18 Burst results for "Sandy Weill"

David Rubenstein talks to Ray Dalio

Bloomberg Best

05:33 min | 1 year ago

David Rubenstein talks to Ray Dalio

"David Rudenstine sat down with Bridgewater associates co chairman and co chief investment officer ray Dalio to discuss his early life and how we got hooked on the markets so you grew up in Long Island and where you're from a wealthy family no like that was a jazz musician very lower middle class when you were a young boy were you interested in the financial world or what were you most interested in growing up when I went I got hooked on the markets when I was twelve because I used to caddy and I would take my money and I put in the in the markets and everybody was chatting about the markets so on how did you do well the first stock I bought I book because it was the only company ever heard of that was selling for less than five dollars a share and I figured I could buy more shares of went up and make more money that was my strategy her work and it worked and I have a work because this company was about to go broke and somebody came along and acquired it and it by local it went up and I said this game is easy then decided that I would be involved in the markets in this game is anything but easy so in high school were you interested in academics or were you a good student no I had at our school I did cut classes a fair amount of classes to go surfing did you have a hard time getting into a good school calling all yeah I got into CW post college on probation probation on probation okay and what he did well there I loved college okay I love college because well besides mixing the all the fun that college gives you it also when I like this and I could pick the subjects that I was interested in and I am so I look I love college right you must have done research well because you got into Harvard Business School yeah I did I got the upgrade grades when you graduated what do you do so in my two years it's a two year school in in my summer I like to trade commodities I got in trading commodities now this is down summer of seventy two and so nobody ever for more business school wanted to commodity division but I went to Merrill Lynch's commodity division I said Hey can you give me a job the director of commodities in that summer gave me a job job to help them around nineteen seventy three we have the oil shock bear market in stocks commodities is the hottest thing was hired as director of commodities at Dominic and Dominic having never done anything and the director of commodities but as part of and that's so that's what I say let out eventually though to set up your own firm yeah the so I that was seventy three seventy four big bear market in stocks are the Dominic and Dominic essentially went broke I went to what was sandy Weill's firm CBO Leo Hayden stone at the time became Shearson Hayden stone remain above the law because of our did all those mergers I became in charge of institutional commodities in other words hedging of all different things hi and that put me with all different futures markets and then we got into the environment where seventy four seventy five you got into this environment where the interest rates targus a monetary policy all of those things were driving all the markets so that got me hooked on those markets but anyway I got fired from there because I was a bit rowdy did you find someone that can share some thoughts in the face for the appointment book that's not a good way to prepare for that was but that was it was new year's eve we got drunk on new year's eve and you punish somebody other than your boss didn't think of that anyway he but it didn't last long okay okay so you have to always started the farm because I was and because the clients who want to do business what year was at the start of the firm nineteen seventy five so it grew truth from one or two employees to how many well in nineteen eighty two it was I I think there were eight employees a in here at one point and then I had a terrible eighty two so and then it came down to one employee so nineteen eighty three or so it was just me you have to borrow money from your father yep so let me tell you about the moment so nineteen eighty nineteen seventy nine eighty eighty one I calculated that American banks had lent a lot more money to emerging countries of those countries will get paid back and I anticipate that there would be a debt crisis and with that an economic crisis so that was my thinking and August nineteen eighty to Mexico defaulted on its debt and a number of countries fallout and so because I said that I got a lot of attention about that and I thought that was going to be producing a bear market in stocks and I could not have been wrong more wrong August nineteen eighty two was exact bottom the stock market and I was wrong and as a result of that let's take my employees are lied to let them go I lost money for myself on was money for and I had to borrow four thousand dollars from my dad it was the most painful one of the most painful experiences but it was one of the best experiences that ever happened to me in my life that was Bridgewater associates co chairman and co chief investment officer ray

David Rudenstine Chairman Four Thousand Dollars Five Dollars Two Years Two Year
"sandy weill" Discussed on Superwomen with Rebecca Minkoff

Superwomen with Rebecca Minkoff

11:44 min | 2 years ago

"sandy weill" Discussed on Superwomen with Rebecca Minkoff

"Because the industry was not made for you was made by men for men, and I'm going to take the experience. I haven't actually build an investing platform that is, by women for women, not in the oh, we're women and let's not buy shoes. Even though these are amazing. Let's invest in the market. But instead really get to the core of y to women. One invest is a towel perform the market answers. No is a to figure out what their financial goals are figure out if they can achieve him and invested in order to do, so the answer's yes, who I did that as fast as draw fast. That's a little about me. Okay. So I, I am we had salary here last week, just full disclosure, and she spoke to a smaller group. But we didn't get into when, when you're at city, and then at Bank of America, then I want it will talk a lot about Elvis, but you're in the room getting fired. Who's in the room with you? And what's your response? Well, they're two different stories when I got fired at city. I was in the room by myself. I was preparing for a meeting, and if for those of you who worked on Wall Street CNBC is on all day long. And so it was on behind me, and I sort of glanced over, and I saw a picture of a woman and something about getting fired. And I'm like, who tough day for her? My that's me always sh. And then later, the phone call came, so they had leaked this to the press before it got to me. The second time was probably worse. The second time it was. It was the day after Labor Day. And my assistant came by the day after Labor Day and said the CEO is in town, and he wants you to swing by three thirty and I'm like, oh, yeah. Yeah, I said, I think I'm going to get fired and she's like the results are rate. You're not bad to get fired and Mike. Yeah, you're right. But, you know, Brian never sort of swings by to shoot the shit with me. I wonder something big is going going down. So I went over at three thirty to his office, and, you know, I knew it because I hurt my foot, so I was in a cast and I- thumped by the most gregarious, nicest backslapping ist guy you've ever met. And I said, hey David, and he's like, Hello. And I'm like, oh, shoot went into Brian's office, and he said, we're we Oregon, we're going to this. We're going to this structure, one of the structure, and so you're, you're being let go, and I think I sort of laughed. You know, the time the business was outperforming the competitors. It was beating plan. It was growing, right? It was it was on fire is mentioned. I've been brought in for task and in two years. We turn the business around completely, and so I just sort of laughed and I'm like, what do you mean may, yes? You and then I got trailed into the next office. And as we talked about the shocker of my life is that the woman who when I had joined who was decade, plus older than me, who had committed to me that she would be my mentor sponsor. Whatever word we wanna use. I'm here for you. This place is tricky. I will help you navigate it. You know, I will give you advice and through the two years, sometimes the advice didn't feel exactly right. But thank goodness, she's there, because look at me that advice didn't feel right? And I'd say or I just feel like. I just feel like I'm not connecting with Brian. I would try should I give them summary should? I'm meet with, like I'm not feeling you know, and she was like, oh, no. You are great together, you are the least of his worries. He's very busy just keep doing weight. I'm like, okay if we're good. We're good. And she's sitting across the frigging table, right with the press release with. You know, sign this release, and that's what hurt is this mother mom issues and my mom's been sick, and, and I hadn't had that relationship before. And so that just cut me I go back to my office, I try desperately to call my father. Don't get him because he's working out. And he heathen ends up seeing it on CNBC. And so that just it would just was painful. It just felt fast and a little gratuitous to be perfectly Frank. I went home and drank a lot and spent the next day in a pool of self pity. And I just really felt bad for myself and the day after that, I picked myself up, I called up every member of the board. And for those who would call me back. I said, number one, I want to thank you for the opportunity to run Merrill, Lynch, it was the opportunity of a lifetime. And number two, what could I have done better? And it was really interesting because what God back was from some of them. Nothing luck to you whatever. But from the few who would talk, oh, Sally. We knew your results were top of every business. But the truth is you had nobody in there, fighting for you and. When we said, why don't we fire somebody who's missing plan and trinkets the answer was an ano the business. She's running. That's the easy business. And imagine if we put this white guy in it, how would you better do his, his colleague, has his friend? And so the lesson is if you don't know, who's in that room, fighting for you. The answer's probably nobody and that there are times in your career in which even grade business. Results are not enough to overcome. Not having somebody, fighting for you in that room PS, by the way, years past and about three months ago, four months ago. This woman who I thought was my gal my, my mentor my sponsor, my mom my work mom. She kept over the years. She's tried to reach me, and wanted to talk and truthfully over the years. I've done delete delete because it would eat. Ellwood show up in it would so emotionally rattle me. And I'm like just because she's ready to talk doesn't mean I need to do that. I don't know her this. Well, then all of a sudden, I ran into her a couple times, I was out of this, and this, and then Mike now it's getting weird like she's begging. And so we got on the phone, and I'm thinking she's gonna policies, you know, she's going to be like the years of past, I'm woke I should should've been, but. Hell no her. She said, you know, I know you're, I've written about it. She says, I can tell I hurt you. I'm like, yeah. And she said, I just want you to know the reason, like okay, and she said, we weren't close. Okay. Bye. And that was it. No apology. No, nothing. Just I was not. She didn't have to feel bad about it because we weren't close. Mic drop. Right. I mean, how do you follow that? We've spent the whole day with different panelists and speakers, and workshops really digging into pragmatic tips around how to run a business, and we're gonna get to Elvis. But I think one of the things and I heard in the last one of the last sessions, I was with Cheryl Kaplan, who's the co founder of 'em Jimmy, and she was talking about, advisers, having advisers around you. And when you were here last week, you talked a lot, you use this story as an example, around the fact that you need mentors. But more importantly, sponsors, and I think it's different in the corporate world than it is in the entrepreneurial world. So can you talk a little bit about that? Yeah. So when we're talking last week and I sorta hit on this a little bit in the corporate world. Carla Harris, always says, if you know every important decision about your career is made when you're not in the room, right? And so just you gotta know who's in the room, and who's fighting for you. And if you don't know the answer the. Answers nobody and it's also important to remember that mentors are nice, but they are not sufficient, and we women are way over mentored. So we have something like four times as many mentors as men. Do that's lovely to have people answer questions of problem is, we have half as many sponsors who are the people who fight for us. And look the truth is you, you wanna have a diverse group of these individuals. But if we're going to be perfectly Frank, and nobody tweet exactly this right now, if we're going to be perfectly Frank. It's a white guy and it's probably, honestly, an older white, man. In fact, and I think we might have talked about this last week when I have thought about who of my college and business school friends who've been mega successful, right? There are certain things that they're smart, and they work hard and they're gutsy, and they don't give up their gritty and all that stuff. But there's still some of them where you're like I just. Wouldn't have guessed it would have been you. I mean I wouldn't be wouldn't have been you. But, you know, when we were in the sorority house at two thirty in the morning, I went like it's her. This is the one. I mean this friend who is long ago, retired as a venture capitalist in Silicon Valley and like has his home, where you're like holy crud. Right. And, and when I talked to her, we'll talk to me, she had, and I had and all these friends of mine had an older white male sponsor and I'm like a couple of decades, older, and an older guy who sort of took an interest in them almost a professional fatherly interest and cleared the way. And by that, by having that individual with that gravitas. They were and people didn't want to cross individual. They were able to wipe out a number of the gender issues that come into play. Now, maybe you maybe your fortune to have one of those, maybe you aren't I just put it in the back of your mind because I don't know that it's, it's a necessary or sufficient condition. I just noticed that there seems to be a either correlation or a coincidence, so finding sort of a diverse group of advisers, but, you know, looking to find those who are generation ahead who've built, the gravitas, who take an interest who are not threatened by you in my own career, again coincidence or not the bosses who were quite a bit older than me. Loose Sanders at Bernstein. Sandy Weill at city, Ken Lewis at Bank of America. They were like go Sally, the ones who are closer to my age. They fired me. And by the way, I'm the say, I did it wasn't a different person at any point in time in my business results weren't different. But there was definitely a different dynamic, you and I have some mean as a former banker I get that. So let's delve into. To elevate. You saw a huge gap in the market. Right. When we can quote as many statistics and I know you love stats. So I'll let you do that versus reading off of what you've said. Well, I, I thought it was a dumb idea..

Brian Frank CNBC Elvis Bank of America Sally Mike I Sandy Weill David Oregon CEO Ellwood Carla Harris Loose Sanders Merrill Cheryl Kaplan
"sandy weill" Discussed on Recode Decode

Recode Decode

04:33 min | 2 years ago

"sandy weill" Discussed on Recode Decode

"He was a highly regarded sticks and logistics and ops expert, I can Texas and came in to do tech and odds, and he obviously was Steve successor. But it wasn't even obvious up until maybe six months before the appointment that he was going to be the one and there were questions, and that's a big open question. I won't really speculate on Tim's successor whenever that happens. But it's a really interesting exercise to think. Okay. How do you take something and go to the next level? Oftentimes, people think okay. We just need more of the same. But most great leadership transitions are quite different. And so that's a real important one. You think? What do you think he's been in that probably not appropriate for to say other than to say guys? Amazing, right. He's a values based leader. He's brilliant. You know is created the world's most valuable company up until you know, a couple of weeks ago, or whatever. And obviously they've got challenges but growing on that massive a huge fan. Do you think most founders eventually have to be replaced, or is there the one founder who's done very well Jeff Bezos, obviously despite his personal troubles right now. But he has really led that almost perfectly, but there's very few that have survived there'd be gates him jobs, but they're gone and learns or gay. I don't know what you know. They're off one's doing a hovercraft the other. You know, it just is th there's they have not been as engaged as as previously. Is there problem with having a founder, and then we'll get to Mark Zuckerberg? And the next section. I think the challenge of being founder, and I've we've done some research on this. I just think it's such a fascinating topic. Just think just in general, today's founders. Of that caliber, you know, a century or two centuries ago, they might have gone into politics or military. But now the changing the world is to found and build these big build these companies, so the kind of quality of people coming into business over the last twenty fifty years is very very very high. The big challenge is can they change as the needs of the organization change. And I know you had great VC partners on this on this show. And they're in that business of making judgments of Hutu back and all of this. It is the rare founder who can go from zero to build the team racing the funding creating the commercialization, and then you know, they were two hundred hundred to five hundred and all that and constantly scaling. I will say something kind of might be inappropriate, but years ago, one of the big searches I did and and the internet in the mid nineties was the for the head of Barnes and noble dot com. My god. That one. And I was there you were there. So we were like at the time looking at Amazon and someone on the board of arsenal. Made the comments like well, Jeff Bezos wouldn't be qualified to be to run Barnes and noble dot com. Can I sorry? That's all. In any case that the the point is that the ability to scale the ability to learn the ability to attract great people is really what what founder needs to do. And I've seen it's not just intact and Howard Schultz is one of my Monterey business heroes. One of the friends actually who I met back in nineteen Ninety-seven when I interviewed him for lessons from the Tom Ridge Fairbank, I mentioned that at Capital One one of the longest serving founders in America today. And so I think their ability to scale is a function of not being arrogant, keeping learning attracting great people around and constantly being open to what's needed to go to the next level. Not being so adult by being so ridiculously wealthy that they they start doing crazy things. Well, actually, the motivation is a really interesting question where and that's one of the topics really wanna study, which is weird people fire come from. And how does that fire chain? Change at different levels of success or failure. In one of the really interesting lessons learned over the years about hiring. Great people is looking at sandy Weill. You remember sandy Weill Bill travelers merged with city sandy and I interviewed him back in nineteen. I followed this. He had a real theory that he hired people on the rebound that people who had had a failure. If he understood it, and they learned from it. They would be that much more motivated to succeed the next time and on that basis..

founder Jeff Bezos sandy Weill Tim Steve successor Barnes Capital One Howard Schultz Texas Mark Zuckerberg Amazon Tom Ridge Fairbank arsenal Monterey America twenty fifty years two centuries six months
"sandy weill" Discussed on Giants of History

Giants of History

04:50 min | 2 years ago

"sandy weill" Discussed on Giants of History

"Now Kraft was reluctant, but once he was in front of Putin and the attention inevitably shifted to the Super Bowl ring craft, took the ring off and gave it to Putin to check out. And Putin examined the ring up, close studying it, and then he put the ring on his own finger. After a few seconds Putin broke the silence by suddenly saying, quote, I can kill someone with this ring. Everyone who heard the line laughed about it, but win. The laughter died down craft says he put his hand out again to take the ring back from Putin. At which point Putin simply looked at him and then put the ring into his own pocket turned around and walked away. And crafts initial instinct was of course to protest. But just as soon as Putin turned his back and started walking away three KGB agents intervened. In crafts, own words, quote, I put my hand out and he put it in his pocket and three KGB guys got around him and walked out and quoted craft, just stood there dumbstruck and was powerless to do anything about it. So here's what happened in the aftermath of this event craft obviously couldn't and didn't do anything immediately following the event. But after he returned stateside, he made efforts to have the ring returned him as he said it had sentimental value. The problem was Russia wasn't responding to his requests and craft, not being want to give up that easily after all you don't come to be worth billions of dollars by being a passive observer craft continued to try and get the ring back via calls and emails, etc. Ultimately, though the United States government intervened somebody from the White House in George W Bush's administration called craft, and according to crafts recollection of the call, here's what the White House contact said to him quote, it would really emphasis on really be in the best interest of US Soviet relations. If you meant to give the ring as a present. Craft stated again that the ring had sentimental value to him and he didn't wanna let it go as he didn't want to one day see the ring on EBay. He also mentioned here that the ring had his name on it as we said. But after he put all this forward on the call with the White House contact according to craft, again, quote, there was a pause on the other end of the line and the voice repeated, it would really be in the best interest. If you meant to give the ring as a present end quote. And as these things go, it wasn't a few days later that craft issued a statement saying that he had given his Super Bowl, thirty nine championship ring to Ladimir Putin as a gift. Craft statement included the following quote at the end of a very productive three, our business meeting with President Putin. I showed the president, my most recent Super Bowl ring upon seeing the ring, President Putin, a great and knowledgeable sports fan was clearly taken with its uniqueness at that point. I decided to give him the ring as a symbol of the respect and admirations that I have for the Russian people and the leadership President Putin. And quote. In two thousand seventeen Robert. Kraft was interviewed by NFL films for their series. Fifty rings fifty days about all his Super Bowl rings and this story, and here's what he said, quote, I keep them in a drawer, right? Have my cufflinks. They're all in a drawer, except my third one. The original is in Russia with the president of the country. I happen to be there on a business mission with my friend sandy Weill. I showed sandy my ring and he said, why don't you show it to the president meaning Putin? I showed it to him and he put it on and he sort of enjoyed it..

President Putin Craft president George W Bush Kraft White House sandy Weill KGB Russia Robert United States EBay NFL fifty days one day
"sandy weill" Discussed on Giants of History

Giants of History

02:36 min | 2 years ago

"sandy weill" Discussed on Giants of History

"And as you might guess, the crown jewel of his whole business enterprise is the patriots and given the New England. Patriots have won five Super Bowls under Robert Kraft ownership. You would think that Robert Kraft thus has five beautiful flashy, big expensive, Super Bowl rings to show for it, but you would be wrong. He only has four of his original Super Bowl rings more on that in a moment. But let's just sum up this quick highlight reel of Robert Kraft and his life by saying that Robert Kraft has money, lots of money and lots of connections, and a fair amount of political sway and power, given his wealth and resources. This is important to remember as we move forward. In June of two thousand five after winning his third Super Bowl as the patriots owner. Kraft went on a business trip to Russia, and I've heard him referred to this trip as a business mission as well. But Kraft was there with another billionaire business. Magnate a man named sandy Weill whose former CEO and chairman of CitiGroup. So needless to say, these two were fairly well connected, and at one point there, Russian connections tin ary lead them to a high profile gathering at the Constantine palace outside of Saint Petersburg. And who else was in this room at this high profile gathered? Well, none other than Russian President Vladimir Putin. So all these bigwigs were in this room together. And of course this being so soon after the patriots won Super Bowl, thirty nine against the eagles. Everyone was interested in taking a look at the object on Robert Kraft's weighted down hand. And what was the big draw that was on this hand crafts brand new sparkling encrusted with a hundred and twenty four diamonds. One of a kind as it had his name on it, Super Bowl ring. After showing the ring off too many of the onlookers crafts friend, sandy Weill made what proved to be a very unfortunate suggestion while encouraged craft to show the ring to Putin..

Robert Kraft patriots sandy Weill Vladimir Putin New England Russia CitiGroup Constantine palace President CEO eagles Saint Petersburg chairman
"sandy weill" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:03 min | 2 years ago

"sandy weill" Discussed on Bloomberg Radio New York

"J P Morgan. Chase Bank America Wells Fargo and much further down. It goes down to, you know, US Bank and. PNC and fifth third and other banks you might think of as regional, but really have you know? Subside run grown into integrate size right because J P Morgan. Chase is at its balance sheet is trillions of dollars Wells Fargo's above trillion dollars. So we're taking down on some order of magnitude smaller than that. But are still very very large banks, and they control about thirteen trillion dollars. Right. Thirteen of the sixteen trillion dollars and these deposits, that's an extraordinary concentration, especially given that the number of institutions we're talking about a couple dozen, right? This changes as banks balance sheets change in size at the margin. But we are seeing financial services dominated by a handful of institutions, and we have not seen that really ever before in our history, including the great merger era late nineteenth century where you saw trusts around sugar oil. Corn harvesting machines right and fill in the blank there. These this is the great trust era. Great consolidation era. But interestingly enough because of the structure of the US political economy banks were extremely decentralized by law each Bank for a very very long time, a Bank couldn't have more than one branch. And even after that was changed in the late nineteen twenties. They couldn't have branching across states, and that wasn't finally abolished where you would have a Bank doing business as its own institution across state lines until after nineteen eighty what about the repeal of Steagall, what did that contribute towards thanks bulking up. I'd say contributed a lot. So this is this is a point of some debate among economic historians. It's correlated right with banks bulking up in in in pretty breathtaking fashion. What some economic historians late. Well, that's correlated, but wasn't caused by this last egos, essentially unrelated to this size now, that's hard. Swallow, at least in the short run after around glass, Glass-Steagall final legislative demise. Because of course, city group become CitiGroup after acquisition city. It'd be the first mega back. And so, but then again, you know, a few years after that that was a pretty disastrous merger. They sold most of their insurance business because the synergies weren't present. And then what becomes really the shining example megabank J P Morgan Chase. And if we were list, all of the names of the banks acquired along the way. Hanover chemical. Absolutely. You know, the Bank for what was Daime diamonds Bank in Chicago. I nationals called and he I believe he was at Smith Barney before that he was a city. He was sandy Weill right hand man in designing the strategy mega-banking strategy. He loses in a power struggle goes to manage his Bank in Chicago comes back in JP, Morgan Chase's acquisition, which was essentially an employment contract acquisition. Jamie Namen become CEO and J P Morgan Chase with help from the federal government embarks on this strategy or just becoming as big as it can be. And so we are truly in an unprecedented era in terms of of banking consolidation. The United States so everybody used to talk about too big to fail. I liked to raise the question have these banks become too big to succeed are they even manageable? When you're running trillions of dollars in deposits can these things be managed and that'll segue, right? Into our discussion of Wells Fargo. Such a great question too big to manage too big to jail too. Succeed. And that the way that you phrased it to succeed is so fascinating because it calls into question the time horizon and the short and medium-term say that we're on on leading into a medium-term from the financial crisis management been good to be Jamie Dimon, right. That is that balance sheet is been mixed. Extremely right fortress diamond is just it's it's unknown assailants. They were very fortunate your financial historian. You'll appreciate this. Most people realize J P Morgan Chase had their own derivatives crisis. But they were let's call it lucky enough or smart enough to have it years before everybody else. So they cleaned up the balance sheet while there was still a bid to hit. When did everybody else? They had nowhere to go. Now. This is another occasion in financial history. That a lot of people don't recognize, and I think this is Tim Geithner's signal contribution to to finance in his career happened before he was secretary of the treasury, and that was in two thousand five thousand seven noting on a spectacular back office problem. Andrew trading. Right. So these are all bespoke derivatives rate, even even if they're not very fancy these pretty plain vanilla. But they all are bespoke because there's no there's no marketplace for them to train on its no exchange for them. And so you would think sophisticated folks in two thousand five we're not talking about one thousand nine hundred five range. So the IT revolution has already taken pretty sure route you'd have some sort of oracle based software system where traders with two headsets on, you know, talking to people released punching them into a computer that would clear it, and we'll be universally access, and you'd think that and you'd be wrong, right? What they were doing. Instead is on scraps of paper with a little golf pencils. Writing down the nature of the trade is. Oh, they were signing a doctor's a prescription handing it back to a runner who would take that piece of paper and put her in the stack. Right. And what Tim Geithner realized even though he had had no supervisory authority over these broker dealers. It's very important point realized that the back office back long was about nine months. Wow. Amazing..

J P Morgan Chase Chase Bank America Wells Fargo J P Morgan US Bank Tim Geithner US Wells Fargo Chicago PNC Daime diamonds Bank sandy Weill CitiGroup Smith Barney golf Jamie Dimon Jamie Namen
"sandy weill" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:29 min | 2 years ago

"sandy weill" Discussed on Bloomberg Radio New York

"Your your students grad students or undergraduate both everything and executives and students at so we really teach them all. So so much has been going on in the world of banks since the financial crisis. I have to ask you about Dodd Frank and the changes to that. But before we get there. We now live in an era of megabanks all the banks are really relatively giant compared to before the financial crisis, a number of pretty substantial banks were either acquired or or moved over you have Washington mutual, and we'll covy, and, you know, look at all these different Bank, America and Merrill, Lynch. All these giant conglomerations? How is the modern era of banking different than the way it existed prior to the financial crisis? No. We've seen after the financial crisis, essentially, an unrivalled concentration in the financial system financial services. The looking at commercial deposits, for example, which include personal and commercial deposits, but seventeen trillion dollars right in the American. That's just checking and savings and checking and savings accounts for individuals and businesses organizations mega banks, which will call above two hundred and fifty billion dollars, right? So that's things like J P Morgan. Chase Bank America Wells Fargo and much further down. It goes down to, you know, US Bank and. PNC and fifth third and other banks that you might think of as regional. But really have you know? Grown into integrate size right because P Morgan Chase is its balance sheet is trillions of dollars Wells Fargo's above trillion dollars. So we're taking down on some order of magnitude smaller than that. But still very very large banks, and they control about thirteen trillion dollars. Right. Thirteen of the sixteen trillion dollars and these deposits, that's an extraordinary concentration, especially given that the number of institutions we're talking about a couple of dozen, right? This changes as banks balance sheets in size at the margin. But we are seeing financial services dominated by a handful of institutions, and we have not seen that really ever before in our history, including the great merger era late nineteenth century, or you saw trusts around sugar oil. Corn harvesting machines right and fill in the blank there. These this is the great trust era, great consolidation era. But interestingly enough because of the structure of the US political economy banks were extremely decentralized by law. Each Bank for a very very long time. A Bank couldn't have more than one branch. And even after that was changed in the late nineteen twenties. They couldn't have branching across states, and that wasn't finally abolished where you would have a Bank doing business as its own institution across state lines until after nineteen eighty what about the repeal of glass steagle wooded that contribute towards thanks bulking up. I'd say contributed a lot. So I mean, this is this is a point of some debate among historians. It's correlated right with banks a bulking up in in in pretty breathtaking fashion. What some economic historians say, well that's correlated, but wasn't caused by this last eagle was essentially unrelated to this is now that's hard to swallow at least in the short run after around Glass-Steagall final legislative demise. Because of course city grew to become group after city. If you can't comes the first mega back, and so, but then again, you know, a few years after that that was a pretty disastrous merger. They sold most of their insurance business because the synergies weren't present. And then what becomes really the shining example megabank J P Morgan Chase. And if we were list, all of the names of the banks acquired along the way. Over chemical. Absolutely. You know, the Bank for what was Daime diamonds Bank in Chicago. I nationals called any. I believe he was at Smith Barney before that he was a city. He was sandy Weill right hand man in designing the strategy mega banking strategy. He loses in a power struggle goes to manage his Bank in Chicago comes back in JP, Morgan Chase's acquisition, which was essentially an employment contract acquisition. Jamie Dimon become CEO and J P Morgan Chase with help from the federal government embarks on this strategy of just becoming as big as it can be. And so we are truly in an unprecedented era in terms of of banking consolidation. The United States so everybody used to talk about too big to fail. I liked to raise the question have these banks become too big to succeed are they even manageable? When you're running trillions of dollars in deposits can these things be managed, and that will segue right into our discussion of Wells Fargo. Such a great question too big to manage too big to jail too. Succeed. And that the way that you phrased that too big to succeed is a fascinating because it calls into question the time horizon and the short and medium-term say that we're on on leading into a medium-term from the financial crisis management been good to be Jamie diamond. Right. That is a balance sheet. Is venom extremely right fortress diamond is just it's it's unassailable. They were very fortunate your financial historian. You'll appreciate this. Most people don't realize J P Morgan Chase had their own derivatives crisis. But they were let's call it lucky enough or smart enough to have it years before everybody else. So they cleaned up the balance sheet while there was still a bid to hit. When did everybody else? They had nowhere to go. Now. This is another occasion in financial history. That a lot of people don't recognize this is Tim Geithner's signal contribution to to finance in his career to happen before he was secretary of the treasury, and that was in two thousand five thousand seven noting on a spectacular back office problem, Andrew trading. So these are all bespoke derivatives, right? Even even though they're not very fancy pretty plain vanilla. But they all are bespoke because there's no there's no marketplace for them to train on its no exchange for them. And so you would think sophisticated folks in two thousand five we're not talking about one thousand nine hundred five range. So the IT revolution has already taken pretty sure route you'd have some sort of oracle based software system where traders with two headsets on, you know, talking to different people released punching him into computer that would clear it, and we'll be universally access. And you'd think that you'd be around. All right. What they were doing. Instead is on scraps of paper with a little golf pencils. Writing down the nature of the trade is though. Oh, they were signing their sending a prescription handing it back to a runner. We'll take that piece of paper and put it in a stack. Right. And what Tim Geithner realize even though he the New York had had no supervisory authority over these broker dealers. Went to very important point realized that the back office back long was about nine months, while amazing absolutely.

J P Morgan Chase US Chase Bank America Wells Fargo Tim Geithner US Bank J P Morgan Wells Fargo Daime diamonds Bank Dodd Frank Chicago PNC Jamie Dimon sandy Weill golf Smith Barney
"sandy weill" Discussed on The Ezra Klein Show

The Ezra Klein Show

03:21 min | 2 years ago

"sandy weill" Discussed on The Ezra Klein Show

"You know, a character says that towards the end of the book character deli, the political philosophers, university of Chicago, and she sitting next this philanthropists sandy Weill who keeps talking about, you know, the government's awful. The government's this, by the way sandy row pushed for the government to do less and less and less. You call them a flat therapist, former of CitiGroup format city. Group now philan- Dow philanthropy panel, but yeah, yeah. You know, he kept sitting on this panel saying, well, the government can't do this. Government can't do that. And first of all, he pushed as hard as anybody for the government to do less than it did in regulating CitiGroup. Ding varies of the things which helped cause a financial crisis, which then caused the government have to bail out all these companies like CitiGroup, which made the government have even less money while it did that. And she just looked at him and she said, the government is us. And I think there's a way in which government has been other by thirty or forty years of neo-liberal ideology. So it's been turned into some illion invading force. And yeah, it's hugely imperfect, and we've all been to the DMV and a lot of parts of the government are more like the DMV the not. But I also think when government works, we don't think about it. I mean, I have lived in other countries. I've lived in countries where every meal in a restaurant is a dangerous experience. Right? I'm not sure. I remember the last time I got sick. Eating in a restaurant in America. Do you understand like what a civilizational accomplishment? That is interesting how hard that is to achieve if you travel the world, you understand, that's a precarious fragile thing. That is a goddamn miracle. We've been able to pull off and there's a thousand little miracles. Like when I put a car seat in my car, it does not occur to me that it's not properly tested that it won't work if there's an accident. Like when I buy a car, it does not occur to me that like it's not safe as safe as it could be in the case of an accident, are they're exceptions? Yeah, but in general we forget that, yeah, governments frustrating and annoying inefficient, but like what it is doing in an unsung way everyday that allows us to not be in the situation that frankly, most countries in the world are still in is a fucking miracle. So the government is your dysfunctional family, but you don't go to a restaurant, eat alone on thanksgiving. You go to your dysfunctional family. You're trying to make it better. So I'm going to say two things. One is that I agree with. Cheer almost everything. You just said a nominee take the other side of the argument. This is like the holy grail. Signature as remove in the podcast. Hello. Government is us is this thing liberals love to say, government is the term we have for things we do together, but this is a book about elites and it's a book about elite networks and you were talking about how do people read it, think the rich and powerful rule the world. And I think if you read them, what they think is that there's not this distinction between government and flam creepy and business, and not only that, I think to a very large extent they are right there revolving doors between all these different groups. There are very powerful networks certainly operate at the the high levels of government that feed people in and feed them out. I don't know about the Aspen fellowship specifically, but a lot of these fellowships are full of former government people. Hillary Clinton is giving these super expensive speeches to corporate associations to politics..

government sandy Weill CitiGroup university of Chicago Dow DMV Hillary Clinton flam Aspen fellowship America forty years
"sandy weill" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:25 min | 2 years ago

"sandy weill" Discussed on Bloomberg Radio New York

"Washington has become a terrible habitat for endangered species but first Chris Collins a Republican congressman from New York and his son were arrested and indicted, for, insider trading related to the shares of an Australian biotech firm Collins is accused of. Tipping off his son about negative results in a clinical, trial for a drug being developed by, innate immune therapeutics Bloomberg opinion columnist Joe Nocera observes that the indictment seems awfully familiar to what happened to Martha Stewart and he's. Here to tell. Us more about It reminds us of how the charges against Martha, Stewart came about well it was pretty simple The broker for the CEO of ImClone Sam wacko who have just learned that the drug. Urban talks had failed FDA test at least temporarily same broker who was Margaret, Stewart poker itself and so when the broker discovered that the test. Had, failed in that family From stock he turned around and called Martha who was a friend of fans and who. Was in the stock because she had heard about family told her about it So I, mean if you're in the SEC that's about it easy an insider trading case. To nail, as there and then along comes Chris Collins right here we are years later and here's a. Congressman who has a history as a sophisticated businessman and investor I. Mean this is not come greenhorn invested in a lot of startups and he's been an angel investor and so he's on the board of this Australian company And he has told a bunch of other congressman about it and they've invested including by the way Tom Price, who has come, first secretary of health. And human services, and he told his son and his son, told his fiancee and his future in-laws and they. All bought the Faulk what the drug Australian, companies drug failed and, Collins tells his son literally and a phone call six seconds after he discovers. That the, drug failed and the sun to unload his stock at the Piazza starts to unload her stock. And the future unload his dock the future mother-in-law motor Doc I mean that chain SEC could do that blindfolded That's about as easy thing to. Mail as there and he? Was, also under. Investigation wasn't, he for ethics, violations yes he was you know even before this I mean he was accused of using his position to help this company. And. Getting people in the stock is going. Up absolutely and he had actually, had lost, his I believe he had lost his you know whatever. Subcommittee chairmanship he had had because of. This. Though he was already sort. Of in, trouble yes and then the son sold one point three million shares another similarity to the Stuart case is that one of. The charges is that they lied to the FBI Yes that's absolutely right that is actually why Martha Stewart went to jail that's what got. Her. On she was very poorly prepared she. Didn't go in with a lawyer, she thought, she could just wing it and and they killed her. And in this case I think they're. Alleging. That Chris Collins and his. Son simply, lied about what transpired on that phone call obviously they didn't have it bug but the timing is very very very suspicious Now he. Resigned right after the, charges came out that night he said he was going to fight the charges right then after thinking about. It for a weekend he decided, that he was not going, to, run well What what you know what would you expect, them to do that he's pretty Republicans are vulnerable anyway And this hanging over his head he's particularly vulnerable, and I, think he could just. Probably visited the what the ad campaign against them would be like, you, know the thing, about it the thing that I found both appalling and amusing about this story Is how dumb you gotta, be who to. Do an insider trade like this I mean sandy Weill this is a long time ago but sandy, wiles wife, with seeing a psychiatrist. At a time when sandy Weill was doing a bunch of deals And had the relationship with the patient that's a. Very private thing I. Hope and of course the therapy, sandy Wilde's wife told him the psychiatrist about some deals sandy was doing because obviously that was on your mind And the psychiatrist went and traded on that information And he got caught by the SEC If they could catch something like that then quick Collins and. Cameron Collins, in the fiance father-in-law mother-in-law that's like, that's the easiest thing in the world Walk so was sophisticated wasn't he Yeah but I, mean he, was and and just. You know I, like them I like him personally so. I chalk this up to a moment of utter panic, and you know foolishness, so maybe the same thing happened in the Collins case maybe maybe maybe I the reason I wrote the column list because you would think that anybody who, is old enough to have read about and lived through the Martha Stewart trial which was on the front pages for weeks, at a, time would have would have taken away, from that travel lesson of you know if you're gonna. Be, an insider trader at least at least at, least try, to hide it The FBI when they catch you don't lie to the, FBI when, they get to that that's exactly right, they always know more than you do at that point Sure. Do Thanks Joe that's Joe Nocera a Bloomberg. Opinion columnist coming up on Bloomberg at the union.

Chris Collins Martha Stewart Bloomberg SEC Joe Nocera FBI congressman sandy Weill Cameron Collins sandy Collins Congressman FDA New York sandy Wilde Piazza Margaret Washington CEO
"sandy weill" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:19 min | 2 years ago

"sandy weill" Discussed on Bloomberg Radio New York

"First Chris Collins a Republican congressman from New York and his son were arrested and indicted for insider trading related to the shares of an Australian, biotech, firm Collins is accused of tipping off his son about negative results in a clinical, trial for a drug being developed by innate immune. Therapeutics Bloomberg opinion columnist Joe Nocera observes that the indictment seems awfully? Familiar, to what happened to. Martha Stewart and he's here to tell us more about it so remind us, of how the, charges against Martha Stewart came about, well, it was pretty, simple the. Broker for the CEO of Imclone Sam. Wack so who had just learned that the drug urban talks had failed FDA test at least temporarily broker who would Martha? Stewart broker? Itself And so when the broker discovered that the tests had failed and that family selling stock he turned around and, called Martha. Who was a friend of fans and who was in the stock because she had heard about cook fan but told her about it So I, mean if you're in the. SEC that's about as easy an insider trading case the nail as their and van along, comes Chris Collins right here we are years later and here's a congressman who has a history as a sophisticated businessman and investor I mean this is not some greenhorn Invested, in a lot of startups and he's been an angel investor and so he's. On the, board of this Australian company And he has told a bunch of other. Congressman about it and they've invested including by the way Tom Price who is Trump's, first secretary of health and human services and he told his, son and his son told his. Fiancee and his future in-laws and they all bought the Doc What's the? Drug the Australian companies drug, failed and Collins tells his son literally and a phone call six seconds after he discovers that the drug failed and the sun to unload his dock and unload her stock and future, father-in-law unload dock the, future mother-in-law and low turn. Back I mean that chain that mean SEC could do that blindfolded It's, about as, easy thing to nail as there is and he. Was also under investigation wasn't ethics. Violations. Yes he was you know even before, this I mean he was accused of using his position to help this company and getting people in the stock was going up? Absolutely and he? Actually had lost his I, believe he had lost his you know whatever subcommittee chairmanship he had had because of this so he was already in trouble yes and then the son sold one point three million shares, and nother similarity to, the Stuart case is that. What are the charges is that they lied to the FBI That's absolutely right that is actually why Martha Stewart went to jail that's what they got on. She. Was very poorly prepared she didn't. Go in with a lawyer she, thought you, could just wing it and and they killed her. And in this case I think. They're. Alleging that Chris Collins and. His son, simply lied about what transpired on that phone call obviously. They didn't have it bug but the timing is very very very suspicious Now he. Resigned right after the, charges came out that night he said he was going to fight the charges right then after thinking about. It for a weekend he decided, that he was not going, to, run well What what you know what would you expect them, to do I mean he's pretty Republicans are vulnerable anyway And you know with this hanging over his head he's particularly, vulnerable and, I think he could, just probably envision the what the ad campaign against them would be, like, you know the, thing about the the thing that I? Found both, appalling and amusing about this story Is how dumb you gotta be, who to do. An inside a trade like this I mean sandy Weill this is a long time ago but sandy, wiles wife, was seeing a psychiatrist, at a time when sandy Weill was doing a bunch of deals And the cocker has a relationship with a patient that's a very private. Thing I hope cut, and of course of the therapy. Sandy Wilde's wife told him the psychiatrist about some deals that sandy was doing because that was on your mind And the psychiatrists went and traded on that information And he got caught by, the SEC if they could get something like that then quick. Collins and, Cameron Collins and the fiance father-in-law mother-in-law, that's like that's the easiest, thing in? The world but walks so was sophisticated wasn't he Yeah but I mean he was just. You know I, like them I like him personally so I talked. Us up to a moment of utter panic and you, know foolishness so maybe the same thing happened in the Collins case maybe maybe maybe the reason I wrote a column list because you would think that anybody who is old, enough to have read about and lips through the Martha Stewart trial which was on the front pages for weeks at a, time would, have would have taken away from that, tribal lesson of you know if you're gonna be an. Insider, trader at least, at least at, least try, to hide it The FBI when they catch you don't lie to the, FBI when, I get you that that's exactly right, they always know more than you do at that point Sure do Thanks Joe that's Jonas Sarah. A Bloomberg opinion columnist coming up on.

Martha Stewart Chris Collins SEC congressman FBI sandy Weill Joe Nocera Therapeutics Bloomberg Collins New York sandy Sandy Wilde Bloomberg Cameron Collins CEO FDA Imclone Sam Stuart secretary
"sandy weill" Discussed on WAFS Biz 1190

WAFS Biz 1190

06:20 min | 2 years ago

"sandy weill" Discussed on WAFS Biz 1190

"A terrible habitat for endangered species but first Chris Collins a Republican congressman from New York. And his son were arrested and indicted for insider trading related to the shares of an Australian biotech firm Collins is accused of tipping off his, son, about negative results in a clinical trial for a drug being developed by innate immune. Therapeutics Bloomberg opinion columnist Joe Nocera observes that the, indictment seems, awfully familiar to what happened to, Martha, Stewart and he's here to. Tell us more about it Remind us of how the, charges against Martha Stewart came about well pretty simple Be broker for the CEO of ImClone Sam wack so who had just learned, that the drug urban talks had failed FDA test at least temporarily same broker who would Martha? Stewart's, broker itself And so when the broker discovered that the test had failed, and that family stomach from stock he, turned around. And called Martha who was a friend of fan and who was in the stock because she had heard, about Obama told her about it So. I mean, if you're in the SEC. That's about it easy an insider trading case to nail as their and then along comes Chris, Collins right here we are years later and here's a congressman who has a history as a sophisticated businessman and investor I mean this is not some greenhorn Invested in, a lot of start off and he's been an angel investor and so he's. On the, board of this Australian company And he has told a bunch of. Other congressman about it and they've invested including by the, way Tom Price who was, Trump's first secretary of health and human services and, he told his, son and, his son toll fiance and his, future in laws and they all bought the thought once the drug the Australian companies drug failed and Collins tells his son literally and a phone call six seconds after he discovers, that the drug failed and the sun to unload. His dock, and the fiance start to unload her stock and a future father-in-law unload dock the future mother-in-law and low turn. Back I mean that chain SEC could do that blindfolded It's about as easy thing to nail as there and he was also under, investigation wasn't he for ethics violations yes he was you know even. Before this I mean he was accused of using his, position to help this company, and getting people in the stock was going up, absolutely and he, had actually, had lost his I believe he, had lost his you know whatever subcommittee chairmanship had had because of this so he was already in trouble yes and then the son sold one point three million shares and another, similarity to the Stuart case is that what are. The charges is that they lied to the FBI That's absolutely right that is actually why modest Stewart went to jail that's what they. Got. Rod she was very poorly prepared she. Didn't go in with a lawyer, she saw, chicken wing it and and they killed her. And in this case I think. They're. Alleging that Chris Collins and his son, simply lied about what transpired on that phone call obviously they didn't have it bug but the timing is very very very suspicious Now. He resigned right after, the charges came out that night he said he was going to fight the charges right after thinking about. It for a weekend he decided, that he was not going, to, run well What are you what you know what would you expect them. To do I mean he's pretty Republicans are vulnerable anyway And with this hanging over his head, he's particularly, vulnerable and I think. He could just probably visit the what the ad campaign against them would, be like you know the thing, about it the the thing that I? Found both, appalling and amusing about this story It's how dumb, you gotta be to to do an inside a trade like this I mean sandy Weill this long time ago but, sandy Weill, wife was seeing a. Psychiatrist at a time when sandy Weill was doing a bunch of deals And Chris. Has a relationship with a patient that's a very private thing I hope endure and of course of the therapy Wiles wife told him the psychiatrist. About some deals that sandy. Was doing because obviously that was on your mind And the psychiatrist went and traded on that information And he got caught by the SEC They could catch something like that Then quick Collins and, Cameron columns. And the fiance. Father-in-law the mother-in-law that's like that, the easiest thing in the world Walks was sophisticated wasn't he Yeah but I mean yes, he was You know, I, like them Like him personally so I chalked us up to a moment of utter. Panic and you know foolishness so maybe the same thing, happened in the Collins, case maybe maybe maybe I the reason I wrote a column list because you would think that anybody who is old enough to have read about and lived, through the Martha Stewart trial which was on the front pages for weeks at a time would have would have taken away, from that, tribal lesson of you know if he's going, to be an insider trader at least at least at. Least try, to hide it You know The FBI when they. Catch, you yeah no light of, the you That's exactly right they always know more. Than, you do at that point Sure do Thanks Joe Jonas Sarah.

Chris Collins Martha Stewart congressman SEC sandy Weill FBI Joe Nocera Therapeutics Bloomberg New York Joe Jonas Sarah Obama CEO FDA Stuart Rod Wiles secretary
"sandy weill" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:27 min | 2 years ago

"sandy weill" Discussed on Bloomberg Radio New York

"Washington has become a terrible habitat for endangered species but first Chris Collins a Republican congressman from New York and his son were arrested and, indicted, for insider trading relating to the shares of an Australian biotech firm Tallinn's is accused. Of tipping off his son about negative results in. A clinical, trial for drug being developed by innate, immune therapeutics Bloomberg opinion columnist Joe Nocera observes that the indictment seems awfully familiar to what happened to Martha Stewart and he's here. To tell us. More about it So remind us of how the charges against, Martha Stewart came about well it was pretty simple The broker for the CEO of ImClone Sam wacko who just learned. That the drug urban talks had failed FDA at least temporarily broker who was Martha Stewart's broker, and so when the broker discovered that the test had failed in that family starring from stock he turned around and called Martha who was a friend of. Fans and who was in the stock because he had heard about? Family, told her about it So I, mean if you're in the SEC that's about it easy an insider trading case to mail as their and then along comes Chris Collins right here we are years. Later and here's a congressman who has a history as a sophisticated businessman and investor I mean, this is not some greenhorn he's invested in a lot of startups and he's been an angel investor and so he's on the board of this Australian company And he has told a bunch of other, congressman about it and they've invested including by the way Tom Price who was Trump's first secretary. Of health, and human services and he. Told his son and his. Son told his, fiancee and his future in-laws and they all, bought, the Faulk what's the drug the Australian companies. Drug failed and Collins tells his son literally, a phone call six, seconds after he discovers that the drug failed and the sun to unload his. Dock and, the day starts unload her. Stock and the future will unload dock the future mother-in-law doc I mean. That chain that me nasty she could do that blindfolded That's about as easy thing thank the nail as there. And he was also under investigation wasn't for ethics violations yes he was you know, even before this I mean he was accused of? Using his position to help, this company and getting people, in the stock is going up absolutely and he actually had lost his I believe he had lost his you, know whatever subcommittee chairmanship he had had because of this though he was already thought, of in. Trouble yes and then the son sold. One point three million shares Yeah Similarity to the Stuart, case is that what are the charges is that they lied to the? FBI That's absolutely right that is. Actually why Martha Stewart went to. Jail that's what they got gotta on she was very poorly prepared. She didn't go in, with lawyer she thought she could just wing it and and they killed her and in this case I. Think, they're alleging that Chris Collins, and his son simply lied, about, what transpired. On that phone call obviously, they didn't have it bug but the timing is very very very suspicious Now he. Resigned right after the, charges came out that night he said he was going to fight the charges right then after thinking about. It for a weekend he decided, that he was not going, to, run well What are you what you know what would you expect them, to do I mean he's pretty Republicans are vulnerable anyway This hanging over his head, he's particularly, vulnerable and I think he could just probably envision the what the ad campaign against him would. Be like you know the thing, about it is the thing that I? Found both, appalling and amusing about this story It's how dumb you. Gotta be who, to do an insider trade like this I mean sandy Weill this is a long time ago but, sandy wiles, wife with seeing a psychiatrist at a time with sandy Weill was doing a bunch of deals And has the relationship with a patient that's a very private thing. I hope and in. The course of the therapy sandy, Wilde's wife told him the psychiatrist about some deal that sandy was doing because obviously that was on your mind And the psychiatrist went and traded on that information And he got caught by the SEC If they could catch something like that then Chris Collins and. Cameron Collins, and the fiance father-in-law mother-in-law that's like, that's the easiest thing in the world But walk so was sophisticated wasn't he Yeah, but I, mean yes he, was just. You know I, like them I like him personally so I. Talked us up to a moment of utter panic and, you know foolishness so, maybe the same thing happened in the Collins case maybe maybe maybe I the reason I wrote the column list because you would think that anybody who is, old enough to have read about and live through the Martha Stewart trial which was on the front pages for weeks at, a time, would have would have taken away from, that tribal lesson of you know if you're gonna be. An, insider trader at, least, at least at, least try, to hide it The FBI when they catch you don't lie to the, FBI when, I get you that that's exactly right, they always know more than you do at that point Sure. Do Thanks Joe that's Jonas Sarah a Bloomberg. Opinion columnist coming up on Bloomberg at the union why American workers shouldn't be..

Martha Stewart Chris Collins Bloomberg FBI congressman sandy Weill Joe Nocera Cameron Collins SEC Collins Son Tallinn New York Washington FDA Faulk Stuart
"sandy weill" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:26 min | 2 years ago

"sandy weill" Discussed on Bloomberg Radio New York

"Collins a Republican congressman from New York and his son were arrested and indicted for insider trading relating to the shares of an Australian biotech firm Collins is, accused of tipping off his son about negative results in a clinical trial for a, drug being developed by innate immune a therapeutics Bloomberg. Opinion columnist Joe Nocera observes that the indictment, seems awfully, familiar to what happened to Martha, Stewart, and he's, here to tell us more about it So remind us of how the charges against, Martha Stewart came about well it was pretty simple The broker for the CEO of ImClone Sam wacko who had just learned that. The drug urban talks had failed FDA test at least temporarily broker who was Martha, Stewart's broker and so when the broker discovered that the test had failed and family selling stock he turned around and called Martha who was a. Friend of fans and who was in the stock because she had? Heard, about told about it So I mean if you're, in the SEC that's about as easy an insider trading case to nail at their and then along comes Chris Collins right here we are years later and here's a congressman. Who has a history as a sophisticated businessman and investor I mean this is not, some greenhorn and he's invested in a lot of startups and he's been an angel investor and so he's on the board of this Australian company And he has told a bunch of other congressman about it and they've invested including by the way Tom Price, who has come to, US Secretary of. Health and human services and he told his son and. His son told, his fiancee and his future in-laws and they all, bought the stock once the drug the Australian. Companies drug failed and Collins tells his son, literally and a phone, call six seconds after he discovers that the drug failed and the sun to. Unload his, dock and the fiance start to unload her stock and future father-in-law unload dock the future mother-in-law her back. I mean that chain that SEC could do that blindfolded That's about as easy thing to nail as there and he was also under investigation wasn't he for ethics, violations yes he was you know even before this I mean he was. Accused of using his position to help this company and getting people in the stock, is was going up absolutely and he had actually, had lost his, I believe, he had lost his you know, whatever subcommittee chairmanship he had had because of this though he was already sort of in trouble yes and then the son sold one point three million shares and another similarity, to the Stuart case, is that one. Of the charges is that they lied to the FBI Yes that's absolutely right that is actually why Martha Stewart went to jail that's. What. They gotta rod she was very poorly. Prepared she didn't go in with, a lawyer, she thought she could just wing it and and they. Killed her and in this case I. Think. They're alleging that Chris Collins. And his, son simply lied about what transpired on that phone call obviously they didn't have it but the timing is very very very suspicious Now he resigned. Right after the charges, came out that night he said he was going to fight the charges right then after thinking about it. For a weekend he decided, that he was not going, to, run well What what you know what would you expect them, to do I mean he's pretty Republicans are vulnerable anyway And with this hanging over his head he's particularly, vulnerable and, I think he could just probably envision the what the ad campaign against them would be like. You, know the thing, about it is the thing that I? Found both, appalling and amusing about this story It's how dumb, you gotta be. To to do an insider trade like this I mean sandy Weill this is long time ago but, sandy Weill, wife was seeing a psychiatrist at a time when sandy Weill was doing a bunch of deals And Chris has the relationship with the patient that's a very private. Thing I hope and, of course in the therapy, sandy Wilde's wife told him the psychiatrist about some deal sandy was doing because obviously that was on your mind And the psychiatrist went and traded on that information And he got caught by the SEC If they could catch something like that then Chris Collins, and Cameron. Collins and, the fiance father-in-law the mother-in-law that's like, that's the easiest thing in the world But walk so was sophisticated wasn't he Yeah, but I, mean yes he, was just. You know I, like them I like him personally so I. Talk this up to a moment of utter panic and, you know foolishness so, maybe the same thing happened in the Collins case maybe maybe maybe I the reason I wrote the column list because you would think that anybody who is, old enough to have read about and live through the Martha Stewart trial which was on the front pages for weeks at, a time, would have would have taken away from that, tribal lesson of you know if you're going to be. An, insider trader at, least, at least at, least try, to hide it The FBI when they catch you don't lie to, the FBI, when I get you that that's exactly right, they always know more than you do at that point Sure do Thanks Joe that's Jonas Sarah. A Bloomberg opinion columnist coming up on Bloomberg opinion why American workers shouldn't be. Dismayed at stagnating wages I'm shooting also this is Bloomberg.

Chris Collins Martha Stewart Bloomberg SEC congressman sandy Weill FBI Collins Joe Nocera New York FDA sandy Wilde US CEO Sam Stuart sandy Tom Price Secretary
"sandy weill" Discussed on Marketplace All-in-One

Marketplace All-in-One

02:11 min | 3 years ago

"sandy weill" Discussed on Marketplace All-in-One

"For listeners who don't remember this in order for these two companies to come together basically a a law that was passed in the aftermath of the depression had to go away tremendous amount of political capital was spent here can you tell me about the the characters sandy weill and what he did while the law dates back to nineteen thirty three the glass steagle act which as you point out was passed in the aftermath of the great depression and that said that traditional commercial banking with insured deposits needed to be kept separate from the investment banking when you're dealing with the securities markets so this deal between city group and at the time travelers could only go completely threw by getting rid of that law so congress hadn't even passed the new law yet and sandy weill ceo of travelers and john reid ceo of citicorp announced to deal well that's crazy i mean this market value of these companies thirty billion dollars on day one the steady citicorp stock went up twenty five percent but the fact that you would nounce a deal that couldn't get fully consummated without congress passing a law that's either courage hubris or just put what do you think we know now about that merger that that we should have known for talk about getting it wrong on day one lizzy i came prepared you did here's some comments at the start one of the most successful ever a new epic no one doubted for a single moment certainty it was the significance of the thing from from the notes of the titanic what if i took off to this was the titanic of corporate mergers everyone was so excited on day one this was going to be the deal to transform global finance by the way nineteen ninety eight two decades ago when this deal was announced that was also the year that the movie titanic won the academy award what was the big line from the movie i'm king of the world.

congress ceo citicorp john reid nineteen ninety eight two deca thirty billion dollars twenty five percent
"sandy weill" Discussed on Rich Dad Radio Show

Rich Dad Radio Show

02:02 min | 3 years ago

"sandy weill" Discussed on Rich Dad Radio Show

"Street in which no one was negative and so sort of made my name for myself as not woman is negative and hopley was more often than than i was wrong and so with given the responsibility of running the research business it was called sanford bernstein maybe my name because i've you the businesses we were in a couple you know two of them investment banking which in which you have companies as clients and the research business in which you have individuals client it's fundamentally in conflict that if you were doing a good job for one you want to get you up for the other i pulled us out of the investment banking business different from everybody on wall street which was a huge move nobody wanted to do that at your company right well it was a huge risk we lost millions of dollars and i kept playing yes so if we're tying to companies to issues the high one a retail you know individual investor clients to buy stock low i who am i serving i don't understand so we lost dollars everybody said i was job people said i was gonna lose my job and then the the nasdaq crash of the early thousand passes and the conflicts were with the old in emails at other firms had been saying oh well you know screwed a little guy not in those exact words and i ended up on the cover of fortune magazine is the last honest analyst so that was a big big deal in my life i was invited to run this barney which was part of city and the city private bank by sandy weill had a terrific run there up until the crash of two thousand seven two thousand eight when i discovered that we had sold products to our clients but when believed were low risk but we're high risk and that we believed would go down a few cents but went down all of their cents on the dollar and this is this is a great story sally because you as an as an analyst you thought that the the.

fortune magazine analyst barney sandy weill sanford bernstein
"sandy weill" Discussed on Sports 600 ESPN

Sports 600 ESPN

02:28 min | 3 years ago

"sandy weill" Discussed on Sports 600 ESPN

"Jacobs now she goes up top 3pointer is an error bad news kept alive because he could draw ira to doubt gilbert has the fact with eight on this here's gilbert left side gilbert's walloped up or just inside the foul line is good tough side tomorrow ali did a nice job of helping out gutter gutter hand up that was just a really get offense and move roadrunners lee twenty seven twenty six one fifty left the play your and our first that's what the basketball the gigs djikic dr deke now back over desserts set slept way with all the clock jack tickets now in how bad mobile jacobs add however does that's that's insight say today over how a look at row detected sick the lane rubik no it bought a curbing award proceeding paul it beats the ball comes back to the roadrunners johnson left the boy really thanked at a great opportunity to create that out to how knitting their nearby that threepoint line uber with the basketball big play now by jenkins for the miners fourteen on the clock gilbert way that guilty still inside the key now mchenry has it right baseline back out again rate website hillberg poor terrible and hit the ball apart let's put their final opportunity in the post escobar thirteen sets all going to say the foul line ribs oh the gilbert's uber with with japanese uber day now if they way uh williams a saudi air airball anyway sandy weill could is through the first half were the road route is now join nato and tep accused john kerry to an gilbert made a very poor play i mean was watching the clock he just kinda miss calculated how much time she's gonna take they really could have gotten a better shots than they did but i thought that uh he i also think tumor saeb that a little quick though wasn't the best look at the other end but she was wide open so i guess you know what can you say to that it was a wild finish you see a few teams is looking a little wider abdul el and at times playing super sloppy governor baker is going to be looking for answers here at the second arab bachelor's shore shows bitterest ri do quarters.

Jacobs gilbert ali basketball dr deke johnson jenkins mchenry escobar sandy weill nato john kerry abdul el baker
"sandy weill" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:05 min | 3 years ago

"sandy weill" Discussed on Bloomberg Radio New York

"To the california a group of people mike mayo your fiery ian impassioned in let's get right to the house of mr hor back people have been waiting and waiting why now and citibank so we expect citi group stock to double the next four to five years that's partly because of what michael corvette ceo and citi group has done and it's partly because of what we think they should do what citi group is done is they've reduction reduced structural risk permanent riskreduction it citi group to probably the lowest level that i've seen since the merger with travel this and that through the stock beta you're going to see the biggest reduction the stock beta the biggest reduction in the costs of capital and the biggest reduction in risk premium for any bank stock iran how much is citi group like cindy wiles citi group is a completely moved on from the wild years it so much moved joint both number one group can concentrate on being a large bank and optimizing what they have no more big bank mergers and night ernest if you never say never with mergers but the big mergers the merger after merger it took sake group you know like a decade and a half to integrate these acquisition taxi citi group had something called project rainbow which is creating wind global consumer platform they finally finished that last year and that's didn't back from the early part of last decade was sandy wiles acquisitions that's one number two would be the credit risk citi group has a lot more prime lending and super prime lending a whole lot less subprime lending us some of that was put in the books after sandy weill left for sure but i'd say in terms of the credit risk the overall risk profile of the firm acquisitions risk is a lot less at citigroup and over the next five years we expect citi group to buy back one third of its shares and the only thing that prevents them from doing that is messing up says long as they don't blow a big hole in your balance sheets long as they don't now trip on the way to.

california the house ceo bank mergers citi group sandy weill mike mayo ian citibank michael corvette iran ernest five years
"sandy weill" Discussed on KFI AM 640

KFI AM 640

01:41 min | 4 years ago

"sandy weill" Discussed on KFI AM 640

"Paid it so i've a accumulated these reward points will one day it said you know auction did with your reward points and i went would only have so i clicked it i'm online and i've got a million and a half reward points that's worth of foretell a fortune and so it said conducting auction right now and you could buy things at auction if you had enough points and then you see what happens in in this haug shen was was four weeks law and i went on and looked at it and do you know what they had up they're not whether they have prince signed good tar mcginn amazing and this is after he died right yeah and so i'm sandy weill in i'm watching this thing in it's up to like eighty thousand points and i'm looking at mine and i've got a million and a half points and i'm i'm going this is something but it is but you but you did and then you know you you see what happens in so i bid 85000 and so i was the top bidder in and i i came back and our later knows already if the like a hundred twenty so i decided look this thing is four weeks long i'm going to wait until the last halfhour four weeks from now when i'm going to come back right and i did and now it's up to eight hundred thousand points and i've got enough points i've got enough points so i'm is so i'm so being a old buyer of horses at auction racehorses you.

tar mcginn four weeks one day