The Day After
It was the morning after the presidential election on the set of Bloomberg Television’s In the Loop, and Leo Hindery Jr., a partner at InterMedia Partners and a sometime adviser to Democratic officials, was pumping his arms in an off-air shimmy.
“Ohio, baby,” he said, naming the point in the previous night’s returns when he’d begun to celebrate. Then the cameras rolled, host Betty Liu repeated the question, and the private equity investor stifled a smile.
In October 2008, with the financial system teetering, the U.S. Treasury convened a meeting with the leaders of America’s biggest banks. The agenda: to convince the executives to accept billions of dollars in bailout funds, whether the bank bosses believed their institutions needed it, or not. The story has been told before, now it’s been Read More
In this week’s Observer, I wrote about Wall Street’s recent history of explicit repentance, mild semi-regret, and utter nonapologies. There has been a little bit of the first and a good amount of the third, but when Wall Street talks about what went so calamitously wrong in September 2008, the answers are usually in Read More
Apparently, Hank Paulson is still pushing On The Brink, his 477-page dry heave of a memoir–”a portrait of the bureaucrat as a nauseous and drowsy man,” as our own Max Abelson put it. So while Timothy Geithner is busy justifying the bailouts to Vogue readers, Mr. Paulson was at N.Y.U. last night Read More
Can a big, bailed-out bank give its employees bonuses in cash this year and not incite public outrage?
Lloyd Blankfein didn’t think so, which is why he’s paying Goldman Sachs bonuses in deferred stock.
But John Mack is apparently willing to test public opinion. The Wall Street Journal reports that Morgan Stanley will Read More
This morning, John Mack, the C.E.O. of Morgan Stanley, put a little more pressure on all his fellow executives by announcing that he won’t take a bonus this year.
“Given this unprecedented environment and the extraordinary financial support governments provided to our industry, as the leader of this Firm I recommended to the Compensation Read More
Less than a year after Morgan Stanley got its $10 billion TARP loan (and two and a half months after the money was : “I remember coming home, or coming to the apartment in the city, and saying to Christy, that, you know, ‘There’s a chance I could lose this firm.’ And then 30 seconds Read More
Bloomberg reports on a Center for Responsive Politics study that shows Wall Street giving more to Democrats than Republicans in the present cycle.
The Iraq war, Republican scandals, and the growing influence of hedge funds are all cited as reasons. Read it; here, we just wanted to highlight a couple of former Bush ‘Rangers’ Read More
Jack DiMaio, a 34-year-old managing director for Credit Suisse First Boston, will earn somewhere in the region of $15 million this year, guaranteed.
The figure itself is not so unusual. Mr. DiMaio is no obscure trader-he’s a division head, running North American fixed income for CSFB. What’s more, bankers on the Street, even during these Read More
During his July 12 conference call from Zurich, Credit
Suisse Group chairman Lukas Mühlemann could not have sounded happier as he sung
the praises of John Mack, his new chief executive at Credit Suisse First
Boston. Punctilious and formal, his English refined and slightly accented, Mr.
Mühlemann sounded as if he were phoning in from Read More