November 12, 2002

Comments

hehehe, Let's all feel their pain. My friend was in New York last week and said it was pretty bleak. Everybody was depressed and no business was going on. People who wouldn't return his calls a year ago now give him meetings. Last I heard here in Los Angeles things weren't too bad as most banks have fairly lean operations.

Posted by: Bob at November 13, 2002 02:18 AM

Oh, Matt, after working in margins during a historic downturn and now working at a bank here in New York I can assure you it's perfectly safe to take great delight in the plight of the investment banker.

The Devil didn't welsh, he delivered the keys to the kingdom and the bastards burned it down just like Satan knew they would. In a market flush with three digit IPOs, $1,000 target prices on stocks that had NEVER earned a single penny and an industry deregulated to the brink of destruction, all you have to do is stir in the magic elixir, greed, and you've got a recipe for disaster. If these jackasses hadn't spent so much time pimping their parents 401(k)'s and instead learned to read earnings statements, balance sheets, history they might not have spilled so much blood.

You may remember that when "Barron's" suggested that Warren Buffet was irrelevant, the grand master stood there smiling. Buffet has more money than God and the last time he was interviewed on teevee, he insisted the sit-down take place at his favorite Dairy Queen, near his office in Omaha. How punk is that? So while all those clowns were paying $50 cover charges to drink Cristal out of their $500 loafers, Buffet was sucking on a Flurry and biding his time.

And the idea that banks are lean is foolish. I am drowning in dead wood over here. Large banks are slow, fat animals. The left hand sometimes doesn't even know there is a right hand, forget what it's doing. Even though the bean counters tell them that the economies of scale suffer diminishing returns, even though mergers have historically been bad for share holders, these beasts continue to gorge on one another.

Feel sorry for the retirees they sent scurrying to Wal-Mart to work as greeters. Feel sorry for their secretaries who wiped their asses and generally made them look smarter than they were. But for God's sake, don't feel sorry them.

Ashamed and embarassed,
Scott Ross

Posted by: Scott at November 13, 2002 01:18 PM

Hear, hear, Scott. Nick is pretty spot-on, but the only way I'd call this bit "terrific" is if it were actually satire that I'm too dim to get.

Posted by: Young Luke at November 13, 2002 01:46 PM

I meant the bank's corporate finance operations in Los Angeles are fairly lean compared to their conterparts in New York. The IB community here just isn't very big. Some people have hired(Jeffries,UBS) in L.A. some are laying off(DLJ, ML, Bear, CSFB) but there are not enough of them to make a big difference either way. They each lay off a couple of people or a single group, but it doesn't amount to dispair.

Posted by: Bob at November 13, 2002 04:43 PM

I would like to apologize for my misrepresentation of Warren Buffet as, "sucking on a Flurry." The Flurry is, of course, a McDonald's rip-off of the Dariy Queen original, the Blizzard, which no doubt would be Mr. Buffet's preference.

Even More Embarassed and Ashamed,
Scott Ross

Posted by: Scott Ross at November 14, 2002 09:07 AM

i would've pegged mr. buffet for a dilly bar

I would like to apologize for my misrepresentation of Warren Buffet as, "sucking on a Flurry." The Flurry is, of course, a McDonald's rip-off of the Dariy Queen original, the Blizzard, which no doubt would be Mr. Buffet's preference.

Even More Embarassed and Ashamed,
Scott Ross

Posted by: Scott Ross at November 14, 2002 09:07 AM

i would've pegged mr. buffet for a dilly bar man myself.

weird.

Posted by: dan truly at November 14, 2002 09:00 PM
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e clowns were paying $50 cover charges to drink Cristal out of their $500 loafers, Buffet was sucking on a Flurry and biding his time.

And the idea that banks are lean is foolish. I am drowning in dead wood over here. Large banks are slow, fat animals. The left hand sometimes doesn't even know there is a right hand, forget what it's doing. Even though the bean counters tell them that the economies of scale suffer diminishing returns, even though mergers have historically been bad for share holders, these beasts continue to gorge on one another.

Feel sorry for the retirees they sent scurrying to Wal-Mart to work as greeters. Feel sorry for their secretaries who wiped their asses and generally made them look smarter than they were. But for God's sake, don't feel sorry them.

Ashamed and embarassed,
Scott Ross

Posted by: Scott at November 13, 2002 01:18 PM

Hear, hear, Scott. Nick is pretty spot-on, but the only way I'd call this bit "terrific" is if it were actually satire that I'm too dim to get.

Posted by: Young Luke at November 13, 2002 01:46 PM

I meant the bank's corporate finance operations in Los Angeles are fairly lean compared to their conterparts in New York. The IB community here just isn't very big. Some people have hired(Jeffries,UBS) in L.A. some are laying off(DLJ, ML, Bear, CSFB) but there are not enough of them to make a big difference either way. They each lay off a couple of people or a single group, but it doesn't amount to dispair.

Posted by: Bob at November 13, 2002 04:43 PM

I would like to apologize for my misrepresentation of Warren Buffet as, "sucking on a Flurry." The Flurry is, of course, a McDonald's rip-off of the Dariy Queen original, the Blizzard, which no doubt would be Mr. Buffet's preference.

Even More Embarassed and Ashamed,
Scott Ross

Posted by: Scott Ross at November 14, 2002 09:07 AM

i would've pegged mr. buffet for a dilly bar man myself.

weird.

Posted by: dan truly at November 14, 2002 09:00 PM
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