Trader A: Dude – seen the news from Markit? FT says they’re going to launch an “ambitious assault on Bloomberg’s grip on daily communications in financial markets with the start of a free viral messaging service”.
Trader B: How so?
Trader A: By bringing together the internal IM systems of Thomson Reuters, JPMorgan Chase, Morgan Stanley, and half a dozen other IBs, including my place and yours. Read more
If you think lawyers are boring, I advise you to read James Stewart’s fascinating account in the New Yorker magazine of the rise and fall of Dewey & LeBoeuf, the US law firm that collapsed spectacularly last year, amid partner disharmony and financial chaos.
It has appearances from, among others, Vincent (Vinny Gorgeous) Basciano, the acting head of the Bonnano crime family, and some breathtaking compensation practices. Stewart reports that Morton Pierce, then co-chairman of Dewey Ballantine, was guaranteed compensation of $35m over five years in the merger with LeBoeuf in 2007. Read more