Back when the financial crisis hit, and financial services employees started getting laid off en masse, a lot of people took the opportunity to look in the mirror and ask themselves, “What do I really want to do with my time? Do I even like working on Wall Street?” More often than not, the answer was no. As it turned out, they’d been suppressing their true dreams all along, and now that working in finance was no longer an option, they finally found the courage to say, “What I really want to do is bake cupcakes. Butch ones.” Or, “What I really want to do is sell Greek food.” Or wedding cakes. Or dog jewelry. Deep down inside they’d known it all along but they’d just needed that extra little push that comes with being told to clean out your desk and leave.
Married couple Nick and Elyse Oleksak, he of GFI Group, she of Morgan Stanley,* didn’t have the luxury of unemployment to push them to pursue their dreams. What they did have was a passion. A passion for bagels. And a middle-of-the-night epiphany that changed everything. Read more »
Curbed reports the former Morgan Stanley CEO has put his Upper East Side manse on the market. For $22.5 million you’ll get 4 bedrooms, a solarium, and a strange desire to tell Tim Geithner to go fuck himself. [Curbed]
Sometimes name recognition alone isn’t enough to attract lots of money. Zoe Cruz’s start-up hedge fund, Voras Capital Management, which bets on broad economic trends, began trading in mid-2010 but has struggled to get much past the $220 million mark, say people familiar with the firm. Another challenge for Ms. Cruz, these people say, is that in the wake the financial crisis investors have been favoring funds run by traders with recent track records over those run by executives. Still, Ms. Cruz, who is actively trading in her hedge fund, is being closely followed by investors and could raise more money, these people say. Ms. Cruz says she sees a big opportunity. “People aren’t going to give me $3 billion just because I’m Zoe Cruz,” she says. “That’s a positive thing.” [WSJ via Heidi Moore, earlier]
A number of new positions have recently come up at the former Morgan Stanley exec’s firm, (potentially) including that of CFO. If that doesn’t tickle your fancy Voras Capital Management is also in need of a couple of traders and a head of IR. Read more »
I don’t know why this is a story but for the pastry/reality TV loving Morgan Stanley employees in the group, prepare to muster some tepid excitement for one of your own: Bloomberg reports that Judy Joo, a girl who at one time worked for Morgan Stanley, might be on the UK edition of “Iron Chef.” Joo worked in fixed income research and derivative sales at the bank, before studying at the French Culinary Institute and then working as a pastry chef at Restaurant Gordon Ramsay. She’s also rumored to have once fed John Mack a Twinkie, while making the airplane noise.