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The Rise of the Underdog: Ted Pick’s Extraordinary Journey to Potential CEO at Morgan Stanley

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Ted Pick

In the world of high finance, where the stakes are sky-high and competition is fierce, there are stories that defy convention, tales of individuals who rise from humble beginnings to take the helm of financial giants.

The remarkable journey of Ted Pick, a man whose career has been marked by tenacity, innovation, and a relentless commitment to Morgan Stanley, is a prime example of such a narrative.

Pick’s path to potential CEO at Morgan Stanley began in an unconventional manner. He was the last addition to his analyst class, joining the firm three decades ago. As a young recruit, his first taste of Wall Street was far from glamorous; he found himself in a cramped room filled with the acrid scent of a datafeed machine. This was a world away from the boardrooms and corner offices that symbolize the finance industry.

However, it was precisely this unassuming beginning that laid the foundation for Pick’s incredible ascent. He embarked on a journey that took him through various facets of the financial sector, experiencing the rough-and-tumble trading floor, the exhilarating world of hot tech IPOs, and the dynamics of capital markets.

In recognition of his outstanding contributions, last month, Morgan Stanley elevated Ted Pick to the position of co-president, positioning him just one step away from potentially becoming the CEO of the esteemed institution.

Pick’s journey to this pivotal moment in his career is marked by significant achievements and noteworthy transformations. His leadership style, once characterized by bluntness and profanity, has evolved into a more polished and refined manner.

This transformation reflects not only his growth as a leader but also his ability to adapt and thrive in the ever-changing landscape of finance.

One of Pick’s most significant accomplishments at Morgan Stanley is the revitalization of the equities division. When he assumed leadership, the unit was struggling, losing clients and grappling with questions about its viability.

Under Pick’s guidance, the equities unit transformed from a struggling segment into a formidable powerhouse. It achieved the prestigious rank of No. 1, a testament to Pick’s ability to lead and inspire his team.

In the journey of revitalizing Morgan Stanley’s equities division, Pick displayed a unique leadership style. He was unafraid to make bold moves to drive change.

One such example is when he became concerned about the size of another executive’s office, which he deemed too extravagant for the position. His response was characteristically audacious: he called in a construction crew over the weekend to have the walls moved, effectively reducing the office size.

Following his success in equities, Ted Pick faced the challenge of resuscitating the fixed-income division, a segment that had perennially struggled to keep pace with larger rivals. He took the helm of this division in 2015 and initiated a series of transformative measures, including reducing the workforce by almost a quarter.

The subsequent recovery of the division has been hailed as a success story, underscoring Pick’s ability to revitalize even the most challenging areas of the business.

In 2018, Pick was entrusted with additional oversight of the firm’s dealmaking unit, a significant responsibility that he approached with his characteristic determination. Under his leadership, the mandate was clear: do not break it.

While other challenges have arisen, including the prime brokerage division’s significant loss in the wake of the Archegos Capital Management collapse, Pick remains committed to managing risk effectively and achieving success.

Despite his meteoric rise, Ted Pick has not lost touch with his roots. His office serves as a shrine to Morgan Stanley, with memorabilia from previous leaders and a cherished collection of spy novels. His dedication to the company and his colleagues is unwavering, and he is known for his passion and straightforward approach to leadership.

His impact extends beyond the walls of Morgan Stanley. Notably, Blackstone Group Inc., a global investment giant, enlisted Morgan Stanley to lead its initial public offering in 2007 based largely on Pick’s reputation and expertise.

Pick’s ability to inspire confidence and make bold decisions has left a lasting impression on those he has worked with.

Roberto Mignone, a hedge fund manager and a close friend of Pick, described his straightforward and passionate approach, stating, “That’s not exactly out of a corporate communications handbook in terms of motivation, but it shows you he’s very straightforward and passionate about his job. What you see is what you get.”

Ted Pick’s early life in Venezuela, where his father worked for a few years, provided the backdrop for his eventual entry into finance.

He studied at Middlebury, a private liberal arts college in Vermont, and it was there that he took the first steps towards a career in the industry. Remarkably, his college cohort included the son of S. Parker Gilbert, the former Morgan Stanley chairman who had taken the firm public in 1986.

This connection eventually led to an interview at Morgan Stanley, making it the institution that would become Pick’s lifelong home, apart from a brief stint in business school.

Today, Ted Pick operates from the 40th floor of Morgan Stanley’s headquarters, just a few doors down from CEO James Gorman and the leadership team.

His co-president, Andy Saperstein, is a longtime confidant of Gorman, responsible for running the firm’s massive wealth-management operations, making him another credible candidate for the CEO position.

What sets Ted Pick apart is his unwavering commitment to Morgan Stanley’s image as a scrappy underdog. During a visit to Goldman Sachs, one of the firm’s chief rivals, Pick couldn’t resist swiping a pencil and later lamented that even their stationery was superior.

He once recounted an encounter with Lloyd Blankfein, the former CEO of Goldman Sachs, where he introduced himself as working for a small firm that Blankfein had probably never heard of. When Blankfein took the bait, Pick delivered the punchline: “Morgan Stanley.”

Ted Pick’s journey from a modest beginning to the precipice of potentially becoming the CEO of Morgan Stanley is an inspiring narrative of resilience, adaptability, and the unwavering pursuit of excellence.

As he stands on the brink of taking the reins of one of the financial world’s most iconic institutions, all eyes are on Ted Pick, the underdog who has become a dominant force in the world of finance.

His story is a testament to the enduring power of dedication and determination, a reminder that success is not determined by where you start but by how you rise above the challenges along the way.

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Meta Fires Employees For Using Office Free Meal Vouchers to Buy Household Items

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Facebook Meta

The parent company of Facebook, Instagram, and WhatsApp, Meta, has allegedly relieved about 24 staff members at its Los Angeles office of their jobs.

The affected staff were accused of using their $25 (£19) meal credits to buy items such as toothpaste, laundry detergent, acne pad and wine glasses.

It was gathered that the dismissals followed an investigation that revealed the employees had been exploiting the system, including sending food home when they were not physically present at the office.

One of the terminated employees was an unnamed worker earning a $400,000 salary.

Another sacked employee anonymously shared on the messaging platform Blind, explaining how she and her colleagues maximized their dinner credits to buy other necessities when they could get food elsewhere.

The breach was discovered as part of the human resources procedure even though one of the workers admitted to it.

According to reports, employees who occasionally bent the rules received warnings but retained their positions.

Free meals have long been a benefit for employees of major tech firms like Meta, founded by Mark Zuckerberg.

Typically, staff at larger offices, including Meta’s Silicon Valley headquarters, enjoy complimentary meals from on-site canteens.

Employees at smaller locations receive daily food credits, redeemable through delivery services like UberEats and Grubhub, with allowances of $20 for breakfast, $25 for lunch and $25 for dinner.

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Flour Mills of Nigeria to Invest $1 Billion in Expansion and Restructuring Over Four Years

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flour mills posts 184% increase in PAT

Flour Mills of Nigeria Plc, a Nigerian diversified agribusiness company, has announced plans to invest $1 billion over the next four years to expand its facilities and restructure the company.

Chairman John Coumantaros, in an interview on Tuesday, said the new funding is about “doubling down on investment in Nigeria.”

This investment will further support President Tinubu’s reform efforts at a time when companies like Diageo Plc and Unilever Plc are exiting or reducing their exposure to the West African nation.

Since coming to power in May 2023, President Tinubu has introduced a series of reforms from allowing the naira to free float to fuel subsidy removal to make the country more attractive to investors and steer it away from fiscal collapse.

According to Coumantaros, $500 million of the total investment will go into its sugar operations in Niger state to boost production from the current 100,000 tons to over 400,000 tons a year.

An additional $100 million will be allocated to a cassava-processing factory to end imports of starch from the tuber and expand its breakfast cereal offerings.

The 64-year-old company will also undergo reorganization following an offer from Excelsior Shipping Company Ltd. last month to buy out minority shareholders at 70 naira per share.

The company plans to restructure its more than 22 units into five individual companies, Coumantaros said.

“We want to be able to attract technical and financial partners to help us grow our sugar operations and food business. We have a lot of ambitious plans for investment and expansion.”

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Allen Onyema, Employee Indicted in U.S. For Allegedly Obstructing Justice in Bank Fraud, Money Laundering Cases Slammed Against Them

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Allen Onyema Air Peace

Allen Onyema, the Chairman and Chief Executive Officer of Air Peace, a Nigerian airline, has been charged in a superseding indictment with obstruction of justice for submitting false documents to the United States Government in an effort to end an investigation of him in earlier charges of bank fraud and money laundering.

The United States government also charged alongside Onyema, his employee, Ejiroghene Eghagha, the airline’s Chief of Administration and Finance, for participating in the obstruction scheme, as well as in the earlier bank fraud counts.

In a statement issued by the U.S Government, the country’s Attorney Ryan K. Buchanan said the founder of the airline, accused of using his airline company as a cover to commit fraud on the United States’ banking system, has, along with Eghagha, who is a co-defendant in the fraud cases, allegedly committed additional crimes of fraud in a failed attempt to derail the government’s investigation of his conduct.

Robert J. Murphy, Special Agent in Charge of the Drug Enforcement Administration (DEA), Atlanta Division also revealed that through the diligence of US federal investigative partners, the alleged obstruction scheme of Onyema and Eghagha was revealed, making it possible for the defendants to be held accountable for their aggravated conduct of attempting to impede a federal investigation.

For Assistant Special Agent in Charge Lisa Fontanette, Internal Revenue Service – Criminal Investigation Atlanta Field Office, “These cases represent the continued commitment of the Drug Enforcement Administration to identify and hold accountable those who engaged in fraud and money laundering.”

“Allegedly, Onyema and his accomplices fraudulently used the U.S. banking system in an effort to hide the source of their ill-gotten money.

“Today’s superseding indictment is indicative of the dedication IRS-CI special agents and our law enforcement partners have, as part of the Organized Crime Drug Enforcement Task Forces, to neutralize threats to the United States from criminal organizations.”

“The charges announced today demonstrate the criticality of diligence and truth in criminal justice proceedings,” said Steven N. Schrank, Acting Special Agent in Charge, Homeland Security Investigations Atlanta that covers Georgia and Alabama. “HSI and our partners are committed to pursuing those who seek to exploit our nation’s financial system and any efforts to cover up illegal activity,” she added.

The statement obtained by Investors King explained how Onyema allegedly committed the bank fraud and laundered money running into millions of dollars. The statement reads “Onyema, a Nigerian citizen and businessman, is the CEO and Chairman of Air Peace, a Nigerian airline founded in 2013. Between 2010 and 2018, Onyema travelled frequently to Atlanta, where he opened several personal and business bank accounts. More than $44.9 million was allegedly transferred into his Atlanta-based accounts from foreign sources.

Beginning in approximately May 2016, Onyema, together with Eghagha, allegedly used a series of export letters of credit to cause banks to transfer more than $20 million into Atlanta-based bank accounts controlled by Onyema.

The letters of credit were purportedly to fund the purchase of five separate Boeing 737 passenger planes by Air Peace and were supported by documents such as purchase agreements, bills of sale, and appraisals.

The documents purported to show that Air Peace was purchasing the aircraft from Springfield Aviation Company LLC, a business registered in Georgia.

However, the supporting documents were allegedly fake – Springfield Aviation Company LLC was owned by Onyema and managed on his behalf by a person with no connection to the aviation business, and Springfield Aviation never owned the aircraft.

The company that allegedly drafted the appraisals did not exist. Eghagha allegedly participated in this scheme as well, directing the Springfield Aviation manager to sign and send false documents to banks and even using the manager’s identity to further the fraud.

After Onyema received the money in the United States, he allegedly laundered over $16 million of the proceeds of the fraud by transferring it to other accounts.

In May 2019, upon discovering that he was under investigation in the Northern District of Georgia for bank fraud, Onyema and Eghagha allegedly directed the Springfield Aviation manager to sign a key business contract, but also specifically told her to not date the document.

In October 2019, Onyema allegedly caused his attorneys to present that same contract, now falsely dated as being signed on May 5, 2016 (prior to the bank fraud that began in 2016), to the government in an effort to stop the investigation and unfreeze his bank accounts.

Allen Ifechukwu Athan Onyema, 61, of Lagos, Nigeria, and Ejiroghene Eghagha, 42, of Lagos, Nigeria, were indicted on November 19, 2019, on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud, and three counts of credit application fraud.

Additionally, Onyema was charged with 27 counts of money laundering, and Eghagha was charged with one count of aggravated identity theft. On October 8, 2024, they were both charged in a superseding indictment alleging an additional count of obstruction of justice and one count of conspiracy to obstruct justice. The case is criminal action number 1:19-CR-464.”

However, the statement noted that an Organized Crime Drug Enforcement Task Forces (OCDETF) including the Drug Enforcement Administration, Internal Revenue Service Criminal Investigation, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, Federal Aviation Administration, Department of Commerce, and Department of Treasury are investigating the case.

It informed members of the public that the indictments of Onyema and his co-accused person only contain charges, adding that the duo Nigerians are presumed innocent of the charges and it will be the government’s burden to prove their guilt beyond a reasonable doubt at trial.

The statement further disclosed that Assistant U.S. Attorneys Garrett L. Bradford and Christopher J. Huber are prosecuting the case.

“This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF,” it concluded.

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