A long time ago, in a galaxy far, far away, the occupation of banker was seen by many as a prestigious one. Bloomberg’s Joe Mysak wrote on October 7:
Not too long ago, careers in finance beckoned the ambitious and avaricious. In New York, in particular, the only lives worth living seemed to be led by those who worked on Wall Street and whose compensation was determined in widely reported, year-end, life-altering bonuses.
As a financial storm blows through the U.S. economy and global financial system, and after Congress passed a $700 billion bailout bill, the perception of the occupation has changed— for the worse. And, now, Mysak writes, the position of banker is seen as:
Discredited and vilified.
Those are the words that can begin to describe the people most Americans would term “bankers.” Rarely has a broadly defined category of occupation sunk so far, so fast …
How long will it take to rehabilitate the profession? Is it three years? Five years? A decade? ...
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I have read Monkey Business, Liars Poker, and When Genius Failed each 3 times and consider them my collective bible. I know I have the eye for perfection and artistic vision to create truly immaculate pitch books. I am a Microsoft Certified in Excel, and I know all the shortcut keys (alt-i then r, that will insert a new row). -RE: Lehman Brothers Recruiting, The Leveraged Sellout (Just ignore the Lehman reference for a moment) Despite my claims that we never read cover letters, some
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Barry Ritholtz at The Big Picture has an overview of the Lehman scenario. A couple of thoughts about it:
It’s something that illustrates to me that there is and has been a lot more going on behind the scenes than what we realize.
That the ability of the people on Wall Street to handle the risk of the investments that they made is questionable at best.
Read the article and read the New York Magazine story and let me know what you think.
Tom
Steve Fishman’s New York Magazine c... more
Lehman Brothers' former India chief Tarun Jotwani has been appointed the global head of fixed income and senior managing director by Nomura Securities. Jotwani will be based out of Japan. Nomura Securities acquired the investment banking and back office of Lehman Brothers in India after the latter announced its bankruptcy in September this year.
The Japanese brokerage has also appointed Jasjit Bhattal, who was head of Lehman's Asia-Pacific operations, as the senior managing director... more
New York Times
auctions fail to bring home Bacon Times Online,UK- 45 minutes ago In May it was revealed that Roman Abramovich, the billionaire owner of Chelsea Football Club, was the mystery buyer of an $86.2 million Bacon triptych. … Crappy Art Market Fails to Take Revenge on Richard Fuld New York Magazine Francis Bacon Self-Portrait Fails to Sell at Christie’s eFluxMedia all 50 news articles
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According to the Wall Street Journal the art market has officially burst. With prices dropping 30 percent and auction houses’ stocks plummeting, layoffs are inevitable. Galleries are closing. And the effects are rippling through the community of collectors, dealers, and the artists themselves.
Mary Boone keeps telling us that last week’s disappointing auctions were actually relatively encouraging. Only 20 percent of works sold at auction ’89 she says, so this, in c... more
Well
at least one of the bailouts worked for somebody... even if it was a
turkey. I can’t help but feel for the employees of Lehman Bros., and
for the defunct firm’s CEO Richard Fuld; Everybody else is getting
bailed out excep... more
I’m a sucker when it comes to ice cream. I absolutely love it, even when it’s freezing outside. While I never turn away any kind of ice cream (“give it to Mikey, he’ll eat anything”) I often eat Ben & Jerry’s Ice Cream from Vermont. According to their website , Ben Cohen and Jerry Greenfield met in 1963 in the 7th grade gym class in Merrick, New York (Long Island). They moved to Vermont in 1977 and completed a $5 correspondence course in ice cream-making from Pe... more
New Blog! From: boom2bust.com Post Date: 2008-03-03 18:37:01
In case you’re wondering why it’s been a little slow on Boom2Bust.com lately, it’s because I’ve been putting the finishing touches on a new weblog called Investorazzi.com , “Tracking The World’s Greatest Investors.” From my first post earlier in the day:
Welcome to Investorazzi.com, a new financial weblog that tracks the investment activities of the world’s greatest investors. At the present time, the list of legendary investors includes:
• Tom Barrack, “The World... more
Is it fair to blame the White House for our country’s economic woes? I mean, just how much influence does the President of the United States wield over the economy? I had always thought that their influence was extremely limited in scope. Whether this belief is right or wrong, I do know this. When the economy is booming, they are the first to take the credit. And when things go horribly wrong, they are also the first ones blamed. Sheila Suess Kennedy, an associate professor of law and p... more
Yesterday, Barbara Hagenbaugh in USA Today talked about the significance of assessing the U.S. economy on a state-by-state basis. She wrote:
Despite the recent onslaught of negative news, it remains unclear whether the current state of affairs meets the economists’ definition of a recession: a widespread decline in economic activity lasting more than just a few months. As in politics, all economics is local .
As the debate rages on among economists whether or not the United States has e... more
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