Back in June 2004, the penthouse apartment at 115 Allen St, on a dingy corner of New York’s Lower East Side, was briefly listed at $2.85 million. But that didn’t last long: by September, that number had risen to $4.5 million, a number designed to scare off any potential buyers and ensure that Seth Tapper, the developer, could justify keeping it for himself.
Would Mohamed El-Erian have moved from Harvard to Pimco in 2007 if he was only offered the job for less than 18 months, at which point he would have to reapply for his job under a different system? Because that’s the offer that El-Erian thinks the IMF should make to Christine Lagarde:
Christine Lagarde is going to be the next managing director of the IMF. European consensus is clearly coalescing around her: she has been endorsed by Germany, France, Italy, and the UK, not to mention Jean-Claude Juncker, who chairs the euro zone finance ministers. And the only other front-runner for the job, Kemal Dervis, has now ruled himself out after the NYT published an article about an extramarital affair he had many years ago. (The woman, I understand, still works at the IMF.)
CNBC’s Joe Kernen reports the news in the morning in a fast-paced environment where it’s difficult to be 100% accurate. If you write a book, by contrast, you have the time to make sure you get things right. So it’s good to see that now Kernen is plugging his book, he has no time for baseless factoids. Oh, who am I kidding:
DSK and the Rikers Redemption — FT
Jon Stewart Takes Down Ben Stein — Gawker
The astonishing story of the Tokelau teenagers — GQ
Aid Watch, RIP. A sad day — Aid Watch
SecondMarket has now released LinkedIn’s price history. So why wasn’t this information in the S1? — All Things D
Kathleen Madigan blogs — without linking to — the latest FOMC minutes, and picks up on an important point: the Fed is keeping rates low largely because it sees little risk of wage inflation. If and when wages pick up, the Fed isn’t particularly worried about inflation. “But if wages pick up,” she writes, “the Fed may step in.”
The IMF has released a one-page factsheet on the selection process for its top job, which is not very easy to understand. But the main message is reasonably clear: we have a process for choosing the managing director which we’ve followed in the past, and we’re not going to make any indication that the process will be any different this time around.
Why is LinkedIn doing so well on the stock exchange today? At $100 per share, by one measure it’s the most expensive stock in America. Evan Newmark has one theory: it’s because the IPO price was raised, by Morgan Stanley, by $10 per share shortly before the offering was launched. By doing that, he says, they increased the size of the pop: