A ninth-grader takes Bank ofAmerica's CEO to task, Bill Gross revels in his fund's outperformance and abasic universal income begins to gain traction.
The New York Times caught up with bond managerBill Gross, whose fund at JanusCapital Group Inc. is outperforming its counterpart at .Gross wakes up several times a night to check markets, and the eccentricity displayedby his monthly investment outlook letters appears in his daily life. Sometimes,he prefers to wear his tie like a scarf.
AnalystRichard Bove said Goldman SachsGroup Inc. has gone through a "lost decade" under CEOLloyd Blankfein's tenure, The New YorkPost wrote. His comments came after the investment bank released its firstquarter net earningsfigures, which were down by more than half year over year. The note has alsore-opened the spat between Goldman and JPMorganChase & Co., which Goldman has said should be split up.
"AmericanPsycho The Musical" is on Broadway, and Bloomberg News asked a variety ofWall Street workers for their thoughts on the show. One corporate lawyer foundthe deep-seated unhappiness of the main character familiar — despite outings toposh clubs and big paychecks, "at the end of the day, life is empty,"the person said. If a banker is particularly unhappy, another person said, heor she could try private equity instead.
FiveThirtyEightconsidered the growing support for a basic universal income, which wouldreplace the entirety of a country's social welfare system with ano-strings-attached monthly check for every citizen, regardless of income orstatus. The idea is said to appeal to libertarians and liberals alike becauseit enshrines personal choice, eliminates bureaucracy and could allow people tospend more time pursuing artistic or cultural projects.
Digitaland card-based payments are ubiquitous, but the economy won't become truly "cashless,"the author of an essay in The New Yorkerargued. Currency in circulation has more than tripled in the past twenty years.About $1.4 trillion in cash exists currently, but where those bills are kept isuncertain, apart from the $30 the average American keeps in his or her pockets.
Natalie Clarke, a ninth-grader who owns 5,000 shares,questioned CEO Brian Moynihan about how the bank plans to improve its shareprice at the April 27 annual shareholder meeting. Clarke was gifted the shareswhen she was born and has taken her position's value seriously. In 2002, whenshe received the stock, each share was worth about $34; they now trade around$15. "You and I are both looking at some pretty bad numbers," shesaid to the CEO.