Alright already. Y'all have been after me like a three-peckered billy goat to bring back Bonus Bananas, so here's a fresh batch. And none too soon, it appears, as this happens to be the 1-year anniversary of the first Bonus Bananas ever. How 'bout that? Let's get it on.
1) Incoming Deutsche CEO: 'Powerful Consolidation' Coming in Banking (Safe Haven) - Sort of a good news - bad news kind of deal. Incoming CEO Anshu Jain says the bad news is that the industry is going to continue contracting, but the good news is that the banks that survive will see increased margins. He also joins his fellow bank CEOs in reciting the mantra that you shouldn't be in banking for the comp.
2) Zero Hedge) - Okay, the news here isn't that is slashing bonus pay - I mean, what bank isn't? The news here is how these huge cuts are affecting the local economy in NYC. Each Wall Street banker supports three non-finance people in New York with their bonus, and now those strippers, waiters, and limo drivers are hurtin' for certain.Joins The Cost-Cutting Ranks By Slashing Bonuses Up To 70% (
3) Internet economy set to hit $4.2T in 2016, half of world's population will be online (Venture Beat) - These numbers are just staggering. I'd be interested to see the statistics on adoption rates for the telephone after it was invented. I'm guessing half the world's population didn't have a phone a mere 20 years after its invention. And $4.2 TRILLION? Unreal.
4) The laws of economics for the drinker and banks (reszatonline) - The European crisis explained from the perspective of a bar owner and the drunks that keep him in business. If you're like me, people ask you to explain macro stuff in plain English all the time. Well, now you can point them to this when they ask what's going on in Europe. Everyone understands how a bar tab works.
5) Sauce Hollandaise (The Economist) - Great piece about the likely next President of France, socialist Francois Hollande. He hates bankers and he makes no bones about it. He thinks Dodd-Frank would be good for France, he thinks CDOs should be illegal, and he wants to ban stock options. Wait...what?
6) Is Facebook run by sociopaths? (CNET) - Facebook COO Sheryl Sandberg set European chins wagging when she pointed out that Facebook wasn't overly concerned about offending the delicate privacy sensibilities of a continent of people currently circling the economic drain. The most shocking thing about the article? The notion that Facebook might actually be in business to make money. Quelle horreur!
7) INCOME INEQUALITY IS BAD FOR SOCIETY. REALLY BAD. (Sociological Images) - Time for a little chart porn. We all know that the massive and growing divide in income inequality is probably not a good thing for the country long term. But just how bad is it? Take at look at these charts. They make Saw III look like Winnie the Pooh.
9) Business Week) - 's takedown of the publishing business is almost complete, and they did it in a remarkably short period of time (less than 20 years versus the nearly five centuries publishers ruled with an iron fist since Gutenberg first got the presses rolling). This is a great piece about and Larry Kirshbaum who recently took over Publishing - the Maginot Line into print publishing that was thought to never cross.'s Hit Man (
10) The 10 Keys To Selling Anything (Altucher Confidential) - James has done it again. Another great post that'll make you a better person for having read it. Everyone needs to be a salesman today, and James lays out a solid game plan for being the best in your business. Great stuff.
Some of you might not like the Video of the Week this week. To that I say tough shit. It's a trailer for an upcoming movie written and directed by Bobcat Goldthwait. To many of you Bobcat is just a second-rate stand-up comedian with a speech impediment, but that's because you're unfamiliar with his work behind the camera. He creates movies that contain some of the darkest humor I've ever seen. And his next movie, God Bless America, looks like it might push the boundaries even further. Attacking all that is inane in America, this looks like a pretty righteous killing spree. I'm in:
And for those wondering what else Bobcat has made, Robin Williams was fantastic in World's Greatest Dad:
Let me know what you think of the Bananas, and have a great weekend guys!