surprises

  • News

    Trading Psychology 101: Doing Away With The Concept Of ‘After The Market Closed’ Has Blindingly Obvious Impact

    The CME’s little experiment in 21-hour grain-trading days offers more evidence that traders will trade on market-moving information immediately, given the opportunity.

    / Aug 16, 2013 at 3:54 PM
  • News

    Unexpected CBOE Shutdown Caused By Unexpected Glitch

    This may surprise you, but CBOE CEO Bill Brodsky wasn’t exactly predicting yesterday’s little incident. Or, as he’d prefer to think of it, “a learning experience.” The software glitch that shuttered the Chicago Board Options Exchange for several hours on Thursday “cropped up unexpectedly,” CBOE Holdings CEO Bill Brodsky told CNBC television on Friday. And […]

    / Apr 26, 2013 at 3:22 PM
  • News

    Hedge Fund Named For Ballad Recounting The Joys Of Massive Amphetamine Intake Lives Fast, Dies Hard

    The founders of hedge fund 5:15 Capital Management named it for a song whose opening and closing lines are, “Why should I care?” Separately, 5:15 Capital is closing its doors.

    / Apr 17, 2013 at 3:30 PM
  • News

    Zen Gardens That Never Were: Vikram Pandit Doesn’t Have To Put Up With This Shit Anymore

    As you may have heard, earlier today, Citigroup announced that CEO Vikram Pandit would be resigning from his post at the bank, effective immediately, along with several longtime lieutenants. While the news came as a shock to Wall Street, it was assumed that on the inside, employees had been given some advanced warning and time to get used to the idea of life without Uncle Vik. That he hadn’t just left in the middle of the night. That those hugs on the elevator Monday hadn’t been their last. That he’d stashed something away for them to remember him by. A good-bye note. A glossy 8X10 photo to keep on their desks. SOMETHING. Apparently though, not so much.

    The news of Mr. Pandit’s departure after five years atop the company came as a shock to Citigroup employees, including senior executives. In the firm’s London office, some executives emerged from a meeting and read the news on their computers and Bloomberg terminals, well before the bank’s internal memo was released. Soon a dozen employees were crowded in front of television monitors, following the story on financial business shows. Others were seen around a water cooler on the trading floor, discussing the news. Still others retreated to their desks to parse Citigroup’s recent earnings release, looking for hints of internal conflict. “There’s shock,” said a Citigroup executive based in New York. “Even senior people were surprised.”

    And while early reports suggested that Count Vikula had simply decided that Citigroup had come so far since he’d taken the gig five years ago that his work was done, and that while it was time to move onto the next stage of his life, he’d cherish the memories and the people he met at Citi, it now sounds like the split was a bit more acrimonious than that.

    Pandit abruptly stepped down following a clash with the New York company’s board over strategy and operating performance at businesses including its institutional clients group, according to people with knowledge of the bank.

    At this time, some questions that need answering:

    * Does today’s news change Meredith Whitney’s opinion of the Big C, which, as of last April was that the thought of it still sickened her?

    * Where is the comment from Prince Alwaleed, AKA Citi’s largest individual shareholder and Vikram’s number one fan?

    * Is Sheila Bair happy?

    * Will Citi’s food services employees treat new CEO Mike Corbat in the manner he’s grown accustomed?

    The ladies who serve and prepare the food at Currier House all have crushes on senior Mike Corbat. The woman who checks off the names–the one sitting at the desk–smiles and winks at him. Then the greyish, plump one who serves the french onion dip giggles, when Corbat quips something that’s not-so-funny. And during lunch, a man who also works in the dining room–he’s the aged guy, with a slightly arched back who stands around in his red coat–comes over to Corbat and gives him some present all wrapped up in tinfoil. The guy in the red coat paternally pats him on the shoulder and walks away. “I just give them tickets to some of the games,” he explains. You see, Mike Corbat is a 6-ft, 3-m, 230 pound dear. Whatever the case. Corbat–an all-Ivy offensive guard on the Harvard football team–may be a dear to the people who work in the dining hall, but he certainly isn’t dear to his opponents. People who are dears on the field don’t get contacted by at least a half-dozen teams informing him of the possibilities of his playing in the National Football League.

    * Could all of this have been different if those cheap fucks has just given him his Zen Garden?

    Citigroup CEO Vikram Pandit Resigns [WSJ]
    Mike Corbat: All-Ivy And A Perfect Team Player [Crimson via Counterparties]
    Earlier: Vikram Pandit: HAPPY.AS.A.CLAM
    Related: “…certain design elements have been nixed since the initial planning phase, including a Zen garden.”

    / Oct 16, 2012 at 11:44 AM
  • News

    Jamie Dimon: JPMorgan’s Balance Sheet Still Fortress-Esque

    “We maintain a fortress balance sheet to manage surprises and setbacks like this,” Dimon said today. “I’m confident when we’re done here we’ll be a stronger company.” [Bloomberg, earlier]

    / May 15, 2012 at 4:23 PM
  • News

    Morgan Stanley Guy Identified As Friend And Partner Of Brothel CEO Doesn’t Know What All The Fuss Is About

    Earlier today it was reported that the Morgan Stanley employee who was helping Upper East Side madam and self-titled “CEO” Anna Gristina/Scotland expand her “empire” was a broker David Walker. Subsequently, some people showed up to one David Walker’s apartment for a comment on the matter. He told them 1) That contrary to various stories, […]

    / Mar 7, 2012 at 3:56 PM
  • News

    RBS Chairman: Bonus Backlash Came Out Of Nowhere

    The Royal Bank of Scotland Group PLC’s chairman on Friday acknowledged that the bank had miscalculated the public and political reaction to the £963,000 (around $1.5 million) bonus in shares awarded to Chief Executive Stephen Hester, who subsequently turned down the payment…”We knew it would be a difficult reaction, but the speed and scale of […]

    / Feb 3, 2012 at 2:52 PM
  • News

    Highbridge Asia Chief Quits To Start New Firm

    Yesterday we reported that Highbridge’s Asia man, Carl Huttenlocher, would be leaving the firm, in a move that seems to have come as something a shock CEO Glen Dubin (and investors from whom Huttenlocher spent most of 2010 raising assets), who flew out to Hong Kong to let employees know that nothing is fucked (though […]

    / Mar 1, 2011 at 2:21 PM
  • News

    Ken Feinberg Mulling Over Having A Little More Fun With Wall Street

    His time here is almost over but before he takes off for a little maxing and relaxing, the Compensation Cop is apparently thinking about having some fun with bonuses that were paid out that for “the bailout year of 2008″ by all banks that took TARP funds and not just the ones who’ve yet to […]

    / Jul 13, 2010 at 3:02 PM
  • News

    Lisa Maria Falcone WILL NOT BE BROKEN

    You can break her foot, sneaky Vespa bike, but you will never break her spirit, or sense of fashion.

    / Jun 23, 2010 at 9:32 AM
  • News

    Caption Contest Friday

    [via NYT]

    / Oct 2, 2009 at 12:03 PM

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