For all the lavishness of hedge fund managers, investment bankers can be careful with their money. We spoke to one ex-banker turned private equity professional last week who said it was normal for his banking colleagues to take home doggy bags from the staff canteen. However, bankers' frugality does not necessarily extend to charitable events involving children.
The New York Post reports that Jon Heinemann, a New York investment banker of unknown origin, was tricked into paying $50k for a finger painting executed by infants. The Heinemanns participated in a charitable auction for the painting, but were out of town at the time of the sale. In their absence, they left instructions that they wanted to be the highest bidder for the finger painting. A teacher bid against them and drove the price up and up.
The Heinemanns are now suing the school in an effort to recover their cash. Possession of the painting has not mollified them. “This is essentially a painting done by 5-year-olds,” explained 'a source.'
The Dutch government wants to cap bonuses at 20% of salaries. (Financial Times)
Maria Bartiromo says the idea that you go to school to get a job on Wall Street is “so yesterday.” (GenConnect)
Macquarie has a big incentive to build its business outside Australia. (Bloomberg)
John Porter, a senior managing director at Barclays who was among those named in documents related to a regulatory investigation into Libor-rigging, is leaving the bank. (Financial News)
After a number of drinks and off the record, bankers will explain the origins of PPI in three words: ‘free current accounts’. (LondonReviewofBooks)
Goldman Sachs’ philanthropic scavenger hunt included development of an iPad app which changes the color of the Bank of America tower. (Reuters)
Bank of America has been cutting jobs. (Dealbreaker)
Owen Bennett Jones, a business analyst for an investment bank in Canary Wharf, describes what it’s really like to fight in Afghanistan. (BBC)