Why do you want to go to business school? Is it to advance your career? While that may be the answer for many, that’s not what business school admissions officers want to hear. They’re bored. Sick of it. They want to be wowed. They want to drill down to who you are- as a human. They want to get to know you. Step out of these clothes and slip into something more comfortable. Figure out what motivates you. What makes you tick. How to they intend to do this? By changing the face of the b-school application process as we know it. The well compensated powers that be in academia have revolutionized the interview process in the following ways: Continue reading »
Archive for September 2011
New Idea For Banks: Getting Rid Of Exposure To Terrible Mortgages Originated Elsewhere
By Matt Levine
Yesterday Bloomberg reported that BofA is getting out of its correspondent mortgage business. That business, if you need a little refresher, works as follows:
1. Bank of a Horrible Small Town originates a mortgage
2. BoaHST sells mortgage to BofA, repping that there’s nothing wrong with it
3. BofA sells mortgage to securitization/GSE, also repping that there’s nothing wrong with it
4. There’s something wrong with it!
5. Investors/GSE sue BofA on the reps
6. BofA tries to sue BoaHST but it’s gone out of business/gone to jail/been replaced by tumbleweed
7. BofA is sad/broke
So you could see why that would be unattractive.
Continue reading »
August performance. Continue reading »
Einhorn Exercises The ‘Fuck This Shit I Am Out of Here’ Clause He Shrewdly Added Post-Mets’ Original Betrayal
By Bess LevinJust sayin: Continue reading »
The Mets deal is off. Continue reading »
That feels good to say, doesn’t it? Continue reading »
New mortgage concepts they’ve dreamed up? Yes another “classic example of how badly the people who are supposed to understand banking do not have a clue as to how it works. They love to pass laws and new regulations but they do not care nor do they understand what these regulations will do. Then they get frustrated when the simplistic monetar theories they put in place do not work. Classic!!! Pathetic!!!” Continue reading »
Goldman Takes A Dark View (WSJ)
In a 54-page report sent to hundreds of Goldman’s institutional clients dated Aug. 16, Alan Brazil—a Goldman strategist who sits on the firm’s trading desk—argued that as much as $1 trillion in capital may be needed to shore up European banks; that small businesses in the U.S., a past driver of job production, are still languishing; and that China’s growth may not be sustainable. Among Mr. Brazil’s ideas for trading on that downbeat analysis: a fancy option play that offers a way to take a bearish position on the euro, and a bearish bet through an index of insurance contracts on the credit of European financial stocks. The report also includes detailed information about European financial institutions and pointed language about the depth of the problems in Europe, the U.S. and China.
ECB Official: US Has An ‘Enormous’ Debt Problem (CNBC)
“The crisis is not over. Not just in Europe is it not over, it is also not over in other regions of the world,” European Central Bank policymaker Juergen Stark said, adding the United States had an “enormous” debt problem and lacked the structures to get the problem under control.
Jobless Claims Fall 12,000 Last Week (Reuters)
Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 409,000, the Labor Department said, still pointing to a jobs market struggling to find strength, but well short of a recession signal.
AT&T’s Stephenson Plans Court Fight to Salvage T-Mobile Deal (Bloomberg)
Stephenson, 51, agreed to a deal that will pay T-Mobile a package of $7 billion, including $3 billion in cash plus wireless airwaves and call discounts, if regulators reject the acquisition. Dallas-based AT&T expressed surprise yesterday that the U.S. Justice Department moved to block the deal…“He went and did a deal with a very large breakup fee,” said Christopher King, an analyst at Stifel Nicolaus & Co. in Baltimore. “To come out of it with observers knowing they weren’t even close to getting it approved, that is a black eye for AT&T management.”
BNY Mellon Ousts Chief In Shake-Up (WSJ)
Mr. Kelly couldn’t be reached to comment on his departure. In a statement released by the bank, Mr. Kelly said, “It has been an honor to serve BNY Mellon, its management team and its employees during the past four years.” Mr. Kelly is being succeeded by President Gerald L. Hassell, a long-time veteran of Bank of New York, which became BNY Mellon in a merger with Mellon Financial Corp. in 2007. Mr. Kelly could collect more than $30 million in cash compensation, retirement benefits and stock awards, according to a regulatory filing from earlier this year outlining severence pay.
Sources: BNY Chief Fired For ‘Abrasive’ Style (CNBC)
People familiar with the deliberations say BNY’s board of directors felt his management technique was hurting morale, and feared that staff may leave the company as a result.
German Man Caught With Cocaine In Digestive System In Las Vegas Airport (KTNV)
A German man was caught with more than a kilogram of cocaine inside his digestive system at McCarran Airport in Las Vegas. Authorities said Christopher Adiegwu, 43, was trying to catch a plane from Las Vegas to London on August 17, when U.S. Customs officers inspected him after becoming suspicious that he was carrying narcotics. Officers took Adiegwu to a nearby hospital for X-rays, where they found several dozen pellets in his upper digestive system. He was given laxatives, and eliminated 81 plastic pellets containing cocaine, about 1.2 kilograms. Continue reading »
