“Hedge fund manager” John Tabacco, who runs Fortified Funds, was on “The Daily Show” with host Jason Jones the other day making Wall Street look really bad.
The fund manager was featured in a “Money Boo Boo” segment, which poked fun at the dynamic between the U.S. and Canadian banking systems and how Canada hasn’t had a crash in 150 years unlike the U.S.
From his pinstripped suit in front of his trading screens to the offensive and sexist remarks that came out of his mouth, Tabacco really epitomized a greedy and sleezy banker.
Even though these segments are probably most likely scripted, it’s surprising for a financial professional in an industry that has been pilloried more than any other industry in the world to even joke about it.
Now let’s recap what happened.
Tabacco began his segment by ripping into Senator Elizabeth Warren, who is known for her tough stance on financial regulation.
Tabacco: “We don’t need these socialist forms of regulation—the Elizabeth Warrens of the world coming down and sticking their little fingers and micro managing the capital markets.”
Jones: “So if those women came down with their little hands what would we wind up looking like?”
Tabacco: “We’d start looking a hell of a lot more like Canada.”
Then he played the role of an obnoxious banker who was oblivious that a ton of Americans lost a lot of money during the crisis.
Tabacco: “The American financial system is the last bastion of free market capitalism in the world. It’s the greatest system the world has ever known.”
Jones: “What about the statistical evidence that shows otherwise?”
Tabacco: “What statistical evidence?”
Jones: “Well, since 1790, the U.S. has had 16 banking crises and Canada has had zero.”
Tabacco: “There have been bubbles and bursts in the U.S., but if you’re educated and you’re prepared you should be able to profit.”
Then, Jones asked the fund manager to tell a joke.
Tabacco: “What’s the difference between jelly and jam?”
Jones: “I don’t know.”
Tabacco: “You can’t jelly a c— in a girl’s mouth.”
We couldn’t locate any record of his hedge fund, Fortified Funds, on the Securities and Exchange Commission’s website.
In the past, Tabacco was known for being extremely vocal about naked short selling. He previously ran LocateStock.com, but the website looks like it’s no longer available.
His FINRA broker check record hasn’t been updated since the mid-1990s. Back in 1997, he was fined $50,000 and barred from the National Association of Securities Dealers on allegations that he allowed executions of transactions in three separate customer accounts without their knowledge or authorizations, FINRA records show.
But you might remember Tabacco and his brother Derek—who has been on “Mob Wives”, “Millionaire Matchmaker” and a Dunkin’ doughnuts commercial—from the Occupy Wall Street movement.
They both organised the “Occupy A Desk” counter-movement and were dubbed “Wall Street’s Heroes” by us when they marched in an Occupy demonstration. We also had a debate with him over his “ridiculous party van” called P2 that he and his brothers drive around the city.
Folks on Twitter didn’t find his jokes on “The Daily Show” to be funny:
— Hudson NH for Obama (@HudsonforObama) June 25, 2013
— David Jordan (@daijordan) June 25, 2013
— Sarah Marie (@RumpleFan) June 25, 2013
— PD Lobster (@pdlobster) June 25, 2013
— Joey Self-Price (@joeyselfprice) June 25, 2013
— Keira Rodriguez (@KeiraNY) June 25, 2013
Watch the segment below:
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