Another crook

[wv-girl]

NY Fed chair quits over Goldman role

http://money.cnn.com/2009/05/07/news/economy/NY_Fed_Chair_Resigns/index.htm

It just never seems to stop.

[Bullitt]

Some weekend reading.


The firm’s culture [Goldman Sachs] has been compared to, variously, the Army, the KGB, the Mafia, Skull and Bones, a cult. It’s not just about attracting the best and brightest but transforming them into a giant, perfectly synchronized trading machine. Staffers tend to socialize together, reside in the same apartment buildings in Manhattan, have summer homes around the same ponds in the Hamptons, send their kids to the same private schools. Fitting in is of the utmost importance. Subtle social tics—a bow tie, a mustache, a colorful personality—can eliminate you from the club.

“The cult of the individual, which I think has been a disadvantage to so many of the firm’s competitors, really doesn’t exist here,” says Lucas van Praag, the British-born communications director. “The more you have acceptance, the easier it is to be effective.”

As another Wall Street veteran familiar with the firm’s mores puts it: “The god is Goldman. You subjugate yourself to that god, and in return we will make you a gazillionaire.”
http://nymag.com/news/business/58094/

[wv-girl]

Some weekend reading.

http://nymag.com/news/business/58094/

thanks 4 the read. How about that oil(USO)? Hoping it will drop, I want lower gas bills! yeah, like that will happen. I see UNG is doing somewhat ok. Still doing more watching than anything else...waiting to see how jobs #s is going to play out. Should be ugly..but with the manipulating of the data ..no one can be sure.

[Bullitt]

Yeah I know. I'm still holding that UNG, and I think USO has at least one more up-burst to around the 45 level. USO did do that little bullish cross of the 50 and 200 dma recently for what that's worth.