those were the days

  • News

    Which Goldman Sachs CEO “Was Known To Challenge Subordinates To Impromptu Wrestling Matches”?

    Was it:

    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
    j) other

    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.

    Fortress Chieftain Mike Novogratz Wrestles with Olympians, Youth…and Wall Street [NYO]

    / Jun 13, 2012 at 3:17 PM
  • News

    At Height Of Financial Crisis, One Morgan Stanley Employee Stood Up For Her Rights

    Specifically, her rights to Perrier on the company dime. It’s unclear what this woman’s name is so moving forward she’ll simply be referred to as The One With Brass Balls And A Dislike Of Tap.

    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.

    How Wall Street Bankers Use Seamless To Feast On Free Lobster, Steak, And Beer [Fast Company]

    **Particularly if what your heart desired was a pair of fierce as fuck shoes.

    / Mar 5, 2012 at 4:26 PM
  • Election 2012

    There’s Only One Person In This World Stephen Schwarzman Would Give A Bite Of His Soft-Shell Crab Sandwich And His Name’s Mitt Romney

    “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 […]

    / Nov 30, 2011 at 3:34 PM
  • News

    Former Goldman President John Thornton’s Greatest Motivational Hits

    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 […]

    / Apr 26, 2011 at 12:17 PM
  • News

    Ex-Fannie Mae CEO Daniel Mudd Waxes Nostalgic For The Good Old Days

    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 […]

    / Nov 3, 2010 at 10:45 AM
  • News

    Ex-Merrill Broker Who Ripped Off $780,000 From Bank Pleads Guilty, Frauds Everywhere Weep For Loss Merrill’s Mensa Members

    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 […]

    / May 19, 2010 at 5:45 PM
  • News

    Retired CBOT Traders Wax Nostalgic For Days When Biting A Colleague’s Nose Off Wasn’t Considered Taking It Too Far

    “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 […]

    / Jan 15, 2010 at 4:15 PM
  • News

    Danielle Chiesi: The College Years

    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) […]

    / Dec 7, 2009 at 4:37 PM
  • News

    Dear Galleon Groupies

    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 […]

    / Oct 16, 2009 at 5:57 PM
  • News

    You Have Charlie Gasparino To Thank For The Image Of Ace Greenberg Trying To Dip His Wick In Something Sweet

    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, […]

    / Apr 29, 2009 at 1:46 PM
  • News

    Caption Contest Tuesday: Sticky Wickets

    Sir Stanford, cricket y fraud fan, in presumably happier times.

    / Feb 17, 2009 at 2:46 PM

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