Banks

  • 24 Apr 2014 at 2:25 PM

Layoffs Watch ’14: UBS

The Swiss are said to have called some people into conference rooms where HR was waiting, which is never a good sign. Read more »

  • 22 Apr 2014 at 3:57 PM
  • Banks

Breaking: Banks Competing With Each Other

In a revolutionary development, it turns out that each would like the biggest piece of the stock-trading pie possible. Read more »

  • 22 Apr 2014 at 3:10 PM

Goldman Sachs Exec Embroiled In Horse Shit Suit

Michael Richman is the chief compliance officer at Goldman Sachs. There, he monitors trading activity, seeks to prevent conflicts of interest, and generally ensures that employees of the bank are following the rules, regulations, and laws that dictate what they can and cannot do on the job. While other compliance officers are happy to leave their work at the office, Richman’s passion for forcing people to comply follows him right out of 200 West Street, all the way up to Bedford, N.Y. later that night. There, it’s his neighbors that do the complying.

The threat of lawsuits from litigious neighbors has prevented a movie starring Glenn Close, Kathy Bates and Danny Glover from filming in the posh town of Bedford. Close, who lives nearby, wanted the happy ending of “The Great Gilly Hopkins” (based on the children’s novel by Katherine Paterson) to be shot at the home of Suzanne and Stefano Galli. But the Gallis have been embroiled for years in a variety of lawsuits brought by their next-door neighbors Ruth Toporoff and husband Michael Richman, the chief of compliance officer at Goldman Sachs. “The production company scouted my house, had multiple meetings and signed a contract, but the town denied the permit,” Suzanne Galli told me. The local Bedford-Pound Ridge Record Review newspaper said the town council acted “due to fear of repercussions . . . the potential for litigation.” The movie scene will now be filmed elsewhere.

Maybe a lesser compliance officer would be swayed by the star power of Close, Bates, and (especially) Glover, but this one is most certainly not. Know what else Richaman’s not gonna stand for? The smell of equine excrement wafting onto his property from his neighbors’ barn. How does he know that the smell in question is not actually coming from his own horses? Obviously Richman and his wife own a special breed of horse that simply do not stink. Read more »

No longer will any old Joe Shmo be allowed in the club. Read more »

  • 17 Apr 2014 at 12:52 PM

Layoffs Watch ’14: Credit Suisse

Denizens of the House of Dougan may want to gird their loins for the next several months. Read more »

On Tuesday afternoon, an article appeared over at the Times that referred to Lloyd Blankfein as the “former” CEO of Goldman Sachs. As Blankfein is very much the current chief executive, a correction was issued.

…teeing the bank up for the deployment of some corporate Twitter account sass. Read more »

  • 16 Apr 2014 at 9:58 AM

Who Wants To Buy A Las Vegas Resort?

As some of you may recall, Deutsche Bank owns a casino1 (and hotel) in Las Vegas called The Cosmopolitan. If it seems out of character2 for the Germans to be proprietors of an establishment whose motto is “Just the right amount of wrong,” where people lay scantily clad around a pool by day and gorge themselves on food and drink before vomiting while waiting in line to get into a club by night, that’s because Deutsche only meant to get into the business of funding the project, not running it. Unfortunately, in 2008 the original developer, Ian Bruce Eichner, had to go and default on his loans, and when it became apparent that no one else wanted to invest in the place, the bank decided to just finish the thing itself, spending an addition $3 billion that went towards things like “a three-story crystal-strewn bar meant to evoke the inside of a chandelier.” Anyway, the resort has been been making slightly more money than in earlier years (while still “post[ing] net losses of around $100 million every year since opening”) and management has decided that as much fun as its been owning an in-house nightclub called “Rose. Rabbit. Lie.”, it’s time to sell. Read more »

Ex-SAC Capital PM Mike Steinberg seemed pretty surprised when he was found guilty of insider trading.

Ms. Williams recalled the day when Michael S. Steinberg, a portfolio manager at the hedge fund SAC Capital Advisors, was brought before a Manhattan judge to be read the insider trading charges against him. The police escorted him, in handcuffs, into the Lower Manhattan courthouse through the main elevators rather than the usual back way leading into the courtroom. When Mr. Steinberg emerged from the main elevators, there was a look of utter shock on his face. “Being caught is so out of their wildest dreams,” she said.

Danielle Chiesi was a vision in pink. Read more »