How To Kill a Bank (Part 1 of 3)

Mod Note (Andy): Best of Eddie, this was originally posted in 2010.

There is a populist movement gaining steam that could spell big trouble for the major banks. Spearheaded in January by Arianna Huffington, the Move Your Money movement is proposing a strategy to exert public influence over the banks they've labeled the "Big 6". The Big 6 banks identified are Citi, Bank of America, JP Morgan Chase, Wells Fargo, Goldman Sachs, and Morgan Stanley.

The strategy is to encourage individuals to close their accounts at these 6 banks and move their money to a local bank. The reasoning behind it is that local banks re-invest in the community and generally have more conservative profiles. The subtext is that the only way to shrink banks deemed "Too Big to Fail" is to pull our money out of them. With government solidly in the bankers' pockets, the reasoning is sound.

The movement has picked up some high-profile supporters, and got a major boost by this video from Bill Maher:

Re: What is family life like in finance?

Mod Note (Andy): For those who missed it, this great comment (48 silver bananas) by @Dingdong08 was posted in the recent discussion family life in finance and deserves its own standalone post for the frontpage.

It depends on how you handle it, where you direct your energies, how you manage your work and personal time and your actual job. I'm older, senior, am married and have two younger kids and most of my friends and peer group are in similar situations so I'm speaking from experience. If you're in any higher powered job-finance, law, corp exec, high-tech, politics, etc-you're not going to be a 9-5'ER who only travels to the industry convention once a year so you just accept that you're not going to be coaching Little League because you can't commit to it. You will also miss certain events because you're going to get stuck in meetings, end up with last minute travel or missed flights home or a laundry list of possible shit, and you work far more hours than a 9-5'ER.

Beat the Crowd: A Monkey's Review

My favorite market news/market research site is Market Minder by Fisher Investments, and I honestly don't know what I would do without it.

I say that because much of our media today is not in the business of informing, but of dramatizing to get views. In the age of the Internet, every news item or event is either "the best thing ever" or "the worst thing ever"--because anything other than that supposedly won't get you attention. Veteran newspeople and reporters who have lived through history and served as a rock to those who want to know what's going on, are being replaced by "generation image" or "the social media generation"--young writers who don't have as long a frame of reference, and for whom major events are unprecedented. A lot of us are prone to only think of market history as it relates to the course of our young careers.

We forget just how much we can learn from financial history, how stocks have done under similar circumstances to the ones we're in now. And that helps us keep level-headed when making portfolio decisions for the future. You have to train your brain to do this.

David and Goliath: The Boutique and The Bulge Bracket

Mod Note (Andy) - #TBT Throwback Thursday - this was originally posted on 10/11/13 and is great information for those thinking about which types of banks to apply to for FT and SA positions.

Autumn has arrived. For those seniors fresh off their summer analyst stint or juniors gearing up for recruiting, October means something more: you need to decide where you want to work. The easiest way to categorize banks is either as a "bulge bracket" or "boutique."

We all know the bulge bracket firms, so historically, "boutique" referred to any firm that was listed literally outside the bracket. Regardless of boom or bust, pre-crisis or post-crisis, inevitably the biggest rainmakers in the business are always tempted to jump (a sinking) ship and hang their own shingle.

Schwarzman and Peterson in 1985, Moelis in 2007, Altman in 1996, Zukin in 1972, Aryeh Bourkoff just last year, or Dean + Bradley + Osborne last year as well ... if they feel they don't get enough control or compensation at their current firm, the big boys will take their ball and leave. This has given us firms like Blackstone, Moelis, Evercore, Houlihan Lokey, LionTree, DBO, Greenhill, Centerview, and the like.

WSO Happy Hour Recap: NYC, Fall 2015

Thanks to all who came out this past Wednesday night for a fun evening of drinks and conversation (both professional and personal) for the first happy hour of the fall 2015 season. It's the time when all the major sports are going full swing, the weather is cooling off from the horrendous 95-degree, humid, hot garbage stench of New York, and Oktoberfest and pumpkin ales are in season and at their most delicious. The Galway Hooker pub had just recently added Bronx Pale Ale on tap, which is a delicious amber ale that makes for smooth, easy drinking at this or any other time of year.

Modern Interior Designs Fit For All Tastes

Modern living has been a part of everyday lifestyle. With concepts and objectives following current trends and styles, adaptation has spread like a wildfire from developed to developing countries. In certain reviews, modern living is up for evolution towards a completely technologically advanced world soon. Rationality and practicality are some of the values greatly practiced and are already being integrated in today's lifestyle.

These concepts are also being addressed in designing the interiors of a home.

Monday @Mentions October 12, 2015

Happy Monday / Indigenous Peoples' Day WSO. It's a public holiday here in Argentina, one of 15 during the year (Argentina is ranked for 5th in the world for most holidays).

Upcoming webinars:

Webinar: Advice for East Indians Rounding Out Their B-School Profile -- 7pm ET, 10/13/15 (link coming soon)
-Webinar: How To Turn 64% Of Your Interviews Into Offers -- 6pm ET, 10/14/15

Upcoming webinar rewinds on the WSO Frontpage (replays of old webinars you may have missed, free for 24 hours):

3 techniques for crushing work marathons, 10/14/2015
Back Office to Front Office - How to Make the Transition, 10/15/2015

Posts of the Week:

Another take on OCR recruiting (the ones that did everything right) by @Mephistopheles. 13 SB's.
5 ways a career on WS is not what it used to be by @geoffblades. 11 SB's.

Discussion Topics of the Week:

What is family life like in finance? by @Human Capital. 34 comments.

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WallStreet Prep Master Financial Modeling