1) Citi to lose $2.9 billion on Smith Barney sale (CNN Money) - Ouch, quit it. I think everyone agrees the sale was best for all involved, but $3 billion is one hell of a hickey to take. Good thing it's all TARP money so it doesn't count.
2) UBS "rogue trader" fraudulently gambled away $2.3 bln, court told (Reuters) - The bus has backed up and is parked firmly on rogue UBS trader Kweku Adoboli's chest in a London courtroom today. At one point he had $12 billion at risk on a fraudulent trade (allegedly). Pretty staggering.
3) Tax Cheat Banker Wins $104m For Exposing Scam (Sky News) - Talk about your reversal of fortune! After being jailed for helping American clients evade taxes, ex-UBS banker Brad Birkenfeld was paid out $104 million in a whistleblower award. Is it just me, or does anyone else get the feeling that UBS sucks?
4) Monetary Policy Explained With Animated Gifs (Rortybomb) - This is just fantastic.
5) This merely confirms that M&A bankers are best off in boutiques (eFinancial Careers) - While it's not surprising to me that boutiques are probably a better place to work in M&A than a bulge bracket right now, it might surprise some of you. Keep in mind that image isn't everything when you're thinking about going to work for a big bank.
6) More Americans opting out of banking system (Washington Post) - 8.2% of US households don't have a bank account of any kind. That's 17 million adults who don't have a checking or savings account. Baffling. Can you imagine not having a bank account?
7) 18 Workers At JFK Accused Of Stealing 100,000 Mini Bottles Of Liquor (Business Insider) - That's one hell of a mini party.
8) Hidden Chobani Billionaire Emerges as Greek Yogurt Soars (Bloomberg) - Just goes to show you, anything is possible. I wouldn't have thought you could make a billion dollars on Greek yogurt, but there you go. Can anyone explain to me the difference between Greek yogurt and regular yogurt?
9) Diane Von Furstenberg: This Is How To Wear Google Glasses (Forbes) - God, I can't wait to get my hands on a pair of these. Google released a developer version for $1,500 (which I'd have happily paid), but it was only available to attendees of their I/O conference. Can't wait till these things hit the street.
10) New species of 'owl faced' monkey discovered - after its unique bright blue bottom was spotted (Daily Mail) - Okay, you can't look at this monkey and tell me that he doesn't look like some Creationist you know.
Video of the Week:
Newark mayor Cory Booker launched a social media network called #waywire at Disrupt San Francisco. I don't know a single person who doesn't like Booker, and he has provided a level of access to his constituents that should be a model for city government everywhere. In this video he talks about holding government accountable and how embracing technology leads to better government and a more engaged electorate. Plus he rescues people in burning buildings. Dude's a stud.
That's it for this week, fellas. Have a great weekend and let me know what you think in the comments.
Greek yogurt is strained to remove more of the liquid compared to a regular yogurt. Straining it is what removes a great deal of the sugar and lactose, making it lower carb & causes greek to lose some of the calcium compared to regular yogurt.
Love greek yogurt, so much more protein and taste amazing (I prefer my yogurt thick, no homo)
Huh. Okay. Makes sense. I actually eat it, but I've never noticed a difference. Now that you mention it, though, it is a little thicker than Yoplait, for example.
Never eat the unflavored kind without putting something else in it - tastes like you're eating straight up sour cream.
Yeah, I buy the kind that either has honey or blackberries in it. Straight up plain yogurt is one of the nastiest things in the world.
the monetary policy link is absolutely hilarious. excellent find
It must have taken hours to put that together.
Eddie,
Corey Booker is awesome. I've heard him speak before and got to meet him once last year. The man is brilliant and totally cool as hell. The think with Booker is that he gets it in a way you don't normally see in Jersey which is a huge shock. Hopefully other mayors can learn from him and his way of doing business. I seriously hope he's the first mayor or Newark to not walk the path of his predecessors for all of the good work he's doing. Here's a fun fact: Up until Corey Booker, Newark had spent 57 years under the rule of one corrupt mayor or another, the worst of which, Sharpe James, had spent 20 years running Newark and is still loved by many of the residents of Newark despite being indicted for a slew of crimes and then found guilty on 5 counts of fraud. Here's to hoping that Corey Booker doesn't end up continuing a trend 57 years and growing.
Frieds,
You're preaching to the choir. Louisiana is famous for political corruption. I had friends and neighbors literally calling for Edwin Edwards to run for governor from his prison cell. True story.
Scary thing is he probably would've been elected.
I'm surprised you didn't include this in today's Bonus Bananas:
http://www.vanityfair.com/politics/2012/10/michael-lewis-profile-barack…
Warning: Long read
3) 104 Million GOOD reasons to rat on your employer. Yes, it is the biggest whistleblower award in history, representing 26% of what UBS forked over to the IRS. Under the law, you can get 10-30% of monies recovered from the employer-and I think that you should. Why rat out, just for the heck of it ? You'll be outcast, un-employable. Money makes everything better.
Oh my god. The monkey's face is priceless. He has such a great "ah fuck, not this shit again" look to him.
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