18 posts tagged with nytimes by the man of twists and turns.
Displaying 1 through 18 of 18.
A bare two weeks after the attacks of September 11, at the end of a long and emotional day at the White House, a sixty-nine-year-old politician and businessman—a midwesterner, born of modest means but grown wealthy and prominent and powerful—returned to his enormous suite of offices on the seventh floor of the flood-lit and wounded Pentagon and, as was his habit, scrawled out a memorandum on his calendar:[more inside]Interesting day— NSC mtg. with President— As [it] ended he asked to see me alone… After the meeting ended I went to Oval Office—He was alone He was at his desk— He talked about the meet Then he said I want you to develop a plan to invade Ir[aq]. Do it outside the normal channels. Do it creatively so we don’t have to take so much cover [?]
All of these numbers are hypothetical, of course, but the bigger point is simple: if Goldman manages to get kickbacks, in terms of extra commissions, of more than 7% of its clients’ profits, then it has a financial incentive to underprice the IPO. And Goldman’s clients were desperate to give it kickbacks: they didn’t just route their standard trading through Goldman, since that wouldn’t generate enough commissions. Instead, they bought and sold stocks on the same day, at the same price. Capstar Holding, for instance, bought 57,000 shares in Seagram Ltd at $50.13 per share on June 21, 1999 — and then sold them, on the same day, at the same price. Capstar made nothing on the trade, but Goldman made a commission of $5,700. Capstar’s Christopher Rule says that in May 1999, fully 70% of all of his trading activity “was done solely for the purpose of generating commissions”, so that he could continue to keep on getting IPO allocations.Rigging The IPO Game [more inside]
But this book does not address its principal concern, power, until Jefferson has accrued some. When it comes to the force that he wielded as a slaveholder, Mr. Meacham finds ways to suggest that thoughts of abolition would have been premature; that it was not uncommon for white heads of households to be waited on by slaves who bore family resemblances to their masters; and that since Jefferson treated slavery as a blind spot, the book can too.[more inside]