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Tuesday, February 14, 2012

Media-Whore D'Oeuvres

"I confess total surprise about the complaints by some European and other foreign officials about the restrictions on proprietary trading by American banks embedded in the Dodd-Frank Act – now dubbed the 'Volcker' Rule. It made me think – think all the way back to my years in the US Treasury and Federal Reserve, when the Glass-Steagall Act was in full force. The practical effect was to ban all securities trading by US banks – not just 'proprietary' trading, but also 'market making' and 'underwriting' (except in US government and certain municipal securities). I do not recall – and I am morally certain it never happened – receiving a single complaint that US law was discriminatory, that it damaged other sovereign debt markets or that it limited the ability of foreign governments to access capital markets ... Let's get serious. National regulatory (and at least as important, accounting and auditing) authorities should, to the extent that it is practical, seek common understanding and common approaches. In the past, I participated in that process, helping to initiate the effort to achieve common capital standards for banks. I am today encouraged by efforts under way by the US, British and other authorities to reach the needed degree of consensus with respect to resolution authority – in plain English how practically to end the 'too big to fail' syndrome. This is really complex. The major banks are international and managing their orderly merger or liquidation will necessarily involve co-operation among jurisdictions. That is a key challenge, arguably the most important one for banking reform. It needs to be dealt with. Meanwhile, let us not be swayed by the smokescreen of lobbyists dedicated to protecting the interests of some highly compensated traders and their risk-prone banks." (Paul Volker/FT)
"'According to Bluefin Labs, the Grammys earned 13 million social comments. That breaks the record from last week's Super Bowl and absolutely dwarfs every other entertainment event from the last year.(mashable)' THAT'S the power of music! Enough with the hogwash about how the Internet killed the music business. People care more about music than even sports, which are supposedly all about participation. Read this article, look at the graphics, it's brief and easily comprehensible. The bottom line is we're sitting on a gold mine. People are engaged with music, they've got opinions, they care. The Internet has allowed fans to become ever closer to musicians, the gap has closed. The public has turned the music business topsy-turvy. It hasn't eviscerated it so much as realigned it. Doesn't matter what the fat cats say, nor traditional media, it all comes down to what the people think. P.S. The Grammys may have forgiven Chris Brown, but not the public, most of the comments on social media were negative! Meanwhile, he appeared on the telecast twice." (LefsetzLetter)

"Out of all the shows we’ve gone to during this longer-than-a-week Fashion extravaganza, Betsey Johnson‘s was by far the most fun. Does that come as a shocker to anyone? The 65-year-old knows how to give her legion of fans–who run the gauntlet from punk-rock 15-year-olds to Russell Simmons–what they want, and we’re not just talking about her infamous cartwheel/splits routine that she’s become infamous for ... We were able to snag fourth row, along with a French photographer and a Japanese man with a camera who asked us what The New York Observer was approximately six times over the course of the 15  minute show. In between the Beatles soundtrack and the screaming ladies ('We love you Betsey!'), we managed to make out a couple of front row chatter. But the real lavishing began at the after party, held at the Stone Rose on the top of the Time Warner Center, where Ms. Johnson was joined by Kris Humphries ('How do you spell Kardashian?' The New York Observer heard one guest ask her friend,) Richie Rich, and Dani Stahl in celebrating another great season." (Observer)

"The weather was perfect and the skates all laced at The Women's Committee of the Central Park Conservancy's Annual Skating Party. Guests enjoyed an evening of skating, treats and sweets, face painting, and a performance by the Ice Theatre of New York. The event was chaired by Kamie Lightburn. The Annual Skating Party is The Women's Committee's thank you to all of their generous supporters. The Women's Committee has been instrumental in increasing awareness and garnering funds for many Park projects. This event also raises funds to support free after-school skating and hockey lessons for underserved children of New York City. Guests included Women's Committee President Anne Harrison, Central Park Conservancy President Doug Blonsky, Gillian Miniter, Sheila Labrecque, Suzanne Cochran, Jill Ross, Eleanora Kennedy, Ashley Wotiz, MK O'Shaughnessy, Rema Parachini, Paige Hardy, Adelina Wong Ettelson, Liz Victory Anderson, Nyssa Kourakos, Virginia Apple, and Sheri Babbio." (NYSocialDiary)

"Taking a break from Fashion Week calorie-counting, we headed to the Columbus Ave. Shake Shack last night for some much-needed sustenance and a private party for Mark "the Cobrasnake" Hunter's collaboration with Vans and Parisian concept boutique Colette. The famed burger joint was dressed to look like a children's birthday party, complete with coloring-contest place mats and scratch-and-sniff stickers, and attendees included Cobrasnake sidekick Jonny Makeup as well as photographer Todd Selby and director Philip Andelman, who is married to Colette's creative director, Sarah Lerfel. 'I may be small, but I do like [me] some burgers,' Lerfel said over a plate of fries." (Papermag)
"That ball of white feathers at last night's Marc Jacobs show was Anna Dello Russo, freshly arrived in New York for Fashion Week. 'I just landed, but I saw everything on the Internet,' the Vogue Japan fashion director told us. (She liked Alexander Wang. 'I like the fact that he has such a young energy, but he already has a statement with all the top models.') With her eccentric fashion sense, Dello Russo is a darling of the street-style photographers who haunt the fashion shows around the world. Doesn’t she ever have bad hair days or bags under her eyes and just want to be left alone? 'No. I always please them,' she said, adding that she does not mind the intrusion. 'They made me visible; before, I was just a hard worker, invisible.' The feather ensemble was delightful, but where was her trademark hat? 'No hat, because I was wearing glasses,' she said, showing us the rhinestone-encrusted eyewear in her hand. 'Too much stuff, eyeglasses and feathers,' she laughed." (NYMag)

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