How Wall Street's Bankers Survived Sandy

Tyler Durden's picture




 

For millions of common people in New York and New Jersey, Sandy has been a historic disaster, with leaving ruined, homeless or forced to live in the dark and cold indefinitely. Sandy was a historic event for the Wall Streeters (a term used loosely as many of them reside in midtown or in Connecticut) among us too. And now, courtesy of Bloomberg's Max Abelson, we see how some of them managed to (just barely) scrape through...

Kilimanjaro Capital:

“I had to go to the wine cellar and find a good bottle of wine and drink it before it goes bad,” Murry Stegelmann, 50, a founder of investment-management firm Kilimanjaro Advisors LLC, wrote in an e-mail after he lost power at 6 p.m. on Oct. 29 in Darien, Connecticut.

 

The bottle he chose, a 2005 Chateau Margaux, was given 98 points by wine critic Robert Parker and is on sale at the Westchester Wine Warehouse for $999.99.

 

“Outstanding,” Stegelmann said. He started the day with green tea at Starbucks, talking with neighbors about the New York Yankees’ future and moving boats to the parking lot of Darien’s Middlesex Middle School.

Credit Suisse:

Wilson Ervin, a senior adviser to Credit Suisse Group AG CEO Brady Dougan and a former chief risk officer at the Zurich- based bank, started the work week at 9 a.m. at the Hudson River, just north of Battery Park City, watching the weather worsen with his two daughters.

 

“The Hudson had some enormous whitecaps and looked a bit like a surfing-movie set from Hawaii,” he said in an interview. “The kids think that’s pretty cool.”

 

Ervin, 52, wearing black water-repellent pants and a yellow raincoat, went to the bank’s office at 11 Madison Ave. afterward to work on evaluations of managing directors and financial regulation. He ate a lunch of Raisin Bran, coffee and a banana from the 7-Eleven downstairs, he said.

Goldman Sachs:

Pablo Salame, 46, one of three Goldman Sachs Group Inc. (GS) executives who oversee sales and trading, ate better. He posted a picture of 21 pieces of sushi on a Twitter account in his name on Oct. 29. “Only in NYC, Seamless Sandy sushi delivery in TriBeCa, Monday 730 pm,” the post said.

Morgan Stanley:

Morgan Stanley’s Gorman worked from the firm’s Times Square headquarters until mid-afternoon on Oct. 29, making him one of the last people to leave the building hours before Sandy made landfall, according to a person who works with him. He returned to the office the next day wearing blue jeans for the first time since he became CEO in 2010, the person said.

 

Sandy struck New York 13 days after Citigroup Inc. (C) directors ousted CEO Vikram Pandit and replaced him with Michael Corbat. The new boss, 52, spent time before the storm hit at the bank’s 399 Park Ave. “command center,” where he was briefed by senior managers, according to Shannon Bell, a spokeswoman.

 

The bank’s offices at 111 Wall St. were damaged that night when the storm battered lower Manhattan.

 

"The building experienced severe flooding and will be out of commission for several weeks,” Corbat wrote in a memo to employees yesterday.

WL Ross:

Wilbur Ross, who built a company from distressed U.S. coal assets and sold it last year for $3.4 billion, said on Oct. 29 that he’s staying out of New York for the week.

 

“I was scheduled to come back Sunday night, and I decided not to, because everything during the week would be canceled anyway,” said Ross, chairman of private-equity firm WL Ross & Co. “I’m stuck in Palm Beach.”

 

He stayed in touch with colleagues using a fax machine along with phone and e-mail. His Florida home includes a painting by Rene Magritte of petrified blue apples, an image that is also depicted on a custom-made Van Cleef & Arpels watch he owns, he told Bloomberg News this year.

AIG:

Thomas Russo, 68, American International Group Inc.’s general counsel, said he planned to work from home on Manhattan’s Upper East Side, where he has a view of Central Park, through at least Nov. 1.

 

“Central Park looks the same as it always does at this time of year, an array of colors giving pleasure to the eye and peace to the mind,” the former chief legal officer for Lehman Brothers Holdings Inc. said after the storm.

Schottenfeld:

Sean Gambino, who trades consumer stocks for Schottenfeld Group LLC, said his South Street Seaport neighborhood was “ruined” by a storm surge. He wrote instant messages because his phone wasn’t working.

 

“I now know what people feel like when you see them on TV and see their whole worlds just wiped away,” Gambino wrote. “Cars were just all over.”

 

His apartment’s lobby and basement were flooded.

 

“Think Katrina, but now it’s us,” he said.

So now you know. And don't forget: in an absolute catastrophe, it's bankers, women and children first.

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Wed, 10/31/2012 - 11:33 | 2934575 lolmao500
lolmao500's picture

They had their apocalypse bunkers made of taxpayers $100 bills right?

Wed, 10/31/2012 - 11:59 | 2934681 Buckaroo Banzai
Buckaroo Banzai's picture

Just goes to show, when you're putting your preps in, the best prep of all is to be unbelievably rich and well-connected.

Wed, 10/31/2012 - 12:05 | 2934707 ACP
ACP's picture

Well, like the old saying goes, if you can't beat 'em, hang 'em.

Wed, 10/31/2012 - 12:07 | 2934723 jmcadg
jmcadg's picture

+1 ACP.

Wed, 10/31/2012 - 12:33 | 2934791 economics9698
economics9698's picture

Bail outs via the printing press.

 

Citigroup: $2.5 Trillion ($2,500,000,000,000)
Morgan Stanley: 
$2.04 Trillion ($2,040,000,000,000)
Merrill Lynch: 
$1.949 Trillion ($1,949,000,000,000)
Bank of America: 
$1.344 Trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): 
$868 billion($868,000,000,000)
Bear Sterns: 
$853 billion ($853,000,000,000)
Goldman Sachs: 
$814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): 
$541 billion ($541,000,000,000)
JP Morgan Chase: 
$391 billion ($391,000,000,000)
Deutsche Bank (Germany): 
$354 billion ($354,000,000,000)
UBS (Switzerland): 
$287 billion ($287,000,000,000)
Credit Suisse (Switzerland): 
$262 billion ($262,000,000,000)
Lehman Brothers: 
$183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): 
$181 billion($181,000,000,000)
BNP Paribas (France): 
$175 billion ($175,000,000,000)

http://www.scribd.com/doc/60553686/GAO-Fed-Investigation  GAO Report

It's easy to be smart when you own the bank. 

 

Tyler I hope you don't mind but I am going to rip this off for my blog.  Send a nasty gram if you object.

 

Wed, 10/31/2012 - 13:14 | 2934981 Stackers
Stackers's picture

it's bankers, women and children first

 

And in that order too. lol 

http://www.youtube.com/watch?v=AnfbhdELQLA

Wed, 10/31/2012 - 14:39 | 2935255 AldousHuxley
AldousHuxley's picture

no

it's bankers, banker's wives & mistresses, and banker's children, then banker's throughbreds and show dogs....

Wed, 10/31/2012 - 15:35 | 2935473 hangemhigh
hangemhigh's picture

@stackers

it's bankers, women and children first...And in that order too. lol

if the babes are hot enough they'll leave the children behind....unless of course the bankster(s) in question are bent that particular way...............

Wed, 10/31/2012 - 15:41 | 2935490 Flakmeister
Flakmeister's picture

Ouch...

Wed, 10/31/2012 - 17:10 | 2935638 Elliott Eldrich
Elliott Eldrich's picture

For a total of 16.115 trillion dollars (from the report). Wow. 

Wed, 10/31/2012 - 12:24 | 2934799 knukles
knukles's picture

Talk about hanging, just wait for the trials of the criminals in the Kangaroo Courts if the Revolution (as some forecast) were to take place.
The prosecution presents the following Tweets as evidence

As speedy as Newt Gingrich passing bills in the House, Guilty!, Guilty!, Guilty!

But hey, new employment opportunities for practiced medieval executioners.  

Wed, 10/31/2012 - 13:11 | 2934978 ACP
ACP's picture

I'll gladly volunteer to be the guy in the black hood.

"Whoops, butterfingers! I promise this next one will be a clean cut. Hey guys, hold him still."

Wed, 10/31/2012 - 20:39 | 2936200 petolo
petolo's picture

ACP for Executioner. He,s fair, honest, clean cut and has his knot tying merit badge. He won,t let loose ends hang.

Wed, 10/31/2012 - 13:08 | 2934817 chumbawamba
chumbawamba's picture

Fund manager Wayne Dodsen had to put off his manicure because, as he put it, "The people at the salon are a bunch of big pussies!" He found himself having to forage for left over foie gras in his refrigerator before it spoiled, as he wasn't sure his 20,000 watt diesel back-up generator with the 500 gallon reserve fuel tank would carry him through the night.

I am Chumbawamba.

Wed, 10/31/2012 - 20:22 | 2936144 Tipo anónimo
Tipo anónimo's picture

Whoa Chumba, apparently you got back up again.  May you smash and burn the asshats that have recently shown up here mumbling about random shite.

Wed, 10/31/2012 - 12:30 | 2934826 Payable on Death
Payable on Death's picture

Well, exactly. The first reason that one gets an education, works hard, and lives below their means, is in order to deal with trouble. ZH is picking on banksters here--which I love. But, in the more common case we should appreciate those who have been responsible enough to take care of themselves.

Wed, 10/31/2012 - 14:47 | 2935289 AldousHuxley
AldousHuxley's picture

responsible thing to do here is to prosecute top bankers who made off with billions and don't bail out any banks.

 

 

 

Wed, 10/31/2012 - 14:52 | 2935309 JimBowie1958
JimBowie1958's picture

That 'smart enough to take care of themselves' consists of misleading investors, lying, theft, fraud, kissing their bosses asses and schmoozing their way up.

Hell Al Capone was more 'smart' than that.

Wed, 10/31/2012 - 12:34 | 2934840 fonzannoon
fonzannoon's picture

I wish the looters would start tweeting these assholes addresses.

Wed, 10/31/2012 - 13:01 | 2934953 Treeplanter
Treeplanter's picture

Blame our elected reps.  If they showed up with a dump truck full of money we would all show them where we wanted it dropped.

Wed, 10/31/2012 - 11:34 | 2934582 stinkhammer
stinkhammer's picture

what a bunch of pathetic losers!

Wed, 10/31/2012 - 11:46 | 2934638 Gene Parmesan
Gene Parmesan's picture

Heartless. You have people reduced to eating Raisin Bran and bananas (not to mention having to set foot in a 7-11), people stuck in Palm Beach, and others drinking thousand dollar bottles of wine well before their ideal maturity, and you call them pathetic? I for one will be praying for these poor souls.  

Wed, 10/31/2012 - 12:11 | 2934750 Urban Redneck
Urban Redneck's picture

That Bordeaux would taste like shit that far "before its ideal maturity" - 10 years minimum before drinking.  He's saying "drink it before it goes bad" and people trust this guy with their money?  (He's not early, he's wrong.)  You can get the same taste and quality for $30 at the corner store, and yet he chooses to telegraph stupidity and extravagance to the entire world?

Wed, 10/31/2012 - 12:22 | 2934793 Big Corked Boots
Big Corked Boots's picture

Two Buck Chuck, bitchez.

(three bucks in NJ, when the Princeton store reopens.)

Wed, 10/31/2012 - 12:24 | 2934798 slaughterer
slaughterer's picture

2005 Margaux is in a really hard, tannic, dumb phase.  The banker who drank it commited infanticide.   Just threw his money away.  

Wed, 10/31/2012 - 12:26 | 2934804 knukles
knukles's picture

Take it from a guy who Knows;
He's likely an alcoholic looking for an excuse to drink

Wed, 10/31/2012 - 12:32 | 2934834 Bastiat
Bastiat's picture

But if it's really expensive, it doesn't count.

Wed, 10/31/2012 - 12:43 | 2934875 jmcadg
jmcadg's picture

I'd have had more respect if he'd admitted to pulling out a 2l bottle of White Lightning.
Actually I'd still think he's a cock.

Wed, 10/31/2012 - 13:03 | 2934956 Strider52
Strider52's picture

I'd like to try some of this beer, mostly cuz I love the name: Tactical Nuclear Penguin. Supposedly the stronest beer made.

http://www.brewdog.com/product/tactical-nuclear-penguin

Wed, 10/31/2012 - 16:40 | 2935633 Uncle Remus
Uncle Remus's picture

How get bombed like "King" Kong and come back for more...

Wed, 10/31/2012 - 13:01 | 2934949 reading
reading's picture

Just another egomaniac...needed everyone to know he has more money, more bottles, more of everything...well, he's probably got less of.. you-know. They all do, just masking their minimalism. 

Wed, 10/31/2012 - 14:07 | 2935149 Flakmeister
Flakmeister's picture

Sl,

I have a 1990 Pavillon Rouge (Margaux's 2nd) that I will crack very shortly...

It will likely be a bit tired but I do like a hint of tawny...

For my birthday in september I had my last 1990 Ch. Fortia Ch.N.dP, 'twas divine.....

Wed, 10/31/2012 - 15:10 | 2935316 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

Looks like Mr. Steglemann is also in a "dumb phase" though I'm guessing it's a permanent affliction.  Too bad his clients don't know.

Wed, 10/31/2012 - 12:32 | 2934830 Tango in the Blight
Tango in the Blight's picture

Some people have all the money and no sense of taste and just blow their away on things of great name and quality but they can't really appreciate them.

Others have a great sense of taste but have to save up for months to afford a meal at a fine Michelin-class restaurant.

 

Wed, 10/31/2012 - 12:51 | 2934915 DCFusor
DCFusor's picture

Yup.  And some of us even learn to cook well enough that the extra trouble to go out is pointless.

Wed, 10/31/2012 - 13:56 | 2935118 e_goldstein
e_goldstein's picture

Yep, and some of us hijack airplanes, strap bags of cash and parachutes to our bodies, and jump out over the Columbia river gorge later to start a gentleman's club north of Houston.

I'm on to you, Tango ;-)

http://www.dbcoopersmansion.com

Wed, 10/31/2012 - 11:35 | 2934585 RacerX
RacerX's picture

Yep, I think it's Bankers, Women, and Children first. Well, minus the Women and Children.

Wed, 10/31/2012 - 11:47 | 2934647 malikai
malikai's picture

Women.. Children.. In the banker's lifeboats?

How quant.

Wed, 10/31/2012 - 11:59 | 2934684 Gene Parmesan
Gene Parmesan's picture

I'm pretty sure the women and children would be categorized as "provisions" in that scenario.

Wed, 10/31/2012 - 12:26 | 2934808 A Nanny Moose
A Nanny Moose's picture

Children? Is there a Roman Catholic priest onboard?

Wed, 10/31/2012 - 12:41 | 2934861 Gene Parmesan
Gene Parmesan's picture

You don't have to be a man of the cloth to appreciate a nice tender steak.

Wed, 10/31/2012 - 12:12 | 2934698 Pseudo Anonym
Pseudo Anonym's picture

for $100, bankers' sacrifice offered to lucifer.  alex, that would be:

Women.. Children.. In the banker's lifeboats

Wed, 10/31/2012 - 12:27 | 2934809 knukles
knukles's picture

QUANT

LOL

I saw what you did there

+ a bazillion

Wed, 10/31/2012 - 12:17 | 2934771 duo
duo's picture

bet we still get to listen to the string quartet, and make snowballs from the ice shavings on the deck.

Wed, 10/31/2012 - 12:49 | 2934904 Itch
Itch's picture

Dont forget the green tea! (yawn)

Wed, 10/31/2012 - 11:36 | 2934591 vinayjha
vinayjha's picture

Wall street banker can survive anything as long as FEd is behind them. 

http://www.freefdawatchlist.com

Wed, 10/31/2012 - 11:39 | 2934598 Schmuck Raker
Schmuck Raker's picture

By eating their young.

Wed, 10/31/2012 - 12:20 | 2934782 forwardho
forwardho's picture

The rats or the humans? Human bankers = oxymoron

Wed, 10/31/2012 - 11:38 | 2934601 Rainman
Rainman's picture

There are more rats than humans in NYC and the rats are doing just fine.

http://www.businessweek.com/articles/2012-10-30/nyc-rats-stronger-than-sandy

Wed, 10/31/2012 - 11:38 | 2934602 Bahamas
Bahamas's picture

Cruise ship: Schettino rules!

Do NOT follow this link or you will be banned from the site!