Tags: arguments, Bill Gross, it will be great!, Mohamed El-Erian, PIMCO, reasons, side of the table vs. head of the table
Reason Number One the abrupt departure of Pimco Chief Executive Mohamed El-Erian will not only not hurt the firm but will in fact help it: the old structure of having one chief investment officer sucked. The new structure of having six deputy chief investment officers rocks.
Reason Number Two Pimco 2.0 will make Pimco 1.0 look like a “Before” picture: seating arrangements.
Reason Number Three El-Erian did everyone a favor by leaving: because Bill Gross has an exclamation point that says so. Read more »
Tags: Alexandra Lebenthal, former Grand Swipe, fraternities, galas, his neck veins were bulging, Michael Novogratz, Wilbur Ross
Over at New York today you will find an excerpt of Kevin Roose’s new book, Young Money. The passage is an extended version of a story written by Roose for the Times, about a 2012 gathering of the members of a “secret Wall Street fraternity” called Kappa Beta Phi (which included Wilbur Ross, Ace Greenberg, and Robert Benmosche). Like college-age members of Greek organizations 30 and 40 years younger than the people assembled that night at the St. Regis, “Wall Street Kappas” initiate newbies (called “neophytes) with hazing, enthusiastically take part in cross-dressing, and are blissfully unaware of how embarrassed they should be for each other. In the extended version of the piece, we learn that the fraternity’s motto is “Dum vivamus edimus et biberimus” (Latin for “While we live, we eat and drink”); that private equity exec Paul Queally wrote and delivered this joke: Q: “What’s the biggest difference between Barney Frank and a Fenway Frank?” A: “Barney Frank comes in different-size buns; and that Fortress exec Mike Novogratz would have lifted Roose up by the tux lapels had his “brothers” not intervened. Read more »
Tags: FYIs, hedge fund managers, Hedge Funds, insider-trading, SAC Capital, Steve Cohen, Super Duper Weenie trucks
At least one person isn’t happy about the pending insider trading settlement between the government and SAC Capital Advisors LP and isn’t afraid to make that known — anonymously. In an anonymous email to U.S. District Judge Laura Taylor Swain, who is presiding over the criminal portion of SAC’s settlement, the critic had harsh words for the Justice Department and SAC’s billionaire founder Steven A. Cohen. “LTS, you must be tough like [Judge] Rakoff, kill the plea deal now that SAC trader Mathew Martoma is convicted to force DoJ to put Steve Cohen behind bars,” the person wrote. “His billions were made by insider trading and stolen from investors.” [WSJ]
*Assuming you can’t get them imported to the joint.
Tags: check yourselves, flowers, SEC, Unions, Valentine's Day
I don’t know what it’s like at your office, but at the Securities and Exchange Commission, Valentine’s Day is a big deal. Staffers frequently beat suitors off with a stick and on February 14, the deliveries of candy, chocolates, flower arrangements, and edible undies do not stop. So when workers were notified just days before the big day that moving forward, such shipments were banned, there was no way they were going to take the news lying down. Read more »
Tags: 1%, economic extinctions, jokes, Kristallnacht, Tom Perkins, votes
The venture capitalist will allow that when he compared progressive politics to Kristallnacht, he may have exaggerated slightly: He knows the 1% will not literally go extinct, for mathematical if for no other reasons. But just in case, he’s come up with a plan that will keep them protected. Read more »
Tags: Caption Contest, caption contests, floor traders, models, NYSE, Sports Illustrated
A floor trader shows some 2014 Sports Illustrated Swimsuit models the ropes. [Reuters]
Tags: collies, improvements, JP Morgan Chase, JPMorgan, Twitter
Back in November, JP Morgan announced that it would be offering up Vice Chairman Jimmy “Get Tom Brady On The Phone” Lee for questioning by the people of Twitter. The pre-show did not go well and the whole thing had to be canceled, in part because it somehow wasn’t anticipated that there might be lingering questions about the billions the firm had lost/was fined/was about to be fined. Today, the bank has demonstrated that it took its remedial interenet classes seriously, and redeemed itself with this: Read more »