In late December, ex-CEO John Thain snuck in $15 billion worth of Merrill Lynch bonus payments to executives and employees a month earlier than usual. He did this while his merger partner to-be Bank of America was in Washington telling officials that a $20 billion rescue package was essential for survival. The fact that anyone…
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What is a Piker?
One of the first slang terms I came across when I started in the business was “Piker”, as in “so-and-so is a total piker”.
Amongst the brokers, that was the worst name we could call one another, but it could also be used to describe anyone who is involved in or invests in the markets.
Essentially, by calling someone a piker, you were ridiculing them for the fact that they were either a small-time player or too afraid to bet big.
This got me curious enough to start asking about where the term “Piker” came from. Interestingly, those who seemed to use it most often had the least idea of what it truly meant.
Top 10 ETFs They Haven't Created Yet
With over 400 Exchange Traded Funds (ETF’s) on the market right now and new ones being issued each week, it would seem that we could be reaching the point of ETF overload. That said, it would be tough to say that we have too many ETF’s until we get to the point that we start seeing products like the ones listed below…
Zombie Bank Showdown in the Met Life Building
Cue rolling tumbleweeds… Is the lobby of the Met Life Building (200 Park Avenue) big enough for two bank branches facing each other across a 20 foot hall? Are New Yorkers so lazy that they literally need an ATM on both sides of the hall? Coming up from Grand Central every morning via the escalator…
The Lemonade Crisis (Explaining the Bailout to Children)
The Lemonade Crisis or How to Explain the Bailout to Children Cast: Jimmy, Jamie, Kenny, Stan, Dick, Chuck and Sandy as “The Lemonade Stand Kids” Easy Al and Ben as “The Grocers” Summer came early to Bankington Heights and the neighborhood kids were all excited for their vacation. The previous summer, Jamie, Jimmy, Stan, Dick,…
Missing the Point on Peltz's Sale of Heinz Shares
In Barron’s writer Avi Salzman‘s recent Inside Scoop piece “Peltz Cuts Back on Ketchup Giant” there is a major missed opportunity to put the story into a broader context that is way more interesting than the article’s original premise. Writing about some recent sales of Heinz (HNZ) stock by Nelson Peltz of the Trian Companies,…
Girls of Ponzi 2009 Calendar
Girls of Ponzi 2009 Calendar Ruth Madoff January 2009 Sunday Monday Tuesday Wednesday Thursday Friday Saturday 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Michelle Schrenker February 2009 Sunday Monday Tuesday Wednesday…
This Just In: Art Nadel, Where Art Thou? (updated)
My, my, my…and I thought that all of these billionaire “money managers” actually earned the money they were wiping themselves with. CNBC just posted an alert that Art Nadel of Sarasota, Florida-based Valhalla Management is missing, according to his wife, who is “cooperating” with authorities.
Keep Your Filthy Hands Off My Clients' Money, D.C.
Oh Boy. Talk about adding insult to injury. The same Washington D.C. that brought us the TARP fund and all the lackadaisical oversight that came with it now has a new way of raising the money to pay for it. It seems there is an academic named Dean Baker, who would like to add a…
CNBC's Most Annoying Commercials
I don’t know if it’s the advertisers who produce the commercial or CNBC who runs them ad nauseumthat I blame, but below is my list of the most obnoxious, annoying and pointless commercials on CNBC. Please put them out of our misery, Network Brass.
