Word: bankers
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Parse the language and it means many banks have a new sideline: gambling. "Derivatives have turned the financial markets into a hi-tech, international, 24-hour casino," notes Richard Thomson, a former merchant banker and author of a book published in London, Apocalypse Roulette: The Lethal World of Derivatives. "Right now you have a small number of banks sharing a very large risk. But this could turn out to be a serious problem if these banks are in the wrong place at the wrong time...
...instance: Do you really want to be an investment banker? We put this question to you back in December in an op-ed about the insidious allure of recruiting. Again, no one listened to us. So now that half our acquaintances are migrating to J.P. Morgantype places to begin collecting paychecks like they collected university accolades, we say once more--remember to reevaluate. Have a great time in New York, enjoy the company of many others like you, do a good job. But in a year or so, ask yourself whether you enjoy 90-hour work weeks, corporate culture...
DIED. CHARLES ("Bebe") REBOZO, 85, Florida banker and controversial confidant of Richard Nixon; in Miami. Rebozo, who lent Nixon money to buy his San Clemente, Calif., home, also accepted $100,000 in cash in 1970 from Howard Hughes for a private campaign fund for Nixon. He said he returned the money, and no charges were filed...
Britain. Italy. France. Australia. The whole of the U.S. The call could be from anywhere. Bipin Shah's bounty hunters, chasing a $2 million reward, are scattered around the world. The multimillionaire Philadelphia banker, who helped develop automated-teller systems, has 100 Sherlocks sniffing trails, rummaging through trash and cashing in chits with official sources. Each one scrabbling to find Shah's abducted daughters--Sarah is 8, and Genevieve 6--and claim the prize...
Students asked questions ranging from why one should write when everybody else is becoming an investment banker, to what effects new technology has had no his writing process. To each question Updike responded with his trademark dry humor and forthrightness...