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TCW Scandal: Firm Files Lawsuit Against Gundlach's New Firm
Update: The LA Times adds that according to the suit, on the day TCW fired him, the firm found “inappropriate contraband” in his offices, “consisting of marijuana, drug paraphernalia . . . and a collection of 12 sexual devices, 34 hardcore pornographic magazines and 36 hardcore sexually explicit DVDs and videocassettes.”
Things are getting nasty out west. Is Gundlach the next Aleynikov?
January 7, 2010
Dear Valued Clients,
I am writing to inform you that today TCW filed a lawsuit against certain former members of its previous fixed income portfolio management team, as well as their new company, DoubleLine Capital Group LLC.
The charges in the complaint are serious, disturbing and specific, and confirm TCW's reasons for relieving Jeffrey Gundlach, and his colleagues Cris Santa Ana, Barbara VanEvery and Jeffrey Mayberry of their duties. There is no reason to recount these charges here, but they clearly support TCW's conclusion that members of TCW's previous fixed income portfolio management team engaged in a pattern of breaches of fiduciary duty and other unlawful activity, which threatened TCW¹s business and reputation. Specifically, and among other things, TCW learned that persons close to Mr. Gundlach, now involved with DoubleLine, systematically downloaded very large volumes of TCW proprietary information over a period of weeks before Mr.Gundlach's termination.
More recently, TCW has been the object of a campaign of malicious public misrepresentations about the facts and circumstances surrounding the changes in TCW's fixed income portfolio management team announced December 4, 2009.
These misrepresentations called into question TCW's standing and reputation in the industry. For all these reasons, TCW concluded that it had no choice but to file suit.
We do not intend to involve you, our investors, in this matter. We hope that we can continue to serve you and the rest of our clients for many years to come. To this end, we believe that the enhanced fixed income team, drawing from both longstanding TCW resources, as well as those from MetWest, is well positioned to provide the returns and service you expect.
Sincerely,
Marc I. Stern
Chief Executive Officer
The TCW Group, Inc.
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LOL "DoubleLine"!
You do a line and i'll do a line, honey
You do a line and i'll do a line, babe
You do a line, and I'll do a line,
and we'll get arrested and do some time, honey, oh baby, mine.
Meh. These "juicy finds" happen more often than one would think. Its just a sour grapes way of trying to make someone look bad.
Even if they did. So fucking what. The guy probably worked there 24/7. As long as he did a decent job, who gives a shit.
They found out that he didn't have bonds-safe lubricant. Even professionals make that silly mistake. Lubricants not compatible with bonds evaporate bonds. That clearly got the compliance dept in arms.
TCW had better have solid evidence or else
they'll just have more egg on their faces.
Who-whee... we got us a high-faluttin' ruckus about to unfold!
You get the popcorn, I'll get the adult beverages.
Obama on live at 4:30est on the underwear guy
http://cspan.org/Watch/C-SPAN.aspx
Gee, would it allow them "to manipulate markets in unfair ways"?
Sounds like with all the porn and "devices" they were manipulating *something* in unapproved ways...
This ought to reassure the clients that their money is being well-stewarded...
WTF!?!? I thought everyone kept that stuff in their offices these days???? This was in LA right?????
Step aside Sergey you have been outclassed.
Fuck TCW.
The prey is constantly shrinking. The heynas are finding it tuffer and tuffer to come up with that extra billion dollar in bonus. So now they have to attack each other. A couple of years down the road,when more pensions are gobbled up,we will see another one of the bigs fall a prey. We will be watching the Pimcos and the GSs of the world canabelizing each other.For the younger ones,get yourselves some pop corn and enjoy the show for its gonna get funnier than last year,while the MSM is still writing about Tiger Woods bare chest photo and Emma Watson's new ad(who is she by the way?).
She plays the role of Herimone Granger in the Harry Potter movies.
I think the incriminating evidence was planted... damn lawyers!
I think the incriminating evidence was planted... damn lawyers!
(Walk down the corridor)
M: (Knock)
A: Come in.
M: Ah, Is this the right room for an argument about who's box of shit this is?
A: I told you once.
M: No you haven't.
A: Yes I have.
M: When?
A: Just now.
M: No you didn't.
A: Yes I did.
M: You didn't
A: I did!
M: You didn't!
A: I'm telling you I did!
M: You did not!!
A: Oh, I'm sorry, just one moment. Is this a five minute argument or the full half hour?
M: Oh, just the five minutes.
A: Ah, thank you. Anyway, I did.
M: You most certainly did not.
A: Look, let's get this thing clear; I quite definitely told you.
M: No you did not.
A: Yes I did.
M: No you didn't.
A: Yes I did.
M: No you didn't.
A: Yes I did.
M: No you didn't.
A: Yes I did.
M: You didn't.
A: Did.
M: Oh look, this isn't an argument.
A: Yes it is.
M: No it isn't. It's just contradiction.
A: No it isn't.
M: It is!
A: It is not.
M: Look, you just contradicted me.
A: I did not.
M: Oh you did!!
A: No, no, no.
M: You did just then.
A: Nonsense!
M: Oh, this is futile!
A: No it isn't.
M: I came here for a good argument.
A: No you didn't; no, you came here for an argument.
M: An argument isn't just contradiction.
A: It can be.
M: No it can't. An argument is a connected series of statements intended to establish a proposition.
A: No it isn't.
M: Yes it is! It's not just contradiction.
A: Look, if I argue with you, I must take up a contrary position.
M: Yes, but that's not just saying 'No it isn't.'
A: Yes it is!
M: No it isn't!
A: Yes it is!
M: Argument is an intellectual process. Contradiction is just the automatic gainsaying of any statement the other person makes.
(short pause)
A: No it isn't.
M: It is.
A: Not at all.
M: Now look.
A: (Rings bell) Good Morning.
M: What?
A: That's it. Good morning.
M: I was just getting interested.
A: Sorry, the five minutes is up.
M: That was never five minutes!
A: I'm afraid it was.
M: It wasn't.
Pause
A: I'm sorry, but I'm not allowed to argue anymore.
M: What?!
A: If you want me to go on arguing, you'll have to pay for another five minutes.
M: Yes, but that was never five minutes, just now. Oh come on!
A: (Hums)
M: Look, this is ridiculous.
A: I'm sorry, but I'm not allowed to argue unless you've paid!
M: Oh, all right.
(pays money)
A: Thank you.
short pause
M: Well?
A: Well what?
M: That wasn't really five minutes, just now.
A: I told you, I'm not allowed to argue unless you've paid.
M: I just paid!
A: No you didn't.
M: I DID!
A: No you didn't.
M: Look, I don't want to argue about that.
A: Well, you didn't pay.
M: Aha. If I didn't pay, why are you arguing? I Got you!
A: No you haven't.
M: Yes I have. If you're arguing, I must have paid.
A: Not necessarily. I could be arguing in my spare time.
M: Oh I've had enough of this.
A: No you haven't.
M: Oh Shut up.
(Walks down the stairs. Opens door.)
M: I want to complain.
C: You want to complain! Look at these shoes. I've only had them three weeks and the heels are worn right through.
M: No, I want to complain about...
C: If you complain nothing happens, you might as well not bother.
M: Oh!
C: Oh my back hurts, it's not a very fine day and I'm sick and tired of this office.
(Slams door. walks down corridor, opens next door.)
M: Hello, I want to... Ooooh!
H: No, no, no. Hold your head like this, then go Waaah. Try it again.
M: uuuwwhh!!
H: Better, Better, but Waah, Waah! Put your hand there.
M: No.
H: Now..
M: Waaaaah!!!
H: Good, Good! That's it.
M: Stop hitting me!!
H: What?
M: Stop hitting me!!
H: Stop hitting you?
M: Yes!
H: Why did you come in here then?
M: I wanted to complain.
H: Oh no, that's next door. It's being-hit-on-the-head lessons in here.
M: What a stupid concept.
LOVE it - Can you post the link? - THKX
http://www.youtube.com/watch?v=kQFKtI6gn9Y
LOVE it - Can you post link? - THANKS
TCW is falling apart at the seams...are there any employees that want to be apart of this (aside from exec management) and that don't have their resumes out to PIMCO or Western?
" 36 hardcore sexually explicit...videocassettes.”
If the guy had videocassettes he is obviously too technologically challenged to run a modern bond fund. I would have fired him for the videos...
The 12 sexual devices would be between him and Barbara or him and Jeff... except in his office they indicate he was "dicking" on company time. I'd fire him for that, too.
Plus he looks like a dickhead car salesman. I think he sold my dad a Cadillac once. I would fire him for that as well.
36 hardcore sexually explicit...videocassettes.
Gee, did they watch ALL of THEM?
Smells like a classic set up to me.
I hope TCW takes it up the ass.
Jeffrey and Barbara????????
Just another CMKM/silver bank ---in the totality of shanks.
http://www.thepricesright.com/
http://www.thepricesright.com/cmkx2.htm
McCain ring a bell
In the UK, Gundlach could have them for libel for this and they would absolutely have to prove that he a) used them b) put them there. Even if he had, what if they were a gift jiffy bag from an Australian listed whorehouse bond investment for instance? Gundlach could take them to cleaners unless they proved usage on company time.
As to the other allegations, if that was going on, people should have been fired. They walked, so where was your compliance officer? SEC should investigate.
This is bullshit class of bullshit.
Those jumping to Gundlach's side in this dispute might be interested in reading the lawsuit filing. Leaving the drugs and porn aside, the allegations about theft of proprietary information appear to be pretty well documented.
http://www.latimes.com/media/acrobat/2010-01/51507595.pdf