• michaellewis


    BNP Paribas Employee Just Earned Himself A Starring Role In Michael Lewis’s Next Book

    It’s about lowlives who spread falsehoods about Michael Lewis, with a subplot about the guy’s […]

    / Mar 31, 2014 at 4:49 PM
  • bill_gross_mustache

  • stevecohen


    Area List-Maker Too Good For Steve Cohen

    Yesterday we highlighted a group of people who, despite all that has gone down, still […]

    / Nov 26, 2013 at 4:13 PM
  • Phil-Falcone


    Charlie Ergen Not Sure Phil Falcone Really Wants To Go There

    As some of you may recall, back in August, when Phil Falcone was on a […]

    / Sep 10, 2013 at 4:10 PM
  • johnboehner

    How Your Fiscal Cliff Deal Sausage Gets Made

    John Boehner Is Sorry He’s Not Sorry

    House Speaker John Boehner couldn’t hold back when he spotted Senate Majority Leader Harry Reid […]

    / Jan 2, 2013 at 10:55 AM
  • News

    Columbia University Students, Faculty, Alums Demand CU President Take Back All The Nice Things He Said About Jamie Dimon

    As you may have noticed, Jamie Dimon has had some unwanted attention thrown his way over the last several weeks, on account of one of his employees losing a few billion dollars. Though the JPMorgan CEO has been dealing with public displays of hate previously reserved for Lloyd Blankfein and Goldman Sachs, and will certainly be on the receiving end of a lot more tomorrow when he testifies on Capitol Hill, he has had a few people come to his (and his bank’s) defense. Yesterday Stephen Schwarzman told Bloomberg to lay off JD and JPM, noting that “occasional losses are inevitable” and “publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system,” while former Goldman exec Bill Archer said the whale fail makes him just “kind of shrug.” Lee Bollinger, who is President of Columbia and chairman of the Federal Bank of New York’s board of directors told the Journal that Dimon shouldn’t step down from his post as a director, as some have requested, and that those who cite conflicts of interest have a “false understanding of how [the Fed] works.” Some individuals from the Columbia community read Bollinger’s comment and, spoiler alert, are not happy. Enter, a strongly worded letter.

    Mr. Lee Bollinger
    President of Columbia University
    Office of the President
    202 Low Library
    535 West 116th Street, Mail Code 4309
    New York, NY 10027
    Dear President Bollinger,
    As faculty, alumni and students of Columbia University, we are writing to express our deep disappointment in your recent decision to support JPMorgan Chairman and CEO Jamie Dimon’s continued membership on the Board of the New York Federal Reserve Bank.

    As the Chairman of the Board of the New York Fed, your unambiguous duty – as stated by the Guide to Conduct – is to maintain “the integrity, dignity, and reputation of the Federal Reserve System . . . and to avoid actions that might impair the effectiveness of System operations or in any way tend to discredit the System.”

    By supporting Mr. Dimon’s tenure you abdicated this basic responsibility. By echoing Mr. Ben Bernanke’s remarks that it is up to Congress to address this problem, you denied your duty to ensure the integrity of the Fed. By stating that Congress has more pressing issues to address than this one, you, in essence, urged inaction by all parties capable of affecting this important change. Surely you understand that a functioning financial system is a pre-requisite of our country’s economic recovery. By characterizing those who wish to see Mr. Dimon resign as “foolish” and in possession of a “false understanding” of how the Fed works, you have added insult – and inaccuracy – to the injury of encouraging this institution to continue in its current form.

    It is worth reminding you that JPMorgan Chase is currently under investigation for its recent $3 billion trading loss – a loss Mr. Dimon initially denied and then characterized as a ‘tempest in a teapot.’ It may also bear repeating that Mr. Dimon has long campaigned aggressively against important regulatory reforms designed to prevent excessive risk taking by Too Big To Fail institutions – institutions the Federal Reserve saved with $3 trillion dollars in special lending facilities and which Congress bailed out with $700 billion of taxpayers’ money. Certainly Mr. Dimon has no place as a leader of this institution.

    We urge you to reverse your support for Mr. Dimon and call for his immediate resignation. By way of reminder, there is precedent for this kind of action. In April 2011, Jeffrey R. Immelt, CEO of General Electric, stepped down from the NY Fed after it was clear that GE Capital would be regulated by the Fed as a ‘systematically important’ financial institution. As one of the largest banks in the world, JP Morgan is similarly – if not more ‘systemically important.’

    As an educator, you have a special responsibility to demonstrate moral and intellectual credibility, something you have failed to do in this situation. As the president of a university, you have a responsibility to ensure that students have the best possible opportunities upon graduation. Surely you understand the connection between the unemployment crisis facing young people in America and the 2008 financial collapse. That collapse not only threatened the employment potential of millions of American students, but also risked the fiscal health of the parents and grandparents who co-signed their educational loans. That you would choose to uphold the interests of major financial institutions over students and their families is unimaginable. We certainly hope that the contributions made to Columbia by JPMorgan – sums north of $500,000 – had nothing to do with your decision.

    Three years after the biggest financial crisis since the Great Depression, the country is struggling to rebuild its economy. A stable and appropriately governed financial system is a critical pre-requisite of our recovery. As the Chairman of the NY Fed, we urge you to take the obvious step of demanding Mr. Dimon’s resignation.

    Thank you,
    Current Students, Alumni and Faculty of Columbia University
    Richard Adams
    Graduate Student and Alumnus

    Marcellus Andrews
    Professor of Economics
    Columbia University

    John Atlas
    President of the National Housing Institute Charles H. Revson Fellow, 2004

    Partha Banerjee
    J-School, 2000

    Hilary Beattie
    Asst. Clinical Professor of Medical Psychology in Psychiatry

    Carl Bettendorf
    Alumnus and Adjunct Faculty

    Lila Braine

    Dana Burnell

    Sylvia Bettendorf

    Jamie Chen
    CC Class of ’09

    Paul Colson

    Jonathan Crissman

    Mina Dadgar

    Carolyn Douglas
    Associate Professor of Psychiatry

    Nnaemeka Ekwelum
    Class of 2012

    Tim Foreman

    David Friedman

    Danielle G.

    Nancy Goody
    Alumnae -GS of Arch & HP

    Warren Green

    Robert Hanning

    William D. Hartung
    Center for International Policy
    Columbia College Class of 1978

    James Hone

    Bonnie Kaufman
    Faculty, Medical School

    Jee Kim
    Columbia College, ‘95

    Susan Lob
    Adjunct Faculty and Alumni

    Barbara Lundblad
    Union Theological Seminary

    John Markowitz
    Professor of Clinical Psychiatry,
    Alumnus College ’76, GSAS ’78, P&S ’82

    Rangi McNeil
    School of the Arts Alumni

    Sara Minard

    Federick Neuhouser
    Professor of Philosophy

    Michael Newell

    Kaveh Niazi

    Jeffrey Ordower
    Columbia College Class of 1991

    Alexandra Pines
    Class of 2016

    Ai-jen Poo
    National Domestic Workers Alliance

    Bill Ragen
    Columbia College 1980

    Yuliya Rimsky
    Columbia University
    Alumnus Class of 2012 & SIPA student Class of 2014

    Katherine Roberts
    Alumna, GSAS

    Eva Salzman

    Jeff Schneider

    Shruti Sehgal
    BC Alumnus, Class of 2011

    Eric J. Schoenberg
    Adjunct Associate Professor
    Columbia Business School

    The Honorable David Segal
    Former RI state representative
    CC ‘01

    Anat Shenker-Osorio
    Founder and Principal, ASO Communications, Columbia College ’99

    Kobi Skolnick
    Current student of Negotiation and Conflict Resolution, Class of 2013

    Jill Strauss

    Denise J. Tartaglia

    Stephanie Taylor
    Co-Founder, Progressive Change Campaign Committee, Columbia University alumni, SOA ’07

    Alan Wallach

    Mark Watson

    James Williams
    Officer Libraries

    Thomas J. Yager
    Associate Research Scientist, Mailman School of Public Health

    / Jun 12, 2012 at 5:02 PM
  • News

    Chuck Schumer Is Ruining Facebook IPO Day For One Shareholder

    As you may have heard, earlier this afternoon, Facebook priced its initial public offering at $38/share, valuing co-founder Eduardo Saverin’s stake at approximately $2.9 billion. Since Saverin conveniently renounced his US citizenship last week, he will avoid paying millions in capital gains taxes and hang on to an estimated $67-$100 million that would have otherwise gone to the government, news that did not sit right with Chuck Schumer. Did the Senator from New York call the guy a “piece of shit miscreant“? No. Did he send him an email that included the line, “fuck with me and you will have a huge asshole“? No. But Schumer was inspired to create draft legislation aimed at tax-dodging ex-pats like Saverin and to let the kid know he makes him sick.

    Democratic Sens. Chuck Schumer (N.Y.) and Bob Casey (Pa.), who called Saverin’s decision “despicable,” said the Facebook co-founder stands to save $67 to $100 million in taxes by renouncing his citizenship. “Senator Casey and I have a status update for him: pay your taxes in full,” Schumer said at a press conference on Capitol Hill. Their so-called “Ex-PATRIOT Act” would impose a mandatory 30 percent tax on American investments for those who renounce their citizenship and would also prohibit individuals like Saverin from re-entering the country. The law — which only applies to individuals with a net worth of over $2 million or an average income tax liability of at least $148,000 — would not apply to non-American investments by former citizens. Under the proposed legislation, the IRS would decide soon after an individual relinquishes his or her citizenship if the renouncement was motivated by tax avoidance. The individual would then have the opportunity to provide reasons for the renouncement, but there would be a “strong presumption” the move was for tax purposes. “Mr. Saverin has decided to ‘defriend’ the United States of America just to avoid paying his taxes,” Schumer said, showing his familiarity with Facebook’s lingo.


    / May 17, 2012 at 6:19 PM
  • this is important

    Goldman Sachs Accuser Greg Smith (Might Have) Lied About That Which He Holds Most Sacred

    Earlier this week, a man named Greg Smith resigned from Goldman Sachs. Smith informed his bosses of his decision to quit around 6:40 AM local (London) time and, a few hours later, circled in the rest of the world with an Op-Ed in the New York Times, which he penned not out of a desire to violate his (former) employer in the most gruesome fashion possible in front of clients and other interested parties but because he believed it to be the right, nay the only thing to do. In the piece, Greg explain that his decision to leave the firm after 12 years of service did not come easily but that he had to do it, realizing one day during rehearsals for the recruiting video he starred in that the lines he was delivering re: Goldman being a great place to work were a lie. A bald-faced one, in fact. Goldman had changed in the years since the Greg-ster arrived, and whereas it once felt like home and the people in it family, he’d come to regard it as a den of evil, run by monsters. Monsters who called clients “muppets”; who only cared about making money; who valued “shortcuts” over “achievement.” Of the latter, Greg spoke from plenty of experience. Though his personal achievements are too numerous to mention in full, they include being named a Rhodes scholar (finalist), learning to tie his shoes at the age of 22, winning third place for ping pong at the Maccabiah Games, and being named captain of the South American national table tennis team. OR WAS HE?

    / Mar 16, 2012 at 4:47 PM
  • News

    Greek President Would Like To Know If German FinMin Kisses His Mother With That Mouth

    Greek President Karolos Papoulias slammed Germany’s finance minister for recent comments about his country as […]

    / Feb 15, 2012 at 3:26 PM
  • News

    Hedge Fund Manager Accused Of Insider Trading Reveals Inner 12 Year-Old Girl In Unleashing Nuclear Option On Partner In Crime

    A Northern California hedge-fund manager was charged Friday with making more than $900,000 on trades […]

    / Feb 10, 2012 at 5:09 PM
  • News

    Brad Hintz Has An Idea For Morgan Stanley

    Morgan Stanley could shut down its trading businesses and the firm would be worth 40 […]

    / Jun 10, 2011 at 3:15 PM
  • News

    Business Professor Says He May Have To Take Drastic Measures To Protect Students From That Two-Faced Monster In Omaha

    Paul Argenti is a professor at Dartmouth’s Tuck School of Business, who has been teaching […]

    / Apr 29, 2011 at 10:27 AM
  • News

    Billionaire Hedge Fund Managers: They’re Just Like Us!

    They cut/piss people off on the morning commute and effectively ruin their days.

    / Oct 14, 2010 at 11:35 AM
  • News

    Warren Buffett Has Fighting Words For Bank CEOs’ Special Lady Friends

    Nothing but love for the Oracle of O but whoa there big boy! Lloyd Blankfein […]

    / Oct 5, 2010 at 5:30 PM
  • News

    Michael Lewis: “The World Would Be Better Off Without Goldman Sachs” And Their Kind

    “I had two things going against me. I was a reporter with a camera and […]

    / Aug 13, 2010 at 10:10 AM
  • News

    Fox Business “Exclusively” Stonewalled By Tim Geithner

    He says it’s his policy not to do walk and talks but Charlie Gasparino knows […]

    / Aug 2, 2010 at 5:05 PM
  • News

    Anonymous Former Goldman Employee Will Pay For His Sins

    Here’s one: in an online survey of current and former employees, Goldman Sachs beat out […]

    / Jul 30, 2010 at 2:31 PM
  • News

    Bernie Madoff: Screwing The SEC, Anyone That Tickles His Fancy From Inside The Joint

    CNBC reports the first bits of news from Bernie Madoff’s latest prison interview. First off, […]

    / Oct 30, 2009 at 4:40 PM