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Prop Trading and Pay at Banks

Andy Spero | July 25, 2009 | 0 Comment(s) |

There is an article in today’s edition of The Wall Street Journal that attempts to frame Citi’s pay “dilemma” with trader Andrew Hall of its Phibro unit as some type of Gordian Knot: Citi in $100 Million Pay Clash. It’s not.

It seems that Citicorp will legally owe Mr. Hall about $100 million for his compensation in 2009, but Citi’s senior managers are concerned about the political ramifications of paying such a large amount. The last time we checked, Citi had taken about $45,000,000,000–yes, $45 billion–from wealthy, middle-class, and… Read the rest

Does Empathy Lead to Anarchy?

Andy Spero | May 28, 2009 | 0 Comment(s) |

The Rule of Law or Rule of the Most Aggrieved?

We think that empathy is an very valuable trait for any number of jobs, tasks, and situations, including many of the services that we provide. For example, we think it is a crucial trait when designing incentive schemes and information systems–e.g., it helps to answer questions like, “How will a subordinate respond to a particular compensation scheme?” It also helps when designing web sites, e.g., it doesn’t matter which technical terms or jargon are used within your organization; what matters… Read the rest

Separating the Mortgage Debacle from the Liquidity Crisis

Andy Spero | March 25, 2009 | 0 Comment(s) |

Hernando de Soto has an interesting opinion column, Toxic Assets Were Hidden Assets, in today’s Wall Street Journal.

He makes the point that we’ve been making since September: that the mortgage debacle is separate from the liquidity/confidence crisis.

We think that he overstates the effect of derivatives–what he calls hidden assets–in creating the problem; however, we do think that the lack of accounting and the opacity of the contingent claims have exacerbated the liquidity/confidence crisis and make more difficult any restoration of confidence in large financial firms.  Despite the… Read the rest

Confiscatory, Abusive Taxation: It's Alimentary (and Dangerous)

Andy Spero | March 20, 2009 | 0 Comment(s) |

Beware of the e.coli!

Update: Since publishing this post on Friday, we’ve seen any number of folks comment on this abusive, dangerous, and ex post facto tax proposal. For example, in this morning’s (03-23-09) edition of The Wall Street Journal there are at least four columns devoted to the topic: Counterpoint: Wall Street by Heidi Moore, The Bonus Tax is Just Plain Stupid by Jonathan Clements, Suzanne Garment’s Populist Anger is Hard to Control and the Editorial pages’ Review & Outlook column, A Smooth-Hawley Moment. We think that only the last… Read the rest

What a Civilized Country!

Andy Spero | December 27, 2008 | 0 Comment(s) |

Approximately ten days ago, after his release from jail, we caught a brief glimpse of Bernie Madoff on the television news. 

He was walking along the sidewalks of New York, presumably near his apartment, and he was surrounded by a swarm of news reporters and cameramen.

It seemed that someone accosted him–pushed him–but the episode didn’t last very long.  We didn’t think much of it at the time and figured that it was a disgruntled neighbor who was also an investor in Mr. Madoff’s funds who had happened upon him… Read the rest

The Importance of the Rule of Law

Andy Spero | October 7, 2008 | 0 Comment(s) |

“You’re riding high in April, shot down in May.”

-Dean Kay Thompson, composer(s), of (Frank Sinatra’s) That’s Life!

Okay, so the line is several months premature, but it reminds us very much of Russia’s August and September. Unfortunately, it’s not “back on top in June,” err, October.

We mentioned Russia twice last month, primarily in It’s Freedom, Baby! Yeah! Mr. Putin.

Today, we read in The Wall Street Journal that its bailout is failing: Russian… Read the rest