Archive for August 2010

  • 31 Aug 2010 at 5:30 PM

Write-Offs: 08.31.10

$$$ Goldman swims downstream for PetroAlgae IPO [Reuters]

$$$ Wall Street Insiders Want Out [CBNC]

$$$ “The exercise series, open to the public, begins with Wall Street Ball Street on Oct. 21. From 2 p.m. to 6 p.m., participants will be a schooled in the art of squash, which, “Wall Street” aficionados will recall, was played literally and metaphorically by Gordon Gekko and Bud Fox. After the squash lessons, guests will sample Scotch flights, nibble hors d’oeuvres and get shoeshines while watching the quintessential ’80s film (because lunch is for wimps). Cigar smokers can puff away on the rooftop. Suspenders and slicked-back hair are optional.” [LATimes via BI] Read more »

Many women report that sexism is still rife on Wall Street, albeit less overt. Sexual discrimination charges by women at finance companies dropped 28% from 2000 to 2009, according to data from the Equal Employment Opportunity Commission. But the number of charges per woman in the industry climbed during the recession in 2008 and 2009. Monica Murphy…an entrepreneur who worked at Goldman for six years, said the social aspect of the job was awkward. “I always was invited out, as were the other younger women, but oftentimes you didn’t want to go,” she said. “It was a strange thing to be 24 and to be going to drinks with 45-year-old men.” Muntean said that many of her female coworkers got smaller bonuses because they didn’t golf or pal around with male managing directors. “There were a couple that tried to be buddy-buddy with the guys, but it never really worked,” she said. “It wasn’t like the ’60s, getting slapped on the butt all the time. It was very subtle.” [FINS]

Of course, there are exceptions.

From time to time, as it’s right next to the box I need to click to open a new post, I like to check out what terms non-regular readers have searched to end up on this here site. Ping Jiang is a frequent one, as is a rotating cast of CNBC anchorettes, in addition to some that are less expected but certainly welcome, like “dogs playing poker” and “Vladimir Siforov.” Here are today’s: Read more »

  • 31 Aug 2010 at 3:43 PM

JPMorgan Closing Prop Desks

Bloomberg reports the firm “told traders who bet on commodities for the firm’s account that their unit will be closed as the company begins to shut down all its proprietary trading” and will “eventually end all proprietary trading to comply with new curbs on investment banks.” In July JPM axed about 40 prop traders and earlier this month, Blythe Masters told the commodities unit to calm the fuck down, assuring them that “no one’s going to get screwed. We’re not going to do crazy things on compensation at the end of the year.”

  • 31 Aug 2010 at 3:01 PM

Bonus Watch: Cornell Endowment Chiefs

Nice work if you can get it. Read more »

Last Friday, Third Point founder Dan Loeb released his latest quarterly letter, in which the Third Point founder redirects the feelings he once had for Ken Griffin on the current administration. Paul Krugman read it and he’s pretty sure he knows why Loeb and, for that matter, all the other financial services employees who donated to Obama’s presidential run have lately been switching teams. Sayeth the Professor:

…they went for Obama because he seemed like their kind of guy, then turned on him with a vengeance because they think he’s looking at them funny. Based on what I know, that’s about right. I talked to some financial-industry backers of Obama back during primary season; they really didn’t know or care much about policy issues, but were in love with Obama over his style — and also over the prospect of being in his inner circle, something they knew wouldn’t happen with Hillary. Now they’re mad because they don’t feel that they’re getting enough stroking.

Read more »

Are you sick of the relentless pussification of Wall Street? Does it just burn you up inside that the majority of your co-workers consider eating 8 items from the vending machine over the course of 12 hours a challenge, which most of them would fail miserably and not be put in a burlap sack and beaten? Do you want harken back to a time when instead of being asked to participate in some dinky little JPMorgan 5k “challenge” or harangued into taking a Pilates class with one of your colleagues and getting your nails done after, you were going around the office signing people up for a feat of strength involving rolling around in the dirt, being lit on fire, and possibly dying? You’re not alone. Read more »

  • 30 Aug 2010 at 7:03 PM

Write-Offs: 08.30.10

$$$ Short-Sellers Take Long Vacation [WSJ]

$$$ Citigroup Will Meet With Mayo After Analyst Complains in Report [Bloomberg]

$$$ 12 Unconventional Ways To Save The Economy [NYO]

$$$ Tiger In The City [NYP]