Then provides baseless speculation by people who literally have no idea before concluding that eh, he could’ve done a better job.
Posts by Bess Levin
Today, a company called Sexy Business Funding posted a Web video advertisement in which a husky-voiced narrator named Ca$handra offers loans of as much as $750,000 while images of exotic dancers, jars of marijuana, and piles of hundred-dollar bills flash across the screen. The idea is to entice owners of strip clubs, pot dispensaries, tattoo shops, and other businesses that may scare off traditional Main Street lenders. “Sexy Business Funding recognizes adult businesses as legitimate, law-abiding companies that deserve the same borrowing opportunities as any other business from any other industry,” the company said in a press release…The company has provided $43 million in financing to 1,420 businesses, according to its website. [BusinessWeek] Read more »
Forget about what you thought you heard about an IPO. There was no IPO. Read more »
Revel, the Atlantic City Casino Morgan Stanley poured $1.2 billion into and then booked a $1 billion loss on when the bank washed its hands of the place, which still haunts some senior executives’ dreams and is the word James Gorman whispers to employees with a knowing glance when it looks like they’re about to get in over their heads on something, is shutting its doors. Read more »
Bank of America Employee’s 2-Part Plan For Extended Vacay Didn’t Take Insurance Fraud Laws Into AccountBy Bess Levin
Back in 2012, Bank of America branch manager Aurora Barrera was in need of a vacation. She knew a week or two would be nice, but what would be better was the kind where she never had to come back, though continued to get paid. Since HR probably wouldn’t approve of the proposal, she had to figure out something slightly more creative, which in the end involve first robbing her place of business:
Aurora Barrera, 33, of Downey, California, helped plan the theft at a Bank of America Corp. branch where she was an assistant manager, the California Department of Insurance said yesterday in a statement.
…and second, strapping on a pair of cojones the likes of which Bank of America had never seen, and doing this: Read more »
To be sure, it shattered a lot of dreams. Dreams whose seeds were planted, for some, as far back as the early nineties, when the Institute was formed. On visits to the hallowed halls of CFA headquarters. In conference rooms, where colleagues discussed the merits of MBA versus CFA. Upon receiving an email from a friend who’d just updated his signature to include those three little letters and a note to “please see my updated credentials,” when the urge to vomit was strong, but was no match for the realization, “I want that.”
But the factor the book did not predict…was the decline in pay, after the financial crisis. “I think we misdiagnosed the problem,” says a banker who has worked on how to retain young staff. “It’s not that the junior guys are working too much. It’s that the value proposition changed.” Not long ago, it used to be clearer cut – the work-life balance was skewed towards work but made more easy to swallow by large amounts of cash and stock. “It’s a terrible time to be a banker,” says the bank employee working on staff retention. “You are on the road three days a week. You are getting paid substantially less than you were getting paid five years ago.” Another senior banker admits he enjoyed his first $1m year before he was 30 – which was a realisable ambition for young analysts entering the trade a few years ago. Today, it is a long-shot. [FT via Lauren LaCapra]