When William “Billy” Salomon started on Wall Street more than 80 years ago at his family firm, trades were often closed with a gentleman’s clasp. Now, with computers completing transactions in microseconds, he says the industry is worse off.
The executive suite at Citigroup Inc.’s headquarters in New York where Michael Corbat has his office hasn’t been renovated since its previous occupant, Vikram Pandit, vacated the premises in October 2012.
Keep this in mind when it comes to the latest allegations against Steven A. Cohen and his hedge fund, SAC Capital Advisors LP: There are few easy wins for the government in high-profile trials of white-collar defendants.
Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein may take comfort from Wall Street’s legal history: Even after being sued for fraud by regulators and paying multimillion-dollar fines, the biggest financial firms rarely depose their leaders.
On the lengthy list of things Dan Zwirn has lost, a few items jump out. There’s the $17 million condo on Central Park South, the summer place in Quogue, New York, and the $18 million Gulfstream IV jet. Then there’s D.B. Zwirn & Co., the hedge fund that once managed $12 billion in assets, employed 275 people in 14 global offices, and created the roughly $700 million in personal wealth that made so many of Zwirn’s spectacular purchases possible. Zwirn, 40, misses his money and the things it afforded him. But what he misses most, he said, is his “beautiful machine.”