In the bad old days before the Dodd-Frank Wall Street Reform and Consumer Protection Act, major Wall Street players oversaw a massively opaque market in derivatives contracts where Wall Street middlemen made undisclosed profits by acting as intermediaries between buyers and sellers. Here’s the story as told by The New York Times:
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As his former firm fights to unload assets to repay the massive bailout package the U.S. government gave it, ex-AIG chief Martin Sullivan has landed a new gig at insurance firm Willis Group Holdings.
Sullivan will serve as deputy chairman for Willis, and “assist in managing and shaping the long term growth strategy Read More
On a recent drizzly Sunday afternoon, a 29-year-old New York banker was sitting in a West Village cafe, eating biscotti with a mocha cappuccino and a glass of grapefruit juice. “I want to retire early and maybe do something else,” he sighed.
“My premium years were spent working very, very hard because of the Read More