Anshu Jain is the head of Deutsche Bank’s Corporate & Investment Bank, sits on the management committee and oversees operations that produce upwards of 90 percent of the firm’s profits in any given quarter. He’s considered a “star” at DB and among those who follow his work and with CEO Josef Ackermann’s contract expiring in 2013, many believe AJ should be named the successor. According to portfolio manager (and shareholder) Lutz Roehmeyer, “Mr. Jain deserves to run Deutsche Bank” and if you ask BlackRock’s Larry Fink, he’ll tell you “Anshu has done a fantastic job…He would make a very good chief executive at Deutsche.” Unfortunately, there are a few problems, not the least of them being Germany’s need to examine its motives.
“In Germany, no one can imagine an Indian working in London who does not speak German being the C.E.O. of Deutsche Bank,” said Roehmeyer.
There’s also the matter of Ackermann seeing it as “his legacy to crown a successor in his own statesman-like mold — perhaps Axel A. Weber, the recently departed head of the German central bank” and the board being “wary of choosing a bond and derivatives technician at a time when the practices of all major banks are still being scrutinized.” Regardless, this is his time, this is his moment, and this is going to happen for AJ. Continue reading »
I will tell you the stimulus was wasteful and politicized, and the American people, not being idiots, know they will have to pay for it eventually…I will also tell you Dodd-Frank, with its enshrining of too big to fail and its large regulatory costs, is an albatross. I will add that ObamaCare’s gigantic new entitlement has hurt. I will throw in that massive additional regulatory costs being foisted upon business is an extra drain on the economy. I would definitely say that the disregard for law during the auto-company “bankruptcies” has long-lasting negative effects. I’d even throw in that the president’s demonization of business has been harmful. Finally, I’d say the expected tax increases, even if only on the “super rich”—defined as anyone still gainfully employed—weigh upon us. [WSJ]
If I’m a decision-maker at Earnest Partners, BlackRock, Vanguard, Fisher Asset Management, and Citadel, I’m thinking this…this, uh….wait I lost it…wait, no I got it– is genius.
In an unlikely move for the head of a major company, Scotts Chief Executive Jim Hagedorn said he is exploring targeting medical marijuana as well as other niches to help boost sales at his lawn and garden company. “I want to target the pot market,” Mr. Hagedorn said in an interview. “There’s no good reason we haven’t.”
He’s got numbers to back this up. Continue reading »
Morning Money hears that at yesterday’s executive meeting, Blackstone chief Steve Schwarzman took a shot at former NEC Chair Larry Summers’ FT column calling for a number of actions to spur job growth, including expanding the payroll tax cut to employers. “I thought I was looking at a Saturday Night Live script,” Schwarzman said, according to our source. “Who was in charge the past two years?” [MM via BI]
You accidentally foreclose on a few people who shouldn’t be getting foreclosed on and all of a sudden it’s like you’re not welcome at the office anymore. Continue reading »
Alongside other “fictitious graduates” like Meredith Grey of Grey’s Anatomy, Mad Men‘s Pete Campbell, Michael Corleone and Count Chocula. Continue reading »
