Here's a little something sent in by one of our readers. Apparently it's a true ad that went up recently in 'Auto Trader'.
Rumours are sweeping Wall Street that a large US investment bank, thought to have taken a huge bath in the recent market turmoil, is going to go belly up and file for Chapter 11 bankruptcy protection.
Well, everything is down to this quarter - if the markets return to some form of normality in the next few weeks, staff who work in the financial markets might just take home a decent bonus at year-end. Some fear, however, is that bonus pots at most firms will be cut - for the first time in 5 years.
Yes, it's that magical time of year again when the Darwin Awards are bestowed, honoring the least evolved among us.
London's Evening Standard ran a great story Tuesday. Ex-Deutsche Bank trader Bertrand Des Pallieres left the firm in May to set-up his own hedge fund, SPQR. Obviously a busy time starting up your own firm, as Des Palieres is said to have been too busy to pay the congestion charge (he is said to have accrued no less than 65 unpaid tickets) and dozens of parking fines. He was also allegedly too busy to get his road tax sorted.
Deutsche Bank is said to have given up trading some credit strategies after prop traders lost some $135m in the last month. According to The Wall Street Journal, a 15-person group run by Gerry Jackson in London will abandon trades that involve buying and selling sub-investment grade bonds.
This time we have a couple of wallies - two former workers at the Handan branch of the Agriculural Bank of China.
Trader Monthly magazine polled 2,500 of the brotherhood on a number of subjects related to their job / the financial markets. Here are some of the most interesting (and fairly predictable) findings:
Investment banks, of course, are not known for their ability to think strategically. They hire like crazy in the good times, and fire like mad when things go pear-shaped. And they are also pack animals - if one firm starts to make some money out of a new product or from an emerging geographical region, they all soon muscle in on the action. Against this background, many are wondering just how long it will be before firm CEOs lose their nerve as a result of the current market turmoil, and start to wield the job axe.
The 40-storey office block at 130 Liberty St., New York, built in the early 1970s, was severely damaged by the collapsing Twin Towers following the September 11th terrorist attacks. The building, which housed Deutsche Bank staff at the time of the attacks, became a lingering reminder of the tragedy, for years sporting a 15-storey gash in the side facing Ground Zero, which was shrouded in black netting to prevent debris falling on passers by. Predictably, the building earned the nickname 'The Black Widow'.