Wall Street Wistful About New York Life Without Mayor Bloomberg
New York Knicks Sign Center Cole Aldrich to Contract for 2013-14 Season
life insurer owned by policyholders, fired Trevor Clark, the chief executive officer of the Madison Capital Funding LLC unit, for violating policies tied to personal investments. Hugh Wade, a co-founder of Madison Capital, was named acting CEO, the New York-based insurer said today in an e-mailed statement. New York Life also fired Christopher Williams, a senior managing director at the unit, the insurer said. The dismissals, effective today, were for violating company policies pertaining to personal investments and personal business activities, William Werfelman, a New York Life spokesman, said in the statement. Our companys rules are strict with regard to these disclosures and activities so we can continue to maintain the highest integrity and performance. Clark and Williams had been suspended amid a company probe, a person familiar with the matter said last week. Attempts to reach the men werent immediately successful through phone numbers and e-mails obtained in a public-records search. The men in 2001 helped found Chicago-based Madison Capital, which provides financing to private-equity firms, according to New York Lifes website. The business has completed more than 1,100 transactions totaling more than $15.5 billion in net funded commitments. The unit offers senior loans and equity co-investments, in industries including manufacturing and distribution. Madison Capital targets companies with stable profits and at least $3.5 million of earnings before interest, taxes depreciation and amortization. Wade, 52, is a senior managing director at Madison Capital and previously worked at Bank of America Corp. He graduated from Marquette University and has an MBA from the University of Notre Dame. To contact the reporter on this story: Zachary Tracer in New York at email@example.com To contact the editor responsible for this story: Dan Kraut at firstname.lastname@example.org More News:
New York Life Fires Private-Equity Lending CEO
The mayor, who declined to be interviewed for this article, remains the majority owner of Bloomberg LP and the company has continued selling terminals to Wall Street. Bloomberg LP is a direct competitor of Thomson Reuters . Bloomberg’s vast personal wealth has also given him tremendous independence, freeing him from having to curry favor with donors. That freed him up to pursue an aggressive public health agenda, including a ban on smoking in public places, and to make significant changes to public education. His largesse often benefited the city. During his first term, he reached into his own pocket to help make up a city budget shortfall, and has since helped fund various city projects. Mayors Against Illegal Guns , a group he co-founded in 2006, is largely funded with Bloomberg money. But Bloomberg’s wealth has also helped open a rift with advocates for those on lower incomes. Earlier this month, Bloomberg said the city’s income gap could be explained by the number of billionaires in the city and said it would be a “godsend” if more billionaires came to town. “They are the ones that pay a lot of the taxes. They’re the ones that spend a lot of money in the stores and restaurants, and create a big chunk of our economy,” he said on a radio show. Even Bloomberg’s fiercest critics acknowledge his sound fiscal management of New York. Bloomberg’s decision to set aside a rainy day fund even when the city was still running a strong surplus was widely seen as buffering city agencies from more severe cuts once the recession hit in 2009. LOOKING AHEAD While Wall Street executives and industry leaders lament the end of the Bloomberg era, voters in the city of eight million people appear eager for change.
While the terms of the deal have yet to be made public, the news does come directly from Executive Vice President and general manager Glen Grunwald, so it’s pretty darn official. #Knicks announce signing of Cole Aldrich. Was working out for the team last week and Monday. Question is knees; always has been since draft. Jared Zwerling (@JaredZwerling) September 24, 2013 Cole Aldrich is interesting name as former lottery pick but it’s non-guaranteed deal. Just like Ike and Powell. Marc Berman (@NYPost_Berman) September 24, 2013 Aldrich, while still a big body, hasn’t experienced the same type of success in the NBA that he had while suiting up for Kansas. USA TODAY Sports During his three years in the Association, the big man has played for the Oklahoma City Thunder (who originally selected him at No. 11 in the 2010 NBA draft), Houston Rockets and Sacramento Kings . He currently sits on career averages of 2.0 points, 2.3 rebounds, 0.2 assists, 0.2 steals and 0.5 blocks per game. Those numbers definitely won’t blow anyone away, but Aldrich fills the exact need that New York possessed. How would you grade this signing? A Submit Vote vote to see results How would you grade this signing? A 8.3% Total votes: 1,815 He can capably play limited minutes without getting in the way offensively, and he’s a solid enough post defender that Mike Woodson won’t hesitate to use him sparingly when Chandler needs a quick breather. The Knicks need to keep their starting big man healthy and having a big body to use off the benchnot a makeshift center who should actually be playing power forwardis quite beneficial. NBC Sports’ Kurt Helin had Aldrich ranked as the 10th-best remaining free agent in early September: He could barely get off the bench with the Thunder, then last season bounced between the Rockets and Kings without making many waves.