If you’re looking for a cheerleader, go bark up another tree.
“Say you want to be out ahead of it and give a lot of speeches and talk about all the good we’re doing,” Gorman said today at an industry conference in New York. “And then some trader does some stupid thing like this guy at UBS did and he’s in jail and all bets are off,” Gorman said. He was referring to Kweku Adoboli, the UBS AG trader convicted of fraud this month in the largest unauthorized trading loss in British history…Traders at New York-based Morgan Stanley had too much latitude in the past, “what I call having an outsized sandbox,” Gorman, 54, said at the conference, which was sponsored by the Securities Industry and Financial Markets Association. “Until we can be really confident we’ve got discipline around the sandboxes, I think you have to be really careful not to be holier than thou,” Gorman said. “We’re going to be in the doghouse for a while.”
Incidentally, this would a good time to mention that Gorman’s bonus policy instituted last January– STFU or GTFO– still stands. Read more »
Roberta “RC” Saint Amour is a Bear Stearns alum, winner of the 112th Wellesley College “Hoop Rolling” Competition, honorary member of the first inaugural Ladies of Investor Relations list, and a girl with a dream. That dream? Winning the new season of Survivor: The Phillipines. Starting tomorrow, viewers can watch her go head to head with former San Francisco Giants second baseman Jeff Kent and the actress who played Blair on Facts of Life and while RC believes her time on Wall Street has prepared her well (“If I know how to play with the big boys of Wall Street, I can certainly play with the little boys in the Survivor sandbox,”she says), the $1 million prize is not necessarily in the bag. And on the off chance she doesn’t emerge victorious, she’ll be looking to one of you for gainful employment, as the management at Landmark Ventures was apparently not interested in coming along for the ride. Read more »