those were the days
a) Lloyd Blankfein
b) Hank Paulson
c) Jon Corzine
d) Stephen Friedman
e) Gus Levy
f) John Whitehead
g) John Weinberg
h) Sidney Weinberg
i) Marcus Goldman
Hopefully you answered D, Stephen Friedman, as that was the answer we were looking for, per a New York Observer piece on financial services employees who feel more comfortable in a onesie than a suit.
“I wrestled as well as I could wrestle, and if I lost, that was my own fault,” KKR’s Henry Kravis once told an interviewer about what he learned from wrestling. “I had nobody to blame but myself.” Apollo Global Management co-founder Josh Harris wrestled at the University of Pennsylvania before deciding that making his 118-pound weight class didn’t allow either the time or calories for the old “college experience.” Former Goldman Sachs chief executive officer Stephen Friedman, an AAU champion who wrestled at Cornell, was known to challenge subordinates to impromptu matches. Former Merrill Lynch CEO John Thain was a college wrestler, though Mr. Novogratz pointed out that Mr. Thain, now CIT Group CEO, wrestled at the Division III level.
The daily Seamless stipend is considered sacred for employees, and any abuse of the system appears generally overlooked by higher-ups. When Lehman Brothers went under, for instance, Morgan Stanley lowered the Seamless limit from $30 to $25, much to the anger of workers. “People went nuts,” recalls a former employee. “Every so often there were these fireside chats with [Morgan Stanley CEO] John Mack ‘Da Knife’ and a collection of analysts. One of the women on the call asked Mack to raise the limit to $30 again. Mack, not really having paid much attention to expenses, was surprised to hear it had been reduced. Concerned, he asked her why she needed $30 instead of just $25. She said that with the new reduction, ‘I can’t order my Perrier anymore.'” The next day, as legend has it, there was an entire case of Perrier on her desk–courtesy of John Mack.
In related news, the Morgan Stanley Seamless stipend is currently at $20. And while filing formal complaints at the top might have worked when MS was a free-for-all orgy of sparkling water and Italian pastries and whatever else your heart desired,** anyone considering pleading his/her case to James Gorman re: why this just won’t do should also think about boxing their shit up first, lest a hasty exit be necessary.
**Particularly if what your heart desired was a pair of fierce as fuck shoes.
“First of all, this is a personal choice. From a corporate perspective, we have a lot of Democrats at the firm and my partner, Tony James, has been a supporter of the president. This is my choice, not a Blackstone choice. When we started Blackstone in 1985, the first investment we made in private equity […]
For his new book about Goldman Sachs, Money and Power, William Cohan goes inside to figure out the Masters of the Universe’s secrets to success. Speaking to FINS recently, Cohan noted that the firm subscribes to a “work hard, work hard” mantra (as opposed to “work hard, play hard”) and that it goes to great […]
As Wall Street bonuses bulged and housing prices were peaking in 2005, Daniel Mudd found himself dreading his top job at Fannie Mae. Going to work felt like “a choice between poking my eye out and cutting off a finger,” Fannie’s former chief executive officer recalls in Bethany McLean and Joe Nocera’s new tome, “All […]
Steve Mandala is the guy who took Merrill Lynch for $780,000, and with some of the cash, bought himself a red 2006 Ferrari F430 Spider. Prior to joining the bank, he was a broker at Maxim Group who earned about $100,000 annually. He sensed that there was some money to help himself to at Mother […]
“The biting of the nose and the fights, sure, when you’re throwing around that kind of money, people tend to lose it sometimes,” said Doug Pringle, 42, who traded corn, soybeans, 10- year Treasury notes and 30-year bonds for 17 years. “I miss the excitement.” Trading-Pit Glamour Dims as Computers Ascend in Film [Bloomberg] Floored […]
As previously mentioned, one of the unforeseen consequences of the Galleon insider trading bust was credibility taking a hit. Specifically that of the individuals who’d told their friends and colleagues that Danielle Chiesi was a dime piece, and who were slightly dismayed to see the picture of her from a Bridget Nielsen (Flavor Flav Years) […]
From: Bob Wood Sent: Fri 10/9/2009 5:06 PM Subject: Galleon Group September 2009 Commentary and Performance Reviews Please find attached Galleon’s monthly investment letter together with the package of the September performance reports. All of the funds recorded solid returns for the month as we continue to see evidence that we are moving into a […]
You know, we were fairly certain that the first time we wrote about octogenarian Ace Greenberg’s sex life (by way of Barbara Walters’ who was also banging Alan Greenspan at the time) was going to be the last. Thanks to Charlie Gasparino, not so! Perhaps taking his Italian deli meats beat a bit too literally, […]