Lying, Deceit, Dishonor: No, Wall Street Doesn't Have a Monopoly in this Area.

[ by Howard Haykin and Melanie Gretchen ]

When it comes to banking expertise, Thomas Weisel is in a league of his own.  He's a legend in finance and Silicon Valley.  He was the banker behind Yahoo's public offering and some of the biggest deals during the dot-com bubble.  He famously sold the firm he ran, Montgomery Securities, for $1.2 billion in 1997.  And he sold his next firm, Thomas Weisel Partners, for $300 million to Stifel Financial in 2010.

When he's away from the financial world, Mr. Weisel pursues an interesting extracurricular activity – one that connects him to the news of the moment: he was Lance Armstrong's biggest financial backer and the single individual most responsible for the money machine that propelled Mr. Armstrong's career.

Thomas Weisel was a co-owner of the U.S. Postal Service Pro Cycling Team through a cycling management firm that he helped found called Tailwind Sports.  Yet, now Mr. Weiser, his enterprise, and partners may be subject to lawsuits from corporate sponsors seeking millions of dollars.  Already, there is a False Claims Act case contending that Mr. Armstrong and the team defrauded the Postal Service.

C-I Note:   Lies, Deceit, Dishonor, Disrespect:  No, Wall Street Doesn't Have a Monopoly in this Area.   Oprah Winfrey conducted a 2-part interview with Mr. Armstrong that will air this Thursday and Friday.  Mr. Armstrong is expected to confess to his cheating - i.e., his purported doping - something he never bothered to share with his benefactor - Thomas Wiesel, the person who enabled Lance Armstrong to dazzle the world by dominating a sport.

Yet, what are the chances that Lance Armstrong comes clean and unconditionally confesses his sins? 

What are the chances Mr. Wiesel will finally learn what, how and why the person he funded for years violated the rules of sports, the mores of society, and the trust so many individuals placed with him? 

The bottom line, it would seem, is that Mr. Armstrong is not ready to come clean.  And so, anything that he says will be circumspect and tinged with white lies and distortions.  Why do we say this?  For 2 reasons.

• Following her taping, Oprah Winfrey said Mr. Armstrong simply did not come clean.  He was scripted, he tried to appear earnest, but he did failed to convince his audience - particulalry Ms. Winfrey - that he was telling the "truth, the whole truth, and nothing but the truth."

• Second, even before Mr. Armstrong appeared before the American people and spoke into the camera with his version of the events underlying his canard, Armstrong has the audacity to say that he will name the names of those U.S. Cycling Officials who knew about his cheating - and he will bring them down.  Rather than seek to cleanse his body and soul of his sins, Armstrong preaches vengeance and retribution, because if he has to go down, then he's taking others with him. 

Disrobed of his trophies, this Fake Champion reveals himself as nothing more than a despicable, pitiful individual.  And unfortunately, he will drag honest and honorable individuals like Thomas Wiesel in the mud of Armstrong's own making.  It's a sorry sight, but one that we seem to view all too often.

For further details, go to:   [Dealbook, 1/14/13]