How much are you spending on your Christmas presents this year? Lazard Capital apparently spent too much on its gift-giving after regulators found some $600,000 spent "improperly entertaining" Fidelity Investments employees to generate brokerage business. The SEC found that former head of Lazard Capital Market's US sales and trading department, David Tashjian, and a few employees gave extraordinary gifts to, among others, Fidelity equity trader Thomas Bruderman.

What kind of gifts cost so much? The commissioner found that Lazard executives were taking the Fidelity representative on trips to destinations like Europe, the Bahamas, the Caribbean, Florida, and Napa Valley, often by private plane, and paying for meals and lodging at high end restaurants and hotels. According to the orders, they spent money on race car driving lessons, adult entertainment, expensive wine, and even threw a $50,000 bachelor party in Miami!

What's the problem with a little fun? According to the SEC: "Mutual fund traders owe their loyalty and allegiance solely to the funds and their investors. When registered representatives provide mutual fund traders with prohibited travel, entertainment and gifts, it may impair their objective judgment and harm investors. Brokerage firms and their supervisory personnel must reasonably implement procedures to prevent employees from illegally providing compensation for brokerage business."

A slight conflict of interest...

Voyager Petroleum (OTC-BB: VYGO) is an eco-friendly oil processing and distribution company targetig the $11 billion automotive and manufacturing lubricants markets. The company has taken several steps in recent months aimed at helping it compete nationally with regional producers. These regional producers are responsible for about half of the industry and represents a huge opportunity for Voyager to get involved and take market share.

The recycled oil industry itself is highly fragmented with the top half controlled by two huge re-refiners, Evergreen Oil and Safety-Kleen, while the bottom half is controlled by very regional and less competitive smaller players. Voyager Petroleum aims to leverage its integrated production and sales process to effectively compete with these regional players and take market share. This will involve producing generic motor oils for sale at many auto parts stores and used in garages.

The barriers to entry in this market are supply sources, costs and licensing. Voyager Petroleum intends to address these issues by establishing reliable and consistent channels of raw materials by hiring and contracting with individuals with established supply contracts and intends to actively pursue new supply sources. Initially, Voyager intends to compete in the automotive aftermarket via its recent acquisition of a processing facility in Detroit, MI.

Voyager Petroleum is well-positioned within the recycled oil industry and continues to execute on its strategy. The firm acquired a processing facility in Detroit and recently hired a financial advisor to assist it in identifying middle-market acquisition targets. These targets will give the company a base in key regional areas and enable it to begin generating profits.

Related Companies
Safety-Kleen, Inc. (SK)
Heritage-Crystal Clean, Inc. (HCCI)
American Ecology Corporation (ECOL)

Target Corporation (NYSE: TGT) shares rebounded after billionaire activist Bill Ackman announced that he would hold a conference on Wednesday to recommend a course of action for the troubled retailer. The hedge fund manager promises that the course of action will build long-term value for Target shareholders with a focus on retail, real estate, fixed income and credit. Ackman is already well under water on his investment in the retail, having purchased the majority of his ~10% stake before the economic downturn.

With consumer confidence at an all-time low, more trouble brewing in the housing markets, and lower estimates on the horizon, many investors are wondering how Target can pull itself out of a huge mess. However, Ackman has already noted Target's unique real estate position as well as its valuable credit portfolio (which may be experiencing problems now, but not nearly as bad as some believe). A plan to boost these assets while reducing outstanding shares could be the formula needed to help Target succeed.

Pershing Square's Bill Ackman will present to the public at 1:30PM tomorrow afternoon at the AXA Equitable Auditorium 787 in New York, New York. The presentation will be based solely on publicly available information, as well as assumptions, estimates and projections of Pershing Square. Due to available seating, attendees are encouraged to register in advance at www.visualwebcaster.com/pstgt, but may also do so at 12:30PM on the day of the event.

Related Companies
Wal-Mart Stores Inc. (WMT)
PriceSmart Inc. (PSMT)
Dollar Tree Inc. (DLTR)