| Topic Name: |
Sacked from Carlyle in 2 weeks |
| Message Name: |
Peter Chung Story by Dow Jones |
| Date Posted: |
05/22/2001 |
| In Reply To: |
Have you read about this?
A stupid Princeton 99 grad, after Merrill Lynch got hired and then fired by Carlyle in less than 2 weeks!
http://hk-imail.singtao.com/freezone/feature/nury.html
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| Message: |
Carlyle Associate Said To Resign After Raunchy E-Mail
By Janet Whitman
Of DOW JONES NEWSWIRES
05/21/2001
New York -(Dow Jones)- It started out as a raunchy e-mail from a junior banker to 11 friends.
But in another sign that "personal e-mail" increasingly is an oxymoron, the risque message sent from a work account was quickly forwarded from one person to the next and soon was making the rounds among young venture capitalists and investment bankers around the globe.
Peter Chung's bosses at the prestigious Carlyle Group were not amused when the off-color e-mail, with jibes added along the way by other recipients, eventually made its way back to the private equity firm's Washington office.
Chung, an associate at the firm, reportedly resigned, less than two weeks after he was hired for Carlyle's expanding Korean office. Officials at Carlyle - whose roster of partners and advisers read like a Who's Who of Washington, including former President George H.W. Bush and James Baker III - did not return calls.
In the e-mail entitled "Living Like a King," Chung mentioned his new 2,000 square-feet apartment in Seoul, his lavish lifestyle, and being wined and dined by bankers as a buyside professional. Chung, who was not immediately available for comment, also bragged about his sexual prowess and alluded to his plans for "every hot chick in Korea. "
The e-mail - a copy of which was obtained by Dow Jones Newswires - was sent out on May 15, not long after Chung joined the firm and was posted to the Seoul office. Soon, the e-mail began making the rounds at several bulge-bracket firms, including Merrill Lynch, where Chung previously worked.
Merrill Lynch spokesman Joe Cohen said the investment bank has "no comment on any statements made or activities taken after Mr. Chung left the firm." Chung worked at Merrill Lynch from July 1999 through April 2001.
Comments were added to the e-mail by other recipients along the way - from "I thought that was you at first! Are you enjoying the buyside as much as this guy?" to "I hope this spreads all over the Internet and back to Carlyle." One recipient wrote that he received the e-mail from three different banks or venture capital firms that day. Another prodded others aspiring to this high life to write to Baker at Carlyle's Washington address. By early Monday, news of the e-mail and Chung's resignation had been reported on private equity Web sites such as PrivateEquityCentral.net.
The embarrassment is similar to an incident last year, in which a London couple, Claire and Brad, exchanged a salacious e-mail with details about a sexual encounter. Brad, dubbed "Brad the Cad" by British tabloids, along with four other lawyers at Norton Rose, the law firm at which Brad worked, were disciplined, but not fired for forwarding the e-mail, which was sent around the globe and eventually had its own Web site.
-By Janet Whitman, Dow Jones Newswires; 201-938-5248; janet.whitman@dowjones.com
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