“State and local governments are of course still significant,” reads a footnote in Ray Dalio’s “How the Economic Machine Works: A Template for Understanding What is Happening Now,” updated in March 2012.
These days, local government is anything but a footnote in the hedge fund titan’s life.
The billionaire who founded Bridgewater Associates, now the world's largest hedge fund with some the $150 billion in assets under management, is embroiled in a decidedly unglamorous battle to build a new $750 million headquarters.
The venue: Westover Magnet Elementary School in Stamford, Conn.
The event: A planning board meeting.
The rivals: Dalio vs. the day boaters.
Apparently absent, yet impacted, party: Job seekers.
Tuesday night’s tussle was pretty much the same mundane, yet heated, debate as a week ago, and it certainly won’t be the last. Stamford residents have made themselves abundantly clear: strike down a license agreement that would grant rights to more than 2.4 acres of city land for use in a new boatyard in exchange for $5 million in public improvements.
The city’s boatyard, Brewer Yacht Haven, was sold to a development company called Building and Land Technology that shuttered it and in 2011 tore down the buildings on the property, prompting a grassroots protest movement called Save Our Boatyard.
"Do not let this administration or BLT strong-arm you, or buy into their so-called misrepresentation of what this agreement will provide for the city and the taxpayers," Sea Ray owner Maureen Boylan told the packed room.
It was all nearly too much for James Cutler, an architect for Cutler Anderson who works for Bridgewater.
"It was shocking. It was the worst I've ever been treated in 20 years of public meetings. If I were a different kind of person, I would be angry," he said.
Not everyone can have a thick skin like Dalio. “I don't get caught up in the moment,” he famously said.
No reports of recent Yale grads in attendance at the public meetings. After all, the firm that prefers to pick those with an Ivy pedigree has agreed to create as many as 1,000 “high- level” jobs within 10 years, while retaining its current workforce.
Content as a Consultant (eFinancialCareers)
Vault.com’s new Management and Strategy Consulting Survey finds that consultants are much happier than accountants and bankers. The average rating for consulting firms, based on aforementioned employee ratings, dwarfed that of accounting and banking firms.
J.P. Morgan to Choose Directors (Reuters)
The largest U.S. bank is reportedly close to naming two new board directors with finance and risk management expertise. The new directors, who replace long-time board members David Cote and Ellen Futter, will come aboard amid several new investigations.
Wells Fargo Debt Chief Flocks to New Job (Digital Journal)
The director of debt sales for Wells Fargo has joined FLOCK Specialty Finance as senior vice president of business development. Alex Dunlap, who spent 20 years at Wells, will lead the sales and relationship management functions and focus on sourcing new portfolio purchasing opportunities for clients at FLOCK.
UBS Hires State Street FX Quant Head (FX Week)
Ciara O'Brien has joined UBS to head electronic foreign exchange quantitative trading analytics from State Street in London, where she served as head of electronic foreign exchange quantitative analytics. She replaces Mark Meredith, who left to head Citi’s Autotrader in New York.
Fixed Income Jobs Under Axe (Financial News)
Investment banks have come down hardest on fixed income when it comes to slashing staff. Nearly 10,000 front office jobs have been cut since the first half of 2011.
Hedgies Help Preserve their Party Place (Bloomberg)
Big names in hedge funds paid between $150 and $500 a ticket to help clean up pollution in in the Hamptons, and to party. Guests at Peconic Baykeeper’s fourth annual Celebration of Our Bays included: Steven Klinsky, founder of New Mountain Capital; George Brokaw, managing director Highbridge Principal Strategies Growth Equity; and John Wambold, managing director at Imperial Capital.
Power Pose Your Way to the Top (WSJ)
Want to succeed? Don’t just stand there, power pose. Striking a powerful, expansive pose can alter hormones and behavior to mimic the effects of real power.
Buzz Around the Office
Who Needs Therapy More Than A Banker? (BuzzFeed)
You’d be prepared to wait in line for the shrink. King Triton from The Little Mermaid gets in first; he’s xenophobic and prone to violent outbursts.
List of the Day: How To Explain Why You Were Sacked
Don’t let being axed from your last job curb your confidence during interviews. Here are some tips on cooling down the sting of being fired.
- Be honest: You don’t have to elaborate, but do divulge the cause – if there was one -- rather than pretending you were snagged in mass layoffs.
- Be brief: Swiftly and clearly explain why you lost your job, and then move on to why you should win this one.
- Don’t be bitter: You have an axe to grind with your former employer, not your next boss. Stay positive.
(Source: AOL Jobs)