“In all my years of living in New York I’ve never whipped out my phone to take a picture of any celeb (CNBC or otherwise), but there was something about Kneale– couldn’t look away.”
Archive for January 2010
Had dinner with a few Citi friends (VP’s and associates) this weekend and the story is as follows. Apparently Citi will tell the public they paid a significant portion of the compensation in stock (~20-30% in cash and the rest stock) and not cash.
The reality is that 70-80% of it will be in cash or stock with very short vesting (April 2010). They expect so many employees to be selling stock that they are analyzing having someone in the banks provide support for the stock that day in April.
Goldman Said to Limit London Partners’ Compensation (Reuters)
The banks will cap the salary and bonuses of its London partners at 1 million pounds ($1.6 million), affecting about 100 employees across the pond.
AIG Restricts Use Of Corporate Aircraft (Reuters)
For all executives except Robert Benmosche, obviously, according to a regulatory filing.
More on N.Y. Fed’s Actions on A.I.G. Details (DealBook)
The New York Fed kinda tried to get the SEC to keep the AIG bailout details on the hush-hush.
Hedgies Are Back And Having A Ball (Times Online)
Everyone was there: GLG’s Pierre Lagrange, Gartmore’s Roger Guy, Lansdowne’s Paul Ruddock and Tony Chedraoui of Tyrus. Jabre Capital won fund of the year. Its founder Philippe Jabre delivered a magnanimous acceptance speech before urging his fellow hedgies to join him in Geneva — “it’s a lovely place.” Two guests were heard moaning about the “cheap champagne.”
Bankers to lobby for softer reforms at Davos (FT)
“It’s not about being too big but about the interconnections,” said one banker. Executives said they would push quietly against the reforms to avoid giving the US president the “fight” he promised last week.
Tiger’s Thanksgiving Mystery– Solved (TDB)
Elin “confirmed her lingering suspicions about Tiger’s affair with Uchitel by impersonating her husband in text messages with Uchitel, prompting the rage that led to Woods fleeing his house.”
Citibank in 2011, Hypothetically (BreakingViews)
Timothy F. Geithner as Global Head of Strategy and Investor Relations.
Timmy G, who, as we know is getting really frustrated with the whole AIG bailout storyline, apparently had a nice convo with Warren Buffett, Jamie D. and Lloyd on the day AIG was bailed out, at least according to phone logs submitted by the Fed in response to a subpoena last week from the House Oversight and Government Reform Committee.
Tim- who will testify next week- is maintaining, he never “looked at AIG memos” and that he “wasn’t involved in any AIG decisions.” Actually, he doesn’t even have any idea what AIG is. That talk with the big boys? Wasn’t him on the phone. Now leave him alone. Go harass Ben.
I don’t know how many of you are currently looking for new jobs and suffering through the painful process of figuring out what to say in your cover letter but if I may offer a suggestion– take a page from one ambitious li’l college kid’s playabook. He knew he wanted to work at Goldman Sachs and rather than temper his deep burning desire he shouted it LOUD AND PROUD. He wants to live and bleed Goldman Sachs and he doesn’t care who knows it! He’s not afraid to say, “Lloyd I will lay down in the road for you. I will kill a man in cold blood for you. I will do whatever it takes to get in at Goldman Sachs– no questions asked– UNTIL MY HEART STOPS BEATING.” Even as he writes this letter he’s getting calls and text messages from people asking what stocks he puts his money in today and where they should put it tomorrow– he’s got the street cred and the seed capital to start his own shop over summer break but he’s not gonna cause he wants to do it for you Lloyd! For both of you.
The following post is by InfiniteGuest, a regular reader and frequent commenter.
It’s earnings season, it’s bonus time, and now that the Angelides Commission has begun holding hearings and legislation is under way to form a permanent resolution authority for troubled financial institutions, the related topics of what caused the financial crisis and how to handle the next one have garnered fresh attention, to put it mildly. Juxtaposed against the sluggish real economy, the robust health of our financial sector makes it an easier target than ever for enemies of every stripe. Yesterday, under acute political pressure, President Obama used the bully pulpit to blame the financial crisis on the greed of financiers unfettered by ill-advised deregulation, advocating among other things the reinstatement of Glass-Steagall. The Angelides Commission will need a strong constitution to keep from being unduly influenced in their investigation by the President’s statements. He has identified the causes, he’s found a solution, and he is, after all, the most powerful man on earth. One could be forgiven for believing that the final narrative of the Angelides Commission has already been written even though the inquiry has barely begun.
News got pretty heavy recently and Barney’s had enough. Fuck the TARP, TALF and the “new Obama bank plan.” (any acronym suggestions, by the way?) There are much more pressing issues in the world that BF has to deal with, like poker. It will save the economy.
- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
