Wall Street
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Recession Briefing 2.11
What you need to know today to survive and thrive in the recession.
In A Toy Store Near You: Wall Street Victim Play Set (Cityfile)
“These poor people represent the emotions many of us went through as we watched our investments plummet to unimaginable lows and then plummet some more,” reads McPhee’s product description.
Some Banks Want to Return Government Money
(NY Times)
Goldman and Morgan Stanley would rather pay back billions in bailout money than let the feds have more say in their business.
Second Careers for Failed C.E.O.s
Everyone is slamming C.E.O.s for their incompetence and excessive spending (conveniently forgetting that two years ago we didn’t care as long as we were making money, too). These guys don’t need to be judged—they need sympathy, understanding, and most of all, job advice. So we thought we’d suggest second careers for some of the Recession’s fallen corporate heroes.
Out on the Street: A Day in the Afterlife
Each week, “Joe the Trader” chronicles his experiences with life after Wall Street.
For eleven years, I was short on time—or at least I told myself that. Now time is what I got. Welcome to January 30th.
Are We Bailing Out the Wrong Banks?
Earlier today, The Wall Street Journal reported that the Obama administration is considering putting pay restrictions on banks that get big bailout bucks. Top execs of the companies wouldn’t be able to get severance and would have their bonus pools cut 40 percent. (It’s not clear which companies this would be.)
Of course, not everyone likes this plan:
If the government imposes caps or other limits on compensation, some bankers worry that the most talented people will flee to firms that are less regulated.
It’s not a new argument. But according to this logic, capping pay would make smart people go to banks that didn’t need “exceptional aid” to stay alive—presumably, the stronger, smarter banks.
Out on the Street: Time Value of Me
Each week, “Joe the Trader” will chronicle his experiences with life after Wall Street.
Modern economic theories have tried to explain the tremendous salaries that movie stars, sports heroes and corporate executives earn on the theory of rent. That is, these people have a uniqueness— or a perceived uniqueness—that allows them to charge astronomical prices, because they are the only people in the world who can do what they do.
I’ve been thinking a lot about this issue as I go about my day, meeting with ex-colleagues and visiting the kids at their mom’s. Over the past two months, my time has declined dramatically in value. My education hasn’t changed. My work experience hasn’t changed. I would certainly argue that my talent hasn’t changed. But as with the superstars, perception is reality.
Recession Briefing 1.30
What you need to know today to survive and thrive in the recession.
Obama Calls Wall Street Bonuses ‘Shameful’ (NY Times)
“There will be time for them to make profits, and there will be time for them to get bonuses,” he said during an appearance in the Oval Office. “Now’s not that time.”
CNBC: Cuomo Subpoenas Thain
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A breathless Charlie Gasparino is reporting on CNBC that New York Attorney General has subpoenaed former Merril Lynch CEO John Thain over the $4 billion in bonuses that were paid out to the company’s executives late last year.
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