Eddie Lampert person

“Did you go live on Rumble? Oh, yeah. It's there now. Sorry. My bad. I didn't see the chat yet. Cheers, everyone. So the first guy we want to talk about today is, what is his name? Mr. Lampert. And hang on. I got lost on here. All right. Edd…”

“in New York. And in 1984, while he's still at school, he starts working as an intern at Goldman Sachs. You know, if you can pull it up while I'm talking, just do a search of vampire squid quote Matt Taibbi. I want you to read that. It'll co…”

“Gets out of school and goes to work full time at Goldman Sachs. He worked on the firm's risk arbitrage department from 1985 to 88. What is risk arbitrage? It's really fancy high finance. What you're basically doing is using derivatives, etc…”

“He forms a hedge fund called ESL Investments, and that's his initials, Ernie Lambert. He forms a hedge fund that was seeded by $28 million from David Geffen of Geffen Records. Some statistics about ESL Investments. Well, he was the first Wa…”

“Six years later, he's number 367 on the Forbes Fortune list at $3.1 billion. And then 2016, he's number 810 at $2.2 billion. So this guy's managed to lose $1.6 billion in a decade. So where'd that money go? I'm going to tell you. He gets in…”

“And during his tenure as a CEO, Sears lost about half its value and closed about half its stores. So this is just 10 years ago. So he steps down as the CEO in 2018, but remains the chairman. In 2018, ESL, his hedge fund, offers to buy all t…”

“I think a lot of these things are controlled demolitions, but go ahead. Yeah, distressed debt investing can be really lucrative, but you have to use leverage to do it. If you don't do it right, you lose everything. And that's what happens h…”

“And the co-chief investment officer. And that's his career at Goldman. But it's his background. I think it's important. CBGB. Thank you, Renee. Yeah, that's it. All right. So 2002, Mnuchin leaves Goldman and gets into the hedge fund busines…”

“Sorry about this, everyone. I usually have my screen shares better prepared. There's Eddie Lampert. And you can see he is sitting in front of a Sears and Kmart banner. And we're going to get to that story because it's significant. That's Ed…”

“So it is an old boys network on Wall Street like you wouldn't believe. And the ability to raise capital for the favored few is a big, big deal. It is all about access on Wall Street. Same thing in Silicon Valley. You see it today. And DLJ i…”

“He was the founder of ESL Investments. The L is Lambert, but he's also the current chairman of the Sears Holding Company. Last one is a guy by the name of Schwarzman. He's the founder of Blackstone. Black Rock is a spinoff from Blackstone. …”

“So it is an old boys network on Wall Street like you wouldn't believe. And the ability to raise capital for the favored few is a big, big deal. It is all about access on Wall Street. Same thing in Silicon Valley. You see it today. And DLJ i…”