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Thain in Hot Water Again

affluenza
      O
 
(Senior Gorilla, 756
 
Points)
 on 2/23/09 at 1:49pm
john-thain-devil.jpg

The former CEO of Merrill, recently canned by BofA bigwig Ken Lewis (yeah, cuz he's an angel) and publicly shamed for his extravagant spending of company funds on interior decorating in his office, remains tight lipped about the early payout of bonuses to his employees prior to Merrill’s merger with BofA.

He’s under the microscope for the decision to bump up the payment of millions of dollars in bonus money to December, conveniently before the merger went through and while his company was steadily losing billions, ultimately posting a $15 billion loss in just the fourth quarter alone.

  •  
  • 3
     

Warren Woo Leaves Moelis

moelis3756
      IB
 
(Senior Chimp, 16
 
Points)
 on 2/22/09 at 5:01pm
Burning.jpg

Warren Woo, one of Moelis' mds left Moelis to start breakaway capital. anyone know why? is the place breaking up?

  • 26
     

Swiss retaliation in UBS row?

Edmundo Braverman
      ST
 
 
(Human, 14,330
 
Points)
 on 2/21/09 at 4:34pm
ubs.jpg

In an encouraging show of backbone, the Swiss People's Party called for sanctions against the U.S. today in retaliation for the IRS meddling in the affairs of UBS's private client accounts.

http://www.reuters.com/article/rbssFinancialServic...

Among the proposed sanctions are the repatriation of Swiss gold held in the U.S. and banning the sale of U.S. funds in Switzerland.

Okay, I know a lot of you feel the IRS is entitled to this action, and I'm not looking to start another donnybrook like the one on Thursday's thread:

http://www.wallstreetoasis.com/forums/swiss-govt-f...

  •  
  • 23
     

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If you are a talented writer have a lot to share about this transition I am looking for you. We are in the process of writing many targeted WallStreetOasis.com "mini-guides" that will help our users get through different parts of their careers.

We have released a finance interview technical guide and a behavioral interview guide and we have a networking guide in progress as well as a "How to Succeed as a Summer Analyst Guide"...

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From the left pocket into the right – Uncle Sam is Hiring

affluenza
      O
 
(Senior Gorilla, 756
 
Points)
 on 2/20/09 at 1:52pm
Now-Hiring.jpg

The numbers are out, and I guess if you’re an auditor or an investigator (or can fake it like the best of ‘em) it’s good news for you, because it looks like you’ll have some job opportunities coming your way. A pretty decent chunk of the total stimulus amount is set to go right back into the government’s pocket (I know - who could have imagined?!?). Uncle Sam has earmarked some $350 million to fund the overseeing of the new stimulus package. And in true US government style, they’ll be spending that money up quicker than they can get their hands on it. They’re even going to be hiring auditors to audit the present auditors. (That must be a fun crowd.)

  •  
  • 3
     

Citi < $2??

indian-banker
      IB
 
(Senior Gorilla, 762
 
Points)
 on 2/20/09 at 12:41pm
Citi < $2??

Anyone have an idea what happens to the stock price of a company that is nationalized?

I can think of two scenarios:

1) Price goes up because of government backing.

2) Stock price falls because government might force some divisions to shut down which might be profitable yet very risky.

  • 17
     

Project-onomics: Inside a street gang's books...

Edmundo Braverman
      ST
 
 
(Human, 14,330
 
Points)
 on 2/20/09 at 8:50am
Gang Leader.jpg

***FRIDAY TIME WASTER ALERT!!!***

Ever wondered about the economics of a street gang, and how much money there really is in slinging crack rock? Freakonomics author Steven Levitt and his co-author Sudhir Venkatesh got a Chicago gang to open the books for them, and the results are pretty interesting. The video is about 20 minutes long and covers everything from wages, to franchising, to economic theory as it relates to gang banging.

http://www.ted.com/index.php/talks/steven_levitt_a...

I know it doesn't have much to do with banking, but hell, it's Friday and what the hell else do you have going on?

  • 3
     

Not charming...

tomahawk518
      IB
 
(Senior Monkey, 85
 
Points)
 on 2/19/09 at 9:01pm
Not charming...

I have been to three superdays yet I did not receive an offer from either one. I answered the interviews' tech and fit questions very well, but my problem, I believe, is that I am a pretty serious, hyper-motivated guy who lacks one major trait - charm. Most of my friends who have received offers are not intellectual powerhouses or saucy businessmen, but they are all very amiable.

How can I overcome this in my interviews? I have two more superdays coming up over the next week, and I need all the help I can get.

  • 18
     

Rick Santelli Bashes Obama Mortgage Rescue Package

trade4size
      ST
 
(Neanderthal, 2,085
 
Points)
 on 2/19/09 at 7:35pm

Ok this was absolutely epic this morning when Rick went on a rant about how ridiculous the Obama mortgage rescue package is on the floor of of the CME.

  • 23
     

Swiss govt folds like a lawn chair

Edmundo Braverman
      ST
 
 
(Human, 14,330
 
Points)
 on 2/19/09 at 4:36pm
130-126~Big-Brother-is-Watching-You-Posters.jpg

Citing the potential for the collapse of the entire Swiss economy, the government of Switzerland has ordered UBS to comply with an IRS order to divulge secret client information and has broken one of the most fundamental trusts ever established in the financial world.

That the American government used the economic downturn to bend an allied government to its will should give everyone of means and intellect pause. Big Brother is a reality folks.

  •  
  • 25
     

Columbia Early Decision

Password_Is_Taco
      O
 
(Gorilla, 599
 
Points)
 on 2/18/09 at 5:55pm
CBS

Okay, I am just curious, what are the repercussions for not accepting an offer of admission at Columbia GSB during Early Decision round? I am aware you are losing out on a $6,000 deposit, but what else can they do to you if you simply decide you do not want to go to Columbia GSB anymore? Is the statement of intent legally binding? Can they sue you or notify other MBA programs of your actions?

  • 7
     

Got $100? Need to vent? Smash Madoff.

affluenza
      O
 
(Senior Gorilla, 756
 
Points)
 on 2/17/09 at 1:25pm
bernie

The ModelWorks toy company has just introduced the newest member of its family, the “Smash-Me Bernie” doll. For a measly $99.95, you can purchase your very own figurine, complete with a toy hammer with which to smash the little f*!ker to your heart’s content.

The mini-Madoff bears a striking resemblance to the king of all douchebags himself, and he’s fittingly donned in a red devil cape, holding a pitchfork.

I can’t think of a better way to spend a C note.

  • 3
     

Moelis On Fire

PickYourBattles
      IB
 
(Monkey, 30
 
Points)
 on 2/16/09 at 11:38pm
Moelis On Fire

Someone mentioned in another thread that Moelis & Co. wasn't really poaching any senior bankers from other places and that it's basically a DLJ-UBS reincarnate. False. I had a final round with them (no offer), and one of the junior guys mentioned how stacked their MD pipeline was.

How about bringing on board former head of MS Financial Sponsors?
http://www.emii.com/article.aspx?ArticleID=2101552

Or former head of Lev Fin at Bear?
http://www.reuters.com/article/pressRelease/idUS17...

Might not mean much now because of the tight credit markets and lack of LBO activity but MoCo is going to be making even bigger splashes in the coming years.

  • 15
     

Summer Analyst Compensation for 2009

ivey_ib
      IB
 
(Senior Chimp, 20
 
Points)
 on 2/16/09 at 7:42pm
Summer Analyst Compensation for 2009

Just want to see what people are getting this year. Just state the comp and location if you want. Btw is it common for SA's to get a bonus?

Getting 75 base and no bonus - toronto

  • 54
     

Sing for Cash - Desperation at its Finest

affluenza
      O
 
(Senior Gorilla, 756
 
Points)
 on 2/16/09 at 5:22pm
2868797_whung_200.jpg

People are truly getting desperate in this economy. Now they're actually entering contests and belting out show tunes to get ahead. It's either a sign of the times or just a prime example that people will do absolutely anything for money.

  •  
  • 1
     

Feb. 21-22 - Consolidated Financials & Valuation Training in New York City

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