Bonus Bananas Mar 25, 2011

1. Ex-Goldman programmer gets 8 years for code theft (Reuters) - The Sergey Aleynikov saga has finally come to an end with his being sentenced to eight years in prison for the theft of Goldman Sachs's proprietary "Doomsday Machine" code. Hard to believe it's been almost two years since the public spectacle of his arrest.

2. How 20 Athletes Lost a Ton of Money With Bad Investments (Under30 CEO) - Okay, let me give you some background here. I was reading Josh Brown's blog post about the current venture mania and how pro athletes were starting VC funds during the Dot Com bubble when Under30 CEO published this gem. They're all in there: Michael Vick, Lenny Dykstra, even Johnny Unitas. Is nothing sacred?

3. How to Make $1 Million Before You Graduate (Forbes) - Wanna be a baller before you're even out of school? Check out how these 15 kids did it. My favorite? David Schottenstein, who started a custom suit company now doing $20 million a year with the $75,000 he made day trading in high school.

4. BANKER ON HOW TO SOLVE DEBT CRISIS: The Public Needs To Work Harder For Less Money And 50% Fewer Benefits (Business Insider) - This is a fun one. Hans-Jorg Rudloff, chief of the BarCap Management Board, told the Forum of Economic News that everyone in Europe needs to quit whining and get back to work. His prescription? Cut all social benefits by 50% and make everyone work longer hours and for more years. I'm guessing Hans isn't a really popular dinner guest over there.

5. US Cost of Living Hits Record, Passing Pre-Crisis High (CNBC) - Scary piece with a downright ugly chart attached. Cost of living since 2001 has risen at an almost perfect 45-degree angle. It's high time the Fed got real and included food and fuel in the CPI.

6. Blankfein Checks Profit Daily, Prefers Voice Mail to E-Mail (Bloomberg) - Lloyd was all over the financial press this week as he took the stand in the Galleon insider trading case. We learned that he reads the Wall Street Journal most mornings, that he prefers voicemail to email, and that he truly believes he's doing God's work. When asked about being a middle man, he replied, "It's a service we do for the world." Yeah. Take it down a notch, little buddy.

7. Preppers in Utah return to the Gold standard (Off-Grid.net) - You have to admire the Mormons for their devotion to preparedness. State Representative Brad Galvez successfully got a bill passed that would require the state to recognize silver and gold coins as legal currency. It's just waiting for the Governor's signature. The off-grid types, or "preppers", aren't interested in green paper with pretty pictures on it.

8. An Advocate Who Scares Republicans (NY Times) - There has a been a really ugly hatchet job being done on top consumer cop Elizabeth Warren in recent days, and the reason is she scares the shit out politicians on the take from the banking lobby. The worst offender (in my view) is none other than that squirrel Tim Geithner, who is deathly afraid she might do some good on her watch and endanger his exit ops when it comes time to collect his 30 pieces of silver. Never let 'em see you sweat, Doc. Uncle Eddie's got your back.

9. Morgan Stanley's Deep Secret Now Is Revealed (Bloomberg) - The big news this week was the Supreme Court ruling that the Federal Reserve must disclose the details of their emergency lending facility at the height of the crisis. While the full disclosure is expected in the next 72 hours (I'd bet money that it's released after 5pm tonight so it gets buried for the weekend and goes away), Bloomberg's Jonathan Weil did some clever homework and can reveal that Morgan Stanley borrowed $3.5 billion from the discount window on September 24, 2008.

10. Beauty Queen Killer Poses in Panties with Gun (Gawker) - Thought I'd finish strong this week with a story about girls with guns (coincidentally, also the title of a most excellent

from the '80s). It seems the Florida beauty queen pictured above not only popped a cap in the ass of a home invader with a pink .38 (not making that up), but she's now stripping down to her delicates to pose for The Daily with a revolver. Nice. When asked why, she said it was to cash in on her newfound fame and she hopes to get an ad campaign for the NRA. This chick is pure redneck Viagra.

I'm actually pretty excited about this week's video. It's a trailer for Morgan Spurlock's newest documentary, called The Greatest Movie Ever Sold. Spurlock is an absolute genius when it comes to this stuff, and Super Size Me was brilliant. This latest offering looks to turn over the rocks in the advertising business, and I have a feeling it'll be hilarious. Check it out:

Hope you enjoyed the links, guys. Have a great weekend!

 
  1. Oh, that's funny. I linked a Gilt NYC sale to Astor & Black the other week, no one had the balls to take advantage of the 50% off though. How many would have made a move if they'd known the founder's story?

  2. Confusing mix of unassuming frankness (story of his childhood roots to his current position) with a touch of narcissistic optimism, the whole "doing God's work" is too much.

  3. TBTF banks ... this is such a headache. Why couldn't we just have kept Glass-Steagal and let the chips fall as they should have?

  4. When does this come out?

I am permanently behind on PMs, it's not personal.
 
Edmundo Braverman:
Here's a bonus I just came across, courtesy of @hblodget. Sucks to be this guy:

LMAO

I am not cocky, I am confident, and when you tell me I am the best it is a compliment. -Styles P
 
Edmundo Braverman:
Here's a bonus I just came across, courtesy of @hblodget. Sucks to be this guy:

Holy shit! I didn't even see this and posted the same thing today, after a friend of mine emailed it to me. Who knows, maybe he/she follows Uncle Eddie?

 
Edmundo Braverman:
Beauty Queen Killer Poses in Panties with Gun (Gawker) - Thought I'd finish strong this week with a story about girls with guns (coincidentally, also the title of a most excellent

from the '80s). It seems the Florida beauty queen pictured above not only popped a cap in the ass of a home invader with a pink .38 (not making that up), but she's now stripping down to her delicates to pose for The Daily with a revolver. Nice. When asked why, she said it was to cash in on her newfound fame and she hopes to get an ad campaign for the NRA. This chick is pure redneck Viagra.

Badass!

Another excellent "Bonus Bananas" lineup. Thanks, Eddie.

 

3.) Is this David Schottenstein from Columbus, OH part of the same Schottenstein family (also of Columbus, OH) that owns American Eagle and ValueCity among other things? If so, I am hardly impressed by his "trading profits" that started the company or his trip to China where "he" lined up the manufacturers. Kudos to everyone on the list though, I cannot say that I am not envious, just really skeptical when I read these lists.

 
Chicago85:
3.) Is this David Schottenstein from Columbus, OH part of the same Schottenstein family (also of Columbus, OH) that owns American Eagle and ValueCity among other things? If so, I am hardly impressed by his "trading profits" that started the company or his trip to China where "he" lined up the manufacturers. Kudos to everyone on the list though, I cannot say that I am not envious, just really skeptical when I read these lists.

Yes, this is his family...

http://www.retailventuresinc.com/ http://en.wikipedia.org/wiki/Schottenstein_Stores_Corp. http://en.wikipedia.org/wiki/Jay_Schottenstein

The Schottenstein family's once had an estimated wealth of $2 billion, coming mainly from Retail Ventures and American Eagle Outfitters, in which it owns a 26.5 % stake. Schottenstein personally owns about 3% of American Eagle Outfitters, but Retail Ventures holds a stake as well.

I'm not trying to completely diminish what the guy has accomplished but it would be hard to argue that this kid didn't benefit greatly from his family's money and connections.

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

Man, #10 is my future ex-wife. Anyone got her number?

- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 
Barcadia:
#3... Wow, day trading during high school. I remember sweating during class when my positions moved more than 2%... the life of a high-schooler is not conducive to day trading whatsoever.

He was playing hooky.

- Bulls make money. Bears make money. Pigs get slaughtered. - The harder you work, the luckier you become. - I believe in the "Golden Rule": the man with the gold rules.
 

Did you guys read "How (and Why) Athletes Go Broke"?

[quote=Sports Illustrated] By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

• Within five years of retirement, an estimated 60% of former NBA players are broke.

Read more: http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/inde…]

I am not cocky, I am confident, and when you tell me I am the best it is a compliment. -Styles P
 
Edmundo Braverman:
How 20 Athletes Lost a Ton of Money With Bad Investments (Under30 CEO) - Okay, let me give you some background here. I was reading Josh Brown's blog post about the current venture mania and how pro athletes were starting VC funds during the Dot Com bubble when Under30 CEO published this gem. They're all in there: Michael Vick, Lenny Dykstra, even Johnny Unitas. Is nothing sacred?
eokpar02]Did you guys read How (and Why) Athletes Go Broke?</p> <p>[quote=Sports Illustrated:
By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

• Within five years of retirement, an estimated 60% of former NBA players are broke.

Read more: http://sportsillustrated.cnn.com/vault/article/magazine/MAG1153364/inde…]

Related: http://www.paulgraham.com/selfindulgence.html

When we sold our startup in 1998 I suddenly got a lot of money. I now had to think about something I hadn't had to think about before: how not to lose it. I knew it was possible to go from rich to poor, just as it was possible to go from poor to rich. But while I'd spent a lot of the past several years studying the paths from poor to rich, I knew practically nothing about the paths from rich to poor. Now, in order to avoid them, I had to learn where they were.

So I started to pay attention to how fortunes are lost. If you'd asked me as a kid how rich people became poor, I'd have said by spending all their money. That's how it happens in books and movies, because that's the colorful way to do it. But in fact the way most fortunes are lost is not through excessive expenditure, but through bad investments.

It's hard to spend a fortune without noticing. Someone with ordinary tastes would find it hard to blow through more than a few tens of thousands of dollars without thinking "wow, I'm spending a lot of money." Whereas if you start trading derivatives, you can lose a million dollars (as much as you want, really) in the blink of an eye.

 
Best Response

Quaerat at qui vero veniam nihil vel quia. Doloremque deserunt quam ut ut.

Qui distinctio sit nihil tempore dolorem aut sequi omnis. Vitae et illum adipisci molestiae voluptates possimus. Illo eum error aperiam dignissimos sunt rerum consequatur. Asperiores deserunt nemo odit quae incidunt est.

Get busy living

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
GameTheory's picture
GameTheory
98.9
6
dosk17's picture
dosk17
98.9
7
DrApeman's picture
DrApeman
98.9
8
CompBanker's picture
CompBanker
98.9
9
kanon's picture
kanon
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”