Former Federal Reserve Chairman Alan Greenspan gleefully dumps a bucket of ice water on his wife Andrea Mitchell’s head, for charity. [BI]
Brokers aren’t supposed to be the Wall Street equivalent of a sleazy bouncer, taking a few bucks to grant entrée and then turning a blind eye to all of the drugs, guns and potentially illegal trading and whatnot. At least, FINRA and the SEC don’t think it’s supposed to be that way. Read more »
School is in session. Read more »
The car-service app is testing a new delivery system called Corner Store, where in addition to ordering a car to chauffeur you to and from hookups, you can also have it deliver items like tampons, toilet paper, and — yes — condoms. The convenience economy just wants to delight your sex life. [Daily Intel]
Book references aside, is that not the image you’re getting here? Read more »
Groundbreaking Research Reveals Junior Bankers “Fairly Pleased About” Not Working 100 Hour/Week AnymoreBy Bess Levin
Over the past year or so, every major bank on Wall Street has implemented policies aimed at improving the lives their youngest employees, analysts, from absolutely miserable to relatively tolerable. Citi gave Saturdays (but not Sundays) off. Credit Suisse also went for the 36-hour weekend. Bank of America said that while it did “not encourage weekend work” in the first place, its junior bankers should feel free to take “some weekends off.” JP Morgan introduced the patent-pending “protected weekend.” Goldman Sachs barred junior bankers from entering the office between 9PM Friday and 9AM Sunday (with the expectation that they would “check their blackberries on a regular basis over the weekend“).
To the outside world, these changes seemed reasonable and maybe even long overdue. But inside, there was a fear that it was possible this was all happening too fast. After years of being told to not make plans, ever, that the only personal relationships they could have would be with their desk and chair, and that they were to be reachable at all times via Blackberry, whether Pop-Pop was on his deathbed or not, how would the junior bankers take to all this freedom? Would they know how to exist in a world in which they only had to work 80 hours a week? Would they even like it? Or like prisoners who’ve adjusted to life under their captors’ regimes, or house cats that suddenly find themselves out in the jungle, would they be unable to adjust to and navigate an existence post-release, wishing to go back to comforting if confining lives they once knew?
Remember Philipp Hildebrand? ‘Bout yea high? Firecracker of a wife? Had to step down as head of the Swiss National Bank because in between hedge-fund managing and art-dealing, said firecracker couldn’t resist the franc-dollar spread that her husband was helping create?
Well, Phil’s clearly itching to do some central banking again. And since he’s not allowed to do any actual central banking, he’ll do some back-seat central banking on some salmon-colored newsprint. And while he admires his fellow retiree Ben Bernanke, he just thinks Europe could be a little more European about how it solves its myriad problems. Read more »
Last time Standard Chartered had a little run-in with Benjamin Lawsky—you know, for money laundering for the ayatollahs—it walked away $340 million lighter. It also promised to pay some extra attention to the kinds of things that Benjamin Lawsky might want it to pay attention to.