Barclays Axes Mark Walsh, Lehman's Fallen Commercial Real Estate King
Barclays Capital has fired Mark Walsh, the man in charge of Lehman Brothers' commercial real estate investments, along with nearly all the rest of Lehman's commercial-mortgage-backed securities team, according to the trade mag Commercial Mortgage Alert.
Mr. Walsh has often been described as the "man behind the curtain" who made Lehman Brothers loads of money during the heyday of the CMBS market, but also as a man who took far too many risks and ultimately played a significant role in Lehman's demise. Indeed, Mr. Walsh financed Tishman-Speyer's ill-conceived $22.2 billion acquisition of Archstone-Smith, a luxury apartment building portfolio that has since been devalued; and financed SunCal's $110.2 million purchase of a 2.25-acre plot of land in Southern California.
According to CMA:
Barclays this week made deep cuts in the commercial real estate operation that it inherited from Lehman Brothers, dismissing more than 100 staffers — including nearly the entire commercial MBS team. But Barclays retained Lehman’s real estate investment banking group, which has about three dozen members. Still unclear is the fate of a handful of people from Lehman’s real estate trading group. The dismissals were unsurprising, given the central role commercial real estate played in Lehman’s collapse. Lehman was stuck with a largely illiquid, $32.6 billion portfolio of real estate assets. Many doubted that Barclays would want to significantly expand its relatively modest presence in the U.S. commercial real estate market after Lehman’s experience.
Among those let go were managing director Mark Walsh, Lehman’s top commercial real estate executive, and managing director Ken Cohen, head of the CMBS group. Also dismissed were managing director Larry Kravetz, head of the large-loan group, and managing directors Brett Ersoff and John Herman, who co-headed the conduit loan operation.
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$1,000,000.00 paid in gifts and cash for prostitution and then disguised as gifts so as to evade tax
You all might remember this website. http://my.nowpublic.com/tech-biz/steve-rattner-paid-my-wife-500-000-00-l...
Mr Rattner was forced to leave his job as managing director/ partner due to what he claimed were the false accusations contained in the post.
Well it appears that Credit Suisse/DLJMB and Mr. Rattner have a lot to answer. According to sworn documents submitted to the FBI/IRS/ATO/ACC/OFC there was more to the story than what Mr. Rattner remembers.
It appears that Mr. Rattner was involved in more than one occasion of tax evasion, money laundering, illegal surveillance and investigation of private individuals.
Formal complaints have been lodged with the FBI and the Office of the federal Comisioner in Australia. In addition it appears that surveillance was carried out on an unrelated individual and her 5 year old daughter, which is of serious concern
Whats not clear at this stage is whether Credit Suisse/DLJMB were involved directly, or if the money tranfers were from expense accounts by Credit Suisse/DLJMB, but what is clear is that approximately up to $1,000,000 was paid in cash and gifts for prostitution, which was then fraudently claimed to be gifts.