The story that had all of Wall Street talking for the last three weeks has finally hit its end it seems. Sage Kelly, the high profile investment banker who took a leave of absence from Jefferies after his estranged wife accused him and his colleagues of being drug addicts and philanderers, has reached a tentative custody agreement over his kids. She has apologized to Jefferies and suggested that some of her accusations may not have been completely accurate.
We won’t walk you through the details of her allegations again, but suffice it to say they were outrageous. Think massive drug use and wife swapping type stuff. The firestorm of controversy eventually forced Kelly to take a leave of absence and Jefferies employees to undergo some random drug screenings, though the firm defended its culture and those staffers who were wrapped up in the ordeal, including Kelly.
Now, with a tentative agreement in place, Christina Kelly has changed her tune substantially, calling Sage “a great father” with “high integrity.” She had previously accused him of having an affair in a pool outside of his daughter’s window, and said that one of her kids almost mistakenly ingested cocaine that was left out by a colleague, so yeah, that’s a pretty big about-face.
She then said the presentation of the facts in the case “is a function of subjective viewpoints,” and that “there is a danger that the publication of those statements can create misimpressions.”
“A substantial portion of what has been written in the press and other media over the past few weeks is inaccurate, untrue, or hyperbolic, and I apologize to those who have been affected thereby — including those at Jefferies and those associated with Jefferies,” she said in a statement.
At the end of the day, only a few people will ever know the full truth. What the media was reporting largely came from her 26-page sworn affidavit, so blaming the press isn’t exactly fair. She didn’t go into detail about what may or may not have been true, or what she felt was misreported.
But at this point, everyone involved is probably just happy to see this story go away. The one thing to look out for is if Kelly returns to Jefferies. The firm offered support for he and his family when he took leave, so it’s certainly possible, especially with Christina’s recent statement. But he also admitted to using “recreational drugs on occasion at certain social events in the past,” so there’s that.
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Quote of the Day: “The world adjusts to stupid laws. They just don’t pay attention to it and you get burned later on. That really is what happens, like a 25-mile-an-hour speed limit.” – former New York City Mayor Michael Bloomberg on Dodd-Frank, while taking a shot at his predecessor’s new speed limit law