Archive for the ‘Reputation’ Category
Posted by Larry Doyle on March 2nd, 2009 4:24 PM |
On the heels of the news about AIG, Berkshire, and HSBC, the equity markets have found no support today and are down 4%. While the malaise of the markets has much of the focus, let’s review a few other items that I see on today’s menu:
1. In regard to AIG, current CEO Edward Liddy and former CEO Hank Greenberg have started some public feuding over the nature of AIG’s problems. Greenberg is trying to make the case that the risks underwritten at AIG occurred after his departure. Liddy responded that the culture, the compensation system, and the division housing the bulk of AIG’s risk all developed under Greenberg. Wow!! When our country is screaming for leadership, we have senior executives playing the blame game and pointing fingers. How pathetic!! (more…)
Tags: 12th Street Capital, AIG, Berkshire Hathaway, California housing, CMBS, compensation, consumer finance, DJIA, economic activity, Economy, Edward Liddy, Hank Greenberg, housing, HSBC, Risk, RSI, Washington D.C.
Posted in Bailout, Banking Institutions, Business, Commerce, Credit Risk, Current Affairs, Deficit, Economic Stimulus, Economy, Employment, Equity Markets, General, Global Finance, Government funds, Housing Crisis, JP Morgan, Mortgage Crisis, Mortgages, Real Estate, Reputation, Unemployment, Wall Street, Warren Buffet | 8 Comments »
Posted by Larry Doyle on February 28th, 2009 10:13 AM |
Prior to going to the comments section of my son’s report card, human nature dictates that I first look at the grades. In that same vein, let’s see how the markets performed for the month of February:
Let’s review my specific projections from the January 2009 Recap: (more…)
Tags: Budget, Canadian dollar, commodities, corporate bonds, correlation, crowding out, Deficit, DJIA, Economy, equities, Euro, financial rescue package, flight to quality, foreclosures, gold, Japanese yen, John Mauldin, markets, mortgage bonds, municipal bonds, NASDAQ, Obama Administration, oil, performance, S&P 500, Sense on Cents, sovereign credit risk, U.S. dollar, Washington D.C.
Posted in American Consumers, Australia, Barack Obama, Commerce, Congress, Deficit, Democratic Party, Eastern Europe, Economic Stimulus, Economy, Employment, Equity Markets, General, Global Finance, Government funds, Hedge Funds, Home Loan, Housing Crisis, Money Market Funds, Mortgage Crisis, Mortgages, Obama Administration, Real Estate, Republicans, Reputation, Risk, S&P 500, Stimulus Plan, Unemployment, Wall Street | 8 Comments »
Posted by Larry Doyle on December 21st, 2008 4:56 PM |
There remain no shortage of developments in the economy, the markets, and on “the street.” While I could continue to write at length on a number of those topics, I think it is healthy to take a weekend break from the regular hustle and bustle. With a break in the show, perhaps we can take a walk backstage and I can share with you some insights into Wall St. that occurred back in the ’90s but didn’t fully play out until 2008.
Please allow me to set the stage. I joined First Boston (now Credit Suisse) in 1983. I was very fortunate to gain employment at First Boston (FOB) as it was one of, if not, the hottest shops on the Street at the time. FOB was very much a traditional “white shoe” sort of firm. Propriety was important in executing business, although I am sure there were some sort of improprieties that occurred behind the scenes. I was too young to get dragged into anything that pushed the envelope. Although the head of HR threatened to fire me 6 weeks into my tenure (I think she was just trying to scare me), for the most part my 7 year career there was wonderful. I learned the business and developed many great relationships.
I was recruited to join Bear Stearns by an individual for whom I worked with for almost 15 years. I was very hesitant to go to Bear Stearns because it always had a reputation for being an extremely aggressive firm in every regard. That said, the person recruiting me was the most principled individual with whom I ever worked on Wall St. and he and I continue to have a very close relationship. I felt that I was working as much for him, if not even more, than I was working for Bear. I admired and respected his values and integrity. (more…)
Tags: Bear Stearns and AR Baron, Bear Stearns emphasis on profit vs reputation, Bear Stearns reputation, collapse of Bear Stearns, counter-party risk, Credit Risk, Henry Paulson directs Bear to JPM, Jamie Dimon, JP Morgan takeover of Bear Stearns, Larry Doyle career, Larry Doyle experience at Bear Stearns, Long Term Capital Management, LTCM, market risk, prepayment risk, reputation risk
Posted in Banking Institutions, Reputation, Risk, Wall Street | 2 Comments »
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