No matter how many times embarrassing Wall Street emails, conversations, or tirades get made public, it never seems to stop.
Even the most respected Wall Streeters can put their foot in their mouths from time to time at events such as investor days or panels at colleges and universities.
So we've decided to compile a rundown of Wall Street's most embarrassing words they probably wish were never made public.
'That's why I'm richer than you.'
JPMorgan's CEO Jamie Dimon told CLSA bank analyst Mike Mayo during the bank's Investor Day why he's richer than him.
Mayo: UBS is required to have 10 percent common equity and they've chosen to have 13 percent common equity because they say it's a competitive advantage. Their customers appreciate that. So how much higher would you go above 9.5 percent? And would you view higher capital as a competitive advantage?
Dimon: You know, so here's a company I've run with higher capital my entire life. Ok so [when] we went into this crisis we were at 7 percent Basel I, which was higher than most other people. And I do this chart ... 7 percent quarter by quarter '08, '09, never went down. It was clearly adequate for us. The equivalent of that 7 today is 14. So 9.5 Basel 3 is the is equivalent to 14 under Basel 1. Double. I personally think it's plenty of capital. ... We have to meet the regulator requirement and we want you to be completely comfortable. I personally think they'd be comfortable the way we are today.
Mayo: I think what I hear UBS saying in the presentation is that if I'm an affluent customer I'll feel a lot better going to UBS if they have 13.5 capital ratio than another big bank with a 10 percent ratio. Do you agree with that?
Dimon: You would go to UBS and not JPMorgan?
Mayo: I didn't say that. That's their argument.
Dimon: That's why I'm richer than you.
'We will kill him. The jail sentence will be worth it.'
"If anyone at Cerberus has his picture in the paper and a picture of his apartment, we will do more than fire that person. We will kill him. The jail sentence will be worth it," Cerberus's Stephen Feinberg told shareholders back in 2007.
'As soon as that baby's lips touched that girl's bosom, forget it.'
Paul Tudor Jones speaking on a panel at the University of Virginia on why women will never be as successful at macro trading as men:
"Take a girl that was my age at that point in time, particularly back in the '70s. I can think of two that actually started E.F. Hutton with me. Within four years, by 1980, right when I was getting ready to launch my company they both got married. Then they both had — which in my mind is as big of a killer as divorce is — they both had children. And as soon as that baby's lips touched that girl's bosom, forget it. Every single investment idea, every desire to understand what's going to make this go up or go down is going to be overwhelmed by the most beautiful experience which a man will never share about a mode of connection between that mother and that baby. I just see it happen over and over. I'm talking about trading, not managing ..."
See the rest of the story at Business Insider
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