Banking
Doing business with criminals can be very profitable. According to a Wall Street Journal article on November 27, 2024, Morgan Stanley did just that. Wealth management represents almost half of the firm’s total revenues. Apparently, many of these clients were thieves, money launderers, and terrorists. When I was a correspondent banker in Canada I had […]
I read a disturbing but not surprising article in the Wall Street Journal. Junior investment bankers routinely work 100 hours a week. An all-nighter followed by a plane flight or customer presentation in the morning is common. They often lose track of what day it is because they never rest on the weekends. After one […]
What Your Banker Thinks When You Want to Start a Business – Carl Vonderau. You’ve got this great idea, or you need to expand your small business to the next level. All you want is some financing to seed your growth. So you go into talk to your boring banker. She loves the idea, but […]
In the last newsletter I described how my former client in Montreal, SNC-Lavalin, was involved in the Grand Man Made River in Libya. In 2011, when the civil war took place, Muammar Gaddafi’s son, Saadi, needed to get out of the country. Fast. An SNC executive facilitated a payment of $200K to charter a private […]
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