(And those who do will pay…a charity of their choosing.) Read more »
As you may have heard, Donald Trump has announced he’s thinking about running for President of the United States. Item number one on his agenda, should he be elected? Dealing with this China business. According to the Don, “nobody, other than OPEC, is riping off the United States like China,” and he’s had it. “They’re making all our products, they’re taking all our jobs and then they loan the money back and we pay them interest. It’s an amazing phenomena.” Should there be any confusion, Trump, who knows China better than anyone because he buys curtains from them, would like everyone to get it through their heads that “China is an abuser. China is not our friend.” How do we stop the cycle of abuse? Don’s glad you asked. First off, we stop playing Mr. Nice Guy and we start playing hard ball. And what will send a message we’re playing the hardest of ball? Taxing their stuff at 25 percent and taking away those fancy dinners you know they love so much. Read more »
Sometimes these things are unclear. Read more »
Earlier this morning, Squawk on the Street had a little interview with Blackstone chief Stephen Schwarzman, live from Waldorf Astoria, where the Yale CEO Summit is taking place. The chat was conducted by Tyler Mathisen, with his colleagues patched in from the mothership in Englewood Cliffs. Everyone was very excited to have Steve-o on and things started off friendly enough. David Faber had a question about Dynegy. Erin Burnett wanted to know about investing opportunities abroad. And Mathisen and Schwarzman, whose firm owns the Waldorf, had a cute little repartee going about Steve delivering towels to Tyler’s room and leaving a mint on his pillow (given how game Schwarzman was to play along, and the diversity of the The ‘Stone’s companies, now might be a good time to nominate a certain someone as the next guest on Undercover Boss).
Then Mark Haines had something to say. Read more »
Onto the house!
And in America, we don’t negotiate with terrorists! Except for when we do! [RCP]
There’s a rule on Wall Street that says if banks are considering doing something a little outside the box, something that might rock the boat a bit, they wait for Goldman’s signal. Whether it’s sartorial choices (Zubaz), internal protocols (the initiation of a buddy system between the prime brokerage and prop desk in order to facilitate front running of clients), or grooming (shorn scrotums), everyone waits for Goldman to go first and they then follow.
In some cases, the rationale comes down to the fact that the other firms really want to go for it (Deutsche, for one, was pushing hard for the hairless balls, telling anyone who would listen that “there’s really nothing like it”) but realize that if there’s any blowback, Goldman Sachs is best equipped to take the heat (by telling those who criticize to go fuck themselves). In others, the move being considered may not be something management at other shops want to do at all; they hold out for as long as possible until Goldman has to screw by doing it, at which time the other firms must follow suit, lest their employees get jealous of, for instance, their GS counterparts’ newly aerodynamic sacks.
To that end, the Times reports that Wall Street is “discussing whether to move up their bonus payouts from next year to this month,” out of fear that “lawmakers will allow taxes to rise for the wealthiest Americans beginning next year.” Apparently executives “at two large banks said their companies tentatively decided not to speed payouts, unless Goldman did. Then, these two executives said, they would consider paying early as a competitive measure, so that their workers were not upset.”
Mind you, Goldman itself has not yet decided anything and it would be a bit crunched for time on coming up with the numbers if it did in fact decide to accelerate the bonus timetable, to say nothing of the fact that the same paper reported on the same day that it’s looking like the tax cuts will be extended (not just for those making up to $250,000 but higher-earners as well).
So, you know, what will happen remains a bit unclear. Also unclear: what’s going on in the article’s accompany photo: Read more »
The rich are lying to you about their cash money. Read more »