The Masters of the Universe don’t all live on Wall Street anymore. In fact you could say that the masters have become minions. The big banks and big fixed income bond traders ruled the markets in the old days. Bonds have become almost a dead issue and layoffs in bond departments at Morgan Stanley and others are rampant.
Steve and Sinclair review a Wall Street Journal report on the shift in fortunes for Wall Street’s bond traders.
In the Q & A segment, estate planning attorney Richard Dwornik joins the A-Team to dissect when a trust should and should not be used as the beneficiary of the IRA.
In the final segment, Steve recalls the true story of how the Waldorf Astoria hotel in New York got its first manager. Very interesting!
Oh, And, Merry Christmas!!