liked what she sold.

    Hell hath no fury . . .

    Read More
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  13. LC says:
    @Twinkie

    Maybe the defense can mess this up by hiring some Chinese-American guy to sue Ellen for sexually discriminating against Asian men in marriage.
     
    That'd be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).

    I know that some HBD folks get all hung up on the WMAF vs. AMWF pairings, but the great disparity stems from those who are foreign-born (among whom females have easier time marrying whites than male do), but the disparity narrows significantly among the American-born.

    That’d be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).

    This stat gets thrown around a lot, but what’s the source? I remember reading about high out-marriages of American born Asian males and females, but it was unspecified whether it was ethnic out-marriage, racial out-marriage, or combination of both.

    Read More
    • Replies: @Twinkie

    This stat gets thrown around a lot, but what’s the source? I remember reading about high out-marriages of American born Asian males and females, but it was unspecified whether it was ethnic out-marriage, racial out-marriage, or combination of both.
     
    Actually, it doesn't get thrown around a lot. Most folks here (and elsewhere) are under the impression that Asian women marry white men at high rates, but white women don't want Asian men. That's NOT what the numbers tell.

    Look at Mr. Sailer's own analysis: http://isteve.blogspot.com/2010/06/more-interracial-marriage-stats.html

    Everyone loves to cite this as evidence:


    Among blacks and Asians, there are stark differences by gender in the tendency to marry outside their own racial group. Some 22% of all black male newlyweds in 2008 married outside their race, compared with just 9% of black female newlyweds. Among Asians, the gender pattern runs the opposite way. Some 40% of Asian female newlyweds in 2008 married outside their race, compared with just 20% of Asian male newlyweds.
     
    But here is the correction buried way, way, down below at the bottom:

    So, the gender gap is much smaller among American-born Asians: 39.5% outmarriage for American-born Asian women versus 30.8% among American-born Asian men.
     
    Indeed, this quotation of the Pew Report should speak volumes:

    Among Asian men, the native born are nearly four times as likely as the foreign born to marry out.
     
    This suggests that the much of the male-female disparity among Asians in America is largely an artifact of the assimilation process (women do so faster than men, for obvious reasons).

    Mr. Sailer's number are slightly different from mine, but the general pattern holds.

    These are, by the way, interracial numbers. And a great bulk of the interracial marriages of Asians is with whites, making them essentially white-Asian numbers.

    Contrary to the stereotypes of Asian men who can't "get" white girls, they do well, just not quite as well as Asian women, and that gap is much smaller for the American-born. Indeed, American-born Asian men marry white women at substantially higher rates than black men do, and probably at very different (much higher) income-social status portion of the spectrum.

    By the way, these numbers are for all "Asians" in America. If you left out the highly endogamous Filipinos and Indians, the numbers would be much higher. Meaning, East Asians numbers are probably quite a bit higher.

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  14. LC says:
    @Wilkey
    A decade or so ago the hot new relationship pairing in television dramas was black man/Asian woman. Kudos to the press for finding one that actually exists in real life (apart from black soldiers and their war brides).

    A decade or so ago the hot new relationship pairing in television dramas was black man/Asian woman. Kudos to the press for finding one that actually exists in real life (apart from black soldiers and their war brides).

    There’s a few upper BM/AF pairings, Kevin Johnson and Michael Greer being two examples. Lol, I can’t think of any more.

    Read More
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  15. The pension funds gave their money to a BLACK GUY!?!???!!??

    Read More
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  16. unit472 says:

    Fletcher’s swindles are the coming thing in finance. Public pension funds, such as the Louisiana and Massachusetts Police officers funds whose millions Fletcher seems to have lost are easy pickings for black investment hustlers. Victor MacFarlane, for example, lost 3/4′s of the money Calpers had entrusted to him before they fired him. While his funds under management have fallen precipitously from their peak and this guy did have to move out of his $70 million San Francisco penthouse ( it sold for $28 million) he still has$ 4 billion of other people’s pension money to mismanage.

    Another example of incompetent/corrupt black mismanagement only this time it was taxpayer money lost was Franklin Raines, the former head of Fannie Mae before it went into government receivership. The losses here were truly staggering but not for Franklin who made millions in bonuses by falsifying financial earnings statements.

    Affirmative action in employment becomes positively catastrophic when it starts to show up at the highest levels of finance. We aren’t talking about some corporate supernumerary making a 100k as a diversity consultant or a black history professor at the state university. We are talking about allowing smooth talking negroes with Ivy league degrees to wipe out the retirement money for millions of public employees.

    Read More
    • Replies: @The Practical Conservative
    I didn't realize John Corzine was black. Or the other 90% of Wall Street. There is a long list of nonblacks dipping into the Calpers piggy bank, as well. This fraud is only interesting because a black guy got a shot at stealing the big bucks, but he still didn't cause nearly as much financial damage as folks like Corzine did and continue to do with not even the repercussions this guy faces.
    , @Jim Don Bob
    You are right about the swindles, but many states -require- some percentage of their pension monies to be managed by minorities.

    Jamie Gorelick, famous for the Chinese Wall at the FBI which prohibited intel sharing, also "made" $20+ million at Fannie Mae. Many other big Dems (like Barney Frank's boyfriend) also profited handsomely. Fannie Mae had to restate its "earnings" to the tune of over $13 billion of public money, but Enron ($4 billion loss of private money) is the big scandal.
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  17. eah says:

    But as a pair they’re ‘diverse’ — even very ‘diverse’ — and in the rock/paper/scissors sense that trumps shamelessness. So please focus on the positives here.

    Read More
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  18. eah says:

    OT (but not entirely)

    Today the German Bundestag, without formal opposition from any party, enacted the so-called Frauenquote — affected companies must make sure that at least 30% of the members of their Boards of Directors are women.

    Frauenquote ohne Gegenstimme beschlossen — Betroffen sind ab 2016 gut 100 börsennotierte und mitbestimmungspflichtige Unternehmen

    Nach jahrelanger kontroverser Debatte ist die Einführung einer Frauenquote von 30 Prozent in Aufsichtsräten von Großunternehmen beschlossene Sache.

    So from now on, when someone sees a woman on the BoD of a company, they’ll likely think “She’s only there because of the Frauenquote”. That’s what I call progress.

    Read More
    • Replies: @Ivy
    Is Frauenquote a type of latter day Anschluss?
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  19. The most deplorable one [AKA "Fourth doorman of the apocalypse"] says:
    @Twinkie

    Maybe the defense can mess this up by hiring some Chinese-American guy to sue Ellen for sexually discriminating against Asian men in marriage.
     
    That'd be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).

    I know that some HBD folks get all hung up on the WMAF vs. AMWF pairings, but the great disparity stems from those who are foreign-born (among whom females have easier time marrying whites than male do), but the disparity narrows significantly among the American-born.

    compared to about 44% of American-born females who marry white males.

    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?

    Read More
    • Replies: @Anonymous

    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?
     
    There are three kinds of people, those who can count and those who can't.
    , @Twinkie

    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?
     
    Context, people, context.

    That’d be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).
     
    Meaning, 44% American-born females of Asian descent marry white males.
    , @Anonymous
    @Twinkie,

    Are you tweaking the numbers at the hedge fund you manage like you did when commenting on the "44%" and "the remaining 66%"?

    Like the accountant interviewing for a job with J. Paul Getty answered when asked "What does 2+2 add up to? The accountant answered, wisely, "Whatever you want it to be". He got the job.
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  20. anonymous says: • Disclaimer

    Strange pairing. Maybe she’s a betting woman who calculated her husband had good earning prospects, legit or not, and decided a merger would pay off. If he’s gay then what’s in it for him besides the same consideration, that two can steal more than one? Couple of relatively high IQ grifters it seems.

    Read More
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  21. rod1963 says:

    Silly Valley is indeed progressive given the way it brings in H1-B workers from Bombay and China and discriminates against white male engineers.

    I hope the Pao’s and Fletchers of the world eat Silicon Valley alive.

    Read More
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  22. @Stephen H.
    Also it could be an opposite sex gay marriage. Those are quite common for the sexual identity repressed folks. Pao could be a glazed donut lover, yet the legacy of tiger parents won't allow her to admit it.

    I think you’re on to something. The other thing that really gets me is that I can only see a woman with her looks having an affair with a well-paid married venture capitalist if she relentlessly pushed him into it. “Her suit maintains that Mr. Nazre was in a position to retaliate against her, and did so, and that her position at the firm suffered when she complained.” All according to plan.

    Read More
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  23. donut says:
    @Luke Lea
    "At stake is any hope that Silicon Valley can claim to be a progressive place."

    For a rather hilarious take on what it means in today's world to be progressive, here is a rift by former stand-up comic.

    https://www.youtube.com/watch?v=nwK7VRkbGiU

    I had never heard of Pat Condell before yesterday. He, along with Nigel Farage, deserves a wider audience in this country. These two Brits articulate the case against political correctness better than anyone on the American scene in my judgment.

    Condell is entertaining and correct about immigration and the progressive’s policies effects on society . Just ignore his pro Israel videos .

    Read More
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  24. donut says:
    @Stephen H.
    Also it could be an opposite sex gay marriage. Those are quite common for the sexual identity repressed folks. Pao could be a glazed donut lover, yet the legacy of tiger parents won't allow her to admit it.

    Hey ! Leave the Donut out of this . In the future please refer to them as “carpet munchers” or “clam diggers” . Thank you .

    Read More
    • Replies: @Father O'Hara
    Yeah. Glazed donut?? I prefer to say she got her liquor license.
    , @David R. Merridale
    Don't be offensive. The politically correct term is "sushi eater".
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  25. Chatwin says:

    Ellen Pao got a lot of advice about how to succeed in the clubby, hypercompetitive, overwhelmingly male world of venture capital.

    Aren’t “clubby” and “hypercompetitive” contradictory?

    Read More
    • Replies: @Ivy
    For Clubby, think Stanford or Harvard MBA after STEM undergrad, for example, so similar mental model for how the world works, or ought to.
    That is not inconsistent with their hyper-competitive market.
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  26. Brutusale says:
    @Stephen H.
    It's called having a fag hag.

    No, she’s more precisely a beard. Fag hags prefer social relationships with gay men, while beards are personal relationships.

    Read More
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  27. Anonymous says: • Disclaimer

    I know that some HBD folks get all hung up on the WMAF vs. AMWF pairings, but the great disparity stems from those who are foreign-born (among whom females have easier time marrying whites than male do), but the disparity narrows significantly among the American-born.

    From my personal (anecdotal/social) experience and observation here in the Boston/Cambridge area, WMAF v. AMWF pairings seem proportionate among the cognitive elites in science and medicine. You will see very few American-born Asian women not with Asian men and you will see a lot more American-born Asian men with white women. You also see more East Indian-white pairings. You rarely see black-white pairings in this group. IMO, the higher the IQ and elite education of the WF the higher the percentage of pairing with an AM/EIM.

    Read More
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  28. Anonymous says: • Disclaimer
    @The most deplorable one

    compared to about 44% of American-born females who marry white males.
     
    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?

    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?

    There are three kinds of people, those who can count and those who can’t.

    Read More
    • Replies: @dcite
    I think what was meant was, that American born females who are of east Asian parentage..
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  29. Rifleman says:

    DAVID STREITFELD

    The NY Times has an obsession with gaps, disparities, divides, inequality etc. How about a study on Jewish Media Gap/disparity at the NY Times.

    What about the gap between the number of Jews getting to write articles for the Times and Jews in the general population?

    Any numbers on that? And why isn’t that a gap/disparity of concern for the NY Times?

    Read More
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  30. Mark Caplan says: • Website

    the ex-hedgie stands accused of cheating Massachusetts and Louisiana cops and firefighters out of more than $100 million

    The Boston Globe reported that Karl E. White (who is African American) left his job as head of the Massachusetts Bay Transportation Authority’s pension fund and became chief investment officer of Fletcher Asset Management. White then convinced his contacts at his former pension fund to invest $25 million in “Buddy” Fletcher’s hedge fund. “Today that money is gone,” the Globe reports.

    Read More
    • Replies: @Brutusale
    Google the MBTA pension fund. It has had its own brand of malfeasance for a while now, and the local media is just now beginning to pay attention.
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  31. @donut
    Hey ! Leave the Donut out of this . In the future please refer to them as "carpet munchers" or "clam diggers" . Thank you .

    Yeah. Glazed donut?? I prefer to say she got her liquor license.

    Read More
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  32. manton says:

    Monthly fees at the Dakota will average between $5 and $10K per apartment. And he’s got three?

    I bet the co-op board bitterly regrets letting him in.

    Read More
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  33. @unit472
    Fletcher's swindles are the coming thing in finance. Public pension funds, such as the Louisiana and Massachusetts Police officers funds whose millions Fletcher seems to have lost are easy pickings for black investment hustlers. Victor MacFarlane, for example, lost 3/4's of the money Calpers had entrusted to him before they fired him. While his funds under management have fallen precipitously from their peak and this guy did have to move out of his $70 million San Francisco penthouse ( it sold for $28 million) he still has$ 4 billion of other people's pension money to mismanage.

    Another example of incompetent/corrupt black mismanagement only this time it was taxpayer money lost was Franklin Raines, the former head of Fannie Mae before it went into government receivership. The losses here were truly staggering but not for Franklin who made millions in bonuses by falsifying financial earnings statements.

    Affirmative action in employment becomes positively catastrophic when it starts to show up at the highest levels of finance. We aren't talking about some corporate supernumerary making a 100k as a diversity consultant or a black history professor at the state university. We are talking about allowing smooth talking negroes with Ivy league degrees to wipe out the retirement money for millions of public employees.

    I didn’t realize John Corzine was black. Or the other 90% of Wall Street. There is a long list of nonblacks dipping into the Calpers piggy bank, as well. This fraud is only interesting because a black guy got a shot at stealing the big bucks, but he still didn’t cause nearly as much financial damage as folks like Corzine did and continue to do with not even the repercussions this guy faces.

    Read More
    • Replies: @unit472
    So, what is your point? That because a connected Wall St./politician can rip off private investors we should make that an Affirmative Action position as well? That someone who was not a top executive of Goldman Sachs should, because they are black, went to Princeton and have no private wealth should be able to mismanage money as easily as Jon Corzine? Do you even have a point?
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  34. @Wilkey
    A decade or so ago the hot new relationship pairing in television dramas was black man/Asian woman. Kudos to the press for finding one that actually exists in real life (apart from black soldiers and their war brides).

    When I was a teenager, our perfectly ordinary family became acquainted with a Hongkong mega-millionaire, on account of my dad helping one of his kids out of a legal jam. He’d take us out to dinner once in a while and was a very interesting conversationalist. His comment on the offspring of East Asian-African relationships: “It is not an attractive mixture.” Something about the way he said it still cracks me up.

    Read More
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  35. @donut
    Hey ! Leave the Donut out of this . In the future please refer to them as "carpet munchers" or "clam diggers" . Thank you .

    Don’t be offensive. The politically correct term is “sushi eater”.

    Read More
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  36. Busby says:

    1. How often do the public servants who are responsible for outsourcing investments wind up wearing stripes? I’ve seen a fair amount of these and yet it seems like these people don’t get fired let alone tarred and feathered.

    2. I assume public pension funds don’t pay taxes. (I could be wrong) Is there a way using state law to make the fund managers personally liable under state law? It seems like this kind of thing winds up in the hands of the Feds, who have no direct stake in the outcome.

    3. Why are public pension funds permitted to be invested in anything but blue chip stocks and US treasury bonds?

    This whole thing is a sewer of incompetence and corruption.

    Read More
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  37. @unit472
    Fletcher's swindles are the coming thing in finance. Public pension funds, such as the Louisiana and Massachusetts Police officers funds whose millions Fletcher seems to have lost are easy pickings for black investment hustlers. Victor MacFarlane, for example, lost 3/4's of the money Calpers had entrusted to him before they fired him. While his funds under management have fallen precipitously from their peak and this guy did have to move out of his $70 million San Francisco penthouse ( it sold for $28 million) he still has$ 4 billion of other people's pension money to mismanage.

    Another example of incompetent/corrupt black mismanagement only this time it was taxpayer money lost was Franklin Raines, the former head of Fannie Mae before it went into government receivership. The losses here were truly staggering but not for Franklin who made millions in bonuses by falsifying financial earnings statements.

    Affirmative action in employment becomes positively catastrophic when it starts to show up at the highest levels of finance. We aren't talking about some corporate supernumerary making a 100k as a diversity consultant or a black history professor at the state university. We are talking about allowing smooth talking negroes with Ivy league degrees to wipe out the retirement money for millions of public employees.

    You are right about the swindles, but many states -require- some percentage of their pension monies to be managed by minorities.

    Jamie Gorelick, famous for the Chinese Wall at the FBI which prohibited intel sharing, also “made” $20+ million at Fannie Mae. Many other big Dems (like Barney Frank’s boyfriend) also profited handsomely. Fannie Mae had to restate its “earnings” to the tune of over $13 billion of public money, but Enron ($4 billion loss of private money) is the big scandal.

    Read More
    • Replies: @Ivy
    The problem goes further.
    Financial institutions may have invested in Fannie and Freddie instruments since proscribed from other non-GSE vehicles. That led to yield chasing and concentration risk, even on, or especially on, investments explicitly or implicitly backed by the full faith and credit of the US.
    Our own domestic debacles paralleled those of the little agencies around the world that trusted the Agency AAA ratings.
    FI troubles led to layoffs, branch closures, mergers, service impairments (think longer hold times and branch queues)and assorted ripple effects through communities around the country. The losses were not just monetary and were borne by customers, investors, employees and just plain citizens.
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  38. Anonymous says: • Disclaimer

    One of the fun ironies: “Buddy” has been sued for sexually harassing his male employees…

    http://www.businessinsider.com/kleiner-perkins-ellen-pao-lawsuit-sex-scandal-silicon-valley-2012-6?op=1

    I had the misfortune to meet just about everyone listed in the BI article linked above; I have nothing nice to say about any of them.

    Read More
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  39. Ivy says:
    @eah
    OT (but not entirely)

    Today the German Bundestag, without formal opposition from any party, enacted the so-called Frauenquote -- affected companies must make sure that at least 30% of the members of their Boards of Directors are women.

    Frauenquote ohne Gegenstimme beschlossen -- Betroffen sind ab 2016 gut 100 börsennotierte und mitbestimmungspflichtige Unternehmen

    Nach jahrelanger kontroverser Debatte ist die Einführung einer Frauenquote von 30 Prozent in Aufsichtsräten von Großunternehmen beschlossene Sache.

    So from now on, when someone sees a woman on the BoD of a company, they'll likely think "She's only there because of the Frauenquote". That's what I call progress.

    Is Frauenquote a type of latter day Anschluss?

    Read More
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  40. Ivy says:
    @Jim Don Bob
    You are right about the swindles, but many states -require- some percentage of their pension monies to be managed by minorities.

    Jamie Gorelick, famous for the Chinese Wall at the FBI which prohibited intel sharing, also "made" $20+ million at Fannie Mae. Many other big Dems (like Barney Frank's boyfriend) also profited handsomely. Fannie Mae had to restate its "earnings" to the tune of over $13 billion of public money, but Enron ($4 billion loss of private money) is the big scandal.

    The problem goes further.
    Financial institutions may have invested in Fannie and Freddie instruments since proscribed from other non-GSE vehicles. That led to yield chasing and concentration risk, even on, or especially on, investments explicitly or implicitly backed by the full faith and credit of the US.
    Our own domestic debacles paralleled those of the little agencies around the world that trusted the Agency AAA ratings.
    FI troubles led to layoffs, branch closures, mergers, service impairments (think longer hold times and branch queues)and assorted ripple effects through communities around the country. The losses were not just monetary and were borne by customers, investors, employees and just plain citizens.

    Read More
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  41. Ivy says:
    @Chatwin

    Ellen Pao got a lot of advice about how to succeed in the clubby, hypercompetitive, overwhelmingly male world of venture capital.
     
    Aren't "clubby" and "hypercompetitive" contradictory?

    For Clubby, think Stanford or Harvard MBA after STEM undergrad, for example, so similar mental model for how the world works, or ought to.
    That is not inconsistent with their hyper-competitive market.

    Read More
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  42. This guy Fletcher used to ruthlessly sexually harass his male employees, and treated many of them to tales of his sexual exploits with an employee named “Jaimie”. As I recall, Buddy mentioned that said Jaimie “gave lousy head” before demanding to know if the male employee he was harassing was gay, as he hoped. Man, that must be a great marriage…Kung Pao studied with the best!

    Read More
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  43. unit472 says:
    @The Practical Conservative
    I didn't realize John Corzine was black. Or the other 90% of Wall Street. There is a long list of nonblacks dipping into the Calpers piggy bank, as well. This fraud is only interesting because a black guy got a shot at stealing the big bucks, but he still didn't cause nearly as much financial damage as folks like Corzine did and continue to do with not even the repercussions this guy faces.

    So, what is your point? That because a connected Wall St./politician can rip off private investors we should make that an Affirmative Action position as well? That someone who was not a top executive of Goldman Sachs should, because they are black, went to Princeton and have no private wealth should be able to mismanage money as easily as Jon Corzine? Do you even have a point?

    Read More
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  44. Why are public pension funds permitted to be invested in anything but blue chip stocks and US treasury bonds?

    American public pension funds have to make riskier investments than that, because returns from investing in “blue chip” stocks and US treasury bonds would be patently and baldly insufficient to cover pension payouts.

    And why do you think that investing in “blue chip” firms would be patriotic? Big firms such as General Electric do a lot of outsourcing of labor and donating to the Democrat party.

    Read More
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  45. The flaw in many U.S. public employee pension plans is that the have promised to pay retirees more than the pension could ever earn on safe investments*, even if the pension plan managers were honest and crime-free.

    Safe, honest investments* -> less risk, also less reward

    High reward, honest, low risk investments – > unlikely

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  46. Many public employee pension plans also use very unrealistic rates of return to determine what contributions are required each year. Some still use a 7 or 8% RoR, since the higher the number, the fewer contribution dollars are required. Realistically, many of these plans are flat broke. See Illinois, and several California cities for example.

    Read More
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  47. Brutusale says:
    @Mark Caplan

    the ex-hedgie stands accused of cheating Massachusetts and Louisiana cops and firefighters out of more than $100 million

     

    The Boston Globe reported that Karl E. White (who is African American) left his job as head of the Massachusetts Bay Transportation Authority's pension fund and became chief investment officer of Fletcher Asset Management. White then convinced his contacts at his former pension fund to invest $25 million in "Buddy" Fletcher's hedge fund. "Today that money is gone," the Globe reports.

    Google the MBTA pension fund. It has had its own brand of malfeasance for a while now, and the local media is just now beginning to pay attention.

    Read More
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  48. dcite says:
    @Anonymous

    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?
     
    There are three kinds of people, those who can count and those who can't.

    I think what was meant was, that American born females who are of east Asian parentage..

    Read More
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  49. Twinkie says:
    @The most deplorable one

    compared to about 44% of American-born females who marry white males.
     
    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?

    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?

    Context, people, context.

    That’d be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).

    Meaning, 44% American-born females of Asian descent marry white males.

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  50. Twinkie says:
    @LC
    That’d be difficult since about 35% of American-born Asian males marry white females (compared to about 44% of American-born females who marry white males).

    This stat gets thrown around a lot, but what's the source? I remember reading about high out-marriages of American born Asian males and females, but it was unspecified whether it was ethnic out-marriage, racial out-marriage, or combination of both.

    This stat gets thrown around a lot, but what’s the source? I remember reading about high out-marriages of American born Asian males and females, but it was unspecified whether it was ethnic out-marriage, racial out-marriage, or combination of both.

    Actually, it doesn’t get thrown around a lot. Most folks here (and elsewhere) are under the impression that Asian women marry white men at high rates, but white women don’t want Asian men. That’s NOT what the numbers tell.

    Look at Mr. Sailer’s own analysis: http://isteve.blogspot.com/2010/06/more-interracial-marriage-stats.html

    Everyone loves to cite this as evidence:

    Among blacks and Asians, there are stark differences by gender in the tendency to marry outside their own racial group. Some 22% of all black male newlyweds in 2008 married outside their race, compared with just 9% of black female newlyweds. Among Asians, the gender pattern runs the opposite way. Some 40% of Asian female newlyweds in 2008 married outside their race, compared with just 20% of Asian male newlyweds.

    But here is the correction buried way, way, down below at the bottom:

    So, the gender gap is much smaller among American-born Asians: 39.5% outmarriage for American-born Asian women versus 30.8% among American-born Asian men.

    Indeed, this quotation of the Pew Report should speak volumes:

    Among Asian men, the native born are nearly four times as likely as the foreign born to marry out.

    This suggests that the much of the male-female disparity among Asians in America is largely an artifact of the assimilation process (women do so faster than men, for obvious reasons).

    Mr. Sailer’s number are slightly different from mine, but the general pattern holds.

    These are, by the way, interracial numbers. And a great bulk of the interracial marriages of Asians is with whites, making them essentially white-Asian numbers.

    Contrary to the stereotypes of Asian men who can’t “get” white girls, they do well, just not quite as well as Asian women, and that gap is much smaller for the American-born. Indeed, American-born Asian men marry white women at substantially higher rates than black men do, and probably at very different (much higher) income-social status portion of the spectrum.

    By the way, these numbers are for all “Asians” in America. If you left out the highly endogamous Filipinos and Indians, the numbers would be much higher. Meaning, East Asians numbers are probably quite a bit higher.

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  51. Anonymous says: • Disclaimer

    Massachusetts and Louisiana cops are suing him? The Holder strategy suggests fletcher and his legal team find a few (2 emails amongst thousands of cops suffices ) racist emails. The more verboten the words in those emails, the better. Plausible (to federal judges and elites at least) narratives about Fletcher’s malfeasance being a strike against ‘white privilege’ virtually write themselves. Game, set, match (and case dismissed): Fletcher.

    Read More
    • Replies: @Brutusale
    It won't be quite as easy as all that:

    http://www.bostonglobe.com/business/2013/12/20/former-mbta-pension-fund-chief-recommended-million-hedge-fund-investment-that-went-bust/baNMRcCLcdIoitY8xqx66M/story.html

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  52. Brutusale says:
    @Anonymous
    Massachusetts and Louisiana cops are suing him? The Holder strategy suggests fletcher and his legal team find a few (2 emails amongst thousands of cops suffices ) racist emails. The more verboten the words in those emails, the better. Plausible (to federal judges and elites at least) narratives about Fletcher's malfeasance being a strike against 'white privilege' virtually write themselves. Game, set, match (and case dismissed): Fletcher.
    Read More
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  53. Anonymous says: • Disclaimer

    It’s just hilarious that most of the commenters on this thread are presumably anti-communist. Tell the truth, wouldn’t y’all LOL at the 1%-ers mentioned here getting a good dose of Bolshevik severity?

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  54. Oh dear…Ellen “Kung” Pao chickened out! That was Buddy’s last chance to raid the “I’m a Victim” cookie jar.

    Looks like you’re going down, Buddy…and I don’t mean on Bo, Rod, Jaime, or that guy you just met on 44th Street… Buh-bye!

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  55. […] enough of an ROI for VC firms who have to keep multi-million dollar war chests in hand in case some litigious couple files suit—and surely there are bigger returns to be had with the next disruptive […]

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  56. Anonymous says: • Disclaimer
    @The most deplorable one

    compared to about 44% of American-born females who marry white males.
     
    Wait! Only 44% of American-born females marry white males? What to the remaining 66% marry? Donkeys?

    ,

    Are you tweaking the numbers at the hedge fund you manage like you did when commenting on the “44%” and “the remaining 66%”?

    Like the accountant interviewing for a job with J. Paul Getty answered when asked “What does 2+2 add up to? The accountant answered, wisely, “Whatever you want it to be”. He got the job.

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  57. […] his life husband Buddy Fletchers totally legitimate, not a Ponzi scheme hedge funds have grown a quadrillion Pao-dollars!  Our super successful lawsuits against the capitalist pigdogs have made infinity dollars and Made […]

    Read More
  58. […] Shamelessness: ellen pao and buddy fletcher – the […]

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  59. […] Shamelessness: ellen pao and buddy fletcher – the […]

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