Monday, November 30, 2009
Trader and Investment Banker Big Bonus Expectations
WSJ Reports today that Art Dealers say bonus expectations are stoking strong bidding. Andy Warhol painting "200 One Dollar Bills" fetched $43.7 million at Sotheby's this month is pictured. Go to WSJ article via Google. Flight Options Inc., which sells blocks of flight time on private planes starting at $97,000, says sales are up sharply in the past month. One popular route: the three-hour flight from NJ's Teterboro Airport, a short ride from Manhattan, to Palm Beach International, near second-home hotspots. A senior investment banker at a major Wall Street firm recently planned to impress clients with front-row World Series tickets. The company, a recipient of U.S. government aid, nixed the plans, citing potentially bad publicity. The investment banker wound up schmoozing his clients about 20 rows behind third base at Yankees Stadium.
"We have to be cognizant of the fact that we will be judged in the court of public opinion," Citigroup CEO Vikram Pandit told a gathering of employees this month. Christmas parties normally paid for by Citigroup bankers and traders out of their own pockets are being canceled due to the hostile political environment this year.
Posted by Stuart Rosenthal