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Hard to know where to start: NYT: One of the top advisers to the money manager J. Ezra Merkin, who invested $2 billion of his clients’ money with Bernard L. Madoff. , is a convicted felon who worked for Mr. Merkin while still in federal prison. , according to recently filed court documents. The adviser, Victor Teicher, who had been convicted of federal securities fraud and was barred from the securities industry, advised Mr. Merkin on the management of his Ariel Fund Ltd. through phone calls made to Mr. Merkin’s Park Avenue office from a New Jersey prison. . That's good.  But here's the kicker: There was, however, one piece of Mr. Teicher’s investment advice that Mr. Merkin did not follow: Mr. Teicher warned Mr. Merkin that Mr. Madoff’s trading results were impossible to achieve. No word yet on whether Merkin paid Teicher an advisory fee, which would be a violation of his securities-industry bar (don't I know it)  But you have to love the fact that Merkin was allegedly calling a man in prison for advice only to ignore the best advice he gave. . All this is coming to light as NYU sues Merkin for vaporizing $24 million of NYU's money. The above version of the story is NYU's. Read more from Leslie Wayne and Zachary Kouwe in the NYT > See Also: Bernie Madoff's Victims: The Slideshow. Ezra Merkin's Fund ONLY Down 41% NYU Suing Ezra Merkin For $24 Million.

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John Paulson shorted Lloyds and, according to Bloomberg. , may have made $2.68 million a minute over a 25-minute period this morning. Put your calculators away: it’s $67 million. In 25 minutes. Paulson’s good fortune came as Lloyds fell as much as 43 percent in less than 25 minutes of London trading after it said HBOS Plc, the U.K. lender it took over last month, was going to report a $14.5 billion loss.   According to Bloomberg: “Paulson held a Lloyds short position representing 0.79 percent of the bank, or 129.3 million shares, as of Jan. 20, according to a regulatory filing. DataExplorers.com, which tracks share borrowing from London, said 1.1 percent of the stock was on loan as of Feb. 11, the most recent data available. That’s down from as much as 8 percent six months ago and suggests Paulson held the bulk of the short position left.” See Also: John Paulson Hits It Out Of The Park Again.