The Latest

Write-Offs: 08.19.14

$$$ Citi to US: Argentina banking license at risk [Reuters]

$$$ NY’s Lawsky slaps Standard Chartered with $300M fine [NYP]

$$$ Ballmer Exits Microsoft’s Board After Resignation as CEO [Bloomberg]

$$$ The Man Who Blew the Whistle [NYT]

$$$ Pimco’s push into equities takes shape [FT]

$$$ 90’s teen heartthrob Andrew Keegan starts his own religion [NYDN] Read more »

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Hedge Fund Has Fixed Everything At American Apparel

That or its relative Dov-Charneylessness. Or the thankless work put in by the old board. Or who the hell knows what? All Standard General knows is, things are looking up. Read more »


Former Federal Reserve Chairman Alan Greenspan gleefully dumps a bucket of ice water on his wife Andrea Mitchell’s head, for charity. [BI]

  • 19 Aug 2014 at 4:00 PM

Wedbush Securities Is In Trouble (Again)

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 »

  • 19 Aug 2014 at 2:19 PM

Uber Is Getting Into The Prophylactic Business

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 »

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?

The answer may surprise you. Read more »