Anyone who thinks they can make it in the trading or hedge fund business at this point is smoking crack. You might as well put your money in that pipe and smoke it also. Three types of people, and only three types of people, make money in the stock market. Read More
The worst business I ever started: I raised more than $30 million from venture capitalists, and ultimately the business lost $100 million in investor money. I was the CEO. Read More
I hated working for my boss. He was lying to me about compensation. And I felt like I had to kiss his ass all the time so he would like me.
One morning during a meeting, I got up to go to the bathroom. I didn’t get my coat. I didn’t clean my office. I walked out of the building. I took a train 70 miles to get home. And I didn’t leave my bed for two weeks while they called and emailed. I never spoke to them again. Read More
The litigation over debit card fees currently taking place in the courtroom of U.S. District Judge Richard Leon has left many people puzzled over just what is going on and why anyone should care. To understand the argument one needs to step back and analyze the implications of the Durbin Amendment, which is what the fight is over, to our economy. A semi- apocryphal story will illuminate the issue.
A priest, a minister and a rabbi walk into a local coffee shop, owned by a sole proprietor we’ll call Pat. Each buys a cup of coffee for $1.50. The priest pays with a debit card, issued by a bank with less than $10 billion in assets; the minister uses his debit card, from a bank with greater than $10 billion in assets; and the rabbi is carrying a credit card. Pat will pay about $0.10, $0.22 and $0.09, respectively, for the priest’s, minister’s and rabbi’s purchases. In other words, depending on which card the clergyman pulls out, Pat will net between $1.41 and $1.28 for the same three cups of coffee she brewed. Pre-Durbin, Pat could have netted approximately $1.40-$1.41 from any of the three sales. Read More
Magazine impresario Jane Pratt did not speak at last night’s tribute to her departed magazine, Sassy–despite the presence of marquee speaker Tavi Gevinson, the youthful dynamo collaborating on a future venture with Ms. Pratt (about which Ms. Gevinson spoke last night!). Per another speaker, Marisa Meltzer, “she was out of town Read More
Mayor Bloomberg won’t say how many of the 6,000 teachers he’s targeted for lay offs will wind up getting pink slips, now that Albany is giving the city hundreds of millions dollars less than it sought.
The state is expected to give New York City about only $200 million of the $600 million it sought, Read More
In this morning’s Observer, David Freedlander looks at the unenviable position Christine Quinn is in, having to actually take positions on thorny issues like living wage legislation and paid sick days, something her likely 2013 rivals in the Congress, comptroller and public advocate’s offices don’t really have to do.
There is, though, a silver Read More
Megan Ellison is 25. She is the daughter of the founder of Oracle. And she has a lot of new fans, as the woman who seems likely to finance the next two Paul Thomas Anderson movies. Vulture reports that Ellison is set to produce the tentatively titled “Scientology drama” The Master (which had Read More
Who knew that the Twilight stars can’t convince anyone to give them money for a non-vampire movie? That’s among the surprises of Vanity Fair‘s list of Hollywood’s top earners in 2010. Much here was predictable: Johnny Depp’s merger of family movies and action makes him the highest-paid actor, and James Cameron outearned any Read More
After slashing the asking price by more than $2.6 million earlier this month, it looks like JP Morgan Chase CEO Jamie Dimon has found a buyer for his eight-bedroom, nine-bath Chicago mansion.