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Goofus Goes to Wall Street
Okay, kids. You're the main character in today's story. Then, with the help of Goofus and Gallant, decide what happens next.
You are a bank with lots and lots of money. Think of a fortress with a great big pile of money inside. You are very lucky. Most banks do not have lots and lots of money today. This is why mommy and daddy don't go to work anymore and lie on the couch with a drink every night. They call it a "credit crunch." That sounds like it would hurt, doesn't it?
Now some of the people who work for you leave. They want to work at another place with lots of money. It is a citadel, which is a kind of a fortress.
Goofus says:
I won't play with that citadel place! They are taking away all my people!
Gallant says:
We can disagree but still play with each other. These are scary times. We all need to stick together.
J.P. Morgan Chase has decided to play the part of Goofus. The bank has suspended trading with Citadel Investment Group, the giant Chicago-based hedge fund company, the Wall Street Journal and DealBreaker report.
J.P. Morgan is apparently upset that Citadel has hired a number of its capital-markets bankers this year, violating contractual agreements that the employees had with the bank. Citadel contends that no agreements have been violated. The two sides have so far not been able to resolve their dispute.
Fighting over talent is nothing new on Wall Street. Firms often bring lawsuits to stop rival bankers, traders, or brokers going to rivals. And J.P. is certainly within its rights to try to protect its businesss.
But given all the turmoil in the markets and with so much else going that threatens the financial system, is this time to take your eye off the ball in a dispute like this?
More to the point, don't these times demand at least a brief show of gallantry?
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