You wanna play hardball? James Dimon is game. Read more »
Bess Levin
Posts by Bess Levin
Confidential To JP Morgan Shareholders: Jamie Dimon Took His Own Non-Binding Vote And Early Results Indicate You People Might Wanna Be Careful What You Wish For
By Bess Levin
It’s not just Jeffery Gundlach’s daily pleas for a < DP > command. Even your and Alan Greespan’s inability to master the terminal’s most terribly elementary functions will do. Read more »
Bloomberg Employees Know, Openly Talk About Your Beloved Long-Haired Pekingese, Insatiable Appetite For Applebees’ Triple Chocolate Meltdown
By Bess Levin
“Ex-Bloomberg employees (this Alphaville contributor included) have been aware of the power of UUID for a long time. It’s only one of the, erm, “informational advantages” that comes from working at Bloomberg. Another prominent one being the internal database reporters are required to contribute to on a regular basis. That database includes personal contact details of their sources – readily accessible to other Bloomberg employees – as well as personal details such as the names of their children, favourite foods and hobbies.” [FT Alphaville, earlier]
Lodestone Natural Resources is packing it in. Read more »
The theme Mr. Cohn kept returning to was the primacy of clients. Asked what his daily routine looked like, his answer was simple. “The most important thing I do is deal with clients, client situations and opportunities for the firm,” he said. Mr. Cohn, a former trader, also said he had become a “better listener.” Still, Mr. Cohn retains something of an edge. When his father asks him how the market is doing, Mr. Cohn sometimes responds, “Which one?” even though he knows it’s unlikely his father would inquire about one of the many esoteric markets he works in, he said. [Dealbook]
Spandex-Clad, Billy-Club Brandishing Roller Girl Also Moonlights As ‘Ethical Fiscal Fairy’
By Bess Levin
Roller Girl/Bank Reform Bitch/EFF at a “small but fierce protest against Bank of America yesterday in the torrential rain.” This alter ego may at first glance appear slightly less intimidating than the ones that include hand-cuffs and bullwhips, but rest assured she won’t hesitate to stick that crown where the sun don’t shine. Read more »
A brief follow-up. Read more »
Have you often felt but never divulged, not to friends and certainly not to colleagues, that the one thing that’s missing from your job is a designated time to dance your ass off? There’s just something about trading that makes you want to move, no? You’re sitting there, buying, selling, yelling at your sales guy when all of a sudden, you get that urge, one that can’t be sated by some foot tapping and finger snapping. No, that isn’t enough. This is a itch that can only be scratched by jumping on your desk and shaking it, while disco balls descend from the ceiling, the lights dim, and house music starts blasting, like bham bham bhamb and boom boom boom.
Unfortunately, at this time, few firms1 have set aside the resources to fulfill these biological needs (nor have they even acknowledged the positive effect a daily shimmy would have on P&L). Happily, one needn’t suffer in silence any longer, according to an amazing piece of investigative journalism by the Times.
When lunchtime comes around, Laurie Batista often grabs a salad near the Flatiron ad agency where she works as an executive assistant and eats it at her desk. But shortly after noon on a sunny, 65-degree Friday in April, Ms. Batista, 31, jumped into a cab with three co-workers and headed west to Marquee, a nightclub on 10th Avenue. After waiting in a line that wrapped around onto 26th Street (and attracted the attention of the police, who wanted to know what was going on), she redeemed a drink ticket for a free cocktail of vodka and fruit punch. A half-hour later, she was wearing purple lensless Wayfarer-style glasses, waving a footlong foam glow stick and mouthing the words to Warren G’s “Regulate.”
Around her, hundreds of other revelers did similar things: a guy in Chuck Taylors moonwalked across the dance floor, a man in a hoodie threw up his hands to form the “W” that stands for the rap group Wu-Tang Clan. Strobe lights bounced off a giant disco ball. Sweat glistened on foreheads. “Gin and Juice” thumped. Cheers erupted. It was midday, but inside Marquee, it could have been 2 a.m. Ms. Batista was one of more than 300 people who attended the latest Lunch Break, a free midday party series whose hosts are Flavorpill, the online culture guide, and Absolut vodka. Introduced last summer, it is the most raucous of a group of lunch-hour dance parties starting up in New York City and around the world. The goal: get the screen-addicted masses to move and groove, often with the lubrication of alcohol. But don’t get drunk: this is not the three-martini lunch of yore (or lore), ending with secretaries being chased around a desk. And please, leave the business cards at the office. “Networking is fine, I’m a big networker myself, but it’s work,” said Sascha Lewis, a founder of Flavorpill. “Let’s just call this what it is: a fun, daytime party for people to enjoy themselves for an hour.”
Naturally, the unquenchable demand presents an opportunity for a hedge fund manager–especially one who feels the impulse himself and was not prepared to allow societal norms or retail security forces hold him down. Read more »
A whole bunch of mini Moynihans are said to have left the building. Read more »
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Posted in:
Hedge Funds
Having Carl Levin Suggest He F*cked His Clients On Live-TV Not The Boon To Josh Birnbaum’s Business One Might Have Expected
By Bess Levin
Being called to testify before the U.S. Congress did little to help him lure clients, said Tilden Park Capital Management CIO Josh Birnbaum, whose hedge fund nonetheless managed to top the industry in 2012. Asked whether his testimony regarding his role in then-employer Goldman Sachs’s $3.7 billion windfall in betting against the subprime housing market had hurt his business, Birnbaum said, “Without a doubt.” “You go back to that period in 2010, when we were just getting our firm rolling, and nothing stops the momentum of a hedge fund like appearing in front of Congress, so there’s no question that that slowed us down,” he said on “Fast Money.” [CNBC]
Remember Juerg Buergin? Former UBS executive, brown hair, rimless glasses, about yea high? Goes by the name Robert James when seeing the services of prostitutes? Tried to argue that the 17 year-old hooker he banged during his time in Singapore tricked him into thinking she was 18, which he and his lawyer backed up by point to all the women he paid to have sex with who were between the ages of 20 and 43? He’s going to spend some time in jail. Read more »
Billionaire John Paulson, the hedge- fund manager seeking to reverse two years of losses in some of his strategies, lost 27 percent in his Gold Fund last month after the precious metal and related securities plummeted, according to two people familiar with the matter. The loss brings the strategy’s decline to about 47 percent this year, said the people, who asked not to be identified because the information isn’t public. The fund is made up primarily of Paulson’s own money, one of the people said. The strategy has about $500 million, down from about $700 million at the end of March. [Bloomberg]