Looking up at him from an elegant dinner of rack of lamb and foie gras were many of the most famous investors in the world, including executives from nearly every too-big-to-fail bank, private equity megafirm, and major hedge fund. AIG CEO Bob Benmosche was there, as were Wall Street superlawyer Marty Lipton and Alan “Ace” Greenberg, the former chairman of Bear Stearns. And those were just the returning members. Among the neophytes were hedge fund billionaire and major Obama donor Marc Lasry and Joe Reece, a high-ranking dealmaker at Credit Suisse. [To see the full Kappa Beta Phi member list, click here.] All told, enough wealth and power was concentrated in the St. Regis that night that if you had dropped a bomb on the roof, global finance as we know it might have ceased to exist. … [Read more...] about One-Percent Jokes and Plutocrats in Drag: What I Saw When I Crashed a Wall Street Secret Society
HSBC, the investment bank that is a global leader in helping bad people get money, is making a foray into the slightly less lucrative business of making up nicknames. Today, the bank’s retail whizzes have coined a new acronym, YUM, which stands for “young, urban male,” and which headlines the bank’s most recent research report: “Rise of the Yummy.” … [Read more...] about Are You a ‘Yummy’?
The study, from which preliminary results were provided exclusively to Intelligencer, allows us to peer inside the psyches of those working inside the world’s biggest banks, hedge funds, and private-equity firms, as well as tech firms like Google and IBM. Their answers tell a familiar story: Among financial and tech workers, compensation matters most, upward mobility is important, and the greatest satisfaction is found among those making the most money. The crash of 2008 resulted in lower pay and more rules for bankers, and made jobs on the buy side (private equity and hedge funds, which generally pay more and are more loosely regulated) look more attractive. … [Read more...] about If You Want to Be Happy, Work at a Hedge Fund
Polk writes that his therapist told him that he “might be using money the same way I’d used drugs and alcohol — to make myself feel powerful — and that maybe it would benefit me to stop focusing on accumulating more and instead focus on healing my inner wound,” but he brushes off her suggestion until a meeting where one of his “absurdly wealthy bosses” expressed an aversion to increased hedge-fund regulation. After that, he began to “see Wall Street with new eyes”: … [Read more...] about Ex-Hedge-Funder Shares His ‘Wealth Addiction’ Recovery Story in New York
There won’t be a Section X at HBX, as Harvard’s online venture is called. But the coursework will take only seven to ten hours per week, according to this much more readable rundown by the Boston Globe. And while it will initially be open only to 1,000 students at other Massachusetts schools, it will soon open to the masses, which will create many more instances of a truly delightful interview scenario: … [Read more...] about You Can Be a ‘Harvard Business School’ ‘Graduate’ for Just $1,500 Now