Joe Nocera: Pointing out the dirty little secret of the banking industry. Hint-it has to do with bailout money.
A Guide: A new Dealbreaker lesson on how to endure the inevitable implosion of your hedge fund. The first edition: keep up appearances.
Speaking of Guides: Jack Flack, the PR pro, writes six steps for becoming a corporate villain. Best one is “Say one thing; ooze another.”
20/20 Retrospect: Shoulda, Woulda, Coulda. Companies like Yahoo, Take-Two, and Diebold should’ve taken their buyout offers when they got ’em because their rebuffs may well have cost them half of their value. If any PE firms have the capacity and desire to go hostile, this may well be a convincing argument. WSJ reports.
Severe Labor Shortage: How the Catholic Church is coping with “Who Moved My Cheese?” for 2000 years, and other differences between the Church and a corporation, in light of the Church’s difficulties recruiting priests. Or, as this BusinessWeek writer would like to point out, it’s the future priests’ difficulties hearing their calling.
Doomed: “A US downturn will not be avoided,” Jeffrey Sachs writes, but there are steps to avoid that downturn becoming a global epidemic. Sachs outlines seven very specific steps to go about saving the world.
Close To Home: The envelopes with white powder mailed to Wall Street firms and several news outlets have made their way to the Reuters newsroom as well.
Turnaround Firms Have Been Beefing Up For Months: Now mid-market I-banks like Lazard, Houlihan, Jefferies, Blackstone and Rothschild get in on the bankruptcy and turnaround fee game.
Over It: CDS traders are bored of financial services and movin’ on to retail. Saks, J.C.Penny, Neiman Marcus, and Dillard’s included. Remember when an LBO was actually an option for this highly scrutinized yet cash-flow-heavy public companies?