It’s because he has to. Read more »
Ken Griffin Doesn’t Make His High-Frequency Traders Write Their Code In Pig Latin And Then Swallow The Evidence Because He Wants ToBy Bess Levin
Breaking: Banks May Actually Just Pretend Publicly To Be Playing By New Rules, Proceed To Do Whatever They Damn Well PleaseBy Bess Levin
While Wall Street publicly is dismantling its dedicated proprietary trading desks, some veterans of the Street are skeptical that the banks will really stop trading with their own money. They say banks could continue making house bets by disguising proprietary trading as making markets for clients. House bets, when they are mixed with client trades, are more difficult for regulators to detect. “To me, it is all smoke and mirrors,” one former Goldman managing director said. “The truth is that most of the position-taking occurs at the market-making level.” [Reuters]
Hedge Fund Manager Eric Rosenfeld’s Children’s Book About Asses Also Has An Economics Lesson Found WithinBy Bess Levin
Yesterday we discussed Mrs. Buttkiss, the story of a woman with a “huge” ass, a dirty little secret, and what happens one day when she lets it out in the fruit aisle of a grocery store. Mrs. Buttkiss and The Big Surprise isn’t just any old children’s book about asses but one conceived of by Crescendo Partners founder Eric Rosenfeld, whose tale of asses and the magic they hold had been brewing for over ten years. (For those of you not up to speed on the storyline, see my summary in comments 52, 55, and 57 here). It’s also one of the few books you can currently purchase that comes with a free whoppie cushion. We had a little chat with the auteur, who claims to have no calls on FDP, about his process.
Is this an allegory for the financial crisis? Bubbles, etc?
A lot of people seem to think that but I came up with the story ten years ago, way before the financial crisis.
Ten years ago the seeds were already being sown. A bunch of Alan Greenspan’s friends knew what was happening. It definitely could’ve been about the crisis.
That wasn’t the original intent but it’s fine with me if people want to think about it that way.
Is it about LTCM?
That’s a different Eric Rosenfeld who worked there.
It could still be about John Meriwether. His gastroenterologist loves to talk. Anyway…you said you came up with this story when you were putting your kids to bed. What happened that night that this was the story you came up with?
I was just trying to make up a story I thought they’d like.
Kids like this sort of thing?
Oh yeah. Kids ages 2-12 think it’s hilarious. What did you think of it? Read more »
When you’re a big time hedge fund manager, it’s important to have outlets through which to blow off the stress of the markets. Some buy art. Some play golf. Others fuck hookers. A very small group write books, usually related to what they do all day. Crescendo Partners founder Eric Rosenfeld knew he wanted to add author to his list of occupations but he wasn’t much interested in talking about the money making game. He wanted to tell a richer, more meaningful story. A story about a woman with a huge ass, and a dirty little secret. Read more »
Jamie Dimon is the most-loved CEO on Wall Street. There’s no debating that. Obama loves him, the press loves him, tweens love him, we love him. He’s devastatingly charming, handsome, and smart. He’s got integrity oozing out of every orifice. He’s funny. Good at basketball. He can fix things around the house. The list goes on. There is one thing you don’t know about JD, though. Despite having a pretty jam-packed schedule, what with his job running a multi-billion dollar corporation and beating men, women and children off with a stick, he’s somehow found the time to fit in bi-weekly runs to Atlanta. To dump used tires. Illegally. According to City Solicitor Raines Carter. Who’s issued a warrant for Jamie’s arrest.