Ortenca

The secretive First Brands founder, his $12bn debt and the future of private credit Patrick James borrowed billions — even after presiding over a string of failed businesses

A few short weeks ago, Patrick James was scarcely known outside the murkier corners of credit markets. Now, with billions of dollars apparently missing, he is at the centre of a $12bn nightmare on Wall Street.

Full story w/ @ortenca.bsky.social and @ericgplatt.ft.com 👇

www.ft.com/content/8373...

A lot more exclusive detail on Point Bonita's fund structure, beyond those that Jefferies disclosed today, in update to story (w/ @ericgplatt.ft.com and @ortenca.bsky.social) on.ft.com/42soiJ9

Jefferies earned undisclosed fees on First Brands ‘side letter’ financing [FREE TO READ] Lenders to bankrupt car parts group believe arrangement may have breached loan covenant

BREAKING: Jefferies earned undisclosed fees on financing it provided to First Brands Group, in an arrangement other lenders say may have violated terms of their own credit agreement with the bankrupt car parts company.

Full story w/ @ericgplatt.ft.com & @ortenca.bsky.social here: on.ft.com/430jWZT

First Brands-linked entities file for bankruptcy [FREE TO READ] Rapid unravelling of heavily indebted car parts supplier has caught credit markets off guard

🚨BREAKING NEWS ON FIRST BRANDS GROUP'S OFF BALANCE SHEET DEBT🚨

Entities tied to First Brands and its founder Patrick James have filed for bankruptcy protection, compounding issues at the car parts supplier whose troubles have roiled credit markets.

Story w/ @ortenca.bsky.social
on.ft.com/4nfPEul

Carlos Alcaraz surges past Jannik Sinner to win the U.S. Open 🏆

It is Alcaraz’s sixth Grand Slam title and his second at the U.S. Open.

The result takes him back to world No. 1, ending Sinner’s 65-week stay at the top of the tennis world rankings.

Milan’s expat ‘explosion’ brings new buzz to Italy’s financial centre Favourable tax regime is drawing wealthy newcomers and changing the city’s dynamic

Milan’s expat ‘explosion’ brings new buzz to Italy’s financial centre on.ft.com/4mK03hM

Trump Says He Is Removing Lisa Cook From Federal Reserve Board

Trump has taken an unprecedented step in trying to fire Fed governor Lisa Cook. The law stipulates that a president can only remove an official if there is "cause," a term that is vague and has no precedent www.nytimes.com/2025/08/25/u... @tonyromm.bsky.social @bencasselman.bsky.social @nytimes.com

We wanted to know if the money that the EU has put into rearmament is turning into production capacity — and the answer is: yes. Industry is rearming.

The FT View: The longer it has continued, the more it has borne the hallmarks of a vengeful assault by Israeli Prime Minister Benjamin Netanyahu’s far-right government to destroy the very fabric of Palestinian society. https://on.ft.com/3UBv3Us

Devastating

A THIRD of the population is not eating for multiple days in a row

Gazans Are Dying of Starvation

Gazans Are Dying of Starvation www.nytimes.com/2025/07/24/w...

The competition for junior talent on Wall Street reached a new peak this summer.

This week on Behind the Money, @sindap.bsky.social and @ortenca.bsky.social explain why, and what this means for Wall St's top investment banks and private equity firms.

🎧: podfollow.com/behind-the-m...

When a pension fund makes a hedge fund size bet - was it for the Italian national interest? Rpt by Silvia Sciorilli Borrelli and @ortenca.bsky.social www.ft.com/content/c4ad...

BCG modelled plan to ‘relocate’ Palestinians from Gaza Consulting firm had multimillion-dollar role in contentious new aid scheme for shattered enclave

And this from over the weekend

on.ft.com/4nzTQFU BCG modelled plan to ‘relocate’ Palestinians from Gaza

Tony Blair’s staff took part in ‘Gaza Riviera’ project with BCG Former UK prime minister’s institute participated in meetings on plan to turn shattered enclave into trading hub

Absolute must read from @stephenfoleyft.bsky.social

on.ft.com/46fh6Tx Tony Blair’s staff took part in ‘Gaza Riviera’ project with BCG

Can HSBC cut its way to growth? - FT Big Read from @ortenca.bsky.social www.ft.com/content/61e8...

This is honestly better than White Lotus.

👇🏼👇🏼👇🏼

Citi del Sol: How the party ended for Wall Street bank’s Málaga experiment ‘They sold us the dream but the reality was much more different,’ said one employee

Citi del Sol: How the party ended for Wall Street bank’s Málaga experiment

Ian Osborne: fixer to the rich and powerful behind Epstein’s ‘Project Jes’ A court case in London reveals messages mounting a campaign to install Jes Staley as CEO of Barclays bank

great piece from @ortenca.bsky.social on financial-fixer-par-excellence Ian Osborne's links to Jeffrey Epstein www.ft.com/content/cb43...

Jes Staley awaits judgment in courtroom battle over ‘Uncle Jeffrey’ Epstein The former Barclays chief tried to clear his name in a high-profile challenge against the FCA. Was it worth it?

Jes Staley awaits judgment in courtroom battle over ‘Uncle Jeffrey’ Epstein

https://www.ft.com/content/f5e23b51-05ae-45e2-b300-0794d5c3b04f

‘The caterpillar’: British banks’ £50bn answer to falling rates The UK’s largest high street lenders have deployed hedging strategies to smooth volatile earnings

We delved into structural hedging and why all the banks are talking about it now.

www.ft.com/content/d58a...

“Our client vehemently denies using the word ‘c*nt’ in front of his colleagues’ children at work,” Sadler’s lawyers said. In the event children were ever present, they added, he denied “having knowingly used profanities.”

Inside the downfall of trading titan and Blackpool FC owner Simon Sadler [FREE TO READ] He was a heavyweight in Hong Kong finance and a hometown hero. Now he faces the possibility of jail

This is a story about the rise and fall of a man from a working-class town. It’s about power in a grey area of global finance. It’s about football, swearing, a Blackpool bar called Shenanigans and a tangerine-coloured private boat. Enjoy.

w/ @bondhack.ft.com @ortenca.bsky.social

on.ft.com/3DTv1m6

Todays FT front page story by @ortenca.bsky.social

Staley called Epstein ‘uncle Jeffrey’ to daughter, court hears [FREE TO READ] Ex-Barclays boss is trying to clear his name over allegedly downplaying links to dead paedophile

London's High Court has heard how former Barclays boss Jes Staley referred to the now dead paedophile Jeffrey Epstein as “uncle Jeffrey” to his student daughter, months after Epstein’s conviction for soliciting a minor.

Full story from @ortenca.bsky.social

on.ft.com/3R4JEpI

FCA drops plan to ‘name and shame’ more UK companies under investigation [FREE TO READ] Financial regulator says it will scrap new public interest test after backlash from the City and government officials

Late night scoop: on.ft.com/3Dp7Vns FCA drops plan to ‘name and shame’ more UK companies under investigation

Staley fights back after Barclays chair says his view has ‘changed’ in Epstein case [FREE TO READ] UK bank’s former chief accuses regulators of ‘destroying’ his reputation over alleged links with convicted paedophile

Taken from Alistair Gray and @ortenca.bsky.social’s latest on Jes Staley’s highly effective campaign of trying to stop everyone associating him with a dead paedophile forevermore

on.ft.com/43DOlyj

Then the inevitable emergence of a coke-tinuation fund