He’s not saying he plans a huge Bulldog Investors billboard on the Mass. Pike, big enough for Bill Galvin to see if from his front stoop in Brighton every morning. But if Uncle Phil were into that kind of thing, now he could. Read more »
We, elderly Second-Year Sages, like to offer recruiting advice as if we know how it’s done. Truth is, we have no idea what these firms, who shop for new blood annually, are really looking for. Like giving birth and swimming, it’s something you just have to try yourself to find your best approach. Still, we’ve got a few thoughts on what not to do.
This time last year, I sent my worst interview flubs to some friends also beaten down by internship recruiting. Then unexpectedly and immediately, they all piped in with gems of their own. Highlights of the (continuing) shame thread below should reassure you that: i) it’s okay if you’re not perfect every time, and ii) someone else somewhere is botching it far worse than you ever thought you could. So you might as well just laugh off (and record) those special moments …
When your interviewer is an idiot, an ass, or both:
Interviewer: Two companies, A and B. A is 50/50 debt/equity, B is 100% equity. EBITDA doubles, multiple stays flat. Whose share price moves more?
Candidate: (fumbles, gets it wrong)
Interviewer: What does “applied math,” your undergrad major, mean?
Candidate: Ha. Well, I’m pretty good at long division
Interviewer: So how many people today have asked you about being an Eagle Scout?
Candidate: You’re the first one actually. Were you an Eagle Scout?
Candidate: My parents wouldn’t let me [quit]. You get to high school, everyone is out on dates, and you’re at a Camporee. But we all looked back at it and realized it taught us an appreciation of the outdoors and good respect for your elders.
Interviewer: Elders. You guys are all about that, aren’t you? The elders.
Interviewer & Candidate: (extended awkward silence) Read more »
Ken Langone just gave a speech at this year’s Ira Sohn conference on why the hedge fund industry should be writing checks to charitable causes. Why? KEN LANGONE TELL YOU WHY! Read more »
The massage enthusiast’s year-long house arrest has come to an end today (it was preceded by jail time), The Daily Beast informs us with the no-frills headline “Billionaire Pedophile Goes Free.” What will Epstein do with his freedom? Will he head to Dubai, as has been suggested? Will he make the trip out to Beamers, where there’s a reasonable assurance the girls are over 14? Will he remain in Palm Beach, having come to appreciate the asses o’ octogenarians? I don’t know. I’ll tell you what I do know, though. There’s only one way to commemorate this occasion. And I think you know what I’m talking about. Read more »
Now that Goldman has received the green light to pay back TARP, the firm’s next hurdle is losing the commercial bank holding company status. While Goldman’s overall model has not changed much since it became a commercial bank in September, it is subject to additional supervision and regulations that constrain profitability.
With the worst of the financial crisis seemingly over, the benefits of being a bank holding company are outweighed by the restrictions and conditions, said Tom Sowanick, the chief investment officer of Princeton, New Jersey-based Clearbrook Financial LLC.
Since Goldman became a commercial bank, industry watchers have said the change would expose the firm to stringent capital requirements, dampening its ability to use borrowed money to boost profits for its lucrative proprietary trading business.
It is going to be a long road back to the point where regulators have some degree of trust in large firms to not blow up themselves or the banking system. Given all the GS favoritism conspiracy theories in DC, allowing them in particular to crank up the leverage again seems unlikely.
Goldman could shed “commercial bank” charter [Reuters]