On Thursday night Stephen Schwarzman delivered the keynote speech at the Alfred E. Smith Memorial Foundation Dinner, an annual Catholic charity fund-raiser named in honor of the former governor of New York. By tradition, the keynote speaker of the 66-year-old event is supposed to deliver a mostly humorous speech, and Mr. Schwarzman’s roughly 15-minute peroration was laced with humor…[Such as] the line that brought the house down: “Brian Moynihan is here tonight. He’s the C.E.O. of Bank of America. As many of you know, Brian’s brother Patrick runs a Catholic boarding school in Haiti. Their parents must be so proud to see two of their boys running an underfunded, nonprofit organization. Even Mr. Moynihan, who was in the audience, laughed.” [Dealbook]
Since becoming Treasury Secretary, Tim Geithner has taken a whole lot of shit, from both the outside world and internally at work. His boss makes “jokes” in public about dogs pissing on him, chief executives openly speak of his uselessness and hardly a day goes by without a story claiming he’s getting fired and replaced by (take your pick) Jamie Dimon, Mike Bloomberg, or Jojo the idiot circus boy. Basically, his tenure in Washington has become one long blow of the sad trombone. TG has taken most of it in stride but guess what, people? The jabs? They add up. And today’s, courtesy of Bloomberg BusinessWeek, just might be the one that pushes him over the edge and by over the edge, we mean into a plastic surgeon’s office. Read more »
“It is quite likely that Portugal” will be next in line for a financial assistance, Roubini said today in Prague at a conference of chief executive officers sponsored by ING Groep NV. “The big elephant in the room is not Portugal but, of course, it’s Spain. There is not enough official money to bailout Spain if trouble occurs.” [Bloomberg]
Investors Under The Age Of 34 Bigger Pansies Than Previously Assumed When It Comes To Taking On RiskBy Bess Levin
As previously mentioned two seconds ago, HBO has bought the rights to Andrew Ross Sorkin’s Too Big To Fail. Last night at a talk hosted by Stern, John Mack mentioned the flick, and asked Paulson who he thought should play him. Paulson said “a young Paul Newman,” which, actually, would’ve be perfect if the movie took place forty years ago.
Read more »
Citigroup, having suffered a blow to its pride on Friday, now getting kicked while it’s down by Dow Jones. C out, TRV in.
Citigroup is being removed as “the bank is in the midst of a substantial restructuring which will see the government with a large and ongoing stake,” said Dow Jones editor-in-chief Robert Thomson. “We genuinely hope that once the bank has refashioned itself that we will again be able to consider it for inclusion – Citigroup is a renowned institution, not only in this country, but around the world.”