The AIG chief, whose greatest hits include “my balls are bigger than the government’s,” “The worst thing that will ever happen to him is when he and I meet in the room and I close the door,” and “women go wild when they walk [into my bathroom],” will officially bid his people adieu come September. Read more »
If David Einhorn Pulled The Same Stunt On GE That He Pulled On Apple You Can Bet He’d Be Receiving A Western Union Telegram From Grandpa Welch Telling Him To ‘Knock It Off’By Bess Levin
Former General Electric CEO Jack Welch says Apple deserves better than the treatment it’s getting from David Einhorn, the hedge-fund manager pressuring the iPhone maker to cough up dividends. “Look, these guys are after a quick hit. I’d blow him off,” he told CNBC’s “Closing Bell.” “I’d give Einhorn the back of my hand.” Welch said he had the same kind of problem with activist investors while heading GE. “They’d come after us, ‘What are you going to do with all that cash?’ Well, we’re going to do a smart thing! Trust us!” Welch said. [CNBC, related, related]
As you may have heard, yesterday afternoon, Morgan Stanley held a little good-bye party for John Mack, who will step down as chairman at the end of the year. What are Mack’s plans for the retirement phase of his life? Will he sail around the world? Restore old cars? Work on his golf game? Take up fly fishing? Move back down to his native North Carolina? Teach a course on business at his alma mater, Duke University? While those would all be admirable pursuits, it’s not likely Mack will have the time for them. Because John Mack, you see, has his sights set on something bigger. The realization of a dream, if you will. The dream of selling women’s shoes. Read more »
Howard Buffett said his father, billionaire Warren Buffett, plans to work until death leading Berkshire Hathaway Inc. and isn’t considering retirement. “That word is not in his vocabulary,” Howard Buffett said in an interview yesterday in Des Moines, Iowa. “He says when he goes to the grave he will communicate with us via Ouija board.” [Bloomberg]
Over the weekend Charlie Gasparino reported that John Mack is expected to retire as chairman of Morgan Stanley at the end of the year. According to Chaz, Mack will use some of his newfound time to write a book. It’s still in the early stages, though, and probably untitled. So! Read more »
The billionaire is retiring and closing his firm, Duquesne Capital. The fund returned returned 11 percent in 2008 and 10 percent in 2009 but apparently Stan can’t take the “interim drawdowns” (they’re down 5 percent so far this year) anymore. Also, he just wants to golf. Read more »
Perhaps some of you remember Jon Winkelried? The former Goldman Sachs co-president is persona non grata at the firm but for the purposes of context, a quick refresh: Winkelried was the good for nothing prick who abandoned Lloyd Blankfein when the CEO needed him most, and when it would look most bad for the company to have a high level departure (circa the shit hitting the fan era). A traitorous shrew, really, who let deaf ears fall on Blankfein’s pleas to stay, and who traded it all in for a bunch of barnyard animals.
Anywho, Goldman ended up getting on just fine with out he whose name shall not be mentioned, got on great in fact, but his actions did leave a lasting mark on Blankfein, namely that he lost the ability to open up and trust high level execs and that his previously dormant abandonment issues flared up like nobody’s business. So when there was talk of Goldman CFO David “Bones” Viniar retiring, Lloyd naturally panicked. But apparently it was for naught. Bones would never do that to his li’l fella. Read more »
Erin Callan took a leave of absence from her job at Credit Suisse over a year ago. Since then, we’d heard nary a peep from the old girl. In our minds we knew she’d likely extended her vacation to something more permanent, but in our hearts we hoped against hope to wake up one morning and see her going at it with David Einhorn on Squawk Box, or posing in front of black cars in the Wall Street Journal. Today Charlie “I’m gonna nut in Maria Bartiromo et al’s eyes” Gasparino has crushed that dream. The ace reporter, working the phones all morning, delivers this devastating blow sure to rock your world: “Callan has formally ‘retired’ from the securities business, according to people with knowledge of the matter.” The situation is not fluid.