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Posts Tagged ‘Wall Street’

Yes, Wall Street Still Has a Big Perception Problem

Got 15 minutes to spare? Listen to this NPR ”Planet Money” clip in which New York magazine financial writer Kevin Roose gives us a hint as to why the insular world of big finance no longer appeals to Ivy League MBAs as much as it used to. In short, The Social Network is this generation’s Wall Street.


Roose says:

“The sex appeal is in Silicon Valley now. It has the…cultural cachet that Wall Street used to have…the tech industry is making things…”

That’s a key insight: tech makes things while Wall Street “re-bundles” things—at least according to popular opinion.

Younger bankers want to change all that. While all evidence indicates that the old generation is perfectly fine with being feared, the new generation “wants to be loved.”

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Citi Analyst Fired, Company Fined Over Email Snafus

We didn’t think Citigroup could fall any lower on the public opinion scale. The abrupt departure of CEO/punching bag Vikram Pandit was bad enough: Business Insider columnist Henry Blodget just came very close to labeling his subsequent “I resigned” claim as fraud.

But Citi’s fortunes keep getting worse: The bank recently settled a suit over releasing confidential information about Facebook’s financial status before the company’s IPO, and today brought news of a $2 million fine and the termination of a highly respected financial analyst.

Here’s what happened: Analyst Mark Mahaney, who is widely regarded as the financial industry’s number one expert on big-name tech companies like Google and Facebook, emailed a French journalist with his unpublished thoughts on the financial prospects of YouTube. This kind of move blatantly encourages insider trading. It went against his company’s official non-disclosure policy–and it also happens to be illegal.

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