Much like being a first, second, or third year analyst on Wall Street, a lot of being a non-partner employee at a law firm is being shit on. Not respected. Treated like an idiot. That many of these attorneys have six-figure debt and are, in some cases, decades out of their early twenties makes the day to day treatment by their superiors all the more harsh. They can’t ease the pain with a visit to the Murray Hill Brother Jimmy’s; all the can do is go home and wonder “What kind of a life is this? Why do I put up with this,” cry, or some combination thereof. Some quit; others resign themselves to the way of life; a select few go out and get drunk on pinot grigio and decide, “I’m not some paper pusher. I’m an an esquire. I’m important. I know stuff. I’m gonna show them. I’m gonna show ALL of them [knocks over glass].” Read more »
king for a day
Ambac may have just suffered the ultimate humiliation- being told by a rating agency that their business model is completely broken and they have no real prospects going forward. The bond insurer’s shame spiral began last week when it couldn’t raise enough capital to launch a new muni unit and has now graduated to a eulogy from S&P.
“Loss reserving increases have depleted surplus, boosting the likelihood of regulatory intervention, and we believe Ambac’s prospects for writing new business are negligible,”