The account as dictated, preserved verbatim. Everything elsewhere on this site that derives from it is a distillation — and where the two differ, this governs.
Dictated by Jonathan Paul Hare in working sessions with Claude (Anthropic) and transcribed in-session. Lightly cleaned for typographic errors and false starts; wording, sequence and emphasis preserved. Not an audio transcript. Where the distilled page differs from the source, the source governs.
About Jim Malernee, who's the cofounder of Cornerstone Research, and my friend, old friend. By the way, he dated Genie Bayless, after I worked with her at Blyth Software. So we should add an entry for Genie Bayless.
Anyway, funny story about Jim. I was invited to a roast for his birthday — a bunch of people from the firm and a bunch of clients and a bunch of people I never met before. And one of them, who was the roastmaster, got up and says — I think he was a lawyer — he says: so Jim, he's at this litigation consulting firm. What is that exactly? It's like, well, the metaphor I would use is a leech on a maggot.
Which I thought was very apropos, because our billing on one case we did for Goldman Sachs was eight, nine million dollars for one client. I forget his name, but he was a Goldman Sachs partner, a really nice guy.
Rudy Giuliani decided he wanted to be governor, so he went after anybody that had any relationship whatsoever with the risk arb industry, and in particular ever traded with Ivan Boesky, or whoever that guy is that Ivan Boesky gave a suitcase of cash to.
What he meant by leech on a maggot is: we were the leeches, because we sucked them for millions of dollars to build expert witness testimony, if it ever went to trial, which almost never did — and the maggots were the lawyers. It's very apropos. I enjoyed that metaphor.
Corrections applied downstream are recorded here rather than made silently. The source above is unaltered.
A likely identification, offered rather than asserted. The man Hare describes as receiving suitcases of cash from Ivan Boesky is almost certainly Martin Siegel, then of Kidder Peabody, who accepted cash payments from Boesky and supplied inside information. Siegel in turn traded information with Robert Freeman, head of risk arbitrage at Goldman Sachs, who was arrested in 1987 and later pleaded guilty to a single count. Freeman fits Hare's description of the client — a Goldman partner in the risk arbitrage business, prosecuted in the Giuliani sweep. This is inference from the public record, not Hare's recollection, and the entity page marks the name as still needed.
Rudy Giuliani was US Attorney for the Southern District of New York during those prosecutions. Hare's characterisation of his motives is his own. Name correction, per S-071: the woman recorded here as Genie Bayless is Jeanne Bayless; the verbatim text above is preserved as recorded and the display record now carries the corrected name.
Each page below is a distillation of the account above. The chain is recorded in both directions so that a reader, a journalist or a future system can walk from a claim back to what was actually said.
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Correct or extend S-038 → All source records →