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CNBC's Gary Kaminsky Moving To Morgan Stanley As Brokerage Vice Chairman

Tyler Durden's picture




 

While it has been a while since Charlie Gasparino broke anything material, and is why we urge readers to take this news with a grain of salt, the report that CNBC's Gary Kaminsky would be leaving the Comcast channel and his role as capital markets editor and heading to Morgan Stanley as vice chair of its brokerage division would make sense, and would certainly explain the quite amicable relationship between CNBC, its various anchors, and the B-grade brokerage.

From Fox Business:

Morgan Stanley (MS) is in advanced talks with a former high-profile money manager to become the vice chairman of its brokerage department -- a key role that is designed to increase coordination between brokers and investment bankers at the firm, according to people with knowledge of the matter.

 

Gary Kaminsky, who is currently the capital markets editor for the financial news channel CNBC, is expected to be officially offered the job later today by brokerage chief Greg Fleming. The deal hasn't been finalized, but the big Wall Street firm could make the announcement tomorrow morning.

 

Neither Kaminsky nor Morgan Stanley would comment.

And from Gasparino:

On Morgan Stanley hiring CNBC Capital Markets Editor Gary Kaminsky:

“Morgan Stanley is in advanced talks with a former high-profile money manager to become the vice chairman of its brokerage department -- a key role that is designed to increase coordination between brokers and investment bankers at the firm, according to people with knowledge of the matter. Gary Kaminsky, who is currently the capital markets editor for the financial news channel CNBC, is expected to be officially offered the job later today by brokerage chief Greg Fleming. The deal hasn't been finalized, but the big Wall Street firm could make the announcement tomorrow morning. Neither Kaminsky nor Morgan Stanley would comment.”

On Kaminsky’s new role at Morgan Stanley:

“Kaminsky - who had been a high profile money manager for Neuberger Berman before joining CNBC - is expected to play a key role in Morgan Stanley's post-financial crisis transformation under chief executive James Gorman from a firm that focused heavily on risk-taking to one that will dispense advice both to small investors through its brokerage department and corporations through its investment banking unit. Gorman has been CEO since 2010 but in recent months he has made it a priority to coordinate activities between the two departments, which often work as separate units with very little interaction. Kaminsky's new role would attempt to change that culture. People with direct knowledge of the matter say Kaminsky would, for instance, direct investment banking deals that develop with brokerage clients to the investment banking department to keep fees from moving to other firms.”

On how long Kaminsky has been in discussions with Morgan Stanley:

“Kaminsky has been weighing a move back to Wall Street for some time, and has fielded offers from large money management firms and hedge funds, according to people with knowledge of the matter. He has been in discussions with Morgan Stanley for about six weeks, these people say.”

 

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Mon, 03/11/2013 - 11:42 | 3319335 Sudden Debt
Sudden Debt's picture

Now the real question is:

DOES THIS LOWER OR INCREASES THE AVERAGE IQ AT MORGAN STANLEY?!

A. Yes

B. No

C. Duh?

Mon, 03/11/2013 - 11:47 | 3319353 ratso
ratso's picture

We now know the average IQ at MS is below 100.

Mon, 03/11/2013 - 11:58 | 3319387 bania
bania's picture

This is his (Ka)Minsky Moment.

Mon, 03/11/2013 - 12:19 | 3319433 knukles
knukles's picture

All telling self-examination of stasis and mediocrity of brokerage altruism:

"is expected to play a key role in Morgan Stanley's post-financial crisis transformation .... to one that will dispense advice both to small investors....has made it a priority to coordinate activities between the two departments, which often work as separate units with very little interaction....direct investment banking deals that develop with brokerage clients to the investment banking department to keep fees from moving to other firms.”

In other words, do a far, far better job of selling unnecessary in house products to the Ma and Pa kettle from Dubuque retail (aka stuff accounts) accounts which otherwise would not find a buyer anywhere else.

Nothing new, No revelations, Move along

Mon, 03/11/2013 - 12:44 | 3319505 Fredo Corleone
Fredo Corleone's picture

Simply a securities salesman fleeing a sinking ship.

It matters not a whit. Next story.

Mon, 03/11/2013 - 15:13 | 3319739 francis_sawyer
francis_sawyer's picture

In the 'confetti' financial world... IF IT'S JEWS IT'S NEWS... [&, on that concept, those of you who 'snooze' ~ 'lose']...

Mon, 03/11/2013 - 16:31 | 3320473 negative rates
negative rates's picture

Got kicked out of his house by mother nature, and he's has no where to stay. We should all be so unlucky.

Mon, 03/11/2013 - 19:14 | 3321003 Buck Johnson
Buck Johnson's picture

Yep, also when the collapse comes and CNBC can't obfuscate why it happen people will be blaming them also.  He's getting out while he can.

Tue, 03/12/2013 - 01:33 | 3321605 Lore
Lore's picture

Mr. Kaminsky... Don't take off your personal flotation device... Just a suggestion.

Mon, 03/11/2013 - 12:10 | 3319389 hedgeless_horseman
hedgeless_horseman's picture

 

 

a firm that focused heavily on risk-taking to one that will dispense advice both to small investors through its brokerage department and corporations through its investment banking unit. Gorman has been CEO since 2010 but in recent months he has made it a priority to coordinate activities between the two departments

 

Okay kids here's today's magic stock; we've got big incentives on this one so get on the phones, we want this stock to move. Tell your customers its red hot...

Bullish for lipstick and pigs.

 

Mon, 03/11/2013 - 12:16 | 3319431 Cognitive Dissonance
Cognitive Dissonance's picture

There's so much lipstick on that pig I can't tell the front from the back.

<Pucker up anyway and maybe youll get lucky.>

Mon, 03/11/2013 - 12:20 | 3319441 hedgeless_horseman
hedgeless_horseman's picture

 

 

People with direct knowledge of the matter say Kaminsky would, for instance, direct investment banking deals that develop with brokerage clients to the investment banking department to keep fees from moving to other firms.

lol.  It must be opposite day?

People with direct knowledge of the matter say Kaminsky would, for instance, direct investment banking deals that develop with brokerage clients to the investment banking brokerage department.

I fixed it.

Mon, 03/11/2013 - 12:34 | 3319481 Cognitive Dissonance
Cognitive Dissonance's picture

Well.....Gary kissed that pig and came up with one hell of a pucker. :)

Mon, 03/11/2013 - 17:13 | 3320626 Freddie
Freddie's picture

The youtube post said it was a swipe at Merrilly Lynch and that gun banning douchebag and felon HEnry Blodget.

Mon, 03/11/2013 - 11:59 | 3319391 aka Gil
aka Gil's picture

The B-grade brokerage...lmfao!

Mon, 03/11/2013 - 11:42 | 3319337 Stoploss
Stoploss's picture

So, MSCNBS??

   CNBSMS?

   MSCNBSOU812?

Mon, 03/11/2013 - 11:47 | 3319342 TruthInSunshine
TruthInSunshine's picture

Fuck you, Kaminski! Fuck You cnBSc! Fuck you, Margin Stanley!

(My shortest, most eloquent post ever)

p.s. Rumor has it that Kaminski bombed the inteview process, and had to call in a favor in the form of a "recommendation" (i.e. some form of blackmail) by one  Honorable Jon S. Corzine.

Mon, 03/11/2013 - 11:43 | 3319343 Stoploss
Stoploss's picture

MICKEY MOUSE.

 

Fixed it.

Mon, 03/11/2013 - 11:49 | 3319360 azzhatter
azzhatter's picture

Has Squickey announced she is leaving for the position at Warren's spa yet?

 

Jim Cramer replacing bozo the clown?

 

Joe Kernan joining a reality show "Fucktards are Us"?

 

Bob Pissani starting a new reality show "I get a boner over real estate"

Mon, 03/11/2013 - 11:58 | 3319386 Nothing To See Here
Nothing To See Here's picture

Now that really was defamatory against Bozo the Clown.

Mon, 03/11/2013 - 17:16 | 3320634 Freddie
Freddie's picture

CNBC could be renamed Bozo's Big Top.

F TV and F Hollywood.

Mon, 03/11/2013 - 15:30 | 3320171 sunnyside
sunnyside's picture

I miss Trish Regan's sweaters.

 

Mon, 03/11/2013 - 11:51 | 3319369 Cognitive Dissonance
Cognitive Dissonance's picture

Gary was getting a little too outspoken and truthy. Time to dump him promote him overboard up and out.

Mon, 03/11/2013 - 14:00 | 3319458 HD
HD's picture

Indeed.  Kaminsky was not a cheerleader and exhibited some journalistic integrity - no surprise he moved on (or was moved on). The real "Haines bottom"  was when Mark died, because CNBC has just been in free fall ever since. Why would anyone outside the money manager echo chamber want to watch?

 

Mon, 03/11/2013 - 17:39 | 3320729 Arius
Arius's picture

lets hope he can actually keep his new job ... otherwise he will come back to Joe Koernan

 

Mon, 03/11/2013 - 11:53 | 3319370 AcidRastaHead
AcidRastaHead's picture

Now, I'd really like to punch him in the face.

Mon, 03/11/2013 - 11:53 | 3319374 Quinvarius
Quinvarius's picture

I guess he lost all his money shorting the S&P into hyperinflation.  Gary, markets move on easy money and easy credit.  Take that fact with you to your new home so you can keep some customers.

Mon, 03/11/2013 - 12:09 | 3319375 israhole
israhole's picture

It's only fair, Kaminsky is a highly qualified Jew.

Jews are just a fraction of the total population, and goyim something like 98%.  What are the odds a Jew was picked?

Mon, 03/11/2013 - 11:54 | 3319377 Nothing To See Here
Nothing To See Here's picture

Next, CNN's weather achor as MS VP of Strategy and Economic Forecasting.

Mon, 03/11/2013 - 11:57 | 3319380 ToNYC
ToNYC's picture

If the FED treated Lehman like Goldman, Gary Kaminsky would still be polishing Dick Fuld's apples. Gary will be put in the unenviable situation of pulling long-standing accounts from brokers and directing to other corporate strategic groups. Sausage Kaminsky is being served; better him than me. I passed on that un-kind of deal when Lehman bought Neuberger Breman in 2004 and I still enjoy the limbs that weren't ripped off.

Mon, 03/11/2013 - 12:16 | 3319432 jcaz
jcaz's picture

Very true-  Gary has a short memory, apparently already forgot how he blew up his last book.....  He's trying to build book #3 now, by thinking he can skim some retail accounts-  never ends pretty....

Mon, 03/11/2013 - 11:58 | 3319388 SillySalesmanQu...
SillySalesmanQuestion's picture

That's the best MS could do.....really? Kevin must not be available.

Mon, 03/11/2013 - 12:02 | 3319392 JustObserving
JustObserving's picture

Gary moving from one criminal enterprise to another. Always leading sheeple to their slaughter.  WTF cares?

Wake me up when he gets an "honest job"- an oxymoron on Wall Street.

 

Mon, 03/11/2013 - 12:00 | 3319393 Seasmoke
Seasmoke's picture

Brian Roberts must be pissed

Mon, 03/11/2013 - 12:00 | 3319394 Quinvarius
Quinvarius's picture

I have not watched CNBC in a while.  Does he really have that beard?  It looks like 70's pie.

Mon, 03/11/2013 - 12:03 | 3319403 ToNYC
ToNYC's picture

After the ship hit the 'berg, there were a lot of freshly-starched uniforms ready for the new leadership.

Mon, 03/11/2013 - 12:02 | 3319400 Dr. Engali
Dr. Engali's picture

B- grade brokerage firm? That's being a little generous isn't it Tyler?

Mon, 03/11/2013 - 12:19 | 3319437 azzhatter
azzhatter's picture

When did MS get upgraded?

Mon, 03/11/2013 - 20:51 | 3321249 knukles
knukles's picture

They got upgraded to junk?

Mon, 03/11/2013 - 13:09 | 3319410 ToNYC
ToNYC's picture

Nice guy in an impossible job but at least he got away from the media circus of impromptu  bed-time story readers.

Mon, 03/11/2013 - 12:20 | 3319435 Village Smithy
Village Smithy's picture

Kaminsky wouldn't stay on his Kool-Aid medication and was beginning to relapse and allow viewers to peek behind the curtain. PDs drew straws to see who would hire him and keep him off the air. Simple as that, MS took this one for the team.

Mon, 03/11/2013 - 12:22 | 3319445 ebworthen
ebworthen's picture

I was wondering where he went.

 

Mon, 03/11/2013 - 12:26 | 3319457 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

I didn't pay attention to anything Gary Kaminsky said while he was employed by CNBS and I won't be paying attention to anything he says or recommends while he is employed by Morgan Stanley.  I have him permanently muted so to speak.

Mon, 03/11/2013 - 12:27 | 3319461 Jack Sheet
Jack Sheet's picture

Brokerage at zero volume.

Mon, 03/11/2013 - 13:17 | 3319599 Downtoolong
Downtoolong's picture

They're all just selling to the Muppets, so what difference does it make where he sits?

Mon, 03/11/2013 - 13:17 | 3319600 Mad Mohel
Mad Mohel's picture

Kind of sheds light on the constant blowjobbery going on at CNBC. It's job security folks, you have to make sure you're always tickling your future boss's sack.

Mon, 03/11/2013 - 13:41 | 3319687 CitizenPete
CitizenPete's picture

It's just another example of the revolving bore. 

Mon, 03/11/2013 - 14:01 | 3319779 williambanzai7
williambanzai7's picture

Efficient Market Hypothesis

Mon, 03/11/2013 - 14:15 | 3319842 Falconsixone
Falconsixone's picture

schapiro ge...surprise!

Mon, 03/11/2013 - 15:13 | 3320087 Motorhead
Motorhead's picture

Gasparino is an arrogant prick.

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