Back in January, Morgan Stanley CEO James Gorman sent a simple messages to his employees, who had been grumbling about their pay: STFU or GTFO. “You’re naive, read the newspaper, No.1,” Gorman told Bloomberg he would say to any members of his staff that wanted to give him lip about their compensation to his face. “No. 2, if you put your compensation in a one-year context to define your over all level of happiness, you have a problem which is much bigger than this job. And No. 3, if you’re really unhappy, just leave.” Today, in an interview with the FT, Gorman reiterated his stance and added that in addition to reducing compensation for current employees, the bank will likely be drastically cutting pay for future analysts. If anyone has a problem with that, they should consider applying for a gig at Bank of Mythical Pre-Crisis Era Bonuses. Alternatively, Gorman is happy to discuss a compensation plan in which you’ll be awarded shares of his foot in your ass, which vest immediately. Your call. Read more »
I CAN'T TONIGHT I HAVE TO HELP RESCUE THE COUNTRY FROM THE WORST FINANCIAL CRISIS IN 80 YEARS! WELL I'M SORRY IF YOU REARRANGED YOUR PLANS Who asked you to do that?!
Still, it soon became clear that dating a congressman was not like dating other men. Mr. Frank had just been appointed chairman of the House Financial Services Committee, where he played a central role in creating legislation to increase transparency in financial markets. Weekends in Maine turned into Washington sleepovers, with Mr. Ready eating takeout outside a conference room as Mr. Frank hammered out a bank bailout with figures like Henry Paulson Jr., then the Treasury secretary. “Hank Paulson would call on a Friday afternoon and say, ‘Well, such-and-such a bank is failing,’ ” said Mr. Frank, recalling broken dates. At one point, Mr. Ready confronted his boyfriend: “I was like, ‘You know what? You spend more time with flight attendants than you do with me.’ ” [NYT]
Sir Philip Hampton said investors who owned RBS shares before its £45.5bn bailout in October 2008 were likely to be dead before the bank’s value recovered to anything close to its pre-crisis level. “I don’t think shareholders wealth is likely to be restored any time in my lifetime or some lifetimes beyond,” said Sir Philip, who was brought in as the bank’s chairman in January 2009. [Telegraph]
Today we’re going to talk about something really important: your beauty routines. What you do to look good, what buy to look better. Hard numbers re: what kind of coin you’re dropping on toners and moisturizers. Thinking about claiming you don’t use any of that crap? Let’s not play that game. You’re slathering $95 eye cream on your bags and you’re liking it. Read more »
There will be no Mrs. Nice IMF Chief. Read more »
Catch Andrew Ross Sorkin’s column about Goldman Sachs this morning? Charlie Gasparino did and he didn’t like it. Noting Goldman Sachs’ desire not to make a big deal about the money it made correctly predicting the housing market crash, perhaps in an attempt not to attract anymore attention from Senator Carl “Goldman Sachs is a financial snake pit rife with greed, conflicts of interest, and wrongdoing” Levin, Sorkin encouraged the Masters of the Universe to stop denying their success. Rather, ARS would like to see them “take a bow,” as their housing call is something they should be proud of and which shareholders and taxpayers alike should be happy about, since it meant the latter didn’t have to bail the firm out to the extent it did Citi and AIG. And that pissed Gasparino off something fierce.
Normally he wouldn’t say anything (“‘I’m not and never have been in the Goldman is the root-of-all-evil-camp,” CG prefaces) but after last month’s antics wherein the firm dared to deny his report Lloyd Blankfein’s friends claim he’s thinking of retiring, Chaz can no longer bite his tongue. Not to get too off-topic, but it still baffles CG as to how GS spokesman Lucas vP “can deny someone’s impression from a private conversation.” Sorry, he just had to get that out there. But back to the suggestion that Goldman should be taking any bows– bull shit, Gasparino says. Bull, shit.
“The last thing Goldman should be doing right now is taking a bow and telling the world it’s a great firm, because when it comes down to it, Goldman isn’t really a great firm.
“What is it then,” CG asks fuming. Not being here to simply raise questions without providing answers, Gasparino goes on, attributing a well-known saying to a guy he gets drunk with. Read more »
Earlier today actor Alan Cummings told New York magazine that he’d taken his money out of Goldman Sachs because he was disgusted with how they conducted themselves before during and after the crisis. Cummings knew writing to Lloyd Blankfein and telling the CEO how disappointed he was would accomplish nothing, and that the only way to send a message that would actually penetrate senior management was to speak their language. The language of cash-money. Cummings just knew that the way to get a rise out of LB and Co was to shake a stack of hundos in their direct line of vision and then take said hundos away from them. And Cummings was right. Read more »