A top secret 'golden pitchbook' dating back to Bear Stearns circa 1980 has surfaced on Buzzfeed. It is not a pitchbook in the M&A all-nighter sense of the term. It is a pitchbook in the sense of selling securities to retail clients - although it could equally be applied to selling anything to anyone, anywhere. Fundamentally, it is a golden sales manual.
Buzzfeed cites anonymous sources who say that in its heyday, the pitchbook was used as a gift to reward junior brokers: "Once they had it, they used it all the time," says the source.
The fabled pitchbook ended up in the hands of Anastasios “Tommy” Belesis and colleagues at U.S. brokerage house John Thomas Financial Inc. Earlier this year, Belesis was charged with fraud by the U.S SEC. This was not related to the pitchbook, however.
Among other things, the pitchbook advocates that people selling securities....
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The US may cap bonuses next. (Here is the City)
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Dutch trading firm TOM may soon be expanding in London. (Amsterdam Trader)
Matt Todd, a hedge fund salesman at Och Ziff, has left. (Financial News)
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Philippe Lamberts says bankers are making an unnecessary fuss about the new definition of regulated staff. (Bloomberg)
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The top 10 institutional shareholders at JPMorgan. (SenseonCents)