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’[AV meets Naked Capitalism] Bankers and bonuses
In the first post about our meeting with Yves Smith, purveyor of the blog Naked Capitalism, we discussed the blogosphere and what prompted her to join it. Here we ask Ms Smith about her involvement with the Occupy movement and her opinions about banking and the contentious topic of bonuses.
God bless income disparity
Dennis Gartman, of Gartman Letter fame, is feeling pleased with himself.
Really, really pleased.
Earlier this week, he regaled subscribers with a story about a chance encounter with a reporter in Canada.
Disgraced Deutsche banker seeks donations
Spotted on a purported Linked-in profile for the Deutsche banker who was fired after waving money at NHS workers — a solicitation for, erm, cash:
Surely he’s got some of those tenners left?
IT’S THE BANKERS WOT DID IT
Spotted in the Irish Daily Star — banker outrage in extremis.
Via LettersofNote, and passed on by Sam Jones.
Britain’s bankers are ‘still alive’ – Britain’s tabloids go nuts
Spotted in the Square Mile. Those elusive, sardonic, still-alive bankers.
Spotted elsewhere. The Sun, the Daily Star et al. combusting with rage.
What’s the right amount to pay bankers? Less.
Dan “Predictably Irrational” Ariely is promoting his new book, and as part of his promotathon, has published a teaser over at the TEDBlog.
The subject: banker pay.
Ariely’s argument will not go down well with the likes of the Johns Mack and Stumpf,
Forget banking. In Australia, it’s the miners who make the dosh.
Back in April, the FT reported that the City of London had been hit by a ‘brain drain’ to Australia, as British financial services professionals fled in droves for better weather and ‘comparatively more career opportunities in Sydney and Melbourne’.
‘There is literally no-one who has completely covered themselves in glory throughout the crisis’
Timothy Ash, head of emerging markets research at RBS, issued both a mea culpa and a call to arms in a note on Friday.
First, the mea culpa:
The global credit crunch has been a learning experience
Boxing bankers, timewarp du jour
In early 2007 Bloomberg published this little story:
Boxing Bankers Pummel Each Other for Fun at London Fight Club
By Julia Werdigier
Jan. 12 (Bloomberg) — David Peters, a Swiss-franc swap broker at Tullett Prebon,
Switzerland, the former bolt-hole?
Neutral, snowy, and tax-lite – Switzerland was supposed to be the destination of choice for outraged City-types and others in the financial sector intent on protecting their bonuses.
Some excited reports even had Goldman Sachs moving its European headquarters from London to somewhere less fiscally challenged,
How much are you worth?
Is it the £500,000 your bank, or otherwise reviled-financial institution, pays you each year?
Or the negative £3.5m you contribute to society?
That’s right — negative £3.5m. A study by left-ish think tank,
Goldman round-up
Here’s what we hope could be a helpful collection of analysts’ comments on Goldman Sachs third-quarter results.
The major takeaway is that there’s still a reasonable amount of concern about whether the bank can continue its strong performance in places like Fixed Income Currencies and Commodities.
Smart guys in history: The Trillin debate
Author Calvin Trillin has really set something off with “Wall Street Smarts”, a brief and whimsical take on the downfall of Wall Street, published earlier this week in the New York Times.
In brief, he argues that the smart guys caused the financial crisis,
Adventures at Mansion House
LORD TURNER KEEPS HEAT ON BANKERS WITH FURTHER ATTACK
… Scream the headlines of Wednesday morning’s papers, on the FSA chairman’s Tuesday night speech at Mansion House.
Unfortunately, given the newspaper practice of pre-writing news (in order to make their print deadlines,
Bankers vs ballers, by Bove
Confirming what everyone in the UK — land of the obscenely paid footballer — already knew, veteran banking analyst Richard Bove has authored a piece of research illustrating that bankers do not make as much as those in professional sports.
Banking on blame
It’s rather amusing to imagine the thought process that must have gripped the minds of the BBC producers who devised “Can you bank on me?” :
BBC Producer One: You know this credit crunch thing deserves some prime time viewing.
The point of cutting costs is to have lower costs…
… Someone should tell UBS.
UBS reported dismal 2Q results on Tuesday — but don’t feel too sorry for its bankers.
Despite cutting 1,140 jobs in the last quarter, the investment banking division,
London bankers v New York bankers
Reports CNBC:
London bankers’ mighty pay has fallen from the highest level among global financial centers to the lowest, with Wall Street financiers grabbing the top spot, a poll showed on Sunday.
Specifically,
G20 City protest, take deux
Well, it’s reportedly on a Saturday this time so will likely have little impact on City workers. More importantly it’s directed at ‘PIGS of the policing kind — not the capitalist ones.
From politics.co.uk
The activists behind last week’s G20 protests around the Bank of England plan to march again this Saturday.
‘JUMP bankers!’
Clad in an army surplus jacket, baggy jeans and the obligatory scuffed trainers, FT Alphaville set forth to the G20 City protests.
The marchers, divided into four individual groups covering money crimes,
Protest in the City, in pictures, part two
Continued from part one – an FT Alphaville photo diary of the G20 protests.
The ghostly figure of Death by Natwest/RBS.
Guy Fawkes and err, a banker-looking bloke drinking beer.
Amusing signage.
Protest in the City
Bit of a mixed message below, but here’s the schedule for Wednesday’s protests. To avoid/join/observe as you will.
Models read Clusterstock?
Yes. That’s right. Not quant-type modellers, but real, actual, commercial, fashion-type models.
In case you’ve missed it ex- Goldman Sachs investment banker-turned-male model David Webb has hit the headlines in recent weeks.
Europe: More skeptical of ze bankers
We noticed this slide, from a recent survey by IB services provider, Duff & Phelps.
Respondents were asked to gauge their level of agreement with this statement:
“Financial Advisors who stand to gain a success fee on the closing of a transaction can remain objective when rendering a fairness opinion.”