Recently in Wall Street Category

Being a member of the fringe press, I have no idea how many people attended the Herb Allen Sun Valley Retreat last week and I certainly don't know a complete gender breakdown - but from everything I've seen in the press (including from the blogs written by my mogul boss, Khan Manka, Jr., from inside the event), there were very very very few women represented.

By my count, there were three (and two were from Xerox - Ursula Burns and Anne Mulcahy [retired]) and only one, Sheryl Sandberg got any sort of attention at all. 

And, no, mogul wives don't count.

[If Allen & Co. can please email me an invited guest list, I'll be happy to post an update with other names.]

Yes, Facebook is the hot company of the moment with a giant spotlight on senior management, but (and we all know this is a Hollywood / New York / Silicon Valley problem and not a Herb Allen problem) this was a pretty pathetic effort no matter the situation. 

This is not to slight the accomplishments of Sheryl Sandberg.  I have a great admiration for her (even though I think she's on a sinking ship).

"The Women In Technology" panel (moderated by Tom Brokaw) must have been fascinating.  Perhaps it was set up as a way to inform the white male moguls that there are 'Women in Technology'.  Who knew?

Here's hoping that next year I can report on "The WOMEN of Sun Valley".

Jill Kennedy - OnMedea

While today was an insane day on Wall Street with no one seeming to know anything about why there was so much volatility (Crisis in Greece, Banking Reform, etc.), there was one person who knew all along what would happen.  If we would have just listened to her years ago, all of today's anxiety could have been prevented. 

That person?  Meredith Whitney. 

The brilliant Nostrodamus of Wall Street knew years ago this would happen (as evidenced by the dated quote on today's stock chart). 

Now, I've been pretty tough on Ms. Whitney over the past few months (i.e., here and here) - but this is undeniable proof that she really does know what she's talking about and we're all idiots for doubting her. 

From now on, whatever she says - no matter how ridiculous -should be writ in stone.

Jill Kennedy - OnMedea

People really need to stop listening to this woman.  I said it back in November when she made her crazy comments then, and I say it now. 

Even though I know she would love to take credit for the Wall Street panic this week, nothing could be further from the truth. 

If you look at the news out of China and threats against future bank profits by the President of the United States (which she could have in no way predicted), it's not difficult to see why so many people would feel jittery and want to sell off a few questionable stocks.

And then, today, Ms. Whitney throws gasoline onto the fire by saying President Obama's proposed banking regulations will probably become law and "dramatically" reduce bank profits. 

What?  What shit is Meredith Whitney smoking to think that this bill will pass?  I can even imagine President Obama and Paul Volcker secretly saying - 'We'll take a tough stand on the banks, but no way in hell does this pass.'

She even has the temerity to say this AFTER the Massachusetts Senatorial election this week.  What's going on here?

First of all, there is no chance this bill gets to the Congress before the mid-term elections in November and (thanks to the Supreme Court decision yesterday) with all the new money that corporations (including big banks) can spend on candidates, I suspect there will be a different make-up of the House and Senate by the time this bill does come up for a vote.  And it will, most likely, be defeated - or watered down to a point that it really has no effect.

So, what is the point of Meredith Whitney speaking out with such bravado about how bad things are?  Perhaps she is shorting everything in her portfolio and has discovered that she can move the markets with her statements.  Perhaps she's just a downer of a person and needs some joy in her life.

I don't know - but it disturbs me whenever she talks.

Personally, I think President Obama was wrong to come out with such a strong statement against banks on the day Goldman Sachs reported such strong earnings.  I think, in general, negativity about the economy should be released only in the Summer when people aren't so gloomy and can handle bad news better. 

Obviously, that can't happen.  And we shouldn't "put lipstick on a pig", as they say, if things are getting worse out there.

I just don't believe things are getting worse.  I don't believe Meredith Whitney thinks things are getting worse, but, for whatever reason, she wants you to believe they are.

Jill Kennedy - OnMedea

Meredith Whitney has been right in the past. 

Meredith Whitney has been wrong in the past. 

Meredith Whitney will be right about some things in the future. 

And Meredith Whitney will be very wrong about some things the future.  

The point? 

Meredith Whitney doesn't know shit about the future.  Meredith Whitney doesn't know shit about what the world will be like in the future.  David Blaine doesn't know what the world will be like in the future.  Or Uri Geller or Sarah Michelle Gellar.  NOBODY knows about the future!

When Meredith Whitney goes on CNBC with the Money Honey (Maria Bartiromo) and throws bombs while yelling fire at a stock market and overall economy that is struggling, what good does it do? 

I'm not saying she should pull her punches if she seriously thinks a double-dip recession is inevitable.  I'm just saying... she has no idea if a double-dip recession is inevitable.   Nobody does.  Much like the pundits who say the market is going to 15,000.

I understand Meredith Whitney has to be salacious to back up that rebel, bad girl photo on the front of the website (and above) for her company.  "What will that renegade MW say this time?  Get ready to sell sell sell!"  

But now, Meredith, you are, once again, in the unenviable position of rooting against the American economy - desperately hoping to be right to uphold your "reputation" and secretly wishing the worst so that you can say on CNBC in the spring "Well, I called it last November, Maria." 

Even though you know... you don't really know.

I don't care about your precious math and underlying fundamentals, Meredith, and all the bullshit numbers you'll throw out to back up whatever you're trying to say - just admit that nobody knows nothing.

Not even a woman with a zebra on her wall.

Jill Kennedy - OnMedea

Holy shit!  I can't believe it.  It's like a dagger right into the breast!

My new employer (Khan Manka, Jr.) PLAYED TENNIS YESTERDAY with my old boss (the asshole Richard Fuld of Lehman Brothers). 

I feel so dirty.  I feel so ashamed. 

What the fuck, Khan!  He's an old friend?!?!?! 

I may have to rethink my future here at Manka Bros.

Jill Kennedy - OnMedea