Olympics 2012

  • 16 Aug 2012 at 1:24 PM

Caption Contest Thursday

Swung by @JPmorganchase and got to see where all the action takes place. [Meghan Musnicki]

BlackRock sees your piddling food eating contests and raises you a real challenge. Read more »

“The Olympics are an economic failure as London is totally empty: hotels, restaurants, streets,” Nouriel Roubini tweeted. “It turns out London is totally empty. A zombie city…The West End – usually packed on any Saturday night – was an empty waste land last night: barely a soul to be found in theatres, bars, etc,” he said on Twitter.  [CNBC]

A four-star shit hole.

Time was, working on Wall Street meant going to great lengths to lavishly entertain clients whose business you wanted to win or keep. Client wanted to party on a yacht with forty Brazilian hookers? You made it happen. Client wanted Jay-Z to perform at his son’s Bar Mitzvah? You were on it. Client wanted you to manipulate Libor while simultaneously hand feeding him grapes? All you wanted to know was red or green.

Whatever they wanted you delivered and then some and the best part was nobody said anything about it. Nobody  judged, nobody protested, nobody wondered if flying to Hyōgo Prefecture to personally slaughter a cow and bring it back with you in business class so the client’s dinner would be fresh was the best use of company money.  Then you nearly take down the global financial system and have to be bailed out by the government and all of a sudden it’s like people think they have the right to count your (or in the case of banks still partially owned by the UK, their) money.

So you scale back the big outings. You make less of a spectacle. Should’ve be enough to get ‘em off your backs, only it’s never enough with these people. They’re not happy until you’re taking clients to Applebee’s and suggesting getting one appetizer and splitting an entrée, or inviting them to major international sporting events and then denying them black car service, putting them up in relative dumps, and making them drink malt liquor. Which is more or less what one bank is doing. Read more »

World champion rower Michael Blomquist valued the chance for an Olympics gold medal in London more than an analyst job at Morgan Stanley. He said the decision wasn’t easy. “It’s always going to be a difficult proposition to walk away from good money and from something that is comfortable and straightforward,” Blomquist said. “I’m loving every day, but of course sometimes I do feel like I made a terrible decision. I walked away at a point where I felt like I was on an upward track at work.” The 30-year-old — who won a world title with the U.S. men’s eight in Japan in 2005 — quit his analyst job with Morgan Stanley in 2010 to try to get into the U.S. boat for the Olympic Games in London, which start July 27…Blomquist is based in Oakland, California. He’s covering his living costs out of his savings, passing up the chance to be earning 69,850 pounds ($112,000), the average salary of a London-based analyst with two to four years of experience, according to recruitment agency Reed Global. He declined to give his salary at the bank. [Bloomberg]

Alternatively, things are looking up for those hoping to romance an Olympic synchronized swimmer. Read more »

As you may have heard, early this morning, Jon Corzine resigned from MF Global. According to the former Goldman Sachs CEO/US Senator/Governor of New Jersey, the decision to walk away from the brokerage firm was not easy to make and he remains on call to “continue to assist the company and its board in their efforts to respond to regulatory inquiries and issues related to the disposition of the firm’s assets.” What Corzine is doing right now, at this exact moment, remains a mystery, as does his location, which some people are none too happy about. CNBC, for example, has reporters staked out at all three of Corzine’s residences (Hoboken, Manhattan, Long Island) and are vowing not to leave until he emerges to cough up some answers. While we’re not yet prepared to haul him into our interrogation room and “do this the easy way or the hard way,” we, too, have a few questions. Such as: Read more »