Bailout Bank Blows Millions Partying in L.A.

[babylon5]

If someone gives you extra cash, you tell me you wouldn't party like it's 1999? Come on!!

 

[JACKDRUID]

nm

 

[JS80]

Originally posted by: chess9

Originally posted by: JS80
Banks aren't allowed to sponsor events anymore? That Ritz in the marina isn't that special, I've stayed there.

Are you practicing being brain dead, or have you already donated that pea to someone's salad?

This was little more than thievery of the taxpayer's money.

Line 'em up and shoot 'em.

-Robert

:roll: Read up on northern trust and you'll realize you're the brain dead one. Fucking idiot lawyer.

 

[halik]

Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

 

[The-Noid]

This is going to be a moot point, NTRS will just pay the money back. The government has made it punitive to pay the money back though. AFAIK it has to come from earnings and Barney Frank and his liberal friends try to hide that from everyone. You can't do an equity offering or pay it with the money that came in.

I think GS would do a secondary even at this point to pay the money back as well.

 

[The-Noid]

1

 

[halik]

Originally posted by: Yoxxy
This is going to be a moot point, NTRS will just pay the money back. The government has made it punitive to pay the money back though. AFAIK it has to come from earnings and Barney Frank and his liberal friends try to hide that from everyone. You can't do an equity offering or paying it with the money that came in.

I am thinking GS would do a secondary even at this point to pay the money back.

Link?

Without looking at Goldman's balance sheet, I'd imagine they have enough cash to pay the gov't back. Also at $90/share I really doubt they'll be raising capital with common equity...

 

[chess9]

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

 

[KentState]

Originally posted by: halik

Originally posted by: Yoxxy
This is going to be a moot point, NTRS will just pay the money back. The government has made it punitive to pay the money back though. AFAIK it has to come from earnings and Barney Frank and his liberal friends try to hide that from everyone. You can't do an equity offering or paying it with the money that came in.

I am thinking GS would do a secondary even at this point to pay the money back.

Link?

Without looking at Goldman's balance sheet, I'd imagine they have enough cash to pay the gov't back. Also at $90/share I really doubt they'll be raising capital with common equity...

http://money.cnn.com/2009/02/1...rp_repayment/index.htm

The linked article somewhat covers the topic. Seems that a bank like Northern Trust gets hit with TARP funding and can't pay it back even though they are the exception.

 

[halik]

Originally posted by: chess9

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

What exactly is your background in managing accounts for high net worth clients?

Like I said this is EXACTLY what happens when you mix politicians with business - nothing but bullshit populist outcries to score re-election points with class warfare. Look there! Rich people are enjoying themselves, even though this is shitty economy! Be outraged despite the fact that's their actual lifestyle! Down with the burgeois!

If I'm Northern Trust and I manage your millions, I will treat you to whatever luxuries you're used to. If your daily driver is a Flying Spur, picking you up with a Ford Focus and offering free Days Inn lodging doesn't exactly inspire confidence...

 

[The-Noid]

Originally posted by: halik

Originally posted by: Yoxxy
This is going to be a moot point, NTRS will just pay the money back. The government has made it punitive to pay the money back though. AFAIK it has to come from earnings and Barney Frank and his liberal friends try to hide that from everyone. You can't do an equity offering or paying it with the money that came in.

I am thinking GS would do a secondary even at this point to pay the money back.

Link?

Without looking at Goldman's balance sheet, I'd imagine they have enough cash to pay the gov't back. Also at $90/share I really doubt they'll be raising capital with common equity...

Would be some sort of convertible preferred I would guess. I can also guess that the majority of the secondary would come from inside Goldman.

 

[KentState]

Originally posted by: chess9

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

As an investor I would want them to spend the money necessary to maintain a high level of customer retention especially dealing with very high end customers. This would be like an investor of Mercedes getting upset because they spend more on a waiting room compared to the local Ford dealership. You also miss the fine point that they had little decision in taking TARP funding and even have less of a choice in repaying.

 

[JS80]

Originally posted by: chess9

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

How does it feel to be borderline retarded?

 

[chess9]

Originally posted by: halik

Originally posted by: chess9

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

What exactly is your background in managing accounts for high net worth clients?

Like I said this is EXACTLY what happens when you mix politicians with business - nothing but bullshit populist outcries to score re-election points with class warfare. Look there! Rich people are enjoying themselves, even though this is shitty economy!

If I'm Northern Trust and I manage your millions, I will treat you to whatever luxuries you're used to. If your daily driver is a Flying Spur, picking you up with a Ford Focus and offering free Days Inn lodging doesn't exactly inspire confidence...

You really are twisted.... Rich people aren't fungible, like socks or stocks. They are all different. Many are dumber than a box of rocks, and we have Hollywood and Wall Street as ample proof. Most are quite savvy however.

But, if you have to PUT OUT, in essence, to get paid, then the client shouldn't be surprised if he comes down with a bad case of financial syphilis. I wouldn't lodge my cock or my money with a whore.

This is a stupid model of client building. It might appeal to old dowagers who would't know a T Bond from a Model T, but it isn't going to get Warren Buffet's money, or mine, or most investor's money. If they have a solid wealth building program, that's all they need. Word of mouth and the golf tournament will do the rest.

I've been investing since I've been 12. I've only given my opinion to clients when they've asked for it, but I've never charged for investment advice. Based on the current situation, I'd say most of the guys who have been charging for investment advice should be in jail or hanging. Where is Charles II when you need him?

-Robert

 

[chess9]

Originally posted by: JS80

Originally posted by: chess9

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

How does it feel to be borderline retarded?

I wouldn't know, but we can count you out. You barely missed borderline.

-Robert

 

[halik]

Originally posted by: chess9

Originally posted by: halik

Originally posted by: chess9

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

What exactly is your background in managing accounts for high net worth clients?

Like I said this is EXACTLY what happens when you mix politicians with business - nothing but bullshit populist outcries to score re-election points with class warfare. Look there! Rich people are enjoying themselves, even though this is shitty economy!

If I'm Northern Trust and I manage your millions, I will treat you to whatever luxuries you're used to. If your daily driver is a Flying Spur, picking you up with a Ford Focus and offering free Days Inn lodging doesn't exactly inspire confidence...

You really are twisted.... Rich people aren't fungible, like socks or stocks. They are all different. Many are dumber than a box of rocks, and we have Hollywood and Wall Street as ample proof. Most are quite savvy however.

But, if you have to PUT OUT, in essence, to get paid, then the client shouldn't be surprised if he comes down with a bad case of financial syphilis. I wouldn't lodge my cock or my money with a whore.

This is a stupid model of client building. It might appeal to old dowagers who would't know a T Bond from a Model T, but it isn't going to get Warren Buffet's money, or mine, or most investor's money. If they have a solid wealth building program, that's all they need. Word of mouth and the golf tournament will do the rest.

I've been investing since I've been 12. I've only given my opinion to clients when they've asked for it, but I've never charged for investment advice. Based on the current situation, I'd say most of the guys who have been charging for investment advice should be in jail or hanging. Where is Charles II when you need him?

-Robert

I have no idea wtf are you saying in the drivel above, but to repeat my question... what's your background in managing high net worth accounts? Because I'd put money on line and say you're talking out of your ass.

I worked in the Investment Research division of a very prominent ibank and every time we'd have institutional and private wealth investors (generally $50M+ on the PWM side), both the sales teams and analysts would bend over backward for them. Bentley/s500 limo and heli service goes without saying. If prime brokerage pulls 100+mil from 'em, 100K for some limo and travel is cost of doing business.

In conclusion, you have no fucking idea what you're talking about...

 

[Fern]

While I'm generally opposed to TARPs and bailouts, this looks like much ado about friggin nothing - especially regarding the bank.

No, there's no "thievery" by the bank going on here.

They're just doing there normal thing, no reason why they shouldn't. Plus I doubt they could just 'dump' the PDA if they wanted to.

They're profitable (at least the latest financia's I could find).

Yes, money was basically 'forced' on them and others who didn't need it so as not to 'tar' the ones that needed it.

Yes, the Treasury & Congress has mad it difficult for any bank to pay it back, sam ereason as above - the ones that couldn't might look bad.

No, the rules require the pay-back to come from equity (sales of stock), not profits.

Read CNN MOney Link

If anything this bank cooperated and helped Congress/Treasury with their stupid ineffective plan and shouldn't be punished for it, it's a private company that didn't/want the money, they should be able do as they like; even if it means burning the money. They have to pay it back, and all indications are that they can - whenever the Treasury/Congress gets around to letting them.

Fern

 

[dahunan]

It is sad that humans choose a place to invest their money based on how good the hookers are instead of how good the investment performs

 

[The-Noid]

Northern Trust is one of the best the institutional money manager and custodian banks though...

These are just basic rewards for doing business, I wouldn't even consider them extravagant.

 

[chess9]

Originally posted by: dahunan
It is sad that humans choose a place to invest their money based on how good the hookers are instead of how good the investment performs

LMFAO! Exactly....

And no one made this bank take TARP money. That is utter bullshit.

-Robert

 

[halik]

Originally posted by: chess9

Originally posted by: dahunan
It is sad that humans choose a place to invest their money based on how good the hookers are instead of how good the investment performs

LMFAO! Exactly....

And no one made this bank take TARP money. That is utter bullshit.

-Robert

/facepalm

Here

Send them your resume, because obviously you know more about private wealth management than the people that have been doing it for decades. Don't forget to mention anandtech forums and how the internets are analgous to sleeping in holiday inn.

I can feel the aggregate IQ on this forum dropping after the above post....

 

[chess9]

Originally posted by: halik

Originally posted by: chess9

Originally posted by: halik

Originally posted by: chess9

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

What exactly is your background in managing accounts for high net worth clients?

Like I said this is EXACTLY what happens when you mix politicians with business - nothing but bullshit populist outcries to score re-election points with class warfare. Look there! Rich people are enjoying themselves, even though this is shitty economy!

If I'm Northern Trust and I manage your millions, I will treat you to whatever luxuries you're used to. If your daily driver is a Flying Spur, picking you up with a Ford Focus and offering free Days Inn lodging doesn't exactly inspire confidence...

You really are twisted.... Rich people aren't fungible, like socks or stocks. They are all different. Many are dumber than a box of rocks, and we have Hollywood and Wall Street as ample proof. Most are quite savvy however.

But, if you have to PUT OUT, in essence, to get paid, then the client shouldn't be surprised if he comes down with a bad case of financial syphilis. I wouldn't lodge my cock or my money with a whore.

This is a stupid model of client building. It might appeal to old dowagers who would't know a T Bond from a Model T, but it isn't going to get Warren Buffet's money, or mine, or most investor's money. If they have a solid wealth building program, that's all they need. Word of mouth and the golf tournament will do the rest.

I've been investing since I've been 12. I've only given my opinion to clients when they've asked for it, but I've never charged for investment advice. Based on the current situation, I'd say most of the guys who have been charging for investment advice should be in jail or hanging. Where is Charles II when you need him?

-Robert

I have no idea wtf are you saying in the drivel above, but to repeat my question... what's your background in managing high net worth accounts? Because I'd put money on line and say you're talking out of your ass.

I worked in the Investment Research division of a very prominent ibank and every time we'd have institutional and private wealth investors (generally $50M+ on the PWM side), both the sales teams and analysts would bend over backward for them. Bentley/s500 limo and heli service goes without saying. If prime brokerage pulls 100+mil from 'em, 100K for some limo and travel is cost of doing business.

In conclusion, you have no fucking idea what you're talking about...

In conclusion, your sales teams and analysts are idiots. How's your bank doing now, Mr. I'm a Brilliant Investment advisor? Did you advise Northern Rock? Citibank? Maybe Wachovia? One of the reasons these banks are in deep shit is because they thought the Dumb Money Follies could go on forever. The sort of shenanigans you are talking about is exactly what the American public is pissed off about. I'm surprised they brought bands to this group of investors because they are all FUCKING TONE DEAF!

Your system failed. Get over it and yourself.

-Robert

 

[Fern]

Originally posted by: chess9

Originally posted by: dahunan
It is sad that humans choose a place to invest their money based on how good the hookers are instead of how good the investment performs

LMFAO! Exactly....

And no one made this bank take TARP money. That is utter bullshit.

-Robert

Might pay you to read up on it a bit.

You should be angry with the government, not this bank.

And as far as you and others' critisms of their busines model - it seems to be working just fine. They are profitable, unlike banks with the business model you suggest.

They are a private company; they can do what they h3ll the want. You don't like it; don't buy their stock or open an account. I'm sure they'll somehow manage to get over the disappointment.

There are plenty of place to rightfully direct anger; this ain't one of them.

Fern

 

[halik]

Originally posted by: chess9

Originally posted by: halik

Originally posted by: chess9

Originally posted by: halik

Originally posted by: chess9

Originally posted by: halik
Which part of "client event" is so hard to understand? That's what you do get high net worth clientele...


Also EXACTLY why you don't want gov't running business, because everything that revolves around high net worth clients (read: LUXURUY...bentleys picking you up at airport etc.) will be mentioned by the populist idiots like Bawney Fwank. Because, you know, class warfare get democrats re-elected.

1. The part where you pay hundreds of thousands of dollars for talent;
2. The part where you give away Tiffany goodies;
3. The part where you provide high end hotels and meals.

If I were an investor (I'm totally in cash and T Bonds), I'd not be excited about a company that wasted so much money on frivolous gifts. I'd wonder if they hadn't gotten the memo. Also, I'd wonder about a company that just took TARP funds, and what they weren't telling me.

On the other hand, if they are just as dumb as most Republicans, I could be wrong about all of that.

-Robert

What exactly is your background in managing accounts for high net worth clients?

Like I said this is EXACTLY what happens when you mix politicians with business - nothing but bullshit populist outcries to score re-election points with class warfare. Look there! Rich people are enjoying themselves, even though this is shitty economy!

If I'm Northern Trust and I manage your millions, I will treat you to whatever luxuries you're used to. If your daily driver is a Flying Spur, picking you up with a Ford Focus and offering free Days Inn lodging doesn't exactly inspire confidence...

You really are twisted.... Rich people aren't fungible, like socks or stocks. They are all different. Many are dumber than a box of rocks, and we have Hollywood and Wall Street as ample proof. Most are quite savvy however.

But, if you have to PUT OUT, in essence, to get paid, then the client shouldn't be surprised if he comes down with a bad case of financial syphilis. I wouldn't lodge my cock or my money with a whore.

This is a stupid model of client building. It might appeal to old dowagers who would't know a T Bond from a Model T, but it isn't going to get Warren Buffet's money, or mine, or most investor's money. If they have a solid wealth building program, that's all they need. Word of mouth and the golf tournament will do the rest.

I've been investing since I've been 12. I've only given my opinion to clients when they've asked for it, but I've never charged for investment advice. Based on the current situation, I'd say most of the guys who have been charging for investment advice should be in jail or hanging. Where is Charles II when you need him?

-Robert

I have no idea wtf are you saying in the drivel above, but to repeat my question... what's your background in managing high net worth accounts? Because I'd put money on line and say you're talking out of your ass.

I worked in the Investment Research division of a very prominent ibank and every time we'd have institutional and private wealth investors (generally $50M+ on the PWM side), both the sales teams and analysts would bend over backward for them. Bentley/s500 limo and heli service goes without saying. If prime brokerage pulls 100+mil from 'em, 100K for some limo and travel is cost of doing business.

In conclusion, you have no fucking idea what you're talking about...

In conclusion, your sales teams and analysts are idiots. How's your bank doing now, Mr. I'm a Brilliant Investment advisor? Did you advise Northern Rock? Citibank? Maybe Wachovia? One of the reasons these banks are in deep shit is because they thought the Dumb Money Follies could go on forever. The sort of shenanigans you are talking about is exactly what the American public is pissed off about. I'm surprised they brought bands to this group of investors because they are all FUCKING TONE DEAF!

Your system failed. Get over it and yourself.

-Robert

Actually my former employer is doing fairly well, actually well enough that Warren Buffet bought up a huge stake in the firm. They also went short on housing back in early 2007 IIRC...

What system are you talking about?

More importantly, what is your background? You seem to have in deph knowledge of investment management, investment banking, public policy and just about any other thing that hits the news nowadays....

 

[chess9]

Originally posted by: halik

Originally posted by: chess9

Originally posted by: dahunan
It is sad that humans choose a place to invest their money based on how good the hookers are instead of how good the investment performs

LMFAO! Exactly....

And no one made this bank take TARP money. That is utter bullshit.

-Robert

/facepalm

Here

Send them your resume, because obviously you know more about private wealth management than the people that have been doing it for decades. Don't forget to mention anandtech forums and how the internets are analgous to sleeping in holiday inn.

I can feel the aggregate IQ on this forum dropping after the above post....

I'm not looking for a job, but since they fired over 400 employees recently how strong can they be?

Who would work for a bank in this environment anyway. Obviously, from your comments, you are in almost total denial over the causes of the financial problems we face in America.

You might take some distance from the subject before you babble on.

-Robert