Man Uses Prison Life Sentence to Teach Other Inmates About Money

Curtis Carroll, sentenced to life in prison following a murder conviction, is spending his time teaching financial literacy to other prisoners.

Michael Lewis Tackles the Rigging of the Stock Market

The Whelps of Wall Street: What It’s Like to Work as a Junior Banker in the Post-Crisis Era

Initially, Roose thought about going undercover as a banker, but as an English major who dropped an economics class after three weeks and a name that was easily Google-able, he switched gears and decided to shadow young bankers for three years as they left college and started their careers on Wall Street. His book, Young Money, is about what it’s like to work as a junior banker in the largest financial institutions in the world, and how Wall Street’s culture and recruiting efforts have shifted in the post-crisis era. I spoke to Roose while he was in town this week promoting his book.

A Peek into Wall Street’s Secret Society

There is a secret fraternity on Wall Street called Kappa Beta Phi whose inductees include successful financiers like Michael Bloomberg and former Goldman Sachs chairman John Whitehead. Each year the fraternity hosts an annual black tie dinner event to welcome new inductees, whom they force to dress in drag and perform skits and songs.

The Daily Show on the Shady Wall Street Deals No One Really Talks About

A private equity firm named Blackstone bought credit default swaps against a Spanish gaming company called Codere, betting that Codere would fail to make its debt payments on time, and then paid Codere to purposely miss a debt payment so that it would receive a payout triggered by the swaps. Blackstone made at least $15.4 million through the scheme, which was legal. On The Daily Show, Jon Stewart compared the scheme to buying insurance on a restaurant, and then burning down the restaurant to collect the insurance money.

A Former Trader on How Easy It Is to Be Unethical on Wall Street

Chris Arnade, a former trader who worked on Wall Street for 20 years, explains in The Guardian why it’s so hard to be ethical while working on Wall Street (a new report shows that 53 percent of executives in the financial services industry say that “strict adherence” to ethical standards “would make career progression difficult”). It’s not surprising that money and greed would produce unethical behavior, but Arnade says that unethical behavior was supported by those around him.

Wall Street Firm Actually Admits to Criminal Conduct

Related to my post earlier this morning about enforcement at the Securities and Exchange Commission, hedge fund giant SAC Capital Advisors has agreed to plead guilty to insider trading, and the Times says this is “the first large Wall Street firm in a generation to confess to criminal conduct,” which is pretty remarkable.

“Frisky Business”

Breaking: Ethics on Wall Street Not Great

A new survey of hundreds of people working on Wall Street shows that even people working on Wall Street are distrustful of people working on Wall Street.

Heidi Moore Continues to Be Great at Analogy, Everything

“Wall Street is not so much like a haunted Victorian mansion as a quiet, creeping fungus right where you live: it grows fast and takes root everywhere, silently.”