“You will never see as many great women investors or traders as men. Period. End of story. And the reason why is not because they’re not capable. They’re very capable. Like, one of my No. 1 rules as an investor is as soon as my manager, if I find out that manager is going through divorce, redeem immediately. Because the emotional distraction that comes from divorce is so overwhelming. The idea that you could think straight for 60 seconds and be able to make a rational decision is impossible, particularly when their kids are involved…Take a girl that was my age [20s] at that point in time, particularly back in the 70s. I can think of two that actually started E.F. Hutton with me. Within four years, by 1980, right when I was getting ready to launch my company they both got married. Then they both had, which in my mind is as big of a killer as divorce is, they both had children. And as soon as that baby’s lips touched that girl’s bosom, forget it. Every single investment idea, every desire to understand what’s going to make this go up or go down is going to be overwhelmed by the most beautiful experience which a man will never share about a mode of connection between that mother and that baby. I just see it happen over and over.” [BI]
so that’s something
Paul Tudor Jones Has Theory On Women Traders, Strangely Graphic Description Of Breastfeeding To Share
By Bess Levin
Royal Bank of Scotland Group Plc executives told lawmakers they believed it was impossible to rig Libor, less than a week after regulators found traders at the lender manipulated the benchmark for more than four years. “None of us thought of this as a risk that needed this level of attention,” said John Hourican, who resigned as investment-banking head after the fine, told a hearing of the Parliamentary Commission on Banking Standards in London today. “It just didn’t occur to anyone that it could be fiddled,” former investment banking chairman Johnny Cameron told lawmakers. [RBS]
For the next three weeks, the bank’s world-wide head of foreign-exchange sales is invoking his alter ego, “Bernieman.” The 53-year-old Mr. Sinniah’s mission: elevate Citigroup to the top of Euromoney magazine’s hallowed annual ranking of foreign-exchange firms…The last time Citigroup captured the top spot was in 2002. The New York bank then languished but has been inching its way back up the list, finishing second in 2012. Triumph this year is a job for Bernieman. Vowing to end Citigroup’s losing streak, Mr. Sinniah put his muscles where his mouth is. Around the world, Citigroup has plastered offices with a cartoon sendup of Mr. Sinniah clad in yellow tights, red briefs and a red cape, with a B on his chest and left index finger pointing toward the sky. “THERE IS NO TRY. DO!” the posters say. “GET TO NUMBER ONE.” “DO!” means persuading clients to support Citigroup in the Euromoney survey. “Every vote counts!” one poster adds. On Citigroup trading floors, traders, salespeople and analysts have been divided into teams to get out the vote. Instead of their typical uniform of button-down shirts and chinos, employees are wearing T-shirts emblazoned with Formula One racing-team names and Bernieman’s motto. [WSJ]
Layoffs Watch ’12: Credit Suisse Allows Soon-To-Be Laid Off Employees To Enjoy The Holidays
By Bess LevinLight your candles, hang some mistletoe, ring in 2013, and then come back January 2 prepared to clear out your desk. Read more »
CR Intrinsic PM Arrested On Insider Trading Charges Can Take Solace In Knowing He Is Peerless In His Field
By Bess Levin
Former SAC Capital Advisors LP portfolio manager Mathew Martoma was charged in what U.S. prosecutors called “the most lucrative insider-trading scheme ever,” netting as much as $276 million while at the hedge fund. Prosecutors in the office of U.S. Attorney Preet Bharara in Manhattan today unsealed a complaint charging Martoma with trading on illicit tips about Alzheimer’s disease drug-trial results from 2006 to 2008. Martoma is accused of arranging trades in shares of Wyeth LLC and Elan Corp., making $220 million in profits and avoiding $56 million in losses for an unnamed hedge fund. Martoma is charged with one count of conspiracy and two counts of securities. Mathew Martoma, 38, of Boca Raton, Florida, worked for CR Intrinsic Investors in Stamford, Connecticut, a unit of SAC Capital, according to a civil complaint lawsuit filed against him by the U.S. Securities and Exchange Commission. Martoma allegedly engaged in the misconduct while at CR Intrinsic, according to the SEC complaint. [Bloomberg, WSJ, Complaint]
No large U.S. company is attracting more attention from short sellers than Facebook, amid bets the world’s biggest social-networking company will keep falling after losing $27 billion since its initial public offering. Short interest on the Menlo Park, California-based company reached 5.9 percent of shares outstanding, according to data compiled by Bloomberg and Data Explorers Ltd., a New York-based research firm. None of the Standard & Poor’s 500 Index companies with at least $50 billion in market capitalization has short interest higher than 3 percent, the data show. Facebook, which has a market value of about $63.8 billion, isn’t in the S&P 500. [Bloomberg]
The bad news is that bank bonuses this year are estimated to drop 20% to 30% from 2010, and quite a bit more if you’re a bond trader. The good news is that 2012 should see some cash freed up, on account of all the people who will have been fired by then. Read more »
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