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Financiers prove again they can do anything you can do better
Lifestyle, 4:01
<p>Serena Williams failed America by losing the U.S. Open to an unranked Italian. But American Wall Streeters refused to be shamed by Europeans. Last weekend they hosted their own tennis tournament.</p> <p>The first annual Finance Cup pitted Team Wall Street against Team Europe in a different version of a Grand Slam event, reports Business Insider. London-based portfolio manager David Anving and New York-based investment banker Jeffrey Appel organized the event, which took place on Randall's Island.</p> <p>Financiers slammed balls, grunting like a Williams sister, running like Roger Federer, and sweating like the players at the U.S. Open nearby. Wall Street beat Europe after three rounds, winning 8-1. Pershing Square Capital's Bill Ackman secured an American victory in his epic battle against Cevian Capital's Christer Gardell.</p> <p>Competition was fierce. Credit Suisse's Mario Ancic was once ranked number 7 for men's singles globally, once beating Federer. Ludovic Walter, an associate at Cohen partners in London, was once the top player at Duke. Walter's doubles partner Alexander Hartman, formerly of Goldman Sachs, used to be number one at Ole Miss. Thomas Blake, of Jaffe Tilchin Investment Partners, was the top player at Harvard during his day.</p> <p>The finance world brought out a number of other American and global champs to compete for the honor and glory. Rumor has it a second tournament will be hosted in London next year. Start practicing now.<br /> Photo: PughPugh</p>
Biden flirts with Wall Street
Lifestyle, 4:01
<p>Vice President Joe Biden still hasn't committed to running for president in 2016, but he's certainly flirting with the option.</p> <p>Last week, Biden told Stephen Colbert that he's still dealing with the death of his son, and he didn't know if he could handle a run for the presidency. But, Biden seems to have sent out some feelers while in New York to film for Colbert's show, reports Business Insider.</p> <p>Biden met with Robert Wolf, a former UBS executive, after seeing Colbert. Wolf was a strong fundraiser for President Obama during his two elections, and is known for his political involvement. Wolf is currently a public supporter of former Secretary of State Hillary Clinton for the Democratic nomination. Wolf told reporters that he merely met with Biden to discuss the typical, boring policy questions.</p> <p>Biden may be hedging his bets until he knows how strong of a candidate he really is, but the veep is running into crunch time for a decision.<br /> Photo: Official U.S. Navy Page </p>
Forget moon shots, says Elon Musk, I’m nuking MARS!
Lifestyle, 4:01
<p>There are ambitious entrepreneurs and then there's Elon Musk.  Not content with revolutionizing the electric car, and commercial spaceflight, the founder of Tesla and Space-X now wants to nuke Mars -apparently.</p> <p>It may sound like a plan befitting a super villain or a Sith Lord but there is method in the madness. The idea came up in an interview on “The Late Show with Stephen Colbert” as Musk spoke about his plans to make Mars a more hospitable place for humans.</p> <p>“There’s the fast way and the slow way,” said the PayPal co-founder, calling Mars “a fixer upper of a planet.” The fast way would be to drop nuclear bombs on each of the planet’s poles to trigger a chain reaction that would terra-form the planet, making it fit for habitation.</p> <p>Pretty neat, right? Well, don’t get too excited. Musk has since qualified his earlier statements saying:</p> <p>Btw, not saying we *should* nuke Mars -- just layin' out a few options …<br /> — Elon Musk (@elonmusk) September 12, 2015</p> <p>So it seems the planet is safe. For now.</p>
Buying a castle and a piece of history
Lifestyle, 4:01
<p>We all know that our home is our castle, don’t we? Whether it is a two-bedroom apartment in an scruffy part of town, a suburban villa or a rural retreat we protect it with locks and maybe a dog - or in the US, perhaps with an armory.</p> <p>But there are now good opportunities in Britain to buy if not a whole castle, then a piece of one, according to The Daily Telegraph.</p> <p>Oversley Castle, which was once owned by Thomas Cromwell, Henry VIII’s chancellor and protagonist of Wolf Hall, has been split up into five apartments with the addition of a four-storey circular turret and nine barn conversions in 65 acres of Warwickshire countryside.</p> <p>Prices range from £300,000 up to £2 million, so it helps if you receive a banker-size bonus.</p> <p>There are plenty of other fortified strongholds up for sale too. Most were built during Britain’s bloody medieval period when barons fought for power and wealth like modern-day gangsters.</p> <p>It’s now much more genteel, of course.</p> <p>“We envisage the castle as providing lock-up-and-leave properties,” says Paul Harvey, who has developed Oversley Castle. “The kind of place where you chuck your keys to your neighbors while you go off to Spain for three months.”<br /> Photo: Karen Roe</p>
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>