Earlier today, we wondered if, in light of the news that Vikram Pandit had resigned as CEO of Citigroup, analyst Meredith Whitney’s opinion of the bank had changed. Choice comments that Whitney has made about the Big C in the past have included: “Citigroup is in such a mess Stephen Hawking couldn’t turn this company around“; “Citi is like an old broken-down Victorian house“; and Citi “has no earnings power, isn’t going to grow, hasn’t been investable in four years.” She also once told Maria Bartiromo that the only way she’d change her mind about company would be if she received “a new brain.” Still, sometimes analysts change their tune when new blood is brought in and, like former FDIC chair Sheila Bair, perhaps some of her beef with the bank had been a personal dislike of Uncle V. Now that he’s gone, is she seeing Citigroup in a new light? Read more »
Meredith Whitney Advisory Group
Meredith Whitney Suggests Out Of Work Financial Services Employees Stop Thinking ‘How Many People Will Be Working Under Me?’ And Start Thinking ‘Do You Want That Collated And Bound, Sir?’By Bess Levin
“The problem to date has been that those that have been laid off have been sitting on their couches because they do not want to take a downgrade in pay. They are not going back to work and the longer you are out of work, the more difficult it is to get a new job. My advice to them is take what you can get. It is very hard to transfer skills from a high-paying job…so recalibrate your expectations.” [BloombergTV]
Meredith Whitney: “I have more conviction on the municipal bond call than I’ve had on any single thing in my career”By Bess Levin
Last fall, Meredith Whitney made a prediction. Perhaps you remember it? It was part of a report called “Tragedy of the Commons,” wherein the analyst said that there would be “hundreds of billions of dollars’ worth” of municipal-bond defaults a’ coming. While some agreed with her, a vocal contingent did not. Charlie Gasparino, for instance, said that in his infinite wisdom, Whitney’s call suggested she “had been lobotomized.” Now, after several months and dozens of calls to the cops to request they remove Chaz, standing on her lawn yelling “Show me your books, Whitney!”, does MW stand by her analysis? You bet your ass she does and you what to know another thing? She welcomes the haters. Read more »
You don’t have a lot of bad news through May and June. And then you have some real challenges coming after June as housing starts to decelerate again as foreclosures resume and inventory really comes on the market. Investors who are looking for a strong second half may be disappointed. You may see a repeat of what happened last year. And inflation is a real issue. But for the next couple of months the markets should continue to do well. [USA via NetNet]
First, though, a story.
One of the common refrains you hear from the critics of Wall Street is that financial services employees don’t build anything or make anything. To them, it means you don’t do anything for society. We know that’s not true but because one can’t reach out and touch your product, they like to say you earn a living by moving money around without ever creating anything real. The same can be said for my line of work. What do I do? I put words out there but it’s not like you can hold them in your hands or see someone walking down the street carrying them. And on some days, you start to wonder if the haters are right. You start to reevaluate. You question things. You wonder if you should quit and become a bricklayer or a shepherd.
Then a moment comes along, like one did today. Wherein you read a story about an employee of a noted analyst dressing up as the alter ego you conceived for her a couple years back on a lark and then proceeded to fill out, giving her all kinds of storylines and accoutrements like a spreader and truss bar and testicle clamps, which you suggested she used on the heads of various banks and it all becomes clear– you can see it before your very eyes– your undeniable impact on the world. Read more »
Job Type: Full Time
Years of Experience: 2-5 Years
Degree Required: Bachelors
Industry: Finance & Investment
Job Function: Investment Banking & Advisory
Meredith Whitney Advisory Group LLC (MWAG) seeks an experienced Executive Assistant, who will report directly to the Chief Executive Officer. The Executive Assistant is able to handle a wide array or tasks and responsibilities, with little or no supervision. The candidate must have attention to detail, be extremely well-organized, prioritize effectively, and thrive in a small company environment, where team members are able to perform multiple functions.