Andrea Toochin
Business, work, and the path to and through the MBA.
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Derivatives, Goldman, CalPERS & India, oh my!
26.03.12 | george sorosthe inside jobgoldman sachsbankingwall streetobamaforeclosuresbush cheneyharvardcolumbia business schoolderivativessecuritizationcdoabsmbscitigroupmerrill lynchCalPERSBombay Stock ExchangeIndiaCFTC
There are leagues of young men out there just dying to become the next George Soros and this is a scary thing. Is it as simple as becoming hedgie = $$ = girls = ego? The scary thing is I fell in love with a guy like this and that’s not the kind of man I want to be with. Moreover, the fear I have is that realists like me are perceived to be pessimists while others are happily moving along, not aware that the system wants you to watch sports and buy shoes so you won’t pay attention to what is really going on.
What is really going on is not much different than was before. More people are employed, yes. There are tons of homes on the market and reportedly people are quitting their jobs to buy foreclosures, according to Reuters. More worrisome, though, is my concern that the banks are buying Obama. According to The Washington Post, Obama’s campaign fund is benefiting from the banks.
Here are some news pieces and/or press releases I deem noteworthy now b/c they show not much is changing. So while you cozy up in front of your 52” flat screen, I hope you have a nest egg because there’s no loyalty in a nation where there’s no accountability or morals driving big business. Yes, there is corruption but we also owe it to ourselves to be prepared for the future. Maybe not have the second kid you want for another year, maybe not buy or lease that new car, maybe buy generic…
The Guardian reports that Goldman $achs is thinking about building a new UK HQ, and among the architects it is talking with is the famed Lord Foster.
Oppenheimer announced that its “Institutional Equity Derivatives group has hired three experienced senior professionals to expand the capabilities of its options desk.”
According to Bloomberg, ”Italyholds derivatives contracts on about 160B euros ($211 billion) of debt or almost 10% of government securities in circulation, a government said.”
According to Reuters, Goldman $uchs Group will hold its first board meeting in India this week.
Bloomberg reports that Shittygroup Citigroup and Bank of America Corp. have joined the Bombay Stock Exchange’s Derivatives platform.
I don’t know how credible this website Watchdog.org is, but it is reporting along with CalPensions.com that CalPERS, among or possibly the nation’s largest retirement fund, is a funding level in the low 70s. Why does this matter? Because if it’s true, those Cali residents better hope their employers can pay their salary because they aren’t retiring any time soon. Might as well bump the average U.S. retirement age to 70.
CalPERS will soon use a standard form for PE reporting, according to the Sacramento Business Journal.
NYTimes DealBook reported the Commodities Futures Trading Commission voted 4 to 1 last week for new rules aimed at driving more oversight and transparency within the derivatives market. Pop the top for the complete story.
One excerpt from the DealBook article: “The new measures impose a battery of risk-management rules on banks and other firms that trade derivatives. Under the regime, firms must conduct “stress tests” of all potentially risky customer positions, evaluate their ability to meet margin requirements every week and test all lines of credit yearly.”
