Investment Bankers Quotes

We live in a world where we don’t see the ramifications of what we do to others because we don’t live with them. It would be a whole lot harder for an investment banker to rip off people with subprime mortgages if he actually had to live with the people he was ripping off. If we could see one another’s pain and empathize with one another, it would never be worth it to us to commit the crimes in the first place.

In society, we do horrible things to one another because we don’t see the person it affects. We don’t see their face. We don’t see them as people. Which was the whole reason the hood was built in the first place, to keep the victims of apartheid out of sight and out of mind. Because if white people ever saw black people as human, they would see that slavery is unconscionable. We live in a world where we don’t see the ramifications of what we do to others, because we don’t live with them. It would be a whole lot harder for an investment banker to rip off people with subprime mortgages if he actually had to live with the people he was ripping off. If we could see one another’s pain and empathize with one another, it would never be worth it to us to commit the crimes in the first place.

Really, if that’s the case, you need to stop letting your mother dress you funny. It’s hard to take anyone serious as a killer when he looks like an investment banker. The only part of me that’s nervous is my checkbook. (Kat)

On average, at least 95 percent of what you need to know you learn on the job. This is true for doctors, lawyers, nurses, investment bankers, and everyone else.

Pick a leader who will keep jobs in your country by offering companies incentives to hire only within their borders, not one who allows corporations to outsource jobs for cheaper labor when there is a national employment crisis. Choose a leader who will invest in building bridges, not walls. Books, not weapons. Morality, not corruption. Intellectualism and wisdom, not ignorance. Stability, not fear and terror. Peace, not chaos. Love, not hate. Convergence, not segregation. Tolerance, not discrimination. Fairness, not hypocrisy. Substance, not superficiality. Character, not immaturity. Transparency, not secrecy. Justice, not lawlessness. Environmental improvement and preservation, not destruction. Truth, not lies.

A NATION'S GREATNESS DEPENDS ON ITS LEADER To vastly improve your country and truly make it great again, start by choosing a better leader. Do not let the media or the establishment make you pick from the people they choose, but instead choose from those they do not pick. Pick a leader from among the people who is heart-driven, one who identifies with the common man on the street and understands what the country needs on every level. Do not pick a leader who is only money-driven and does not understand or identify with the common man, but only what corporations need on every level. Pick a peacemaker. One who unites, not divides. A cultured leader who supports the arts and true freedom of speech, not censorship. Pick a leader who will not only bail out banks and airlines, but also families from losing their homes -- or jobs due to their companies moving to other countries. Pick a leader who will fund schools, not limit spending on education and allow libraries to close. Pick a leader who chooses diplomacy over war. An honest broker in foreign relations. A leader with integrity, one who says what they mean, keeps their word and does not lie to their people. Pick a leader who is strong and confident, yet humble. Intelligent, but not sly. A leader who encourages diversity, not racism. One who understands the needs of the farmer, the teacher, the doctor, and the environmentalist -- not only the banker, the oil tycoon, the weapons developer, or the insurance and pharmaceutical lobbyist. Pick a leader who will keep jobs in your country by offering companies incentives to hire only within their borders, not one who allows corporations to outsource jobs for cheaper labor when there is a national employment crisis. Choose a leader who will invest in building bridges, not walls. Books, not weapons. Morality, not corruption. Intellectualism and wisdom, not ignorance. Stability, not fear and terror. Peace, not chaos. Love, not hate. Convergence, not segregation. Tolerance, not discrimination. Fairness, not hypocrisy. Substance, not superficiality. Character, not immaturity. Transparency, not secrecy. Justice, not lawlessness. Environmental improvement and preservation, not destruction. Truth, not lies. Most importantly, a great leader must serve the best interests of the people first, not those of multinational corporations. Human life should never be sacrificed for monetary profit. There are no exceptions. In addition, a leader should always be open to criticism, not silencing dissent. Any leader who does not tolerate criticism from the public is afraid of their dirty hands to be revealed under heavy light. And such a leader is dangerous, because they only feel secure in the darkness. Only a leader who is free from corruption welcomes scrutiny; for scrutiny allows a good leader to be an even greater leader. And lastly, pick a leader who will make their citizens proud. One who will stir the hearts of the people, so that the sons and daughters of a given nation strive to emulate their leader's greatness. Only then will a nation be truly great, when a leader inspires and produces citizens worthy of becoming future leaders, honorable decision makers and peacemakers. And in these times, a great leader must be extremely brave. Their leadership must be steered only by their conscience, not a bribe.

Investment bankers make money for a living.

The battle between bankers and traders is the closest thing to class warfare on Wall Street. Investment banking was esteemed as an art, while trading was more like a sport, something that required skill, but not necessarily brains or creativity.

It’s taboo,” he said. “When they ask you why you want to be an investment banker, you’re supposed to talk about the challenges, and the thrill of doing deals, and the excitement of working with such high-calibre people, but never, ever mention money.

The business world traditionally rewards people for being closer to the top (case in point: outrageous CEO salaries) or for being closer to the transactions (investment bankers, salespeople).

But my best friend from college was silent for a long time. She, of all of my friends, had seen the parade of sad wrecks through my life, date after bad date after bad boyfriend. She was the one who'd picked up the pieces after the musician, the investment banker, the humanitarian who was human to everyone but me. When at last she spoke, she said, Oh, hell. And, after that: Hallelujah.

We judge the street corner hustler or working-class criminal – from East Glasgow to East London – but we see a job as an investment banker, even in firms that launder the profits of drug cartels, fund terrorism, aid the global flow of arms, fuel war, oil spills, land grabs and generally fuck up the planet, as a perfectly legitimate, even aspirational occupation.

This conceit went hand in glove with the investment bankers’ belief that they could control their destiny, which, as we shall see, they couldn’t.

In order for capitalism to evolve from its current toxic expression, I propose the value of international currencies be tied to an Index of Human Productive Output. The emphasis being on human productivity not inanimate machines and virtual assets created by the mirage of the investment banker

I'm as big as snob as they come, but money is a terrible barometer of a person's worth. The standard I used is what a person is choosing to do with his life. So for me a struggling musician (someone dedicated to their craft, not some slacker) is much better than some lame investment banker. And the fact that she lied seemed like she was ashamed. She dismissed my anger as if I were overreacting.

But whether or not teenagers are using dating apps, they're coming of age in a culture that has already been affected by the attitudes the apps have introduced. 'It’s like ordering Seamless,' says Dan, the investment banker, referring to the online food-delivery service. 'But you’re ordering a person.' The comparison to online shopping seems apt. dating apps are the free-market economy come to sex.

We live in a world where we don’t see the ramifications of what we do to others, because we don’t live with them. It would be a whole lot harder for an investment banker to rip off people with subprime mortgages if he actually had to live with the people he was ripping off.

We live in a world where we don’t see the ramifications of what we do to others, because we don’t live with them. It would be a whole lot harder for an investment banker to rip off people with subprime mortgages if he actually had to live with the people he was ripping off. If we could see one another’s pain and empathize with one another, it would never be worth it to us to commit the crimes in the first place.

The biggest and, outwardly, most trustful banker in history is God, the administrator delegated to eternity. And his credit institute is Paradise. Billions of faithfuls, for centuries, have invested in the hope of God, expecting redemption in eternal life. And since the celestial agency is going bankrupt, nothing is left of its capital, on which the hopes of six billion faithful consumers rely. Capitalism is a project of universal anthropology. Humans primarily are beings who desire. Not in an hedonistic, but in a materialistic sense: in the modern period, Westerners have looked for felicity through the possession of objects and the consumption of commodities.

At the lowest level of the investment banking hierarchy are the analysts. To find this young talent, the I-banks send their manicured young bankers out to the Whartons, Harvards and Princetons of the world to roll out the red carpet for the top undergraduates and begin the process of destroying whatever noble ideals the youngsters have left.

BARBIE’S HOUSE WAS ONE OF SEVERAL ACROSS the road from Hampstead Heath, overlooking one of the ponds. It was large and, given its location, probably fantastically overpriced. Barbie had lived in Hampstead for several years before Gabriel and Alicia moved in next door. Her ex-husband was an investment banker and had commuted between London and New York

Have you met a banker, who is not interested in money? He loves the game, not the cash! You should bet on him.

Some burglars are vermin, they're no better than, well, investment bankers - there, I've said it.

We can have a just society whose guiding ethos is accountability and punishment, where both black kids dealing weed in Harlem and investment bankers peddling fraudulent securities on Wall Street are forced to pay for their crimes, or we can have a just society whose guiding ethos is forgiveness and second chances, one in which both Wall Street banks and foreclosed households are bailed out, in which both inside traders and street felons are allowed to rejoin polite society with the full privileges of citizenship intact. But we cannot have a just society that applies the principle of accountability to the powerless and the principle of forgiveness to the powerful. This is the America in which we currently reside.

The friend who saved up to invest in a fund and saw her money dissolve like sugar on the tongues of bankers who barely got a scolding from the SEC. The life we’d been promised was a scam,

My heart sank. It’s hard to describe how small $50,000 is to an investment banker. Linda Evangelista, a supermodel from the 1980s and 1990s, once famously declared, “I don’t get out of bed for less than ten thousand dollars a day.” For an investment banker, that number is more like $1 million. But here I was having earned nothing for Salomon, and $50,000 was that much more than zero, so I agreed.

They became the directing power in the life insurance companies, and other corporate reservoirs of the people’s savings-the buyers of bonds and stocks. They became the directing power also in banks and trust companies-the depositaries of the quick capital of the country-the life blood of business, with which they and others carried on their operations. Thus four distinct functions, each essential to business, and each exercised, originally, by a distinct set of men, became united in the investment banker. It is to this union of business functions that the existence of the Money Trust is mainly due.[1]

The investment banker is naturally on the lookout for good bargains in bonds and stocks. Like other merchants he wants to buy his merchandise cheap. But when he becomes director of a corporation, he occupies a position which prevents the transaction by which he acquires its corporate securities from being properly called a bargain. Can there be real bargaining where the same man is on both sides of a trade?

We live in a world where we don't see the ramifications of what we do to others, because we don't live with them. It would be a whole lot harder for an investment banker to rip off people with subprime mortgages if he actually had to live with the people he was ripping off. If we could see each other's pain and empathize with one another, it would never be worth it to us to commit the crimes in the first place.

We live in a world where we don't see the ramifications of what we do to others, because we don't live with them. It would be a whole lot harder for an investment banker to rip off people with subprime mortgages if he actually had to live with the people he was ripping off. If we could see one another's pain and empathize with one another, it would never be worth it to us to commit the crimes in the first place.

If mere scandal could have destroyed the big Wall Street investment banks, they would have vanished long ago. This woman wasn’t saying that Wall Street bankers were corrupt. She was saying that they were stupid.

Yet Morgan was surprisingly patient. As an investment banker who had backed many railroads, which were continually absorbing new technologies, he seemed quite accepting that problems large and small were inevitable.

June 2011 article in the Financial Times titled “Alfred Hitchcock’s ‘The Bankers’ ” noted, “The characteristics that make for good traders and investment bankers are pretty much the same as those that define psychopaths.”107

Being an investment banker is pretty much the perfect job for an all around triple-threat genius, and because I’m doing so well with it, I know I’m actually smarter than certifiable geniuses like Stephen Hawking and Einstein.

I do not have money to invest nor i have studied finance to be an investment banker but i would like to be an investor in the society; by investing my love care and compassion in my children i think there will be a bank of bankable people

Something had to be done fast. A letter: that was the answer. As many lawyers do when nursing a grievance, Nusbaum knew it was important to get their anger down into writing. As Cohen and the investment bankers shouted and cursed around him, he began dictating

I watched with incredulity as businessmen ran to the government in every crisis, whining for handouts or protection from the very competition that has made this system so productive. I saw Texas ranchers, hit by drought, demanding government-guaranteed loans; giant milk cooperatives lobbying for higher price supports; major airlines fighting deregulation to preserve their monopoly status; giant companies like Lockheed seeking federal assistance to rescue them from sheer inefficiency; bankers, like David Rockefeller, demanding government bailouts to protect them from their ill-conceived investments; network executives, like William Paley of CBS, fighting to preserve regulatory restrictions and to block the emergence of competitive cable and pay TV. And always, such gentlemen proclaimed their devotion to free enterprise and their opposition to the arbitrary intervention into our economic life by the state. Except, of course, for their own case, which was always unique and which was justified by their immense concern for the public interest.

Now, obviously, Meredith Whitney didn't sink Wall Street. She'd just expressed most clearly and most loudly a view that turned out to be far more seditious to the social order than, say, the many campaigns by various New York attorneys general against Wall Street corruption. If mere scandal could have destroyed the big Wall Street investment banks, they would have vanished long ago. This woman wasn't saying that Wall Street bankers were corrupt. She was saying that they were stupid. These people whose job it was to allocate capital apparently didn't even know how to manage their own.

You don’t get rewarded for creating great technology, not anymore,” says a friend of mine who has worked in tech since the 1980s, a former investment banker who now advises start-ups. “It’s all about the business model. The market pays you to have a company that scales quickly. It’s all about getting big fast. Don’t be profitable, just get big.

Perhaps you think that better-educated people would do better? Or people who are more interested in the issues? I certainly thought that once, but I was wrong. I have tested audiences from all around the world and from all walks of life: medical students, teachers, university lecturers, eminent scientists, investment bankers, executives in multinational companies, journalists, activists, and even senior political decision makers. These are highly educated people who take an interest in the world. But most of them—a stunning majority of them—get most of the answers wrong. Some of these groups even score worse than the general public; some of the most appalling results came from a group of Nobel laureates and medical researchers. It is not a question of intelligence. Everyone seems to get the world devastatingly wrong. Not only devastatingly wrong, but systematically wrong. By which I mean that these test results are not random. They are worse than random: they are worse than the results I would get if the people answering my questions had no knowledge at all.

The closest most people have ever come to understanding what an investment banker does may have been on October 24, 1995, when they heard the outrageous special interest story of the day. The wire services released the story first. It was quickly picked up and parroted by almost every major media outlet in the country as a classic example of Wall Street excess. A fifty-eight-year-old frustrated managing director from Trust Company of the West, on an airplane trip from Buenos Aires to New York City, downed an excessive number of cocktails, got out of his seat in the first-class cabin of a United Airlines flight, dropped his pants, and took a crap on the service cart. There you have it. That’s what bankers do: consume, process, and disseminate.

In a lot of ways it is easier to do things on a large scale. It is easier to build a skyscraper in Manhattan than it is to buy a bungalow in the Bronx. For one thing, it takes just as much time to close a big deal as it does to close a small deal. You will endure as much stress and aggravation; you will have all the same headaches and problems. It is easier to finance a big deal. Bankers would much rather lend money for a big project than for a small one. They are more comfortable investing money in a big prestigious building than they are a rundown house in a bad section of town. If you succeed with the big project, you stand to gain a lot more money.

But after all the horse trading between Democrats and Republicans—and reformers, bankers, and lobbyists—I fear that its complex, obtuse regulations (some 170 separate rules are still being developed) involved in limiting proprietary trading by banks makes me wish we’d taken the simple step of restoring the separation of deposit taking banks from investment banks. The Glass-Steagall Act of 1933 worked well until it was gradually eroded and finally repealed in 1999.

It’s going to take a while to rebuild manufacturing out here,” he said. “Ten years, minimum. But once we get the unions involved, we’ll have a base to negotiate from. In the meantime, we just need to stop the hemorrhage and give people some short-term victories. Something to show people how much power they have once they stop fighting each other and start going after the real enemy.” “And who’s that?” Marty shrugged. “The investment bankers. The politicians. The fat cat lobbyists.” Marty

One of my greatest fears is family decline.There’s an old Chinese saying that “prosperity can never last for three generations.” I’ll bet that if someone with empirical skills conducted a longitudinal survey about intergenerational performance, they’d find a remarkably common pattern among Chinese immigrants fortunate enough to have come to the United States as graduate students or skilled workers over the last fifty years. The pattern would go something like this: • The immigrant generation (like my parents) is the hardest-working. Many will have started off in the United States almost penniless, but they will work nonstop until they become successful engineers, scientists, doctors, academics, or businesspeople. As parents, they will be extremely strict and rabidly thrifty. (“Don’t throw out those leftovers! Why are you using so much dishwasher liquid?You don’t need a beauty salon—I can cut your hair even nicer.”) They will invest in real estate. They will not drink much. Everything they do and earn will go toward their children’s education and future. • The next generation (mine), the first to be born in America, will typically be high-achieving. They will usually play the piano and/or violin.They will attend an Ivy League or Top Ten university. They will tend to be professionals—lawyers, doctors, bankers, television anchors—and surpass their parents in income, but that’s partly because they started off with more money and because their parents invested so much in them. They will be less frugal than their parents. They will enjoy cocktails. If they are female, they will often marry a white person. Whether male or female, they will not be as strict with their children as their parents were with them. • The next generation (Sophia and Lulu’s) is the one I spend nights lying awake worrying about. Because of the hard work of their parents and grandparents, this generation will be born into the great comforts of the upper middle class. Even as children they will own many hardcover books (an almost criminal luxury from the point of view of immigrant parents). They will have wealthy friends who get paid for B-pluses.They may or may not attend private schools, but in either case they will expect expensive, brand-name clothes. Finally and most problematically, they will feel that they have individual rights guaranteed by the U.S. Constitution and therefore be much more likely to disobey their parents and ignore career advice. In short, all factors point to this generation

And so, as the passengers drifted off to sleep to the rhythmic clicking of steel wheels against rail, little did they dream that, riding in the car at the end of their train, were six men who represented an estimated one-fourth of the total wealth of the entire world. This was the roster of the Aldrich car that night: Nelson W. Aldrich, Republican "whip" in the Senate, Chairman of the National Monetary Commission, business associate of J.P. Morgan, father-in-law to John D. Rockefeller, Jr.; Abraham Piatt Andrew, Assistant Secretary of the U.S. Treasury; Frank A. Vanderlip, president of the National City Bank of New York, the most powerful of the banks at that time, representing William Rockefeller and the international investment banking house of Kuhn, Loeb & Company; Henry P. Davison, senior partner of the J.P. Morgan Company; Benjamin Strong, head of J.P. Morgan's Bankers Trust Company;1 6. Paul M. Warburg, a partner in Kuhn, Loeb & Company, a representative of the Rothschild banking dynasty in England and France, and brother to Max Warburg who was head of the Warburg banking consortium in Germany and the Netherlands.2

The empires built by bankers and merchants in frock coats and top hats defeated the empires built by kings and noblemen in gold clothes and shining armour. The mercantile empires were simply much shrewder in financing their conquests. Nobody wants to pay taxes, but everyone is happy to invest.

A prison is perhaps the easiest place to see the power of bad incentives. And yet in many walks of life, we find otherwise normal men and women caught in the same trap and busily making the world much less good than it could be. Elected officials ignore long-term problems because they must pander to the short-term interests of voters. People working for insurance companies rely on technicalities to deny desperately ill patients the care they need. CEOs and investment bankers run extraordinary risks—both for their businesses and for the economy as a whole—because they reap the rewards of success without suffering the penalties of failure. District attorneys continue to prosecute people they know to be innocent because their careers depend on winning cases. Our government fights a war on drugs that creates the very problem of black-market profits and violence that it pretends to solve. We need systems that are wiser than we are. We need institutions and cultural norms that make us more honest and ethical than we tend to be. The project of building them is distinct from—and, in my view, even more important than—an individual’s refining his personal ethical code.

cause of the financial crisis was “simple. Greed on both sides—greed of investors and the greed of the bankers.” I thought it was more complicated. Greed on Wall Street was a given—almost an obligation. The problem was the system of incentives that channeled the greed. The line between gambling and investing is artificial and thin.

Recently China’s economy reached US$23.12 trillion in gross domestic product (the total value of goods produced and services provided in one country in a year). As the Chinese economy continues to rebalance from investment and manufacturing to consumption and services, bankers and officials around the world will be monitoring China for a soft or hard landing from 30 years of explosive growth.

Bank-friendly writers and lobbyists fostered a myth that the economy needed its investment banks to remain solvent to keep the economy functioning. But many former officials, including Bair, SIGTARP‘s Neil Barofsky, and Reagan Administration budget director David Stockman, rejected the claims that public guarantees for reckless bank loans was needed to protect insured depositors. Retail savings and checking accounts were never threatened by the bad gambles that banks made. But this myth had to be promoted in order for Paulson, Geithner Bernanke and other bank protectors to persuade Congress to overrule Bair and make government (“taxpayers”) pay. Their aim was to save the banks from being nationalized, and to protect bankers from being prosecuted for fraud or reining in the exorbitant salaries and bonuses they had given themselves. No attempt was made to change the system that had led to the crash. If

It turned out that our choices of everything from food to mates result not from some mysterious free will, but rather from billions of neurons calculating probabilities within a split second. Vaunted ‘human intuition’ is in reality ‘pattern recognition’. Good drivers, bankers and lawyers don’t have magical intuitions about traffic, investment or negotiation – rather, by recognising recurring patterns, they spot and try to avoid careless pedestrians, inept borrowers and dishonest crooks.

It turned out that our choices of everything from food to mates result not from some mysterious free will, but rather from billions of neurons calculating probabilities within a split second. Vaunted ‘human intuition’ is in reality ‘pattern recognition’.3 Good drivers, bankers and lawyers don’t have magical intuitions about traffic, investment or negotiation – rather, by recognising recurring patterns, they spot and try to avoid careless pedestrians, inept borrowers and dishonest crooks.

You’re really nice,” I slur. We’re waiting for the valet to bring Gavin’s truck around, and it feels like the fresh Colorado air has increased my alcohol level from drunk to trashed . . . and I still haven’t cracked open my wine.   “You’re pretty nice too.” He’s watching me closely, and I’m trying to watch him closely. His eyes are crinkled with amusement; mine are struggling to focus.   “I really wish you were an investment banker.”   Oh no. The loose lips part of the night has arrived.   “Besides my mom, you’re probably the only person in the world who does.”   “Because everyone else would miss their superstar quarterback in his super-hot pants throwing the ball every Sunday?” Sober me hates drunk me so hard right now.   “Because I’m terrible with numbers. I had three different tutors trying to get me to pass my math courses in college. And I’m not sure most of the fans focus on my pants, but I’m glad you do.” His body is shaking with laughter as he nudges me with his shoulder.

It’s such a strange thing, but in two years of hustling I never once thought of it as a crime. I honestly didn’t think it was bad. It’s just stuff people found. White people have insurance. Whatever rationalization was handy. In society, we do horrible things to one another because we don’t see the person it affects. We don’t see their face. We don’t see them as people. Which was the whole reason the hood was built in the first place, to keep the victims of apartheid out of sight and out of mind. Because if white people ever saw black people as human, they would see that slavery is unconscionable. We live in a world where we don’t see the ramifications of what we do to others, because we don’t live with them. It would be a whole lot harder for an investment banker to rip off people with subprime mortgages if he actually had to live with the people he was ripping off. If we could see one another’s pain and empathize with one another, it would never be worth it to us to commit the crimes in the first place.

Most non-European empires of the early modern era were established by great conquerors such as Nurhaci and Nader Shah, or by bureaucratic and military elites as in the Qing and Ottoman empires. Financing wars through taxes and plunder (without making fine distinctions between the two), they owed little to credit systems, and they cared even less about the interests of bankers and investors. In Europe, on the other hand, kings and generals gradually adopted the mercantile way of thinking, until merchants and bankers became the ruling elite. The European conquest of the world was increasingly financed through credit rather than taxes, and was increasingly directed by capitalists whose main ambition was to receive maximum returns on their investments. The empires built by bankers and merchants in frock coats and top hats defeated the empires built by kings and noblemen in gold clothes and shining armour. The mercantile empires were simply much shrewder in financing their conquests. Nobody wants to pay taxes, but everyone is happy to invest.

As Reagan’s first budget director, Stockman, a former two-term congressman from Michigan, was the point man for the supply-side economics the new administration was pushing— the theory that taxes should be lowered to stimulate economic activity, which would in turn produce more tax revenue to compensate for the lower rates. With his wonky whiz-kid persona, computer-like mental powers, and combative style, he browbeat Democratic congressmen and senators who challenged his views. But he soon incurred the wrath of political conservatives when he confessed to Atlantic reporter William Greider that supply-side economics was really window dressing for reducing the rates on high incomes. Among other acts of apostasy, he called doctrinaire supply-siders “naive.” The 1981 article created a sensation and prompted Reagan to ask him over lunch, “You have hurt me. Why?” Stockman famously described the meeting as a “trip to the woodshed.” Though the president himself forgave him, Stockman’s loose lips undercut his power at the White House, and in 1985 he left government to become an investment banker at Salomon Brothers.

So . . . for some reason we thought you were the guys assigned to Ms. Lynde’s surveillance. Guess we were mistaken?” “Nope, you got it right,” Kamin said. “We do the night shift. Nice girl. We talk a lot on the way to the gym.” “Oh. Then I guess Agent Wilkins and I are just curious why you two are here instead of with her.” Kamin waved this off. “It’s cool. We did a switcheroo with another cop, see?” “A switcheroo . . . right. Remind me again how that works?” Jack asked. “It’s because she’s got this big date tonight,” Kamin explained. Jack cocked his head. “A date?” Phelps chimed in. “Yeah, you know—with Max-the-investment-banker-she-met-on-the-Bloomingdales-escalator.” “I must’ve missed that one.” “Oh, it’s a great story,” Kamin assured him. “She crashed into him coming off the escalator and when her shopping bag spilled open, he told her he liked her shoes.” “Ah . . . the Meet Cute,” Wilkins said with a grin. Jack threw him a sharp look. “What did you just say?” “You know, the Meet Cute.” Wilkins explained. “In romantic comedies, that’s what they call the moment when the man and woman first meet.” He rubbed his chin, thinking this over. “I don’t know, Jack . . . if she’s had her Meet Cute with another man that does not bode well for you.” Jack nearly did a double take as he tried to figure out what the hell that was supposed to mean. Phelps shook his head. “Nah, I wouldn’t go that far. She’s still on the fence about this guy. He’s got problems keeping his job from intruding on his personal life. But she’s feeling a lot of pressure with Amy’s wedding—she’s only got about ten days left to get a date.” “She’s the maid of honor, see?” Kamin said. Jack stared at all three of them. Their lips were moving and sound was coming out, but it was like they were speaking a different language. Kamin turned to Phelps. “Frankly, I think she should just go with Collin, since he and Richard broke up.” “Yeah, but you heard what she said. She and Collin need to stop using each other as a crutch. It’s starting to interfere with their other relationships.” Unbelievable. Jack ran a hand through his hair, tempted to tear it out. But then he’d have a bald spot to thank Cameron Lynde for, and that would piss him off even more. “Can we get back to the switcheroo part?” “Right, sorry. It was Slonsky’s suggestion. 

To the untrained eye, the Wall Street people who rode from the Connecticut suburbs to Grand Central were an undifferentiated mass, but within that mass Danny noted many small and important distinctions. If they were on their BlackBerrys, they were probably hedge fund guys, checking their profits and losses in the Asian markets. If they slept on the train they were probably sell-side people—brokers, who had no skin in the game. Anyone carrying a briefcase or a bag was probably not employed on the sell side, as the only reason you’d carry a bag was to haul around brokerage research, and the brokers didn’t read their own reports—at least not in their spare time. Anyone carrying a copy of the New York Times was probably a lawyer or a back-office person or someone who worked in the financial markets without actually being in the markets. Their clothes told you a lot, too. The guys who ran money dressed as if they were going to a Yankees game. Their financial performance was supposed to be all that mattered about them, and so it caused suspicion if they dressed too well. If you saw a buy-side guy in a suit, it usually meant that he was in trouble, or scheduled to meet with someone who had given him money, or both. Beyond that, it was hard to tell much about a buy-side person from what he was wearing. The sell side, on the other hand, might as well have been wearing their business cards: The guy in the blazer and khakis was a broker at a second-tier firm; the guy in the three-thousand-dollar suit and the hair just so was an investment banker at J.P. Morgan or someplace like that. Danny could guess where people worked by where they sat on the train. The Goldman Sachs, Deutsche Bank, and Merrill Lynch people, who were headed downtown, edged to the front—though when Danny thought about it, few Goldman people actually rode the train anymore. They all had private cars. Hedge fund guys such as himself worked uptown and so exited Grand Central to the north, where taxis appeared haphazardly and out of nowhere to meet them, like farm trout rising to corn kernels. The Lehman and Bear Stearns people used to head for the same exit as he did, but they were done. One reason why, on September 18, 2008, there weren’t nearly as many people on the northeast corner of Forty-seventh Street and Madison Avenue at 6:40 in the morning as there had been on September 18, 2007.

What’s an IPO, exactly? A company decides it wants to “float” part of its equity on the public markets, allowing employees and founders to sell private shares to pay them off for years of service, as well as sell shares out of the corporate treasury to have some money in the bank. Large investment banks (such as my former employer Goldman Sachs) form what’s called a “syndicate” (“mafia” might be a better term) wherein they offer to effectively buy those shares from Facebook, and then sell them into the capital markets, usually by pushing it via their sales force onto wealthy clients or institutional investors. That syndicate either guarantees a price (“firm commitment”) or promises to get the best price it can (“best effort”). In the former case, the bank is taking real execution risk, and stands to lose money if it doesn’t engineer a “pop” in the stock on opening day. To mitigate the risk, the bank convinces the offering company to expect a lower price, while simultaneously jacking up what real price the market will bear with a zealous sales pitch to the market’s deepest pockets. Thus, it is absolutely jejune to think that a stock’s rise on opening day is due to clamoring and unexpected interest. Similar to Captain Renault in Casablanca, Wall Street bankers are shocked—shocked!—that there should be such a large and positive price dislocation in the market they just rigged.

The flat tire that threw Julio into a temporary panic and the divorce that almost killed Jim don’t act directly as physical causes producing a physical effect—as, for instance, one billiard ball hitting another and making it carom in a predictable direction. The outside event appears in consciousness purely as information, without necessarily having a positive or negative value attached to it. It is the self that interprets that raw information in the context of its own interests, and determines whether it is harmful or not. For instance, if Julio had had more money or some credit, his problem would have been perfectly innocuous. If in the past he had invested more psychic energy in making friends on the job, the flat tire would not have created panic, because he could have always asked one of his co-workers to give him a ride for a few days. And if he had had a stronger sense of self-confidence, the temporary setback would not have affected him as much because he would have trusted his ability to overcome it eventually. Similarly, if Jim had been more independent, the divorce would not have affected him as deeply. But at his age his goals must have still been bound up too closely with those of his mother and father, so that the split between them also split his sense of self. Had he had closer friends or a longer record of goals successfully achieved, his self would have had the strength to maintain its integrity. He was lucky that after the breakdown his parents realized the predicament and sought help for themselves and their son, reestablishing a stable enough relationship with Jim to allow him to go on with the task of building a sturdy self. Every piece of information we process gets evaluated for its bearing on the self. Does it threaten our goals, does it support them, or is it neutral? News of the fall of the stock market will upset the banker, but it might reinforce the sense of self of the political activist. A new piece of information will either create disorder in consciousness, by getting us all worked up to face the threat, or it will reinforce our goals, thereby freeing up psychic energy.

We will revisit the effects of sleep loss on emotional stability and other brain functions in later chapters when we discuss the real-life consequences of sleep loss in society, education, and the workplace. The findings justify our questioning of whether or not sleep-deprived doctors can make emotionally rational decisions and judgments; under-slept military personnel should have their fingers on the triggers of weaponry; overworked bankers and stock traders can make rational, non-risky financial decisions when investing the public’s hard-earned retirement funds; and if teenagers should be battling against impossibly early start times during a developmental phase of life when they are most vulnerable to developing psychiatric disorders.

The worldview of the underdog socialist is that the neoliberals have mastered the game of reason, judgment, and statistics, leaving the left with emotion. Its heart is in the right place. Underdog socialists have a surfeit of compassion and find prevailing policies deeply unfair. Seeing the welfare state crumbling to dust, they rush in to salvage what they can. But when push comes to shove, the underdog socialist caves in to the arguments of the opposition, always accepting the premise on which the debate takes place... The underdog socialist forgets that the real problem isn't the national debt, but overextended households and businesses. He forgets that fighting poverty is an investment that pays off in spades. And he forgets that, all the while, the bankers and the lawyers are polishing turds at the expense of waste collectors and nurses.

So much of what my generation had been promised disintegrated at our touch. Consider the friend, a painter of seascapes, who dreamed of affording waterfront property. On the day the levees broke, the Gulf flooded her studio and painted her walls with costly oils. Consider the friend who worked for six years at a company he hated on the promise of a sabbatical, only to be let go. The friend who complained about family reunions and lost every relative over the age of fifty to a virus. The friend who saved up to invest in a fund and saw her money dissolve like sugar on the tongues of bankers who barely got a scolding from the SEC. The life we'd been promised was a scam, the world a scam, the whole goddamn play a scam and there seemed nothing to do but burn it down as rioters did in Paris, New York, Nairobi—and then creep back through the embers because what other choice did we have?

Recognizing how most great fortunes had been built up in predatory ways, through usury, war lending and political insider dealings to grab the Commons and carve out burdensome monopoly privileges led to a popular view of financial magnates, landlords and hereditary ruling elite as parasitic by the 19th century, epitomized by the French anarchist Proudhon’s slogan “Property as theft.” Instead of creating a mutually beneficial symbiosis with the economy of production and consumption, today’s financial parasitism siphons off income needed to invest and grow. Bankers and bondholders desiccate the host economy by extracting revenue to pay interest and dividends. Repaying a loan – amortizing or “killing” it – shrinks the host. Like the word amortization, mortgage (“dead hand” of past claims for payment) contains the root mort, “death.” A financialized economy becomes a mortuary when the host economy becomes a meal for the financial free luncher that takes interest, fees and other charges without contributing to production.

a young Goldman Sachs banker named Joseph Park was sitting in his apartment, frustrated at the effort required to get access to entertainment. Why should he trek all the way to Blockbuster to rent a movie? He should just be able to open a website, pick out a movie, and have it delivered to his door. Despite raising around $250 million, Kozmo, the company Park founded, went bankrupt in 2001. His biggest mistake was making a brash promise for one-hour delivery of virtually anything, and investing in building national operations to support growth that never happened. One study of over three thousand startups indicates that roughly three out of every four fail because of premature scaling—making investments that the market isn’t yet ready to support. Had Park proceeded more slowly, he might have noticed that with the current technology available, one-hour delivery was an impractical and low-margin business. There was, however, a tremendous demand for online movie rentals. Netflix was just then getting off the ground, and Kozmo might have been able to compete in the area of mail-order rentals and then online movie streaming. Later, he might have been able to capitalize on technological changes that made it possible for Instacart to build a logistics operation that made one-hour grocery delivery scalable and profitable. Since the market is more defined when settlers enter, they can focus on providing superior quality instead of deliberating about what to offer in the first place. “Wouldn’t you rather be second or third and see how the guy in first did, and then . . . improve it?” Malcolm Gladwell asked in an interview. “When ideas get really complicated, and when the world gets complicated, it’s foolish to think the person who’s first can work it all out,” Gladwell remarked. “Most good things, it takes a long time to figure them out.”* Second, there’s reason to believe that the kinds of people who choose to be late movers may be better suited to succeed. Risk seekers are drawn to being first, and they’re prone to making impulsive decisions. Meanwhile, more risk-averse entrepreneurs watch from the sidelines, waiting for the right opportunity and balancing their risk portfolios before entering. In a study of software startups, strategy researchers Elizabeth Pontikes and William Barnett find that when entrepreneurs rush to follow the crowd into hyped markets, their startups are less likely to survive and grow. When entrepreneurs wait for the market to cool down, they have higher odds of success: “Nonconformists . . . that buck the trend are most likely to stay in the market, receive funding, and ultimately go public.” Third, along with being less recklessly ambitious, settlers can improve upon competitors’ technology to make products better. When you’re the first to market, you have to make all the mistakes yourself. Meanwhile, settlers can watch and learn from your errors. “Moving first is a tactic, not a goal,” Peter Thiel writes in Zero to One; “being the first mover doesn’t do you any good if someone else comes along and unseats you.” Fourth, whereas pioneers tend to get stuck in their early offerings, settlers can observe market changes and shifting consumer tastes and adjust accordingly. In a study of the U.S. automobile industry over nearly a century, pioneers had lower survival rates because they struggled to establish legitimacy, developed routines that didn’t fit the market, and became obsolete as consumer needs clarified. Settlers also have the luxury of waiting for the market to be ready. When Warby Parker launched, e-commerce companies had been thriving for more than a decade, though other companies had tried selling glasses online with little success. “There’s no way it would have worked before,” Neil Blumenthal tells me. “We had to wait for Amazon, Zappos, and Blue Nile to get people comfortable buying products they typically wouldn’t order online.

Anna Chapman was born Anna Vasil’yevna Kushchyenko, in Volgograd, formally Stalingrad, Russia, an important Russian industrial city. During the Battle of Stalingrad in World War II, the city became famous for its resistance against the German Army. As a matter of personal history, I had an uncle, by marriage that was killed in this battle. Many historians consider the battle of Stalingrad the largest and bloodiest battle in the history of warfare. Anna earned her master's degree in economics in Moscow. Her father at the time was employed by the Soviet embassy in Nairobi, Kenya, where he allegedly was a senior KGB agent. After her marriage to Alex Chapman, Anna became a British subject and held a British passport. For a time Alex and Anna lived in London where among other places, she worked for Barclays Bank. In 2009 Anna Chapman left her husband and London, and moved to New York City, living at 20 Exchange Place, in the Wall Street area of downtown Manhattan. In 2009, after a slow start, she enlarged her real-estate business, having as many as 50 employees. Chapman, using her real name worked in the Russian “Illegals Program,” a group of sleeper agents, when an undercover FBI agent, in a New York coffee shop, offered to get her a fake passport, which she accepted. On her father’s advice she handed the passport over to the NYPD, however it still led to her arrest. Ten Russian agents including Anna Chapman were arrested, after having been observed for years, on charges which included money laundering and suspicion of spying for Russia. This led to the largest prisoner swap between the United States and Russia since 1986. On July 8, 2010 the swap was completed at the Vienna International Airport. Five days later the British Home Office revoked Anna’s citizenship preventing her return to England. In December of 2010 Anna Chapman reappeared when she was appointed to the public council of the Young Guard of United Russia, where she was involved in the education of young people. The following month Chapman began hosting a weekly TV show in Russia called Secrets of the World and in June of 2011 she was appointed as editor of Venture Business News magazine. In 2012, the FBI released information that Anna Chapman attempted to snare a senior member of President Barack Obama's cabinet, in what was termed a “Honey Trap.” After the 2008 financial meltdown, sources suggest that Anna may have targeted the dapper Peter Orzag, who was divorced in 2006 and served as Special Assistant to the President, for Economic Policy. Between 2007 and 2010 he was involved in the drafting of the federal budget for the Obama Administration and may have been an appealing target to the FSB, the Russian Intelligence Agency. During Orzag’s time as a federal employee, he frequently came to New York City, where associating with Anna could have been a natural fit, considering her financial and economics background. Coincidently, Orzag resigned from his federal position the same month that Chapman was arrested. Following this, Orzag took a job at Citigroup as Vice President of Global Banking. In 2009, he fathered a child with his former girlfriend, Claire Milonas, the daughter of Greek shipping executive, Spiros Milonas, chairman and President of Ionian Management Inc. In September of 2010, Orzag married Bianna Golodryga, the popular news and finance anchor at Yahoo and a contributor to MSNBC's Morning Joe. She also had co-anchored the weekend edition of ABC's Good Morning America. Not surprisingly Bianna was born in in Moldova, Soviet Union, and in 1980, her family moved to Houston, Texas. She graduated from the University of Texas at Austin, with a degree in Russian/East European & Eurasian studies and has a minor in economics. They have two children. Yes, she is fluent in Russian! Presently Orszag is a banker and economist, and a Vice Chairman of investment banking and Managing Director at Lazard.

Collateral Capacity or Net Worth? If young Bill Gates had knocked on your door asking you to invest $10,000 in his new company, Microsoft, could you get your hands on the money? Collateral capacity is access to capital. Your net worth is irrelevant if you can’t access any of the money. Collateral capacity is my favorite wealth concept. It’s almost like having a Golden Goose! Collateral can help a borrower secure loans. It gives the lender the assurance that if the borrower defaults on the loan, the lender can repossess the collateral. For example, car loans are secured by cars, and mortgages are secured by homes. Your collateral capacity helps you to avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of capital providing accessibility, control and uninterrupted compounding. It is the amount of money that you can access through collateralizing a loan against your money, allowing your money to continue earning interest and working for you. It’s very important to understand that accessibility, control and uninterrupted compounding are the key components of collateral capacity. It’s one thing to look good on paper, but when times get tough, assets that you can’t touch or can’t convert easily to cash, will do you little good. Three things affect your collateral capacity: ① The first is contributions into savings and investment accounts that you can access. It would be wise to keep feeding your Golden Goose. Often the lure of higher return potential also brings with it lack of liquidity. Make sure you maintain a good balance between long-term accounts and accounts that provide immediate liquidity and access. ② Second is the growth on the money from interest earned on the money you have in your account. Some assets earn compound interest and grow every year. Others either appreciate or depreciate. Some accounts could be worth a great deal but you have to sell or close them to access the money. That would be like killing your Golden Goose. Having access to money to make it through downtimes is an important factor in sustaining long-term growth. ③ Third is the reduction of any liens you may have against these accounts. As you pay off liens against your collateral positions, your collateral capacity will increase allowing you to access more capital in the future. The goose never quit laying golden eggs – uninterrupted compounding. Years ago, shortly after starting my first business, I laughed at a banker that told me I needed at least $25,000 in my business account in order to borrow $10,000. My business owner friends thought that was ridiculously funny too. We didn’t understand collateral capacity and quite a few other things about money.

Italian reporters uncovered evidence that the Vatican had invested in Istituto Farmacologico Serono, a pharmaceutical company that made birth control pills, as well as Udine, a military weapons manufacturer (there were also unconfirmed newspaper reports of church money in gunmaker Beretta, a Monte Carlo casino, and a printing firm that published pornographic magazines).

An integral part of a public offering is a “road show,” during which company leaders pitch their prospects to bankers and investment gurus. Brin and Page refused to see themselves as supplicants. According to Lise Buyer, the founders routinely spurned any advice from the experienced financial team they’d hired to guide them through the process. “If you told them you couldn’t do something a certain way, they would think you were an idiot,” she says. The tone of the road-show presentations was set early, as Brin and Page introduced themselves by first names, an opening more appropriate for bistro waiters than potential captains of industry. And of course they weren’t attired like executives—the day of their presentation of Google’s case to investors was one more in a lifetime of casual dress days for them. Google had prepared a video to promote the company, but viewers considered it amateurish. It was poorly lit and wasn’t even enlivened by the customary upbeat musical sound track. Though anyone who read the prospectus should have been prepared for that, some investors had difficulty with the heresy that Google was willing to forgo some profits for its founders’ idealistic views of what made the world a better place. On the video Brin cautioned that Google might apply its resources “to ameliorate a number of the world’s problems.” Probably the low point of the road show was a massive session involving 1,500 potential investors at the Waldorf-Astoria hotel in New York. Brin and Page caused a firestorm by refusing to answer many questions, cracking jokes instead. According to The Wall Street Journal, “Some investors sitting in the ballroom began speculating with each other whether the executives had spent any time practicing the presentation, or if they were winging it.” The latter was in fact the case—despite the desperate urging of Google’s IPO team, Page and Brin had refused to perform even a cursory run-through.

The scribe was no mere linguistic technician, but rather the sole possessor of the skill set that made civilization hum, a sort of investment banker, engineer, and diplomat all rolled up into one. Or, in the words of the linguist Ignaz Gelb, “Writing exists only in a civilization, and a civilization cannot exist without writing.”47

The German losses are still being toted up, but at last count they stand at $21 billion in the Icelandic banks, $100 billion in Irish banks, $60 billion in various U.S. subprime-backed bonds, and some yet to be determined amount in Greek bonds. The only financial disaster in the last decade German bankers appear to have missed was investing with Bernie Madoff

People who sell advertising are called “account executives.” People who sell customers work in “business development.” People who sell companies are “investment bankers.” And people who sell themselves are called “politicians.” ==========

Like acting, sales works best when hidden. This explains why almost everyone whose job involves distribution—whether they’re in sales, marketing, or advertising—has a job title that has nothing to do with those things. People who sell advertising are called “account executives.” People who sell customers work in “business development.” People who sell companies are “investment bankers.” And people who sell themselves are called “politicians.

On the day it was announced that Boesky was going down, I was negotiating with USX lawyers about the terms of a possible agreement that would give Carl the opportunity to have access to USX’s financial information,” Steve Jacobs recalls. “This presumably would facilitate Carl’s ability to make a bid because Drexel needed the information. But when the announcement came about Boesky, you knew the transaction was not going to fly.”   In the past, Icahn had succeeded in intimidating his adversaries by convincing them that he had the resources to make good on his threats. In most cases, that meant buying stock until he controlled or appeared capable of controlling the companies he attacked. But once Drexel was laid low and the pipeline of takeover capital had run dry, Icahn’s options were limited. In a critical transition, USX’s lawyers and investment bankers started treating Icahn as a major stockholder rather than as a raider capable of acquiring the business.

Banker are arguing over whose profession is the oldest. The geologist points out that his science as as old as the Earth itself. The chemist scoffs at that: "Long before the Earth was formed, there were masses of swirling gasses--chemicals. Before that, there was just chaos." The investment banker smiles slyly, nursing a martini: "And who do you think created all that chaos?

The Warburg family is the most important ally of the Rothschilds, and the history of this family is at least equally interesting. The book The Warburgs shows that the bloodline of this family dates back to the year 1001.[28] Whilst fleeing from the Muslims, they established themselves in Spain. There they were pursued by Fernando of Aragon and Isabella of Castile and moved to Lombardy. According to the annals of the city of Warburg, in 1559, Simon von Cassel was entitled to establish himself in this city in Westphalia, and he changed his surname to Warburg. The city register proves that he was a banker and a trader. The real banking tradition was beginning to take shape when three generations later Jacob Samuel Warburg immigrated to Altona in 1668. His grandson Markus Gumprich Warburg moved to Hamburg in 1774, where his two sons founded the well-known bank Warburg & Co. in 1798. With the passage of time, this bank did business throughout the entire world. By 1814, Warburg & Co had business relations with the Rothschilds in London. According to Joseph Wechsberg in his book The Merchant Bankers, the Warburgs regarded themselves equal to the Rothschild, Oppenheimer and Mendelsohn families.[29] These families regularly met in Paris, London and Berlin. It was an unwritten rule that these families let their descendants marry amongst themselves. The Warburgs married, just like the Rothschilds, within houses (bloodlines). That’s how this family got themselves involved with the prosperous banking family Gunzberg from St. Petersburg, with the Rosenbergs from Kiev, with the Oppenheims and Goldschmidts from Germany, with the Oppenheimers from South Africa and with the Schiffs from the United States.[30] The best-known Warburgs were Max Warburg (1867-1946), Paul Warburg (1868-1932) and Felix Warburg (1871-1937). Max Warburg served his apprenticeship with the Rothschilds in London, where he asserted himself as an expert in the field of international finances. Furthermore, he occupied himself intensively with politics and, since 1903, regularly met with the German minister of finance. Max Warburg advised, at the request of monarch Bernhard von Bülow, the German emperor on financial affairs. Additionally, he was head of the secret service. Five days after the armistice of November 11, 1918 he was delegated by the German government as a peace negotiator at a peace committee in Versailles. Max Warburg was also one of the directors of the Deutsche Reichsbank and had financial importances in the war between Japan and Russia and in the Moroccan crisis of 1911. Felix Warburg was familiarized with the diamond trade by his uncle, the well-known banker Oppenheim. He married Frieda Schiff and settled in New York. By marrying Schiff’s daughter he became partner at Kuhn, Loeb & Co. Paul Warburg became acquainted with the youngest daughter of banker Salomon Loeb, Nina. It didn’t take long before they married. Paul Warburg left Germany and also became a partner with Kuhn, Loeb & Co. in New York. During the First World War he was a member of the Federal Reserve Board, and in that position he had a controlling influence on the development of American financial policies. As a financial expert, he was often consulted by the government. The Warburgs invested millions of dollars in various projects which all served one purpose: one absolute world government. That’s how the war of Japan against Russia (1904-1905) was financed by the Warburgs bank Kuhn, Loeb & Co.[31] The purpose of this war was destroying the csardom. As said before, in testimony before the Senate Foreign Relations Committee, James P. Warburg said: “We shall have a world government, whether or not we like it. The question is only whether world government

relationship management area, and bankers that have greater technical skills often work in a product area such as M&A or capital markets. Of course,

People who sell advertising are called “account executives.” People who sell customers work in “business development.” People who sell companies are “investment bankers.” And people who sell themselves are called “politicians.” There’s a reason for these redescriptions: none of us wants to be reminded when we’re being sold.

How many more investment bankers need to show up in court before people stop incriminating themselves in writing?

People who sell companies are “investment bankers.” And people who sell themselves are called “politicians.” There’s a reason for these redescriptions: none of us wants to be reminded when we’re being sold.

Morgan challenged London's established banking firms and eventually surpassed them, becoming the most important American banker in London in the 1860s.

Within four years, Belmont's name was on the lips of every New Yorker. He was the city's leading investment banker and the hottest thing to hit society-and he was a Jew.

In my case, with my law degree, I was able to be an investment banker, in-house counsel, op-ed columnist, and author. No other degree except for the JD offers so many possibilities. More than knowing the law, the JD degree gives you a more invaluable skill set—the ability to think in a structured way to get to a solution. This type of skill set can be leveraged in almost any field. The only limit is your imagination.

That was how for years, all through that quarter of the continent, they had fought, fled, beckoned, resumed. . . . If you took a map and tried to follow them over it, zigzagging town to town, back and forth, it might not have been that easy to account for, even if you recalled how wild, how much better than "wild" it'd been not all that many years ago, out here, even with the workdays that had you longing for the comforts of territorial prison, yes hard as that, when whatever was going to become yours—your land, your stock, your family, your name, no matter, however much or little you had, you earned it, with never no second thoughts as to just killing somebody, if it even looked like they might want to take it. Maybe a dog catching their scent coming down the wind, or the way some trailhand might be wearing his waterproof, that could be enough—didn't matter, with everything brand new and the soldiering so hard, waking up each day never knowing how you'd end it, cashing 'em in being usually never too distant from your thoughts, when any ailment, or animal wild or broke, or a bullet from any direction might be enough to propel you into the beyond . . . why clearly every lick of work you could get in would have that same mortal fear invested into it—Karl Marx and them, well and good, but that's what folk had for Capital, back in early times out here—not tools on credit, nor seed money courtesy of some banker, just their own common fund of fear that came with no more than a look across the day arising. It put a shade onto things that parlor life would just never touch, so whenever she or Reef pulled up and got out, when it wasn't, mind, simple getting away in a hurry, it was that one of them had heard about a place, some place, one more next-to-last place, that hadn't been taken in yet, where you could go live for a time on the edge of that old day-to-day question, at least till the Saturday nights got quiet enough to hear the bell of the town clock ring you the hours before some Sunday it'd be too dreary to want to sober up for. . . . So in time you had this population of kind of roving ambassadors from places like that that were still free, who wherever they came to rest would be a little sovereign piece of that faraway territory, and they'd have sanctuary about the size of their shadow.

No traditional Graham and Dodd investor invested in AOL,” said a banker at the table. “They shorted it. And got fucked. They’re learning the new model.

The Internet boom had turned venture capitalism into a license to print money; half of the investment bankers on Wall Street longed to work for NEA or Kleiner Perkins,

Once you were let into the Great Society of Sand Hill Road, you were given first crack at these miraculous enterprises at a small fraction of the cost to Wall Street investment bankers—never mind the general investing public.

These days the investment bankers came to Silicon Valley.

February 6: Photographer Willy Rizzo meets with Pat Newcomb about a photo shoot scheduled for February 8. Milton Ebbins, a Sinatra friend and vice president of Peter Lawford’s production company, drives Marilyn to and from a dinner in honor of John F. Kennedy at the home of Fifi Fell, widow of John Fell, an investment banker. Marilyn accompanies the Strasbergs to a performance of Macbeth at the Old Vic Theatre in New York.

Glass-Steagall was an act of the US Congress, but it worked more like an act of God. It cleaved mankind in two. With it, in 1934, American lawmakers had stripped investment banking out from commercial banking. Investment bankers now underwrote securities, such as stocks and bonds. Commercial bankers, like Citibank, took deposits and made loans. The act, in effect, created the investment banking profession, the single most important event in the history of the world, or so I was led to believe.

A focus on top line revenues tends to be great for stakeholders such as employees, suppliers and bankers, but rarely for minority shareholders. Sticking to what you’re good at is often a good tenet.

People who sell advertising are called “account executives.” People who sell customers work in “business development.” People who sell companies are “investment bankers.” And people who sell themselves are called “politicians.” There’s a reason for these redescriptions: none of us wants to be reminded when we’re being sold.

For most people, “buy term insurance and invest the difference” ends up being “buy term and spend the difference.”   “Most people’s egos prefer THEIR facts to THE facts.” —Dan Kennedy, marketing guru and author

Although in 2005 compact discs still represented over 98 percent of the market for legal album sales, Morris had no loyalty to the format. In May of that year, Vivendi Universal announced it was spinning off its CD manufacturing and distribution business into a calcified corporate shell called the Entertainment Distribution Company. Included in EDC’s assets were several massive warehouses and two large-scale compact disc manufacturing plants: one in Hanover, Germany, and one in Kings Mountain, North Carolina. Universal would still manufacture all its CDs at the plants, but now this would be an arms-length transaction that allowed them to watch the superannuation of optical media from a comfortable distance. It was one of the oldest moves in the corporate finance playbook: divest yourself of underperforming assets while holding on to the good stuff. EDC was a classic “stub company,” a dogshit collection of low-growth, capital-intensive factory equipment that was rapidly going obsolete. In other words, EDC was a drag on A that added little to B. Let the investment bankers figure out who wanted it—Universal had gone digital, and the death rattle of the compact disc had grown loud enough for even Doug Morris to hear. The CD was the past; the iPod was the future. People loved these stupid things. You could hardly go outside without getting run over by some dumb jogger rocking white headphones and a clip-on Shuffle. Apple stores were generating more sales per square foot than any business in the history of retail. The wrapped-up box with a sleek wafer-sized Nano inside was the most popular gift in the history of Christmas. Apple had created the most ubiquitous gadget in the history of stuff.

Ultimately, pay levels are not about merit or social value; they’re about power dynamics. They’re about how much value is placed on various types of work, by people with lots of money to spend. So, for instance, if patients in nursing homes each managed to crap a flawless ten-carat diamond once they reached the age of ninety, rest assured, elder care workers would be paid like investment bankers, solely for their ability to keep old people alive until it was time for the diamond harvest. But as it is, they are paid horribly, since rich people see more value in office buildings and yachts and derivatives than they do in the people who care for their own grandparents.

Colonial Policy and Practice: A Comparative Study of Burma and Netherlands India by J. S. Furnivall Quoting page 85-87: Lower Burma when first occupied … was a vast deltaic plain of swamp and jungle, with a secure rainfall; when the opening of the canal created a market for rice, this wide expanse of land was rapidly reclaimed by small cultivators … Formerly, the villager in Lower Burma, like peasants in general, cultivated primarily for home consumption, and it has always been the express policy of the Government to encourage peasant proprietorship. Land in the delta was abundant … The opening of the canal provided a certain and profitable market for as much rice as people could grow. … men from Upper Burma crowded down to join in the scramble for land. In two or three years a labourer could save out of his wages enough money to buy cattle and make a start on a modest scale as a landowner. … The land had to be cleared rapidly and hired labour was needed to fell the heavy jungle. In these circumstances newly reclaimed land did not pay the cost of cultivation, and there was a general demand for capital. Burmans, however, lacked the necessary funds, and had no access to capital. They did not know English or English banking methods, and English bankers knew nothing of Burmans or cultivation. … in the ports there were Indian moneylenders of the chettyar caste, amply provided with capital and long accustomed to dealing with European banks in India. About 1880 they began to send out agents into the villages, and supplied the people with all the necessary capital, usually at reasonable rates and, with some qualifications, on sound business principles. … now the chettyars readily supplied the cultivators with all the money that they needed, and with more than all they needed. On business principles the money lender preferred large transactions, and would advance not merely what the cultivator might require but as much as the security would stand. Naturally, the cultivator took all that he could get, and spent the surplus on imported goods. The working of economic forces pressed money on the cultivator; to his own discomfiture, but to the profit of the moneylenders, of European exporters who could ensure supplies by giving out advances, of European importers whose cotton goods and other wares the cultivator could purchase with the surplus of his borrowings, and of the banks which financed the whole economic structure. But at the first reverse, with any failure of the crop, the death of cattle, the illness of the cultivator, or a fall of prices, due either to fluctuations in world prices or to manipulation of the market by the merchants, the cultivator was sold up, and the land passed to the moneylender, who found some other thrifty labourer to take it, leaving part of the purchase price on mortgage, and with two or three years the process was repeated. … As time went on, the purchasers came more and more to be men who looked to making a livelihood from rent, or who wished to make certain of supplies of paddy for their business. … Others also, merchants and shopkeepers, bought land, because they had no other investment for their profits. These trading classes were mainly townsfolk, and for the most part Indians or Chinese. Thus, there was a steady growth of absentee ownership, with the land passing into the hands of foreigners. Usually, however, as soon as one cultivator went bankrupt, his land was taken over by another cultivator, who in turn lost with two or three years his land and cattle and all that he had saved. [By the 1930s] it appeared that practically half the land in Lower Burma was owned by absentees, and in the chief rice-producing districts from two-thirds to nearly three-quarters. … The policy of conserving a peasant proprietary was of no avail against the hard reality of economic forces…

The worry is that Uncle Sam could lose access to affordable financing if China refuses to keep buying Treasuries. There are a number of problems with this thinking. For one thing, China can’t avoid holding dollar assets without wiping out its trade surplus with the United States. That’s not something China wants to do, since shrinking its exports to the US would tend to slow its economic growth. Assuming it wants to keep its trade surplus intact, it’s going to end up holding dollar assets. As financial commentator and former investment banker Edward Harrison put it, “the only question for China is which dollar assets [green dollars or yellow dollars] it will buy, not whether it will go on a US dollar strike.

To Build a Robust Pipeline . . . •​Don’t wait for bankers to knock on your door with potential deals. Instead, scour the market proactively. •​Seek out businesses that have great positions in good, high-growth industries. •​Look for bolt-on acquisitions as well as companies in good industries adjacent to yours. •​Not all perceived adjacencies are the same. If the adjacency is too far removed from your existing business, you will lose your shirt. •​Make identifying targets a day-to-day priority. •​Be patient. Nurture long-term relationships with potential acquisitions.

Durant also oversaw publication of the Bawl Street Journal, an eight-page satirical newspaper with gag articles and spoofs of bankers and, it was claimed, the largest circulation of any amateur humor publication in the world.17 He seemed the ideal mixture of upstanding banker and regular guy. The partners of Lee Higginson gave Durant a broad mandate: explore new markets and find unique and previously untapped investment opportunities that would seize the imaginations of new American investors. If Durant could find companies with compelling stories and appealing leaders, Lee Higginson’s partners could do even more than make unimaginably large amounts of money; they could help remake the economic structure of society, democratize markets, and lift investors out of their post-war doldrums.