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Office Holiday Parties Are Back, and Just as Weird as Ever – Businessweek

English: A photo of the Temple of Dendur in th...The corporate holiday party is a night when everyone’s supposed to pretend there are no organizational charts, no office hierarchies. Interns can kick back with the bosses—and theoretically do more intimate things with them—and the next morning everyone’s just supposed to snap back into normal behavior, hangovers be damned.

During the boom years, startups and other profligate spenders would blow colossal amounts on these events, which were as much about chief executive ego and coolness as employee morale. That’s still happening to some extent: In 2010, the Blackstone Group BX rented out the Sackler Wing of the Metropolitan Museum of Art; the party centered around cutting a mammoth cake with the word “accountability” emblazoned on top. In 2011, Bridgewater Associates, a hedge fund famous in part for its parties, rented out a 10,000-seat arena for a holiday bash; while details were kept under wraps, past events have included mud wrestling. Billionaire Paul Tudor Jones, of Tudor Investment, puts on an annual light show the “Jones-a-Palooza” synchronized to music at his estate in Greenwich, Conn. Are the parties any less awkward for their extravagance? Not really. Even the greenest 22-year-old attendees sense they’re witnessing something unsustainable—a lot of someone’s venture capital being tossed into a fire pit.

via Office Holiday Parties Are Back, and Just as Weird as Ever – Businessweek.

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Is Insider Trading Part of the Fabric on Wall Street? – NYTimes.com

Wall Street sign on Wall Street

Since the financial crisis, the S.E.C. [Securities and Exchange Commission] has spent a lot of time and money trying to plug leaks. In a case worthy of “Law & Order,” prosecutors used wiretaps to ensnare Raj Rajaratnam, the billionaire Galleon hedge fund manager whose web of tipsters stretched from Wall Street to some of the mightiest corporations in the land. For his crimes, Mr. Rajaratnam, whom prosecutors called “the modern face of illegal insider trading,” was sentenced last October to 11 years in prison.

Mr. Rajaratnam’s conviction, in the largest insider-trading scandal in a generation, handed a much-needed win to the beleaguered S.E.C. Only two years earlier, the commission had been lambasted for missing glaring evidence of Bernard L. Madoff’s vast Ponzi scheme.

But Mr. Parmigiani and others suspect that the P.R. of the Galleon case glosses over risks that insider trading can and does occur regularly at many Wall Street firms. In their view, it has become institutionalized. The flow of information between a firm’s analysts, its traders and its clients — a lucrative heads-up on stock upgrades and downgrades, for instance — can bolster trading profits, brokerage commissions and, ultimately, Wall Street paydays. Those in the know can get rich before the rest of us know what happened.

“Prosecutors say insider trading won’t be tolerated, that this is justice,” Mr. Parmigiani says of the Galleon case. “But they refuse to acknowledge that their widespread net has a very big hole in it.”

What exactly happened at Lehman? Mr. Parmigiani says traders there were routinely advised of changes in analysts’ company ratings before those changes were made public. That way, Lehman could profit on subsequent market moves. Here is how he describes it: First, research officials tipped off the traders; then Lehman’s proprietary trading desk, which cast bets with the firm’s own money, positioned itself accordingly. Lehman salespeople also alerted favored hedge funds. Only later, he says, were ratings changes made public.

Blowing the whistle on any big corporation, as Mr. Parmigiani tried to do in the case of Lehman, is almost always perilous. Shortly after noting the suspicious trading in Amkor, Mr. Parmigiani says, he was fired for not being a team player. He has since been unable to find work on Wall Street.

via Is Insider Trading Part of the Fabric on Wall Street? – NYTimes.com.

Strange Random Wall Street Quote:

“Do you think The Wall Street Journal is a subversive publication?” – Michael Tigar

Ten Things Only Bad Managers Say – BusinessWeek

My Boss My Hero

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We know the kinds of things good managers say: They say “Attaboy” or “Attagirl,” “Let me know if you run into any roadblocks, and I’ll try to get rid of them for you,” and “You’ve been killing yourself—why don’t you take off at noon on Friday?”

Bad managers don’t say these things. Helpful, encouraging, and trust-based words and phrases don’t occur to them.

Crappy bosses say completely different things. For your enjoyment, we’ve gathered together 10 of the most heinous, bad-manager warhorse sayings. Do any of them sound like something a manager in your company might say or might have said this week?

If you don’t want this job, I’ll find someone who does.

Great leaders understand that the transaction defining the employer-employee relationship—the fact that an employer pays you in cash while you cough up your value in sweat and brainwork—is the least important part of your professional relationship. Good managers realize that to get and keep great people, they have to move past the dollars-and-cents transaction and let people own their jobs. Good leaders give people latitude and let them know that their contributions have value. Lousy managers, on the other hand, love to remind employees that it’s all about the transaction: “You work for me.” They never fail to remind team members that someone else would take the job if you ever got sick of it or let the lousy manager down in some way.

I don’t pay you to think.

This is what a bad manager says when an employee offers an idea he doesn’t like. Maybe the idea threatens the inept manager’s power. Maybe it would require the lousy manager to expend a few brain cells or some political capital within the organization. Either way, “I don’t pay you to think” is the mantra of people who have no business managing teams. It screams, “Do what I tell you to do, and nothing else.” Life is way too short to spend another minute working for someone who could speak these words.

via Ten Things Only Bad Managers Say – BusinessWeek.

Strange Random Management Quote:

“Good management is the art of making problems so interesting and their solutions so constructive that everyone wants to get to work and deal with them.” – Paul Hawken

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