You Know What They Say About Magazine Covers: Former eBay CEO / current California gubernatorial candidate Meg Whitman is on the cover of BusinessWeek. (BusinessWeek)
What Wall Street Could Learn From KFC’s Double Down Sandwich: “UNTHINK!” (Atlantic)
Schumer’s Balancing Act: He’s undecided on Obama’s financial regulation bill. He’s a friend of Wall Street, but he’s also a Democrat. (WSJ)
Yikes: Check out these scathing emails from the ratings agencies. (FINS)
For Fun: The 50 ugliest cars of the last 50 years. (BusinessWeek)
For Fun II: The Only Thing That Can Stop This Asteroid is Your Liberal Arts Degree. (McSweeneys)
For Fun III (Hey, its Friday): You Can’t Handle the Truth! An email is circulating on Wall Street of a speech Lloyd Blankfein should be making. You may recognize the text from the movie “A Few Good Men.” Via Deal Journal:
You want the truth? You can’t handle the truth. Son, we live in a country with an investment gap. And that gap needs to be filled by men with money. Who’s gonna do it? You? You, Middle Class Consumer? Goldman Sachs has a greater responsibility than you can possibly fathom. You weep for Lehman and you curse derivatives. You have that luxury. You have the luxury of not knowing what we know: that Lehman’s death, while tragic, probably saved the financial system. And that Goldman’s existence, while grotesque and incomprehensible to you, saves pension funds. You don’t want the truth. Because deep down, in places you don’t talk about at parties, you want us to fill that investment gap. You need us to fill that gap.
We use words like credit default swaps, collateralized debt obligation, and securitization? We use these words as the backbone of a life spent investing in something. You use them as a punchline. We have neither the time nor the inclination to explain ourselves to a commoner who rises and sleeps under the blanket of the very credit we provide, and then questions the manner in which we provide it! We’d rather you just said thank you and paid your taxes on time. Otherwise, we suggest you get an account and start trading. Either way, we don’t give a damn what you think you’re entitled to!?