Joe Gregory has been forced to put his Long Island-chic manse on the market. Dick Fuld’s been pounding the pavement for months with nothing to show for it. Bella is still dead. Not a lot to celebrate and yet some people have managed to do pretty okay for themselves despite having spent time at 745 7th Avenue. Erin Callan, as you may have heard, is happily married to firefighter Anthony Montella and living in a $3.9 million house in the Hamptons and Evelyn Stevens, who actually worked at another firm before leaving Wall Street but should know that if you so much as set foot in the lobby of the building, you’ll be branded a Lehman Brother or Sister for life, just competed in her first Olympics and no longer counts herself among financial services employees who spend their days fantasizing about a life that doesn’t so closely resemble hell. Read more »
Greenlight Capital Is Sick Of Ineffective European Leadership, Rival Organizations Poaching Its TalentBy Bess Levin
By early June the market had given back all of its first quarter gains, and the crisis yet again came to a head. The European leaders took a cue from Groundhog Day and did as they always do: they announced yet another ‘Summit to Fix Everything’…The whole thing is such a mess – who can blame them for heading for vacation? Besides, this allows the politicians to position themselves to give the appearance of personal sacrifice, should they need to interrupt their Olympics cheering to make emergency phone calls…Landon Lee, our Research Associate in Dallas, has decided to pursue an MBA at Columbia Business School. As Cheryl Einhorn is an Adjunct Professor there, one can’t help but feel that Landon is choosing Cheryl over David. And who wouldn’t? To discourage further poaching, David has taped a “Do Not Solicit Greenlight Employees” notice to the home fridge. [Greenlight 2012Q2 Letter To Investors]
Have you ever been in a position where you needed to compel a group of your peers to do something they clearly had no interest in participating in? Where every time you sat down to craft an email, it became a back and forth between “playing it cool” and the desperation so many reach when charged with the task of rallying people to attend, for instance, an event like the business versus engineering student Olympics? Where the internal monologue (and final draft) goes something like, “I’m going to say this one last time: you better fucking come to this thing…or don’t I couldn’t care less…no wait I was kidding…COME, YOU FUCKING FUCKS!…I mean, whatever…do what you want… it’s really no sweat off my sack whether you come or not…but I’d just like to note that if you’re not there so help me GOD you’ll be sorry, not that it matters to me in any way whatsoever.” Where by the end of the gig you realize you’ve basically lost the patina of cool no matter what, so there’s no real use in trying? Then you can relate to one undergraduate business major who was pushed to that sort “end my rope” mode earlier today. Read more »
Credit Suisse Overestimating Just How Much US-Based Employees Care About Swiss Hockey Team, Underestimating How Many Will Pretend To In Order To Get Out Of WorkBy Bess Levin
If management had accurate figures for the latter, we’re pretty sure they would’ve opened up a few more auditoriums/conference rooms and/or called ahead to a bunch of bars to let ‘em know CS employees have been given the rest of the day off to watch US vs. Switzerland game. Two hundred and twenty five seats (and no booze) is not going to cut it. To that end, question for the group– is this sort of generosity making other banks look bad or is everyone doing it? Did Deutsche Bank call off work yesterday to watch the Canadians rout the Krauts? Has RBC pulled the plug for the entirety of the games?
The China Securities Regulatory Commission has ordered domestic fund managers to not publicly badmouth any Chinese stocks, in an effort to maintain stability “for the sake of a harmonious and successful Olympic Games.”** This is a great idea and one that SEC chairman Christopher Cox would be wise to emulate, though, not being able to trust Wall Street to listen to him ought to think about the old sock in mouth, duct tape around face method which would be both an effective means of policing and amusing to all. Perhaps even pleasurable to some (you know who you are).
So far the moratorium on negativity hasn’t done jack, with the Shanghai Composite Index continuing to fall since the CSRC laid down the law but these things take time. And in other China-getting-psyched-for-the-games news.
China Muzzles Its Money Managers [Portfolio]
**Loophole: it said nothing about privately bashing your company of choice via well-timed IMs along the lines of whatever is Chinese for: “I’d sooner give my daughter a presumably lead-laced Barbie doll than give this company my money.”
Remember when hating the French was as American as apple pie? Those were the good old days of Freedom Fries and Liberty Kissing. (Although the promised land of anti-French sentiment, downward price pressure on the best burgundies and champagne, never really materialized. Apparently people who “raise up their glasses against evil forces” don’t drink the best French wines.)
These days the country that hates France the most is China. France is seen as behind the opposition to China’s Tibet policies. They are blamed for the protesters who are using the Olympics as an opportunity to tarnish China’s image around the globe. This pisses off the Chinese, especially the young professional class, so much that the Chinese government had to ask them to chillax a bit.
Why all the aggro? Chin a sees the Olympics as their moment in the sun, when they would display to the world the glories of the Chinese way of life. These protests are storm clouds that threaten to blot out that mighty sun. It looks to them like the protesters–who really aren’t that French, as far as I can tell–are politicizing the Olympics.
We can’t help but think that this is pretty much awesome. Whoever managed to get the French and the Chinese to start exchanging blows deserves a medal. But what we really want to know is what the Chinese are calling French Fries. And what will this do to the global price of potatoes?
–John Carney hopes that the Laotian government doesn’t mind him writing this kind of thing from its northern provinces.