A shudder went through Wall Street on Friday after the revelation that Bloomberg News reporters had extracted subscribers’ private information through the company’s ubiquitous data terminals to break news.
When important news is shared on Twitter, traders and investors need to be able to access it, and validate its importance in order to incorporate that information into their decision making process. Bloomberg’s platform now provides this ability, along with the high-quality news, data and analytics our users need and have come to expect from us.
Wall Street’s credit-derivatives traders, who before the financial crisis commanded $2 million of annual pay, are being replaced by machines as banks cut costs and heed new regulations.
UBS AG, Switzerland’s biggest bank, fired its head of credit-default swaps index trading, David Gallers, last week, with no plan to fill the position, according to two people familiar with the matter.
Instead, the bank replaced Gallers with computer algorithms that trade using mathematical models, said the people, who asked not to be identified because moves are private.
As every frustrated American knows, no major banking executive has gone to prison or has been fined any significant amount in the aftermath of the financial crisis. But what’s astonishing is that Wall Street bankers seem not to have paid any social cost either. They sit on corporate and nonprofit boards and attend functions and galas. They remain top Wall Street executives, or even serve as regulators. The nation’s prominent op-ed pages, talk shows and conferences seek their opinions. If you are rich, you must be intelligent. Your views must be worthwhile, never mind the track record.
“People in the record business had always made a lot of money. Not the artists, who kept dying broke, but the execs. Still, regular fans had no idea who they were. Russell changed that. His brand as an executive mattered not just within the industry, but among people in the street. And with Def Jam he created one of the most powerful brands in the history of American entertainment.
Russell also made being a CEO seem like a better deal than being an artist. He was living the life like crazy, fucking with models, riding in Bentleys with his sneakers sticking out the windows, and never once rapped a single bar. His gift was curating a whole lifestyle—music, fashion, comedy, film—and then selling it. He didn’t just create the hip-hop business model, he changed the business style of a whole generation of Americans.
The whole vibe of start-up companies in Silicon Valley with twenty-five-year-old CEOs wearing shelltoes is Russell’s Def Jam style filtered through different industries. The business ideal for a whole generation went from growing up and wearing a suit every day to never growing up and wearing sneakers to the boardroom.
Even as a teenager, I understood what Russell was on to. He’d discovered a way to work in the legit world but to live the dream of the hustler: independence, wealth, and success outside of the mainstream’s rules. Coming from the life I was coming from, this was a better story than just being a rapper, especially based on what I now knew about how rappers got jerked.
I first met Russell when Dame, Biggs, and I were negotiating for a label deal for Roc-A-Fella after Reasonable Doubt dropped. I remember sitting across the table from him and Lyor Cohen in disbelief that we were negotiating a seven-figure deal with the greatest label in rap history. But I was also feeling a dilemma: I was looking at Russell and thinking, I want to be this nigga, not his artist.” - Jay-Z, Decoded
For anybody disappointed that they didn’t get their full initial allocation of stock, or who thinks that small retail investors can’t buy into IPOs at the same price that large institutional investors can, this is great news: Monday’s going to be a do-over, with everybody being able to buy Facebook stock at the IPO price.
This of course helps to point up just how silly all the Facebook IPO hype really was. Yes, Facebook is now a public company, but it’s still controlled by Mark Zuckerberg, and the IPO itself was a bit of a farce: delayed at the open, artificially supported by the underwriters at the close, and mainly serving to demonstrate that a brand-new company, which no one knows how to value, trading at a stratospheric valuation, can still somehow end up trading within an incredibly narrow range on enormous daily volume.
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