Well, yea, with an assist from deregulation, the juvenile trading culture and some oversight that left a few things to be desired, according to the book we can now all turn to when we need a laugh at the man from Calgary’s expense.
As you may have heard, Obama is apparently close to nominating Jack Lew for Treasury Secretary, giving Tim Geithner his late Christmas wish: a one-way ticket outta there. And while he’s previously said to have no interest in writing about his time in Washington (and at the NY Fed before that), friends o’ TG claim that his plan for the next year or so involve “a round of ‘detox’ and writing a book.”
Obviously we’re still very far off from anything concrete but publishers will undoubtedly be banging down his door in no time and when they do, it might be nice to at least have a title to whet their palates. While Geithner packs his bags, let’s do him a solid and come up with some options. The year spent sunning himself off the coast of Ko Samui (or puttering around Larchmont, or taking a job with the least amount of responsibility possible, whatever the detox entails) will presumably do wonders to take the edge of the last 48 months but if he’s still in an angsty phase by the time he sits down to bang out his story, perhaps one of the following would work? Read more »
An upstate woman accused of running a lucrative Upper East Side brothel and boasting of law-enforcement connections was sentenced on Tuesday to six months in prison after weighing a last-minute decision to fight the case in court. Attorneys and family for Anna Gristina said she considered withdrawing her Sept. 24 guilty plea to promoting prostitution up until the moment she agreed to accept the sentence handed down by Manhattan Criminal Court Judge Juan Merchan. “It was a very difficult decision, and until the penultimate moment, it was an open question on whether she would elect go to trail,” said attorney Norman Pattis. Gristina, who was once dubbed the “Manhattan Madam” and the “Soccer Mom Madam,” will not have to serve any jail time, getting credit for four months she served at Riker’s Island because she could not make the initial $2 million bail…As she left the courthouse, Gristina told reporters that she plans to write tell-all book and called the Manhattan District Attorney’s office “more corrupt than the mafia.” Gristina’s case received extended media coverage following her February arrest amid an unconfirmed belief she had guarded a client list of recognizable and powerful figures in politics, sports and banking. Her lawyers had argued she was being “vindictively prosecuted” because she refused to provide investigators with the names of five well-connected male customers, who weren’t identified. [Metropolis]
German Hedge Fund Manager Who Fled To South America And Lived Under An Assumed Name For 5 Years To “Find Meaning” In His Life Has Learned A Few ThingsBy Bess Levin
The bits of wisdom Florian Homm picked up during his stay in Colombia, where he was getting some “me time” and not trying to distance himself from angry investors whose money he’d lost, can be found in the book he wrote about living underground (“Kopf Geld Jagd”), which he hopes will be a “hard-core wake-up call” readers who are “trying to get a second Mercedes and a bigger boat.” For those who can’t wait for the English version, from an interview with the Times we learn: Read more »
Husband’s Lack Of Interest In Recreating 50 Shades Of Grey Scenarios Straw That Broke The Camel’s Back For British BankerBy Bess Levin
The couple is getting a quickie divorce that should be wrapped up shortly, if you know anyone both familiar with the plot lines and interested. Read more »
As you may have heard, eleven short days from now Grand Central Publishing will release Why I Left Goldman Sachs: A Wall Street Story. The book is the memoir of former Goldman employee Greg Smith, who in March of last year penned an op-ed for the New York Times called “Why I Am Leaving Goldman Sachs,” a resignation letter of sorts in which Smith detailed the ways the firm had disappointed, sickened, and ultimately failed him, from opting for “shortcuts” over “achievement” to becoming, in the twelve years he worked there, a place that only cares about one thing and one thing only: “making money.” While perhaps another person would have turned a blind eye and said nothing, Greg had an obligation, as a Rhodes Scholar national finalist and a Maccabiah Games bronze medal finisher in ping-pong, to say ENOUGH. To violate his employer in the most gruesome fashion possible (that is, publicly), in front of clients and other interested parties. To let the world know this place he worked at for over a decade could continue to be a criminal enterprise but that he was moving on.
The piece, as you might have imagined, did not please many people at Goldman Sachs nor did the $1.5 million deal Smith scored shortly thereafter to write the book. In September, a spokesman for the firm issued a delightfully bitchy, exceptionally underminey comment to the press re: Smith’s tale being no more interesting than that of a disgruntled first-year analyst who thinks he’s got a story to tell and yesterday, amazingly and almost unbelievably but you must believe it because here it is, leaked details of Greg’s performance reviews to the Financial Times which, spoiler alert, are less than flattering. Read more »
Back in March, a young man named Greg Smith published an Op-Ed in the Times called “Why I Am Leaving Goldman Sachs.” Greg wrote that despite joining a firm that, in the beginning, cared about “teamwork, integrity, a spirit of humility, and always doing right by clients” and not “just about making money,” he’d ultimately come to be sickened by a place that, twelve years later, he couldn’t even recognize. A place that, on Lloyd Blankfein and Gary Cohn’s watch, had lost its way. A place that, he’d come to see, was devoid of any sort of morals, whatsoever. A place that needed to take a long hard look at what it had become. A place that, he predicted, was not long for this earth. Because unlike Smith, whose proudest moments in life– “being selected as a Rhodes Scholar national finalist and winning a bronze medal for table tennis at the Maccabiah Games in Israel, known as the Jewish Olympics,” respectively– involved hard work and no short cuts, “Goldman Sachs today,” Smith wrote, is all “about the shortcuts and not enough about achievements.” Goldman Sachs 2.o, one might say, hasn’t worked an honest day in its life and that didn’t feel right to Smith anymore.
The piece, which was said to come as shock to Goldman, did not please many people on the inside, nor did the $1.5 million deal Smith scored shortly thereafter to write Why I Left Goldman Sachs: A Wall Street Story, out October 22. Here’s how Greg’s publisher describes WILGS:
From the shenanigans of his summer internship during the technology bubble to Las Vegas hot tubs and the excesses of the real estate boom; from the career lifeline he received from an NFL Hall of Famer during the bear market to the day Warren Buffett came to save Goldman Sachs from extinction-Smith will take the reader on his personal journey through the firm, and bring us inside the world’s most powerful bank.
And while higher-ups at GS may have been initially worried about the potentially damaging revelations that would appear in the book, apparently time, a slap in the face and an order to ‘get it together you pustulant milquetoasts’ by the ghost of Lucas van Praag has resulted in this delightfully bitchy, exceptionally underminery comment from 200 West: Read more »