Bess Levin

Posts by Bess Levin

First, John C. Kelly claimed that the only reason he was in the possession of recordings of three different women with whom he’d had sex was because of “…this camera set up in my apartment to watch my dog when I’m not there.” (As for how some clips were made when he was at the ladies’ apartments, there’s this: “Kelly would bring his laptop along when he visited the victims at their apartments, claiming he had work to do…He would then allegedly leave the computer open on the nightstand or desk to face the bed.” Re: the tapes making their way to YouTube and Vimeo, um, he’ll get back to you.) Now, he’s sullying the good name of Maddy the puggle once again. Read more »

Britain and the US tag-teamed a 1-2 punch around breakfast and lunch, respectively so who wants to knee the bank in the balls on its way home from work tonight or just after dinner? France? Germany? Read more »

Figures from Emolument.Com, the real time pay data company, suggest that pay for young people in front office investment banking jobs increases rapidly between the ages of 25 and 30. When the investment banker salary and bonus are combined, Emolument puts average total pay for 25 year-old bankers at ‘just’ £67k ($109k). Five years later, it puts average pay for 30 year-old bankers at £196k ($320k) – an increase of 193%, or an average of £25.8k a year. If you’re a 25-year-old who works in investment banking, it clearly makes sense to hang around for another five years – at least. After 30, Emolument says average compensation in investment banking continues to increase, but at a slower rate. Between the ages of 30 and 35, the average banker experiences another 80% increase in total compensation, to £354k ($578k). Between the ages of 35 and 40, total pay increases by another 48%, to £430k ($702k). [eFinancial via Matt]

Remember, back in January, when Pimco co-CEO Mohamed El-Erian announced he was leaving the firm, and founder Bill Gross lost his mind? And did things like call up people at Reuters and demand they report that El-Erian had ghost written a Wall Street Journal article about tension at the firm, as part of a campaign to “undermine” Gross? And “indicated that [he knew this because] he had been monitoring El-Erian’s phone calls”? And when he couldn’t convince anyone to print the story, snapped “You’re on his side. Great, he’s got you, too, wrapped around his charming right finger”? And then went on Bloomberg TV and demanded El-Erian violate his NDA by meeting Gross in a public forum and telling him to his face why he left (even though Gross really kind of already knew)? And was more or less forced to take remedial classes re: how to be okay with people looking him in the eye and speaking to him in general? In an interview earlier this week, El-Erian said he did not see any of this coming, even from Secretariat. Read more »

The Securities and Exchange Commission said Monday that it expects to pay more than $30 million in an award under its whistleblower program, more than double the agency’s previous high for a payout under the plan. The SEC didn’t name the whistleblower in question, but the regulator did say that it will be the fourth award given to an informant living in a foreign country. “This award of more than $30 million shows the international breadth of our whistleblower program as we effectively utilize valuable tips from anyone, anywhere to bring wrongdoers to justice,” Sean McKessy, chief of the SEC’s whistleblower office, said in a news release. “Whistleblowers from all over the world should feel similarly incentivized to come forward with credible information about potential violations of the U.S. securities laws.” [WSJ]

If there are people out there who don’t enjoy being broken down emotionally by their coworkers as a means of ultimately emerging stronger, he hasn’t heard of them. Well, okay, he’s heard of some but they quickly adjust to the Bridgwater way of doing things after a short 18 months. Read more »

Did UBS help clients evade taxes for years and years? Yes, it’s a Swiss bank and that’s what Swiss banks do (did?). Is that any reason for France to go all extortionist on its ass? UBS says no. As an aside, a spokesperson from UBS has suggestion that certain French attorneys ought to go back to law school. Read more »

  • 22 Sep 2014 at 12:52 PM

Bond Lovers Should Run And Hide: Julian Robertson

Julian Robertson, the billionaire founder of Tiger Management LLC, said there’s a bubble in bonds that will end “in a very bad way.” “Bonds are at ridiculous levels,” Robertson said today at the Bloomberg Markets Most Influential Summit in New York. “It’s a worldwide phenomenon that governments are buying bonds to keep their countries moving along economically.” [Bloomberg]