Picture this. You’re world-renown bank analyst Dick Bové, famous for, among other things, issuing a report in summer 2008 about which banks were “next” to fail, not rolling over and taking it when Citigroup tried to screw you good, and standing by Ken Lewis when literally no one else (including his board) would. When you walk into rooms, people notice. More often than not, they ask you to pose for pictures, kiss their babies, sign their tits. Some have fainted in your presence. You’re the fifth Beatle, Justin Bieber, and George Clooney, all wrapped into one devastating little package. It should go without saying that an appearance by you at your local branch bank, to cash six-figure checks, as you often do, would be call for a red carpet and the crème de la crème of customer service, right? Apparently wrong. Read more »
Dick Bové: Wells Fargo Is Managed Great If You Don’t Take Into Account The Horrible Customer Service I’ve Received On Several Occasions, For Which Heads Should RollBy Bess Levin
A Company Is In The Hole For $182 Billion, Hank Greenberg Can See The Merit In A Congressional Hearing But $2-9BN? Beat ItBy Bess Levin
“Many companies have transactions that go bad,” Greenberg said today on “In the Loop With Betty Liu” on Bloomberg Television. “Everybody’s not paraded down to Washington to testify.” “He handled it OK,” Greenberg said of Dimon, 56. “It was really outrageous to have the CEO come down and testify before Congress because of a transaction that didn’t work out well.” [Bloomberg, related]
Cramer says their goals should include holding accountable those responsible for the housing crisis — “Let’s indict them. We all know that they committed, to me, they committed crimes.” — and the repayment of bonuses that were given out at banks that received TARP money. “It’s outrageous!” he said. “It is outrageous what they paid themselves. It is obscene! I mean, there are real reasons to be angry.” [Daily Intel]
So begins the most glorious lede to a story ever to grace the (web) pages of Bloomberg. But let us backtrack for a second. As it is an incredibly secretive organization, even by the industry’s standards, many of you probably have unanswered questions about SAC, and how it became of of the most successful hedge funds ever.
Those making educated guesses have probably assumed that the culture involves a lot of drum circles, trust-falls and talk about feelings. Also a logical assumption to make would be that traders are not judged on performance– that would be too stressful and mean.
According to Bloomberg, not so much! Incredibly, employees at the $12 billion firm are judged on the work they do and– just wait, you’re not going to believe this– if they lose money, are asked to leave. (I know, this is a lot to process but we’re going to get through it together.) Read more »
If you watched the White House’s good-bye to Obama chief of staff Rahm Emanuel on Friday, you probably noticed the president give his now former number two a hug. Larry Kudlow did and he did not like it. In fact, the embrace, which Kudzilla describes as a “big, fat, full-bore hug” pretty much disgusted him. Read more »
So, some things happened this weekend and it’s all really crazy and wow I can’t even get into it I’m shaking so hard even hearing it second hand. I’m just going to let the victim speak for himself. Promise me you’ll brace yourselves, okay? It’s that bad. Read more »
Yesterday we discussed the matter of whether or not the coffee provided by Goldman Sachs to its employees tastes like ass. The consensus from the inside seemed to be yes, it does. Today, emboldened by the brave souls at GS who stood up to say to Lloyd Blankfein, via bitching to the press, “this coffee tastes like shit,” a Blackstone employee has done the same.
I hope you’re listening, Stephen Schwarzman.
“Re: crap coffee, I can confirm, unequivocally, that the same holds true at Blackstone. What we’re provided in the kitchen is utterly and completely foul. It can only be described as swill.”
Just who does Bob Diamond think he is, some overheated junior rainmakers at BarCap would like to know? Salaries for IB first years are apparently being upped to 70k while S&T employees (3 months counts) are remaining at 60k, a “snub” (obviously not my words) they are “none too happy about.” What are they going to do about it?