peHUB Second Opinion 3.31

peHUB Wire Readers: Apologies for link mixup, newest Second Opinion is here

MBAs: What are they actually learning? Felix Salmon says he hopes that “if there isn’t any demand for financial whizzbangery any more, then maybe the supply of it will wither quite quickly.” (Market Movers)

In Related News, “Duh” Department: BusinessWeek says networking is important for MBAs to find jobs. (BW)

No Bankers: Soho House members in the financial industry have learned their presence isn’t wanted anymore. (NY Post)

Bubblespeak: “The Orwellian language of Wall Street finds its way to the Treasury Department.” (Daniel Gross)

New Bull: Here we go, someone’s called a bottom, and even provided a nice little list of six reasons why. (Marketwatch)

Also From MM: Four Questions About Financial Journalism, with answers. (MM)

Everyone Wants a Piece: Apollo and Colony Capital may start PPIP funds. (Bloomberg)

On Big Government: How the country’s only state-owned bank is its most profitable… (Mother Jones)

Want to Know About Apollo Writedowns? Look no further than its affiliate, AP Alternative Assets. PE Beat notes that the affiliate’s co-investment in Harrah’s took a 66% hit. Meanwhile Rexnord is up by 2.4x. Here is the firm’s annual report.

Yikes: Google has a bigger market cap than GE right now. (Gigaom)

AIG Arrests: Federal prosecutors are investigating a guy who makde $300 million at AIG’s notorious Financial Products group. (ABC)

Go-To Man: The only banker Warren Buffet takes calls from is leaving to start his own shop. (WSJ via WSF)