“My survey of Wall Street executives [shows] Jack Lew in the running for this job…They think that he’s the most likely guy to be Treasury Secretary at least that’s according to the people I talked to: major Wall Street CEO’s and executive suite players that I deal with…The other guy that’s out there is Larry Fink CEO of BlackRock. I will say this, Larry Fink is a guy I know very well. I consider him a friend. The upside to Larry is clearly that there is no smarter guy on Wall Street that I know right now. He really understands the business…I think Larry wants the job. The negative is that he is really associated with the Wall Street crowd. That is something that I don’t think the Obama administration would go for.” –Charles Gasparino, close personal friend of Larry Fink [FBN]
The Upside To Larry Fink Being Appointed The Next Treasury Secretary Is That It Puts Charlie Gasparino One Step Closer To Sleeping In The Lincoln BedroomBy Bess Levin
What Percentage Of Harvard Business School’s Class Of 1986 Is Lying About How Much Weight They’ve Gained?By Bess Levin
For its 25th reunion last year, the members of Harvard Business School’s class of 1986 were asked to fill out an 85 question survey to give their former classmates a picture of where life has taken them since the gang parted ways. In addition to standard queries like “how much money are you making” (median annual net income: $350,000, median personal net worth: $6 million), “did you start a business” (36 percent said yes), “was choosing to attend Harvard Business School the best decision you’ve ever made” (48 percent responded that it was “one of the best decisions of my life,” 1 percent boldly claimed “it was not a particularly productive use of my time or money”), and how many times have you been laid-off and/or fired (4 percent have been “involuntarily dismissed” three times, 13 percent twice, and 47 percent once) the questionnaire writers dug quite a bit deeper to find out that: Read more »
“Bonuses Met Wall Street Workers’ Expectations Says Survey” That Was Taken Before Majority Of Wall Street Workers Found Out What They Were EarningBy Bess Levin
Forty-five percent of respondents said “bonuses matched their expectations,” 11 percent received “a higher payout than they had anticipated,” and 34 percent were “disappointed by their bonus.” The results included financial services employees whose compensation was communicated by January 16, which means it excludes those who work at Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, Credit Suisse, and Deutsche Bank (Update: and UBS). [Bloomberg]
Just asking as a friend and someone who’s worried. Goldman Sachs has everything going for them– looks, money, huge dicks, a restraining order against a Rolling Stone reporter– but it seems as though there’s a serious crisis of confidence going on, based on a little survey sent out by the bank, requesting “feedback” from “a select group of our stakeholders.” At first it appears pretty standard– questions about how well clients are serviced compared to other banks, etc. But then things take a turn. The Masters of the Universe want to know what you tell your friends and co-workers about them asking, for instance, would you “go out of your way to recommend us” to a co-worker looking for a gig or would you “never recommend us”? Whereas you’d think Goldman would and should assume everyone loves them, those surveyed are asked not just whether or not they “admire” the firm but if they “respect” as well (when you have this little self-confidence you need to drill down on the difference), or alternatively, if they have zero respect/admiration. Did you read the annual report? Or can you “not remember” if you had a chance to look it over, since it was so unremarkable GS wouldn’t blame you if you could not recall?