“Stand Down!” – How One Navy Seal Killed A Multi-Billion Hedge Fund

Featured Story

It has now been revealed that the fall of Dan Kamensky’s Marble Ridge Capital was at the hands of a former Navy SEAL, turned trader.

Joe Femenia, the head of distressed-debt trading at Jefferies Financial Group, is the man who was outlined in court filings as having taped conversations that brought the hedge fund down, according to Bloomberg. The fund fell after Kamensky urged Femenia to not submit a bid for part of bankrupt retailer Neiman Marcus.

Jefferies and Marble Ridge had been involved in a standoff regarding Neiman Marcus, as they both sought to bid for a portion of the company’s online business, MyTheresa. 

Femenia sounded the alarm on the dubious tactic and raised the issue with a U.S. trustee. Highlighting the issue forced Kamensky to acknowledge he had committed a “grave mistake” and forced him to ultimately shut down his fund. 

Legal filings show Kamensky telling Femenia to “Stand DOWN”. Probably not a bright thing to say to a Navy SEAL…Photo: Bloomberg

They continued with Kamensky telling Femenia: “DO NOT SEND IN A BID.” This was followed by a “confrontational” phone call between the two, according to court filings. 

Femenia took the altercation to Jefferies’ general counsel, who then disclosed it to an official creditor committee that was supervising the sale. Kamensky then urged Femenia, on a second phone call, to “treat the conversation off the books”. He also urged Femenia to “change his recollection” of how their first call went but, by then, Femenia was recording the call. 

Kamensky pleaded: “[I]f you’re going to continue to tell them what you just told me, I’m going to jail, OK? Because they’re going to say that I abused my position as a fiduciary, which I probably did, right? Maybe I should go to jail. But I’m asking you not to put me in jail.”

Receive a daily recap featuring a curated list of must-read stories.

Veteran trader Eric Rosen said: “I have known Joe and always found him to be an honest, upstanding guy and a straight shooter. He risked his life for our country and he seems to have done the honorable thing here.”

Femenia’s track record includes graduating from the U.S. Naval Academy before being a SEAL and spending “much of his 20s” fighting in Afghanistan and Iraq. He previously worked at the elite trading group at Goldman Sachs before moving to Jefferies in 2016

StevieRay Hansen
Editor, BankstersCrime

God often uses men who are not of the best moral character. Pharaoh, Nebuchadnezzar, Cyrus, Herod, and Trump (amongst others), to accomplish His will in events He orchestrates during human history. We either trust the sovereignty of God or we don’t. Nothing happens apart from Him…

The best index to a person’s character is how he treats people who can’t do him any good, and how he treats people who can’t fight back…

The Birth Pains Are Growing Stronger….

One of the signs of ruling class collapse is when they can no longer enforce the rules that maintain them as a ruling class. When the Romans started making exceptions to republican governance, it was a matter of time before someone simply decided the rules no longer applied to them. Perhaps the robot historians will consider Obama our Marius or Sulla. Maybe that person is in the near future. Either way, the rule of law is over and what comes next is the rule of men.

“Don’t piss down my back and tell me it’s raining.” Outlaw Josey Wales

WE NOW LIVE IN A WORLD THAT IS PURE FABRICATION

Loading

Don't Miss

Ichimoku Signal Alert For BancorpSouth Bank (NYSE:BXS) as Cloud Conversion Line Reading Touches (9, 26, 52, 26)}}

By StevieRay Hansen

Today, the list of capital sins is as follows: pride, greed, lust, envy, gluttony, anger, and sloth. Capital sins derive their name from the Latin caput,…

Loading

Read More

Bancorpsouth Bank (NYSE:BXS) Stock Rating Lowered by Stephens

By StevieRay Hansen

The Bible offers quite a few examples of growing wealth through legitimate means. Some are similar to investing—spending money now to make money later. God’s…

Loading

Read More

Wells Fargo CEO Tim Sloan steps down as bank struggles to get past scandals

By StevieRay Hansen

The word mammon comes from the Greek word mammonas. Similar root words exist in Hebrew, Latin, Aramaic, Chaldean and Syriac. They all translate to “money, wealth, and material…

Loading

Read More

JPMorgan’s Role in Nigerian Oil Deal Has Come Back to Haunt It

By StevieRay Hansen

It’s important to realize that there is a difference between self-interest and selfishness. All people have self-interests which can operate in ways that are not…

Loading

Read More

Is This a Warning Sign,Bancorpsouth Bank (NYSE:BXS) Downgraded by ValuEngine

By Editorial Opinions

Greed is a strong and selfish desire to have more of something, most often money or power. There are many warnings in the Bible about…

Loading

Read More

StevieRay Hansen

In his riveting memoir, "A Long Journey Home", StevieRay Hansen will lead you through his incredible journey from homeless kid to multimillionaire oilman willing to give a helping hand to other throwaway kids. Available on Amazon.

Leave a Comment