The object of the game (“Kim Kardashian: Hollywood”) is to get rich and famous and involves an animated Kim saying things like “You’re a natural in front of the camera” for a successful photo-shoot and telling you you suck for not hitting on someone’s animated boyfriend. We live in a world in which Morgan Stanley economists think a two-letter app is genius and guys in Silicon Valley pour hundreds of millions into one-letter apps, so, really, sky’s the limit. [Fashionista]
The hedge fund formerly known as SAC Capital
Over at the Journal today you will find a highly disturbing report: as the firm begins the process of converting into a family office, “SAC, which took the initials of its founder, Steven A.Cohen, has also had internal discussions about whether to change its name, in part to forge a new identity following its legal battles.” Read more »
Serious question of the day
- Ben Bernanke’s second term as Chairman of the Federal Reserve ends on January 31, 2014.
- Ben Bernanke has “already stayed a lot longer than he wanted to, or he was supposed to,” and will not likely be reappointed next year.
- Ben Bernanke has a head for numbers
- Ben Bernanke is a leader
- Ben Bernanke has gotten used to being addressed as “Mr. Chairman.”
- Bernanke loves Bernanke loves caviar quality suits at street vendor hot dog prices.
- Men’s Wearhouse has an opening.
The one thing potentially stopping him:
- Ben Bernanke’s noted devotion to Jos A. Bank.
It’s possible, of course, that he could put all that aside for the right price and a package that included a 50% employee discount.
But would he? Should he? Read more »
Earlier today, it was reported that Timothy P. Geithner has informed people that he “plans to leave the administration by the end of January, even if President Barack Obama and congressional Republicans haven’t reached an agreement to raise the debt ceiling.” Will this actually happen? Those unfamiliar with the Treasury Secretary’s attempts to leave his post in the past will say yes. He’s leaving, ship-shape. Those who’ve watched TPG try and fail to bust out of Washington for the last nineteen months, however, know better. More than likely, he’s not going anywhere and it’s not because deep down inside he doesn’t actually want to go home but because his bosses won’t let him. Witness, if you will, a small sampling of examples in which his requests have been denied, either directly (via someone laughing in his face) or indirectly (by giving those who’ve applied to replace him the wrong directions to their interview):
- August 3, 2011: “Mr. Obama and his chief of staff, William M. Daley, have been urging Mr. Geithner to stay, administration officials say, not only for continuity when the economy has weakened and to avoid an all-but-certain confirmation fight in the Senate over a successor, but also because Mr. Obama has developed a close rapport with Mr. Geithner…Especially in recent weeks, the issue has become a running joke, officials say: Mr. Geithner and Mr. Daley tease about the ankle bracelet that the White House makes him wear, or Mr. Geithner asks if Mr. Daley has yet read his resignation letter, to which Mr. Daley answers in unprintable language.”
- August 5, 2011: “President Barack Obama’s senior advisers are confident Treasury Secretary Timothy F. Geithner will remain in his job even though he hasn’t made his intentions public, an administration official said. Geithner met recently with Vice President Joe Biden and laid out his reasons for wanting to leave the post. Biden outlined why it was vital that Geithner remain, said the official, who spoke on condition of anonymity because no announcement has been made.”
- January 26, 2012: “Treasury Secretary Timothy F. Geithner, the last member of the Obama administration’s original economic team, said he doesn’t expect to remain in office if the president is re-elected. ‘He’s not going to ask me to stay on, I’m pretty confident,’ Geithner said in an interview with Bloomberg Television yesterday in Charlotte, North Carolina. ‘I’m confident he’ll be president. But I’m also confident he’s going to have the privilege of having another secretary of the Treasury.’”
- October 2, 2012: “Mr. Geithner has made clear for more than a year that he plans to leave his post but has said he would remain until a successor is confirmed, should Mr. Obama win re-election.”
According to Bloomberg, Geithner is well-aware of the potential for getting sandbagged yet again, which is why he’s come up with a new, fool-proof approach: telling everyone he’s serious. Before there was room for flexibility but not this time. He’s really leaving. He means it. January 31, he’s out the door. Take this seriously because he’s really going. Throwing a Super Bowl party at the house this year and he’s not cancelling again. Read more »
The following note was found in our inbox earlier this afternoon: Read more »
Who should replace Ben S. Bernanke as Chairman of the Federal Reserve when his term ends in January 2014? If anyone cared to ask us, we’d say no one: we like our Fed Chairman soft-spoken, bearded, and just as comfortable in dad jeans as they are in their bespoke Jos. A. Bank suits. But nobody asked and, according to Andrew Ross Sorkin, Bernanke has told “close friends” that regardless of whether or not Obama wins a second term, he’s ready to move on. Apparently qualified successors are few and far between and while Larry Summers is said to be “at the top of the list,” the fact that Treasury Secretary Tim Geithner may finally be granted freedom from his own personal Guantanamo Bay and will also necessitate a replacement who will have to work closely with the new Fed Chair poses some staffing issues, on account of the perception that Summers is somewhat difficult to work with. Read more »
Reader Poll: What Is The Appropriate Way To Close A Letter Informing Your Employer You’ve Lost It A Couple Billion Dollars?By Bess Levin
“Regards”? “Best wishes”? “Very yours truly”? “Sincerely”? “All the best”? “Love”? “Again, really sorry”? “Well I guess I’ll take off now”? “It’s been a pleasure working with you”? “TTYL”? “Keep in touch”? Kweku Adoboli, UBS’s alleged rogue trader, who does sound genuinely sorry for the “shit storm” he brought on the bank, went with “thanks.” Read more »