Has the Wall Street Snob Retired? The Mooch is Testing the Deep Waters
There is an unwritten rule on post-crisis Wall Street that most bankers follow: limit publicly-flaunted excess. Or put another way: don’t throw your fortunes in the faces of those who bailed you out. A new venture, spearheaded by an investment entrepreneur known affectionately as “The Mooch” doesn’t exactly follow that protocol.
Anthony “Mooch” Scaramucci is joining forces with restaurateurs and investors, including a former Morgan Stanley executive, to launch a Manhattan eatery and club designed for hedge fund managers and private equity professionals with “high to extremely-high disposable income,” according to Bloomberg.
Dubbed The Hunt and Fish Club, which the owners deny is a homage to the Bergin Hunt and Fish Club, an infamous Queens hangout of organized crime boss John Gotti, the restaurant is aimed at providing an alternative to Midtown bars that are “not fun” and too often feature unattractive staffers, according to marketing materials obtained by Bloomberg. Darn public bars with your ugly waitresses.
“All of us want to be made to feel special and privileged, particularly in front of our guests, business associates and clients,” the materials read. Paging Occupy Wall Street: your table for 1,000 is ready.
The club’s opening is planned for December, although stakeholders are still looking to raise $4 million from investors to get it rolling in time. The minimum investment is $50,000. Investors are expected to recoup their initial investment in as little as two years, say the founders.
Wall Street has done an OK job changing its image following the financial crisis. This idea takes them back to the Stone Age.
The Safest Jobs in Banking (eFinancialCareers)
We sat down with a recruiter and former economist to get some more details on the safest banks to work for today. The short of it: focus your efforts on U.S.-based banks – and bigger isn’t always better.
A former Goldman Sachs executive secured a loan from the firm using 15,000 bottles of French and Italian fine wine as collateral.
Getting Tired of Mistakes (Business Insider)
A German banker accidentally transferred $293 million across accounts after falling asleep with his finger on the number 2 key on his computer. He intended to transfer just 62 euros.
Evolving Role (eFinancialCareers)
New regulations that require asset management firms to post collateral at clearing houses to mitigate the risk of counterparty default will forever transform the role of managers.
More of a Guideline than a Rule (Bloomberg)
More than half of global banks will increase salaries paid to top bankers to offset incoming EU bonus caps. Rules are designed to be circumvented, apparently.
Personable Accountants Wanted (Accounting Web)
Accounting and finance positions are among the most difficult for hiring managers to fill, according to a new survey. In accounting, strong soft skills are becoming much more important – and difficult to find.
High-powered chief executives have begun employing 24-hour “sober companions” to keep them on the straight and narrow.
Buzz Around the Office
These newspaper corrections are just amazing. My personal favorite: “Correction – the earth orbits the sun, not the moon.” Reportedly…
List of the Day: Investment Banking Resumes
If you want to change employers as an investment banker, you’ll need this on your resume.
- At least three to five years at one firm.
- For junior candidates, a record of achievement outside of work.
- Clear and concise job descriptions.