Remember Frank Perkins Hixon Jr.? Made something of a name for himself when he became the first Evercore employee in history to be accused of insider trading, which he apparently did in part to raise funds to support the child he had with Destiny Wind Robinson? He may be going away for a while. Also, he’s sorry. Read more »
Ex-Evercore Director Who Insider Traded In Accounts Set Up Under Baby Mama’s, Dad’s Names Make Get Opportunity To Think About What He’s DoneBy Bess Levin
Executing Insider Trades In An Account Set Up Under Baby Mama’s Name Not The Fool-Proof Plan Ex-Evercore Director Thought It’d BeBy Bess Levin
From 2010 to 2014, when he was working in Evercore’s mining and metals group, Frank Perkins Hixon Jr. occasionally found himself on the receiving end of material non-public information. Sometimes it was about forthcoming acquisitions. Sometimes it was about his own company’s earnings. In both cases, FPH Jr. knew he could sweeten things for himself by trading on the 411. Naturally, he didn’t want to get fired from Evercore for securities fraud, as it would put a damper on his ability to obtain inside info, so he couldn’t be too obvious. Placing the trades in an account under his own name was obviously out. Same went for anyone with whom he shared a last name, like his mom or dad. And that’s when the lightbulb went off: Read more »
One way to make a lot of money in banking is just to be really good at it. But this is not a very good way! There are lots of people who want to make a lot of money in banking, and all of them1 have at least considered the approach of “just be good at it,” so you have no real competitive edge if that’s your strategy. You need to be creative and think outside the box, as you might say, if you were not very good at banking, as the law of large numbers says you are not.
“As we continue to reduce costs, continue to optimize our capital and we continue to have momentum on the client side we think we will be able to improve our return on equity toward that 15 percent target,” Dougan said in an interview with Bloomberg Television. “That’s something that’s achievable.”
I had so much hope! I mean, “reduce costs” is boring and sad, and “momentum on the client side” is just like “be good bankers” which whatever, but “optimize our capital” could mean all sorts of devious things.
It probably does but I couldn’t find them. I mean, other than the usual devious things, which start with “Basel II.5 core tier 1 ratio increased by 2.2 percentage points to 14.7%, total capital ratio increased by 1.0 percentage point to 21.2″ and segue right along into this funding stack: Read more »