Wall Street Trades One of Their Stars to Google

Tags

financial crisis, Google, technology

Morgan Stanley is one of the country’s largest banks and has recently lost their chief financial officer to Google.  Ruth Porat, who has been Morgan Stanley’s chief financial officer for five years now (since 2010) has recently packed her bags for Silicon valley for what many say is a force for fighting issues surrounding gender balance in the work force.  Both New York and Silicon Valley have been known to face gender issues in business in the past and having women such as Ruth Porat stand up for women in leadership roles is a huge step forward for empowering women.

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Interestingly enough, there have been many moves from many of the east coast powers to west coast tech companies and powers.  Some examples of these people include White House spokesman Jay Carney, who mentioned recently that he will be jointing Amazon.com, and former Obama aide David Plouffe, who decided to leave the white house a year ago to join the company Uber.  Interestingly enough though, Silicon Valley has been hiring most of their new talent from Wall Street.

A Top Executive at Morgan Stanley Goes to Google

Why this big shift from working in finance in the east coast to working with technology in the west?  As of late, jobs in finance have been on a bit of a decline.  Since the financial industry has been struggling as of late, there have been many that have decided to move to the world of technology, where jobs are plentiful and where tech companies are clawing at universities and other certification schools to hire as many people with computer science stills as they can.  Not only is this industry growing at an incredible rate, but they are also paying their employees very well for their work.

Most say the movement is simply because, after the financial crisis that has recently incurred, people simply do not trust financial jobs to grow.  On the other hand, tech firms are showing great amounts of growth.  With this growth comes trust from people to work with these tech firms.  It will be interesting to see how the tides of these two industries shift in the future.

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Maybe a Smaller Hat?

Tags

#Britain, #RoyalFamily, #TheQueen, financial crisis, shutdown

In a whirlwind of defaults, debt ceilings, shut downs and drawbacks, Americans can draw on one overriding hope – at least we don’t have a spend-happy monarchy.  The Wall Street Journal reports that last year, the Royal Family overshot their budget by £2.3 million. Paltry change though it seems, mere tuppence on the Thames next to our $973 billion deficit, it’s nevertheless a significant proportion of the £31 million allocated to the royals by the British Parliament. In all, it’s rather spoiling to the crumpets and tea to have to worry about such common-dwelling constraints like budgeting or saving for a rainy day.

The adjustments seem all the more bloomin’ outrageous because financial oversight on royal expenses was imposed by lawmakers only 18 months ago. Why on earth should royalty be constrained by such trivial periphery as ledgers and budgets? Nobody likes more nosy, government bureaucrats, especially not around Buckingham pocketbooks. I mean, who would want to cut back on the 1,000 boats sailing up the river for the Queen’s Jubilee?

The royal reserves have dwindled to a mere £1 million, forecasting a drastic year of austerity and restraint. A predicted drop in royal weddings may help balance the books. In any case, it is relieving to know that financial woe and overspending applies not only to the governments who run the world – but also to the figureheads on top. In an age when public spending is being dimed and half-penced, it behooves our leaders to adopt a similar refrains. Rest assured, England is no Greece; the Brits still have public television.

Truly, financial planning is key to the long-term vitality and health of individuals, economies, and civilization. Our own nation’s inability to resolve partisan and financial gridlock has brought numerous critical endeavors to a standstill.  As students beginning to make our own long-term, financial decisions, it’s essential to learn from the errors and successes of others so that we can plot a path toward long-term growth and sustainability.

God save the Queen!

The Russian Angle on Cyprus

Tags

Europe, financial crisis

Turnabout is fair play? Russia gets its comeuppance in Cyprus, according to Joe Nocera:

To put it another way, the henchmen of Russia’s president, Vladimir Putin, who have gotten rich by trampling over the rule of law, are now getting a taste of their own medicine. In Cyprus, with no warning, the rules changed, and deposits larger than 100,000 euros may now face “haircuts” of as much as 40 percent. Though the purpose of the tax is to save the country’s banking system, the outcome is the same as when Russian officials create phony tax charges to steal a businessman’s assets. People feel they are being robbed. And they become extremely upset.

The funniest part is that according to Reuters, some Russian entities are threatening to sue. Actually, that makes a certain perverse sense: one of the reasons Russian bureaucrats are so quick to move their newly stolen wealth out of Russia is that they want it in a place where the rule of law actually has some meaning. They don’t want done to them what they’ve done to their fellow citizens.

via The New Russian Mob – NYTimes.com.

What Keeps Elites Up At Night

Tags

financial crisis, multinationals

It all comes down to banks.  Gretchen Morganson, one of the straightest shooters around tells this tale of banks winning (again):

Let’s recap: For zero compensation, the New York Fed released Bank of America from what may be sizable legal claims, knowing that A.I.G. was trying to recover on those claims.

To anyone interested in holding banks accountable for mortgage improprieties, the Fed’s actions are bewildering. If the Fed intended that Maiden Lane II own the right to sue Bank of America for fraud, why didn’t it pursue such a potentially rich claim on behalf of taxpayers? The Fed made $2.8 billion on the Maiden Lane II deal, but the recovery from Bank of America could have been much greater. Why did it instead release Bank of America from these liabilities and supply declarations that seem to support the bank in its case against A.I.G.?

via “Blink or You’ll Miss Another Bailout”

Matt Taibi, the Rolling Stone writer who coined a few memorable terms in his career already tells a Valentine’s Day tale of how HSBC got away with literal crimes–involving drug traffickers and terrorists.

All of this seems to be shaking, rattling, and rolling things at Davos.  Are we so dependent on Washington’s short-term approach that we can’t fashion a strategic view?  Is leadership lacking and no hope for a real recovery?

“Central bankers can buy time, but they can’t fix the world’s underlying economic problems,” said UBS chairman and former Bundesbank head Axel Weber, who worries that easy money and low interest rates are covering up the fact that most rich countries still need to pay down debt and create a lot more jobs. “We’re buying short-term fixes at the expense of future generations.”

via Davos: Why the Elites Are Losing Sleep | TIME.com.

via Why the Elites Are Losing Sleep.