Or Wall Street, at least: So sayeth Duke poli. sci. alum David Rubenstein, who is apparently bored to tears by all of you Wharton B.S.s and math majors, what with your inability to think critically or quote Rousseau. Read more »
Andrew Ross Sorkin has a preliminary roster of no-shows and their excuses for sending their regrets, generally some form of “it’s a ridiculous display of ostentation and an enormous waste of time.” Read more »
As the world’s foremost business and economics reporter, everyone expects Gasparino to attend the World Economic Forum in Davos, Switzerland. The only problem is, he doesn’t like Swiss food, he doesn’t speak German, and, most importantly, skiing is no substitute for brutalizing ones’ pecs in the weight room. For these reasons, CG is a no go. Now, if you’d host the WEF in a more congenial location–a cigar bar, perhaps, or at a boxing match–you might pique his interest. Hold it at a classy Italian restaurant on East 54th Street and, well, let’s just say you can pencil him in. Read more »
[via Ryan McCarthy]
Presumably the new scruff is being sported simply in an effort to stay warm in Switzerland but dare we say it should become a permanent thing? As you can see here it does nothing to obscure The Lloyd Face and in fact enriches it somehow?
I feel like this exchange did not go well for Jamie Dimon:
[Elliott Capital’s Paul] Singer said the unfathomable nature of banks’ public accounts made it impossible to know which were “actually risky or sound”. … Mr Singer noted that derivatives positions, in particular, were difficult for outside investors to parse and worried that banks did not always collateralise their positions. Mr Dimon said the bank did for all “major” clients. Mr Singer retorted: “Well, we’re a minor client then.”
Whoops! Guess someone else doesn’t know what positions banks collateralize. I suspect someone at Elliott is already on the phone with JPMorgan to renegotiate their CSA. Also so many other people; I count about $50 billion of uncollateralized (fair value) derivative exposure at JPMorgan, suggesting that it fully collateralizes a little under two-thirds of its trades.1 Perhaps those are the two-thirds with the major clients, but if so that seems a little irrelevant. That’s a lot of minor-client money.
Why does Singer care? Well I guess he wants better collateral terms from JPMorgan? More seriously … there is whatever incentive to say things that always exists at Davos sessions, which I guess is a thing, ugh.2 Then there is the broad question of whether banks are too opaque to invest in. Singer is not alone in thinking that the answer is no; we talked a while back about how a lot of smart people get kind of freaked out by bank financial statements; derivatives, as well as other buzzwords like prop trading and opacity, play a role in their conclusions as well. Also here is a funny article about how 60% of Bloomberg subscribers are basically commie anarchists: Read more »
Uninvited Act of Nature Threatens Davos Festivities: Attendees Escape Harrowing Experience Barely IntactBy Bess Levin
As you may have heard, last week brought the annual World Economic Forum to Davos Switzerland. Besides one very important economist attending several very important meetings, this year felt a bit dull compared to previous ones, wherein the groundwork for major deals was laid, love-children conceived. 2012, it seemed, was the year nothing really noteworthy or “big” happened. OR SO WE THOUGHT. Then this bombshell dropped. And everything changed. Because the truth was out. Read more »
While The Rest Of You Davos Slackers Are Tweeting Pictures Of Your Dicks, Nouriel Roubini Is Working His ASS OFF Over HereBy Bess Levin
As you may have heard, the World Economic Forum kicks off in Switzerland this week and fresh off of last year’s report on the Bitches o’ Davos (in descending order: The Wives, The Mistresses, The Aspiring Mistresses), Anya Schiffrin (wife of Joseph Stiglitz) is back with a few tips for her fellow second-class citizens. Read more »