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Video: The fabulous life of…Steve Cohen
Lifestyle, 4:01
<p>Steve Cohen is known for three things: SAC Capital, buying a dead shark for $8 million, and having a bit of a bother with the SEC.</p> <p>The latter two aside, SAC Capital’s impressive run of two decades of 30% returns – net of his hefty, nay, enormous 50% fee – has allowed Cohen to surround himself with more toys and art aside from the aforementioned rotting shark. Here are a few of them, plus the shark, via Business Insider:</p> <p>If I was worth $11 billion, I’d probably be doing the same too.<br /> Photo: jwilly</p>
A walk down memory lane: New York 1977-82, a carefree time
Lifestyle, 4:01
<p>&nbsp;</p> <p>This Sunday’s NY Times Magazine has articles on nostalgia for the period 1977-1982 (roughly). The pieces are all about the arts and gay life and the interesting turmoil before the origins of AIDS were well understood.</p> <p>But that side of NYC ignores the majority of us who, even though interested in and diverted by the arts scene, worked in office buildings as accountants, lawyers, bankers, ad people, and business managers. Some of us remember the time fondly for different reasons than the artists that The Times depicts. (Personal confession: I was in my 30s, in love, lived in Manhattan, and had a good job, so what was not to like?)</p> <p>From an economic point of view—particularly the economics that impacts one’s life and work, 1977 to 1982 was a unique time. NYC had required state assistance to pay its debts in 1976. The City’s elites therefore had lost some swagger. Hugh Carey had come to office as Governor, oddly not knowing how the machine had worked under Nelson Rockefeller, and uncertainty reigned. Abe Beame, a nice little man, had been mayor from 1974 to 1977. He had been ineffectual and was replaced by the bumptious Ed Koch, who seemed to give N’Yorkers renewed optimism.</p> <p>Nevertheless, stagflation reigned in the nation, and Jimmy Carter appeared incapable of dealing that or with the standoff in Iran. He used the word economic “malaise”.</p> <p>In context, things did not seem right economically, and neither the city nor the nation was booming. But important things were happening nevertheless, especially in the field of women’s rights, where women were moving forward both socially and in the workplace, at unprecedented speed. There were all kinds of pushes and pulls within the women’s movement, but its power and thrust were the symbols of the late 1970s.</p> <p>For those of us out in the world earning a living and coming home to our families, it was an ambiguous time. For families living in the suburbs and commuting, it was the beginning of the time of prevalent divorce and family break-up. For those who, like me, went through that process early, it was a time when love could be found everywhere. AIDS was not yet a significant restriction, harassment in the workplace did not include consensual sex or flirting that might lead to it, and offices often were more congenial and less competitive places.</p> <p>Work ended around 6 or 7 pm most days for most people. No one carried a cell phone or pda. There was time for love or family—or even a hobby, perhaps. Most of us did not make as much money as we would make after 1982, but the pressure of work was less.</p> <p>The blackout of 1977 is remembered for the violence in a few neighborhoods, but in most neighborhoods, it was a time of cooperation, not looting. The Indian guy who ran our corner store stayed open late and sold every flashlight, battery, etc., he had—at regular prices, no gouging.</p> <p>1982 indeed was a transformational year. It was the year that greed become fashionable and changed NY. The Reagan Administration favored greed, in August the stock market, after close to a decade of doldrums, took off upwards, and greed was in the air everywhere. Law firm partnerships stopped being as congenial, workplaces became more cut-throat. As I told a client over dinner one evening that year, ‘The Great God Mammon is on the loose.”</p> <p>In retrospect, I guess I was right. And mammon has been more influential ever since.</p> <p>The bookends of the assistance for NYC and the blackout on one end, and the ascendancy of Mammon, fear of AIDS, and sexual harassment restrictions in the workplace on the other, made 1977-1982 a special little time. And those of us who were in love in tho</p>
NFL players get financial advice from Morgan Stanley
Lifestyle, 4:01
<p>Not everyone can be Tom Brady, in looks, skill, or paycheck.</p> <p>For the less fortunate pro-football players, it pays (literally) to be financially savvy. A player on an NFL practice squad makes a minimum salary of $6,600 per week during the 17-week regular season, reports Markets Wired. An annual salary of $112,200 isn't bad, but NFL players can get cut during the season without guarantees. And being on a practice squad is no long term career path.</p> <p>Morgan Stanley and former athletes Bart Scott and Antoine Walker have started a financial education program explicitly for pro-athletes looking for a little guidance. Financial education is important for anyone, but it's key for young athletes and prospects not ready for careers that typically last less than four years, says Drew Hawkins, managing director and head of Morgan Stanley's Global Sports &amp; Entertainment division. A six-figure paycheck is huge for a young 20-something, until it's gone before he's 30. Teams agree. The Seattle Seahawks, Jackson Jaguars, and some NCAA programs are already partnered with the wealth management firm to guide their players.<br /> Photo: Thomson20192</p>
Nouriel Roubini would like to soothe weary Fashion Weekers in his brand new hot tub
Lifestyle, 4:01
<p>Nouriel Roubini has always been known as a ladies’ man. His old Tribeca loft was decorated with plaster vulvas and he once told the New York mag that he was “a 10 girls to one” kinda guy.</p> <p>Things have changed in the past few years however. New York City’s Department of Buildings forced him to remove his giant rooftop hot tub – ending an era of al fresco hijinx for him – and his legendary bacchanalias have mysteriously kept off the rags.</p> <p>He has a new tub now though, as well as a pretty clever way to lure him some fun, according to Page Six:<br /> “Dr. Doom” Nouriel Roubini, who is equally known for his model-packed hot tub parties at his Manhattan apartment as for his market predictions, is generously offering his pad for soothing “special meditation sessions” — plus a dip in the tub — during New York Fashion Week.</p> <p>Famed economist Roubini — whose boisterous hot tub bacchanals have been a steaming source of anger for his East Village neighbors — will be hosting a meditation session with the Path at his triplex penthouse on Tuesday, followed by a promised plunge in his hallowed Jacuzzi.</p> <p>According to an e-mail sent out by the Path, which teaches ancient meditation techniques, “The sit will take place at sunset, and everyone who joins will be invited to stay after to enjoy gorgeous views and a new rooftop hot tub.”<br /> Oh, and he wants you to pay $20 for the pleasure too.<br /> Photo: International Monetary Fund</p>
Celebrities join Cantor and BGC in remembering 9/11
Lifestyle, 4:01
<p>Cantor Fitzgerald and BGC Partners hosted their annual Charity Day last Friday and while you might think red carpet events attract celebrities, this was something else.</p> <p>Margot Robbie, 50 Cent, and A-rod were among the many A-listers who manned the phones and took trades in New York, while over in London, Emilia Clarke, Tom Hardy, and Samuel L. Jackson helped Sir Ben Kingsley, HRH the Countess of Wessex, and many others raise cash.</p> <p>Here are a few pics from the event’s Twitter page:</p> <p>Thank you to all who make this such a special day each year! #NeverForget Contribute at http://t.co/Yh3sne2yEF pic.twitter.com/zH6EK4ikrD<br /> — Cantor Charity Day (@CFCharityDay) September 11, 2015</p> <p>Always a pleasure to have @cturlington at #CFCharityDay! @everymomcounts pic.twitter.com/yAnZXMb9dH</p> <p>— Cantor Charity Day (@CFCharityDay) September 11, 2015</p> <p>A huge ? to @cocorocha for joining us at @BGCCharityDay in support of @solvekidscancer! #CantorRelief #NYC pic.twitter.com/KfnQEkXGQl</p> <p>— CantorRelief (@CantorRelief) September 11, 2015</p> <p>[email protected] is making a difference on the trading floor for @UNICEF at #BGCCharityDay in #NYC! #CantorRelief pic.twitter.com/Qvjd9qWZmi</p> <p>— CantorRelief (@CantorRelief) September 11, 2015</p> <p>Number 13 working hard from the #CFCharityDay trading floor to support @MLBPlayersTrust &amp; #HanksYanks! @AROD pic.twitter.com/XbHDoGP0KA<br /> — CantorRelief (@CantorRelief) September 11, 2015</p> <p>And here's a video from </p>
Video: Watch Jake Gyllenhaal play a grieving banker in 'Demolition'
Lifestyle, 4:01
<p>While most of them are examples of fantastic story-telling, Wall Street movies have been following pretty much the same formula the past few years. Rich guy does sketchy things financially and gets his comeuppance – “Wall Street” (technically), “Wolf of Wall Street,” the upcoming “Wizard of Lies” – or rich guy does sketchy things to people and somewhat gets away with it – “American Psycho,” “Arbitrage,” “Margin Call.”</p> <p>Well, here’s something a little different.</p> <p>Starring Jake Gyllenhaal and Naomi Watts and directed by Dallas Buyers Club’s Jean-Marc Vallee, “Demolition” follows the life of Davis Mitchell, a successful investment banker who’s handling the sudden loss of his wife in pretty interesting ways. Check it out:</p> <p>Vallee says it’s his most “Rock and Roll” movie to date, and let’s face it; Gyllenhaal’s been on a tear lately.</p> <p>This should be good.<br /> Photo: Wired Photostream</p>
Wall Street pay is on the rise
Lifestyle, 4:01
<p>Want to make the big bucks? Dedicate your life to Wall Street.</p> <p>The average salary for bulge bracket bank analysts has risen from $70,000 to $85,000, according to a survey of 1,750 U.S.-based front-office investment bank employees at 25 different banks. Base salaries from analyst to associate to v.p., director, and managing director grow steadily, but bonuses grow exponentially, reports Business Insider. By the time someone reaches the level of managing director, bonuses often outpace base salaries.</p> <p>For an average starting analyst making about $76,000 a year, bonuses will add an additional $19,000. Associates reported making $115,000 plus $43,000 in bonuses. V.p.s make $164,000 plus $96,000 bonuses. Directors earn $216,000, with $192,000 in bonuses. Managing directors can bring home $337,000 in salary, plus $385,000 in bonuses.<br /> Photo: Frits Ahlefeldt-Laurvig<br /> &nbsp;</p>
How to win in the #StartupLife
Lifestyle, 4:01
<p>Running a startup is not for everyone. It’s as soothing as a charging bear and as relaxing as solving physics at gunpoint. Over lava.</p> <p>No one knows this more than Molly Graham, current COO of Quip, ex-director/manager of Facebook Mobile, and former communications manager of Google.</p> <p>She recently did a Q&amp;A with First Round Review covering all the points of a startup's life, from infancy to maturity, its effects on the employees, and all the rules surrounding it. While I do believe it’s a must read for anyone interested in the startup scene, here are a few choice bits from it for anyone hoping to get a leg up – or looking to take a quick peek – at the trials and the tribulations of the startup lifestyle. I think it even applies for those in finance too.</p> <p>On the effects of scaling on employees:<br /> The emotions you feel when new people are coming in and taking over pieces of your job — it’s not that different from how a kid feels when they have to share their Legos. There’s a lot of natural anxiety and insecurity that the new person won’t build your Lego tower in the right way, or that they'll get to take all the fun or important Legos, or that if they take over the part of the Lego tower you were building, then there won’t be any Legos left for you. But at a scaling company, giving away responsibility — giving away the part of the Lego tower you started building — is the only way to move on to building bigger and better things.<br /> On building your company through your hires:<br /> Google, Facebook, and others have all conducted studies about what predicts the performance of a new hire. The single biggest indicator is who they were referred by. If you have high performers referring people, you’ll hire high performers. If you let low performers stay on staff because you’re too scared or insecure to fire them, then you’re building your future company in that mold.<br /> On your company’s culture:<br /> “The question is, what do you want your company to be like? When you see a trend over time that you don’t like, you need to aggressively manage it. Otherwise you can end up with some really bad habits as a company.”<br /> &nbsp;</p> <p>Check out the whole article, you’ll be glad you did.<br /> Photo: Joel Gillman</p>
Weekend reads: Dying unicorns, whiskey from space, and Putin’s bling ring
Lifestyle, 4:01
<p>From Gavin Davies on the equity crash to how bad cute, fluffy puppies are to the economy, here are some great reads for you this weekend:</p> <p> What caused the equity crash? Financial Times (paywall)<br /> VCs have 'Dying Unicorn' lists, but they aren't sharing them. Fortune<br /> Unravelling Russia’s offshore financial nexus. FT Alphaville (paywall)<br /> Strangers in strange lands. The Economist<br /> People like puppies, and it’s a big problem for the economy. Washinton Post<br /> New investigation exposes glam life of Vladimir Putin’s bling ring. BuzzFeed<br /> Chinese tech companies reportedly hiring 'cheerleaders' to motivate programmers. CBC <br /> What makes Uber run. Fast Company<br /> Fall movie preview 2015: biopics, Bond, and 'The Force Awakens.' Rolling Stone<br /> A whisky that spent nearly three years in space just landed back on Earth. Munchies<br /> Man angers neighbors by shining 'alien' fighting spotlights. UPI</p> <p>Photo: Peter Hopper</p>
Ken Griffin quietly buys condo for A REALLY LOUD $200 MILLION
Lifestyle, 4:01
<p>Life has not been kind to Ken Griffin lately. He’s in the middle of a divorce, he’s been reduced to eating McDonald’s, and some guy won’t let him combine his Palm Beach plots to create a mini beachfront village for himself.</p> <p>Thank God for small victories though:<br /> “Despite reports that a Qatari mogul was closing in on a record $250 million spread at the under-construction tower to make a single penthouse in the sky, multiple sources tell Page Six the buyer is actually Griffin.”<br /> That’s right, Page Six reports that while he and his wife battle over ownership of their multiple homes in New York, Chicago, Hawaii, etc., our man Ken calmly dropped somewhere around $200  million for a bunch of apartments in the Robert A.M. Stern-designed 220 Central Park South – the so-called “Billionaire’s Bunker.”</p> <p>The pad boasts nothing yet since its still in construction, but Curbed has some pretty epic renderings of the penthouse – just once slice of the Citadel chief’s portfolio in the 950-foot tower – here. Check it out.<br /> Photo: several seconds</p>