Even the Vikings Had to Stretch Make no mistake, Wall Street is a battle zone. There is excess aggression and emotion everywhere you look. I have often thought that the only thing that separates successful Wall Street professionals from the rest of the world is their level of drive and ability to withstand pain. Sometimes the battle rages for gain alone, but often the battle is for the battle sake. Worst of all is…
Camel Money In the world of finance, everybody understands the term Camel Money. It means money that has, what we call on Wall Street, a high talk-to-ticket ratio. It is the money that has supposedly been flowing from the middle east since the Oil Embargo of 1973 and OPEC’s wanton thrashing of the U.S. consumer. That was when Petrodollars first came into visible existence and we began to understand that people who had scads of…
About the Battle Battles rage every day in every aspect of life. I am reminded today of a past battle which I feel is instructive and which I will characterize vaguely and with pseudonyms and made-up settings. It is a battle fought over a decade ago, so I suspect the statute of limitations (defined by law and by life) has long expired. Most involved in the battle probably wish it would just be forgotten, but…
The Inbox Years ago, when I came out of the bank training program I attended after Business School, I remember talking to a young British colleague who explained the experience he was having on the line for the first time. He was assigned to the Latin America Department and was the junior member on the Brazil Desk. That’s what we used to call coverage of s specified region or country, the _______ Desk. His comment…
A Foggy Morning It was a dark and stormy night and the morning barely became visible through the fog. This sounds like the start of a Sherlock Holmes novel, but it is only the start of a typical Monday morning here on New York Harbor. I awoke last night several hours into my sleep with an unspecific nightmare plaguing me. Something must have changed during the night because I awoke at my regular hour with…
The Potential of Those Around Us Carly Fiorina is out with a new book and I heard her say something like this during an interview. This is a grand statement that is intended to be very positive. I know how to draw conclusion about my potential, but for those around me the best I can do is assume the best. The question is whether that is a wise thing to do or a not. I…
Diminishing Returns Marvin had been a killer economics student. He had been an engineer who transferred into economics the moment he had finished hearing his fist macroeconomic lecture. He had not gone to one of those progressive high schools that offered courses that went beyond the basic reading, writing and arithmetic courses offered in every high school in the country. None of this Advanced Placement curriculum nonsense. And certainly nothing approximating an economics course. Given…
The Regulatory Tent I watched Brian Moynihan, CEO of Bank of America on Morning Joe this morning. I met Brian a few times when he was back running Fleet Bank. He is in Washington to go before Congress with some other bank CEO’s to talk about whether ten years after the financial crisis, banks like Bank of America are still too big to fail. Listening to him discuss the state of the financial services industry…
A New Day Funding start-up entrepreneurial efforts is always a challenge. Your best day is the day when everyone agrees to the next round of funding and puts their money in. Today is such a day. Your worst day is the day you are low on cash and you have to tell the board and investors that you will need to begin shut-down processes tomorrow if funding is not obtained. Yesterday was such a day. …
Dawn in Ithaca The sky has a strange cast to it this morning. It is still rising in the East, so the world is not too disoriented. But the low bands of clouds near the horizon have taken on a pinkish hue. The banding of pale blue and pink creates a beautiful and unusual sunrise. Red sky in morning, sailors take warning. What do the old sailor’s yarns say about a blue and pink striped…