Word: floors
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...into bankruptcy, roiling markets and setting off a string of massive bailouts, underlings informed the investment bank's CEO that Lehman should get out of real estate before the credit bubble burst. Fuld ignored them. So while the bank's chief loaded up on overpriced property from the 31st floor of Lehman's New York City headquarters, his bond traders were downstairs shorting shares of mortgage brokers. Lawrence G. McDonald was one of those traders, and in his rendering of Lehman's demise--nimbly told with novelist Patrick Robinson--the bond traders are the smart guys, the real estate dealmakers...
...fall 2007, I found myself on the 19th floor of the Manhattan skyscraper known as the Lipstick Building, listening to Bernie Madoff explain to me how he made money. This was in preparation for a discussion called the Future of the Stock Market that I was moderating; Madoff was a participant. (It's a big hit on YouTube - just Google "Madoff video.") Sadly, he didn't happen to mention the now infamous Ponzi scheme he was running two floors below us. At issue was his legit business, a brokerage that had long been one of the biggest marketmakers (the firms...
Since 2007, the evolution has accelerated. Less than a third of the trading in NYSE-listed stocks is now done through the NYSE - and only a tiny fraction of that by the floor traders, who now function mainly as a colorful backdrop for CNBC broadcasts. Virtually all stock-trading is electronic, and somewhere from 45% to 70% of trading volume is done by high-frequency traders who make their money by the millisecond...
...about how protesters at town hall meetings are nothing new - "This has been going on forever. When I did my town hall meetings, I'll never forget one back in the '80s - on health care, by the way. They brought in quadriplegics on gurneys and dumped them on the floor in front of my podium" - except, sadly, the tale seems not to be, you know, true •giggle-inducing demand by to see Obama's "gift certificate" •terpsichorean talents of are to be televised...
Tommy Doyle’s: Wednesday nights at this two-floor Irish bar are trivia nights. Go with a group and order a few pitchers; competing as a team is a fun way to bond and make friends. But bouncers are tough at Tommy’s, so beware...