“If I had to sum it up in one word, I would say: ‘blah.’ It may slip into double-dip (recession) or it may not, but it is going to slow down. There is no question in my mind because the stimulus is running out, and there is great resistance to any further stimulus.” [Reuters]
Archive for September 2010
Admittedly the idea to convey the image of a “cool” investment banker by putting him on a skateboard was a bit of a miss but making the event a tailgate, before this weekend’s Duke v Alabama game? Inspired. Continue reading »
Are you a man or woman of refined taste based in the UK? Have you been looking for a new bank and require the following:
* A grand opening that involve waitresses toting giant trays of ice cream, batons, “dancers sporting vermilion fright wigs parading on stilts,” white balloons embossed with the legend JOIN THE REVOLUTION!
* A pooch-friendly environment
* A disco-themed lobby
* A founder who lives in an “Italianate mansion in New Jersey”
* The Meredith Whitney stamp of approval
Vernon Hill knows. And he’s got just the place for you. Continue reading »
Earlier this morning, Goldman Sachs was sued by three former employees who alleged the bank discriminates against females when it comes to pay, promotions and other opportunities within the firm. And while the women of Goldman Sachs are apparently not excluded from company outings to topless bars, which would be really unfair, they are treated to some unwanted touching afterward that it’s not clear their male counterparts are offered. Continue reading »
Allen Mask is a twenty-two year old new hire at Goldman Sachs and while the bank generally frowns upon employees making statements to the press or speaking to the outside world at large in general, that’s too bad because he’s a got a few things to say, such as “Wish I had a girl I would call her…and tell her throw away the Domino’s meet me at Delmonico’s. I’d wear the finest of designer clothes,” and more in his debut album titled Pilot Season.
Meet The Future Hip-Hop Star Who’s Now And Investment Banker At Goldman Sachs [NetNet]
UBS lost a lot of money over the last few years. Some might call it as metric-ass tons of money, others will say shit-tons. Whatever, the point is, it was a lot. A whole lot. The Swiss bank has recently begun a PR offensive that involves the message “it will not rest” until it regains its rightful place as the most majestic bank in all the land but do they have an actual plan re: how they’re gonna make the back? It appears they do. Continue reading »
He’ll show you…he’ll show all of you! Continue reading »
A very wise man once said, “Risk is what you make of it.” Whether it was walking over a chasm without the proper gear, being leveraged 40 to 1 in October 2008 or getting in the car to drive hundreds of miles for a milkshake when you know full well your wife said NO DAIRY, this part-time philosopher has long known there’s potential rewards to taking a big leap. And now he wants to take another one– on you. Continue reading »
Apparently, yes. We’re told the “majority if not everyone” from the Houston energy office, headed by Stephen Trauber and said to be considered “the best division at UBS,” walked out last night and is headed for Citi. Continue reading »
Lehman Brothers Defies Bankruptcy to Become a Business Again (Bloomberg)
The defunct New York-based investment bank, being run by Bryan Marsal, has almost $20 billion in cash and a monthly payroll of up to $45 million for managers and advisers. Hard-to- sell investments are being managed by 400 employees, and the firm is spending tens of millions of dollars on litigation set to stretch to at least 2012.
PIMCO Makes $8.1 Billion Bet Against ‘Lost Decade’ Of Deflation (Bloomberg)
“We think the possibility that the U.S. goes 10 years with stagnant or falling prices is remote,” Mihir Worah, the head of Pimco’s real return portfolio management team, said in an e- mailed response to questions. “The options were priced at rich levels to the underlying” risk, added Worah, whose funds invest in Treasury inflation protected securities.
Real IRA Says It Will Target UK Bankers (Guardian)
In an attempt to tap into the intense hostility towards the banks on both sides of the Irish border the group branded bankers as “criminals” and said: “We have a track record of attacking high-profile economic targets and financial institutions such as the City of London. The role of bankers and the institutions they serve in financing Britain’s colonial and capitalist system has not gone unnoticed.
Wilbur Ross, Carlyle To Buy Troubled Irish Bank (CNBC)
“Ireland has been a real miracle … then everybody there got too crazy with real estate speculation,” Ross said. But the Irish government shows “dedication to get their act together,” he added. “They’re getting their deficits under control, so eventually they’ll reduce their debts,” he said.
Berkshire Hathaway #2 Charlie Munger: US Economic Pain Not Over (CNBC)
Munger, Berkshire’s vice chairman, said the job market is likely to stay “lousy” for an extended period, and that he doesn’t see anything that would prompt employers to hire in the immediate future. Munger also warned that the pain is not over in many sectors, citing timber and commercial real estate as two sectors where there is “more pain to come.”
Money Never Sleeps: Wall Street, Stoned (NYO)
“We didn’t make it too complex,” Oliver Stone said last week. “It’s just so fucking difficult.” In the same interview, Mr. Stone claimed that Eliot Spitzer was the one who told him that Goldman Sachs was betting against the housing market at the same time it was creating mortgage deals. “This was before it made the news!” he said. “That woke me up, and I said, ‘My God, that’s some story.’” Continue reading »
$$$ JPMorgan To Keep Highbridge, Dimon Says [MarketWatch]
$$$ Accused Ponzi Schemer Chimay Says Charges Were “Cooked Up” [WSJ]
$$$ Wall Street Banking on Republicans to Push Legislative Goals [Bloomberg]
$$$
