Fifty-two heirs to lavish fortunes luxuriate in sleek splendor at the Four Seasons.They sip designer lattes and speak the language of wealth. The talk is of money, noblesse oblige, technology, Formula One. At lunchtime, out comes chilled rosé, with a tasting led by Jon Bon Jovi’s son Jesse.Welcome to Camp Rich.Here, not far from Wall Street, Swiss banking giant UBS Group AG has convened its annual Young Successors Program (YSP), a three-day workshop for people who were born loaded. Part tutorial and part self-actualization exercise, the event is designed to stamp the UBS brand on the minds of the next generation of the ultra-wealthy—in essence, to hook them while they’re young.With an average age of 27, attendees at the June YSP and other Next Gen functions hosted by the likes of UBS, Citi Private Bank, Morgan Stanley and Credit Suisse will one day rank among the world’s most sought-after clients. Or, at least, that’s the hope. In an era of extreme … [Read more...] about Summer Camp for the Ultra-Wealthy Teaches Kids How to Stay Rich
New york university stern school of business
The advertising industry is currently enthralled by a prophet of its imminent demise. Scott Galloway is a professor at New York University’s Stern School of Business, and founder of a marketing consultancy. In a much-shared YouTube video, he delivers a talk entitled “The Death of the Advertising-Industrial Complex” to an audience of young marketers. In it, he argues that businesses can no longer rely on advertising to compensate for mediocre products. Until the 1990s, says Galloway, the path to success lay in taking “an average beer, average car, or average suit” and wrapping it in appealing associations – this one makes you feel more elegant, this one makes you feel younger. Now, we live in an age in which the intangible haze of soft-sell is no longer necessary, and the battle for market share comes down to the raw strength of your product. “The sun has passed midday on brand,” he says. Galloway, lean of frame, dresses in the austerely … [Read more...] about ConsumerBusinessSpotlightConsumerBusinessSpotlightConsumerBusinessSpotlightConsumerBusinessSpotlightConsumerBusinessSpotlightThe death of Don Draper
Now, two years after Britons voted to exit the EU, it's worth reflecting on not just how the Big Bang was detonated but also on the principles it represented. This wasn't an immutable act of nature so much as a reversible act of financial engineering, and Brexit has become an agent of its undoing. The financial revolution Thatcher kicked off was an expression of faith in the power of globaliation to improve lives - a faith that's been shaken in the era of Brexit and Donald Trump. In 1982, when I began my London posting with the 'Wall Street Journal', bankers still came to work in bowler hats and repp ties (and never, ever brown shoes). To keep the dust down at the old London Stock Exchange at Capel Court, where jobbers traded equities face-to-face on a dirt floor, waiters sprinkled the ground with watering cans. Parochialism meant workdays were short and slow. Profit was a consideration, not a priority. Friendship or nepotism, not ability, usually determined who got a job. … [Read more...] about Big Bang made London the centre of global finance. Will Brexit bring it all down?
The Federal Reserve is facing a backlash over its lack of diversity in key positions after reports this weekend that John Williams, the current president of the San Francisco regional branch, is the front-runner to succeed William Dudley as head of the powerful New York Fed.It’s one of the most important roles in global central banking. The Fed’s New York branch oversees Wall Street and holds a permanent vote on monetary policy. The bank’s own search committee emphasized a diverse process to fill it, hiring a search firm that specializes in identifying minority and women candidates.Yet New York Fed directors have identified Williams, 55, a respected macro-economist who is also white, as the leading candidate, according to a Wall Street Journal report on Saturday and a New York Times story Sunday, both citing people familiar with the process. Spokesmen for the New York and San Francisco Feds, as well as the Fed Board in Washington, all declined to comment or said they … [Read more...] about Reports of Williams Heading to New York Fed Spur Pro-Diversity Backlash
A New York socialite celebrating her 26th wedding anniversary saw her husband and son die after a zebra leaped out in front of their SUV while on safari. Sissi Bohlen was also in the Land Rover when the animal startled the driver, causing it to leave the road and flip over in northern Namibia on 17 January. The crash killed Edgar Bohlen, 65, and his son, Vincent Bohlen, 25, who were in the middle row of seats. Sissi, who was sitting in the back, survived the accident. The driver, who was not speeding, also survived the freak crash, and has not been charged over the incident. Sissi was rushed to hospital and was treated for several days in intensive care for a punctured lung, broken ribs and an injury to her knee, according to 27 East. She spent almost two weeks in a Namibian clinic before being passed fit enough to fly back to Austria, where she was born, to visit her remaining family on Monday (29 January). The Bohlens had booked the trip last year for their 25th wedding anniversary, … [Read more...] about Socialite sees her entire family killed after zebra leaped out in front of Land Rover on safari