The lady of the hour is a former Goldman MD and current RBS exec. Continue reading »
Archive for April 2011
The latest issue of New York contains a lengthy profile of Paul Kruman entitled “What’s Left of the Left: Paul Krugman’s Lonely crusade.” Writer Benjamin Wallace-Wells examines the Nobel Prize-winning economist’s position as “the leading exponent of a kind of liberal purism” (played out in his column for the Times and his blog, The Conscience of a Liberal); few peers or policymakers wholly agree with Krugman’s stance, making him a very “lonely” man (save for his commenters). And it’s not just in his professional life that Krugs lacks pals, Wallace-Wells tells us, but, heartbreakingly, in his personal life as well. Continue reading »
John Carney says yes, by running around with Dan Sontag, her sworn enemy. Continue reading »
The two friends who paid a cabby $5,000 to drive them from La Guardia to Los Angeles made back a good chunk of the fare in Las Vegas. After raking in more than $2,000 at the craps and blackjack tables, John Belitsky and Dan Wuebben said they woke up cabby Mohammed Alam “with a shower of $100 bills.” “We murdered Vegas,” Belitsky said. “We destroyed Steve Wynn.” [NYP, earlier]
From time to time around these parts, we like to offer some pro-tips for those interviewing at various banks and hedge funds, given that each firm is unique and offers its own kind of curve balls. A successful (lunch) interview at Goldman Sachs, for instance, will require one to order within 30 seconds of the menu hitting the table; at Bridgewater, one must have his/her “views on God and abortion” ready. Today’s tip is for anyone potentially interviewing for a housekeeping job with Lenny Dykstra, who expect a demo of not only your cleaning skills but your skills as a masseur as well. Continue reading »
How Much Should One Investment Banker Tip Cabbie Driving Him And A Pal From New York To LA?
By Bess Levin
Belitsky
A week or so ago, Dan Wuebben woke up at his best bud John Belitsky’s apartment. The duo had been celebrating Dan’s 31st birthday, and they wanted to keep the party going. “It seemed like everybody was away,” Belitsky said. “And I said, ‘Let’s do something great and fun and serious and magical and bigger than us.’ ” Order a couple hookers? No. Bigger. Hit up a Color Me Mine? Bigger. See if they could eat six Saltines in 60 seconds? Bigger still. They thought and they thought and they thought some more and then finally, it came to D. Dubs.
Wuebben remembered a tale about estimating the cost of a cross-country cab ride. “That’s the ticket,” Belitsky said he replied, telling his friend, “Dan, you’re the only guy you know who’d do this — and I’m the only guy you know who would pay for it.”
Fed Searches For Next Step After QE2 (WSJ)
Federal Reserve officials on Wednesday are expected to signal that in June they plan to end their controversial strategy of buying $600 billion in U.S. Treasury bonds to spur the economy. That would mark a milestone in the historic efforts by the central bank to stimulate economic growth. While analysts and investors debate whether the end to the bond-buying effort will have a significant impact on financial markets, the Fed is contemplating when and how to begin draining the credit it pumped into the economy during and after the global financial crisis. That tightening of credit still looks at least several months off, if not longer, and could take a while to unfold.
Bill Gross Battles Bond Dealers on Outlook as Treasuries Gain (Bloomberg)
“I could join the dealers and say the 10-year’s not going to go to 4 percent, so what am I left with?” Gross said in a telephone interview April 20. “I’m left with an under-yielding, less-than-inflation security. I have better choices. As a firm we’re not going to put up with it.”
US Housing Showing Some Signs Of Life (Reuters)
Four years after U.S. housing prices began to nose-dive, eventually triggering a global financial crisis, signs of life are appearing at the top and the bottom ends of the market. By contrast, a sustained recovery remains far off for the vast middle ground of the U.S. housing sector. Affluent Americans are feeling more secure as the impact of the recession fades and the stock market racks up big gains. “People who have decent income are saying, maybe I can trade up, buy a better property,” said Bill Hardin, director of the real estate program at Florida International University. “Some people are even saying, I’m willing to take a loss on the property I’m selling now to get something I couldn’t buy during the housing peak.”
NYSE Sees Higher Savings In Deutsche Boerse Deal (Reuters)
NYSE Euronext sees cost savings in its $9.8 billion deal with Deutsche Boerse at closer to 400 million euros ($583 million), up by about a third from its initial estimate, according to a Big Board spokesman on Sunday.
Big Oil’s Profits Set To Impress (WSJ)
If oil prices continue to climb, they could at least rival 2008. That year, U.S. producers reported astronomic profits as crude hit $147 a barrel for a time. Exxon that year earned $45.2 billion, more than any other U.S. publicly traded company in history.
Glencore Traders Urged Russia To Ban Grain Exports (FT)
As it bet on rising prices, senior traders at the Swiss-based company publicly urged Russia to impose a grain export ban. Moscow acted a few days later, triggering a grain rally. Glencore is the largest trader in Russian wheat, followed by US-based rivals Cargill and Bunge. The issue is sensitive because politicians such as Nicolas Sarkozy, French president have often blamed speculators for rising food prices. The G20 group of leading economies will hold a special meeting in June to discuss grain markets. Glencore revealed the proprietary trades to UBS, one of the banks underwriting its flotation, in a rare disclosure for a company that guards its market insights closely.
Plane Hauling Cocaine Crashes In Lake (SFNM)
A small planed loaded with bundles of cocaine and likely battling stormy weather crashed into Lake Heron in Rio Arriba County on Sunday morning, apparently killing all on board, according to the New Mexico State Police. Access to that section of the 4-mile-long lake, near Tierra Amarilla, was closed after bundles of what turned out to be cocaine began floating to the surface, Garcia said. “Several packages began surfacing,” he said. Continue reading »
$$$ The Journal wants to see some hustle from James Gorman and Co: “Morgan needs to pick up the pace.” [WSJ]
$$$ Blackstone Says Plain L.B.O.’s Are Too ‘Pricey’ [Dealbook]
$$$ Six Ways to Act Like a Man in the Office…If You’re a Woman [FINS]
$$$ We’ll be off tomorrow for the holiday, back to regular posting Monday AM. Enjoy the long weekend! Continue reading »
“We’re not up to the level of earnings and profitability and sustained, responsible growth we know we can get this thing to,” Parsons told CNBC, ahead of the bank’s annual meeting in New York City. “I think that’s the assignment for this year.” [CNBC]
Exciting news for second year associates up through directors. Continue reading »
