RBS’ (alleged!) mortgage-backed chicanery has put a real crimp on the woodsmiths’ vacation plans for the last few years. Now, however, the perfidious Scots have agreed to pay up, ensuring quite an upcoming summer down the Shore. Read more »
Much like being a first, second, or third year analyst on Wall Street, a lot of being a non-partner employee at a law firm is being shit on. Not respected. Treated like an idiot. That many of these attorneys have six-figure debt and are, in some cases, decades out of their early twenties makes the day to day treatment by their superiors all the more harsh. They can’t ease the pain with a visit to the Murray Hill Brother Jimmy’s; all the can do is go home and wonder “What kind of a life is this? Why do I put up with this,” cry, or some combination thereof. Some quit; others resign themselves to the way of life; a select few go out and get drunk on pinot grigio and decide, “I’m not some paper pusher. I’m an an esquire. I’m important. I know stuff. I’m gonna show them. I’m gonna show ALL of them [knocks over glass].” Read more »
Back in December, a movie called the Wolf of Wall Street was released on the big screen. Perhaps you’ve heard of it? It was based on a book by the same name, penned by a man named Jordan Belfort while he was doing time for ripping off thousands of people via his boiler room operation, Stratton Oakmont. And while Belfort himself has offered glowing reviews of the film and the lengths Leonardo DiCaprio went to really capture his hooker-banging, Quaalude-snort essence, one man is not as pleased.
Andrew Greene is suing Paramount Pictures and others associated with the film, arguing that he…was unfairly depicted as morally bankrupt by actor P.J. Byrne. “The motion picture contains various scenes wherein Mr. Greene’s character is portrayed as a criminal, drug user, degenerate and/or devoid of any morality or ethics,” the suit states. “The motion picture’s scenes concerning Mr. Greene were false, defamatory, and fundamentally injurious to Mr. Greene’s professional reputation, both as an attorney and as an investment banker/venture capitalist, as well as his personal reputation.” Greene’s lawyer, Aaron Goldsmith, said Greene was actually one of the few responsible workers at the now-infamous stock firm for which he and Belfort worked. “Andrew Greene worked diligently to create an environment of regulatory compliance and oversight at Stratton Oakmont,” said Goldsmith, who is handling Greene’s case with lawyer Stephanie Ovadia. “He was the driving force behind the implementation of several such procedures.”
Whether these procedures were successful or not is beside the point. Also beside the point are Greene’s complaints about being a degenerate. If Scorsese wanted to portray him as such for entertainment value, fine. That’s his prerogative as a filmmaker and really, what can be said about a man’s professional reputation that has not already been said by having the title “Chief Compliance Officer” and “Stratton Oakmont” on his resumé? But when Martin Scorsese made the decision to make a mockery of Greene’s toupée, in not one but several scenes, he went too far. Much too far. Read more »
Zuckerberg Bonded With WhatsApp’s Koum Over Coffee and Chocolate (Bloomberg)
The relationship between Facebook Inc. and WhatsApp Inc. started in spring 2012 over coffee at a German bakery. It was consummated on Valentine’s Day with chocolate-covered strawberries, after just five days of talks…Mark Zuckerberg, Facebook’s chief executive officer, first reached out to WhatsApp CEO Jan Koum in early 2012, inviting him for coffee at the bakery in Los Altos, California. They ended up talking for more than two hours, according to a person with knowledge of the matter. The two became friends, meeting frequently for dinners and hiking together. On Feb. 9 Koum went to Zuckerberg’s Palo Alto, California house for dinner. That’s when the conversation for a possible deal became serious, the person said. The two first talked about how they could work together more closely on Zuckerberg’s Internet.org initiative for connecting the world on mobile devices. Zuckerberg, 29, then proposed that their companies join together, and that Koum join Facebook’s board. Koum took a few days to think it over. Five days later, on Feb. 14, Zuckerberg was having dinner with his wife at home when Koum showed up, strawberries in hand. They then negotiated a price.
Fed Puts Rate Increase On The Radar (WSJ)
Conversation at the Federal Reserve’s most recent policy meeting turned to something that hasn’t been a serious topic for years: the possibility of interest-rate increases in the near future. The Fed has held short-term interest rates near zero since December 2008, near the height of the financial crisis, and Chairwoman Janet Yellen shows no appetite for raising them soon. Investors, seeing that, generally don’t see Fed rate increases until well into 2015, a view also held by many officials. Still, a “few” Fed officials argued at a Jan. 28-29 policy meeting that increases might be needed soon to prevent the economy from overheating, according to minutes of the meeting released Wednesday. These officials were most likely from the Fed’s band of policy “hawks” who have largely failed in resisting the central bank’s easy-money policies.
I Took the GMAT With No Preparation. Here’s What Happened (BusinessWeek)
My official score report arrived a week later and included an analytical writing assessment. My score was 4.5 out of 6, placing me in the 43rd percentile. Tracey Briggs at GMAC [the owner of the GMAT exam] was right: brushing up on high school algebra and geometry would have probably inched me higher than the 35th percentile on quantitative, and some preparation might have meant I’d have to read each question only once. My 640 puts me on the very low end of the range for ultra-elite business schools. Harvard Business School’s class of 2015 range was 550-789, with a median score of 730. The Wharton School’s class of 2015 range was 630-790, with a mean score of 725. Indiana University’s Kelley School of Business, No. 15 on Bloomberg Businessweek‘s 2012 ranking, might accept me more easily: The median score for the class of 2015 was 664. All told, my score was respectable: The overall median is 546…The GMAT may test your mettle and your memory, but it doesn’t measure innovation or determination. If you don’t test well, persuade schools in your essays and interviews that they need to see beyond your first year—to your future. Tell them Amy, a 640, said so.
Wall Street Girds for China Bribery Probe as IPOs Beckon (Bloomberg)
The Securities and Exchange Commission has asked several global investment banks for information about their hiring practices, according to four people familiar with the letters. The inquiry includes the leaders in international share sales by Chinese companies over the last five years: Goldman Sachs Group Inc. and Morgan Stanley, according to two of those people, who asked not to be identified because the review is confidential.
Enraged Surfer Allegedly Stabs Man In The Eye With A Surfboard (HP)
Mark Morlock, 41, was surfing the popular Australian surf break Snapper Rocks last Tuesday when he was approached by a man who he had accidentally cut off while surfing about five months earlier. According to Morlock, the attacker approached him from behind and asked if he remembered who he was. “I said, ‘Yeah I remember you, what do you want?’” Morlock recalled. “Then he let his board go from between his legs, straight into my face. He said, ‘You’re not laughing now, are you mate?’” The surfboard struck Morlock in his eye, leaving it severely damaged. Morlock was able to make his way back to shore, where he received first-aid from a lifeguard…But the altercation didn’t end there. Morlock said that while he waited to be taken to a hospital, the aggressive surfer approached him again, egging him on to continue the fight. “He was hiding in some bushes and came bolting down the stairs wanting to carry it on with my eye almost hanging out of my head,” Morlock said. Read more »