The short answer: yes.
The slightly longer answer: Read more »
Over the summer, Morgan Stanely financial adviser Martin Joel Erzinger, pictured, drove over a doctor who was on his bike and then kept going, “until he reached a Pizza Hut parking lot, where he stopped and called Mercedes auto assistance to report the damage to his vehicle.” Read more »
Other banks would take Friday and enjoy the weekend but not Goldman Sachs, according to CNBC’s Kate Kelly. They get shit done before close of business and none of this Summer Friday crap. Of course, there are still a lot of unknowns, a lotta ins, lotta outs, lotta what-have-yous, including but not limited to, will GS seed this entity? Will it act as prime broker and if so, will it be treated like every other client or will it get extra-special treatment, like being told beforehand trades will be front-run (“we’re just going to help ourselves to this, thanks sugar”)? These are the things we need answers to. Read more »
Former SEC Chairman Harvey Pitt: You Could Clip Together 2,000 Copies Of The “Pre-BOOTY Call Agreement,” Slap On A Dodd-Frank Cover Page And No One In Congress Would Be The WiserBy Bess Levin
Why? According to Pitt, in a bold (though perhaps not so far-fetched) claim, nobody’s actually read the thing.
Dodd-Frank is a ponderous beast. If Congress were paid by the word or the page, this verbiage might be understandable. But neither of those conditions exists, meaning all we can be certain of is that no one in Congress or the administration has actually read the entire bill. Who actually knows what’s in the bill?
“The Chief Executive Of The British Bankers Association joins us on the line, Angela Knight. You’ve said that bankers are treated like lepers and carriers of bird flu. Do you not think that is no doubt because your members took huge sums of taxpayer money, caused a collapse of the economy, which is leading so some of the biggest cuts in public spending that we can ever remember and while the country suffers, your members take bonuses like nothing has happened? Is not then understandable that bankers are treated in that way?” [BBC]
Astounding Research Reveals Highly Compensated Bosses May Not Give Rat’s Ass About Their Organization’s PeonsBy Bess Levin
According to a new study, a high salary may actually make your company’s CEO meaner. In the study’s white paper, “When Executives Rake in Millions: Meanness in Organizations,” professors from Harvard, Rice and the University of Utah argue that rising income inequality between executives and ordinary workers results in “power asymmetries in the workplace such that top executives come to view lower level workers as dispensable objects not worthy of human dignity.” [HP via HNM] Read more »