Felix Salmon

Give Corbat some time

Peter Eavis has the most dramatic of the second-day pieces on the shake-up at the top of Citigroup:

Conspiracy Jack

Why has Jack Welch doubled down on the false, inflammatory, and slanderous tweet that he sent out five minutes after the jobs report came out on Friday?

Who is to blame for Ina Drew’s downfall?

Susan Dominus has a big 7,500-word NYT Magazine feature on the rise and fall of Ina Drew, featuring a couple of bland quotes from Jamie Dimon but nothing — nothing on the record, at least — from Drew herself. (We’re told explicitly about four different people who declined to comment when approached by Dominus, including “London Whale” Bruno Iksil and his boss Achilles Macris; Drew is not one of the four.)

Victimized billionaires

Why do billionaires feel victimized by Obama? Chrystia Freeland asks that question in the New Yorker this week, and comes back with answers we’ve all heard before: in short, it’s not the policies, it’s the rhetoric.

Sheila Bair against the world

American Banker’s Donna Borak has found the juiciest bits of Sheila Bair’s book yet — and it turns out to be buried in, of all places, the chapter on Basel III. Bair’s backstory to the September 2010 Basel III announcement is full of insider gossip and score-settling, and from reading Borak’s account I’d definitely class Bair as a dubiously reliable narrator. But her story is fascinating, all the same.

Bob Rubin’s legacy

Bill Cohan’s profile of Bob Rubin doesn’t have much if any new information in it, but is fascinating all the same, not least for the way that Rubin reacted to Cohan’s interview requests.

Annals of dubious research, 401(k) loan-default edition

Bob Litan, formerly of the Kauffman Foundation and the Brookings Institution, has recently taken up a new job as director of research for Bloomberg Government, where he’s going to have to be transparent and impartial. But one of his last gigs before moving to Bloomberg — a paper on the subject of people borrowing money from their 401(k) accounts — was neither of those things.

How Pimco works

There’s an anonymous troll on the internet who doesn’t like my latest Pimco post. And frankly it’s really hard to take any post seriously when it’s tagged “born last night, clown questions, gmafb, horseshit, STFU”. This kind of macho bullying posturing is everything I hate about Wall Street — a place which is still home to far too many overconfident frat boys with overstuffed paychecks.

Questioning El-Erian

When Geraldine Fabrikant decided to write a rather odd and meandering profile of Mohamed El-Erian for the NYT, she made sure to bury the lede, deep in the article’s sixth paragraph. But Clusterstock knew where the news value was (“KA-CHING: PIMCO’s Mohamed El-Erian Got Paid $100 Million Last Year”), while Bloomberg led with the revelation about El-Erian’s co-CIO: “Pimco’s Bill Gross Paid $200 Million Last Year, N.Y. Times Says”.