Archive for January 2011

  • 31 Jan 2011 at 6:30 PM

Write-Offs: 01.31.11

$$$ Bank of America Gives Moynihan $9.05 Million 2010 Stock Bonus [Bloomberg]

$$$ Hedge Funds Seek Clarity on ‘Expert Networks‘ [WSJ]

$$$ For Fund Managers, A Class In Raising Money [Dealbook]

$$$ Is Detroit the Next Retirement Hot Spot? [Reuters] Read more »

Last week we reported that hedge fund STG Capital had abruptly closed its doors, though the reason was unclear. Today Reuters’ Matthew Goldstein and Emily Chasan have a bit more color: Read more »

As we’ve discussed at length, each firm has its own unique process for interviewing applicants to determine if they’re the right fit for the firm. At Goldman Sachs, potential hires are asked to come in 97 times before a decision can be made; often they’re asked out of the box questions like “If you were shrunk to the size of a pencil and put in a blender, how would you get out?” and those applying for senior roles can typically expect to get down on all fours at some point. What does one have to look forward to should he/she attempt to gain employment at Houlihan Lokey and make it to the final round? A 3-part process called “Super Saturday,” which actually takes all weekend.

Part 1: Friday night involves a dinner “to see how the candidates interact in a social environment with alcohol.”

Part 2: Over bagels and lox the next day, applicants are asked questions like, “Which historical ruler presided over the largest span of the earth by area?” “Who is the all-time Major League RBI single-season leader?” and “What rock album holds the record for longest consecutive time in the top 100 bestselling list?”

Part 3: You go on a date with CEO Jeffrey Werbalowsky. Read more »

Charlie Gasparino is hearing that senior bonuses at Citi this year will be paid out half in stock that vests in five years and half in cash that only 20 percent of which is immediately available (30% of the cash portion will supposedly be awarded in two years). For those who don’t know you’re supposed to stop pushing the Q-tip when there’s resistance who may be having trouble figuring out why some people wouldn’t be so happy about being paid in such a structure, Chaz’s source explains: Read more »

  • 31 Jan 2011 at 3:40 PM

Lloyd Blankfein Talks Shop With One Lucky Janitor

Sharon Sinaswee, the 42-year-old founder of Armada Building Services, a small janitorial company in East Harlem, was a member of the first class of an entrepreneurship program sponsored by Goldman called 10,000 Small Businesses. It was time for execs from the investment bank to read participants’ business plans. She’d been paired with Blankfein. They spent an hour together as the Wall Street titan grilled her about her business. Among his tips: Sinaswee should cultivate a large pool of freelance handymen to tap at peak times. “He said I was on the right track,” said Sinaswee, who recently added two employees to her four-person staff and scored a contract from the city’s Department of Education. [NYDN]

  • 31 Jan 2011 at 3:33 PM

Lenny Dykstra’s Crown Jewel Sold

CNBC reports that Lenny Dykstra’s Sherwood mansion, which he bought from Wayne Gretzky in 2007 and was thrown out of 2008, has been sold to an unnamed buyer for an undisclosed amount (it was sold by Index Investors, the second lienholder, which bought the place out of foreclosure last fall). At this time we’d like to take a walk down memory lane, stopping to remember the high points of Lenny’s history with the manse, which will hopefully be preserved when whoever bought the place does the right thing and turns it into a Dykstra museum. Read more »

The staff was informed of the (involuntary) departures Thursday afternoon. Read more »

  • 31 Jan 2011 at 12:48 PM

Noted Optimist James Gorman’s Life Advice

Morgan Stanley employees should feel free to interpret this as they see fit. Read more »