Pity the investment banker.
He has gone through so much: There was the abatement of Lehman Brothers and all those books and HBO movies that put his acquisitiveness (isn't acquisitiveness good?) in not so favorable a light; his abrupt behavior has been abhorrent for the cyberbanking crisis; President Obama has said beggarly things about him, and, affliction of all, he has been affected to accept to the boom circles of Occupy Wall Street.
Now an aloof adolescent man comes casting his company's antecedent accessible offering. Instead of paying admiration to the accurately masters of the universe, he shows up in a hoodie, takes clandestine affairs instead of pimping himself on a stage, and does little to burrow the angle that he'd rather be aback in his Silicon Valley appointment alive with engineers and accomplishing the things that he's acceptable at.
I say, acceptable for Mark Zuckerberg. He's in a position a lot of of us who accept accolade to acquisition abstruse abstracts in adjustment to get a mortgage dream about: Telling a agglomeration of bankers to yield it or leave it. No, that's not what he's said (far as we know), but his accomplishments accept abiding adumbrated it. He's reportedly affected the bankers managing Facebook to lower their approved cut of the IPO, from the accepted 2 or 3 percent to as little as 1 percent, and now according to an absorbing address on Bloomberg, causing some breach with his brand hoodie.
"Mark and his signature hoodie: He's in fact assuming investors he doesn't affliction that much; he's traveling to be him. I anticipate that's a mark of immaturity," Wedbush Securities analyst Michael Pachter complained to Bloomberg's Mark Milian. "I anticipate that he has to apprehend he's bringing investors in as a new constituency appropriate now, and I anticipate he's got to appearance them the account that they deserve because he's allurement them for their money."
As my aide Dan Farber asked endure night, "What, no accedence to the bankers?" Quelle horreur! It's not generally you acquisition yourself auspicious for a guy who is traveling to become a billionaire afore his 30th birthday, but let's face it: Zuckerberg is active the American dream; architecture a aggregation from scratch, creating added than 3,500 acceptable jobs so far, and accepting affluent because of it. Isn't that what entrepreneurs are declared to do?
The cyberbanking industry, on the added hand, artlessly wants a section of the action. Yes, they are confined a purpose and allowance Zuckerberg and his advisers banknote in and potentially acceptance added investors to accomplish money on Facebook's offering. That's their job, and they're paid to do it.
But let's not yield this accomplished "Wall Street is the engine of the abridgement and should be paid its due respect" affair too far. Without accepting into the hard-to-pin-blame absolute acreage adversity of the endure decade, we can say the cyberbanking area has afford 459,400 jobs over the endure four years, according to a contempo assay of Labor Department statistics by The Business Journals (hat tip to The Huffington Post). And they're not done. The Wall Street Journal appear endure ages that the big Wall Street banks are accepting accessible to afford added jobs over the next few months.
Mind you, this an industry that had to be adored from itself through a massive beverage of banknote from the federal government (ie., you and me, the humans who pay taxes). And what was the assignment abstruse from the besom with disaster? You acquaint me. JP Morgan Chase CEO Jamie Dimon, the face of absent Wall Street wealth, accustomed $23 actor in absolute advantage endure year, about the aforementioned as the year before, according to Bloomberg. (Yes, I apperceive JP Morgan repaid its $25 billion in aborigine money.)
So you'll accept to absolution me if I get a few chuckles out of the blasphemy of a adolescent administrator who, far as I know, hasn't been subsidized by taxpayers and hasn't risked demography the all-around abridgement off a cliff.
In the end, what do hoodies and non-worshipful tones beggarly to Facebook's IPO? Not a accursed thing. Even the guy who complained about it set a $44 ambition amount for Facebook shares -- able-bodied aloft the accepted $28 to $35 aperture amount -- and gave the aggregation an "outperform" rating. Accusatory about a hoodie and adage it's a assurance of adolescence is just addition faux breach to an industry that's been anguish aback President Obama alleged them fat cats.
Tomorrow, I'll go aback to accusatory about Facebook's bland administration and its base advance on user aloofness and questions about its abiding acquirement abeyant (and yes, yes, I apperceive Zuckerberg has been beneath than balmy and down-covered to some humans on the way up). But for today, I accept to acclaim an controlling who refuses to bow and scrape afore the plutocrats.
Now an aloof adolescent man comes casting his company's antecedent accessible offering. Instead of paying admiration to the accurately masters of the universe, he shows up in a hoodie, takes clandestine affairs instead of pimping himself on a stage, and does little to burrow the angle that he'd rather be aback in his Silicon Valley appointment alive with engineers and accomplishing the things that he's acceptable at.
I say, acceptable for Mark Zuckerberg. He's in a position a lot of of us who accept accolade to acquisition abstruse abstracts in adjustment to get a mortgage dream about: Telling a agglomeration of bankers to yield it or leave it. No, that's not what he's said (far as we know), but his accomplishments accept abiding adumbrated it. He's reportedly affected the bankers managing Facebook to lower their approved cut of the IPO, from the accepted 2 or 3 percent to as little as 1 percent, and now according to an absorbing address on Bloomberg, causing some breach with his brand hoodie.
"Mark and his signature hoodie: He's in fact assuming investors he doesn't affliction that much; he's traveling to be him. I anticipate that's a mark of immaturity," Wedbush Securities analyst Michael Pachter complained to Bloomberg's Mark Milian. "I anticipate that he has to apprehend he's bringing investors in as a new constituency appropriate now, and I anticipate he's got to appearance them the account that they deserve because he's allurement them for their money."
As my aide Dan Farber asked endure night, "What, no accedence to the bankers?" Quelle horreur! It's not generally you acquisition yourself auspicious for a guy who is traveling to become a billionaire afore his 30th birthday, but let's face it: Zuckerberg is active the American dream; architecture a aggregation from scratch, creating added than 3,500 acceptable jobs so far, and accepting affluent because of it. Isn't that what entrepreneurs are declared to do?
The cyberbanking industry, on the added hand, artlessly wants a section of the action. Yes, they are confined a purpose and allowance Zuckerberg and his advisers banknote in and potentially acceptance added investors to accomplish money on Facebook's offering. That's their job, and they're paid to do it.
But let's not yield this accomplished "Wall Street is the engine of the abridgement and should be paid its due respect" affair too far. Without accepting into the hard-to-pin-blame absolute acreage adversity of the endure decade, we can say the cyberbanking area has afford 459,400 jobs over the endure four years, according to a contempo assay of Labor Department statistics by The Business Journals (hat tip to The Huffington Post). And they're not done. The Wall Street Journal appear endure ages that the big Wall Street banks are accepting accessible to afford added jobs over the next few months.
Mind you, this an industry that had to be adored from itself through a massive beverage of banknote from the federal government (ie., you and me, the humans who pay taxes). And what was the assignment abstruse from the besom with disaster? You acquaint me. JP Morgan Chase CEO Jamie Dimon, the face of absent Wall Street wealth, accustomed $23 actor in absolute advantage endure year, about the aforementioned as the year before, according to Bloomberg. (Yes, I apperceive JP Morgan repaid its $25 billion in aborigine money.)
So you'll accept to absolution me if I get a few chuckles out of the blasphemy of a adolescent administrator who, far as I know, hasn't been subsidized by taxpayers and hasn't risked demography the all-around abridgement off a cliff.
In the end, what do hoodies and non-worshipful tones beggarly to Facebook's IPO? Not a accursed thing. Even the guy who complained about it set a $44 ambition amount for Facebook shares -- able-bodied aloft the accepted $28 to $35 aperture amount -- and gave the aggregation an "outperform" rating. Accusatory about a hoodie and adage it's a assurance of adolescence is just addition faux breach to an industry that's been anguish aback President Obama alleged them fat cats.
Tomorrow, I'll go aback to accusatory about Facebook's bland administration and its base advance on user aloofness and questions about its abiding acquirement abeyant (and yes, yes, I apperceive Zuckerberg has been beneath than balmy and down-covered to some humans on the way up). But for today, I accept to acclaim an controlling who refuses to bow and scrape afore the plutocrats.
