Richard Arens Is Having His MomentFINANCE
• Trader Richard Arens, who runs a brokerage named ABS, made a vanity trade in order to push oil past the $100/barrel milestone. We’re sure the girls at the bar will be real impressed. [MarketBeat/WSJ]
• Citigroup will likely start laying off between 5 and 10 percent of its workforce next week, cutting as many as 32,000 jobs. Merrill Lynch plans to cut around 1,600. [CNBC]
• Former E*Trade CEO Mitch Caplan, who helped load the company with the subprime loans, made off with a $11 million golden parachute. Compare that with former H&R Block chief Mark Ernst, responsible for his own big subprime losses, who took home a paltry $2.5 million. [Deal Journal/WSJ, DealBook/NYT]
Kravitz Family Might Annoy Crosby Street Neighbors With More Than Just Leaky ToiletsAt the launch party for DKNY’s fragrance Delicious Night, Lenny Kravitz’s 18-year-old daughter, Zoe, was wise beyond her years when we asked about her wildest night in New York. “I don’t think I can tell you that!” she said, laughing. The SUNY Purchase student was equally mum on what a typically crazy night with her rock-star dad entails. “We make pancakes late, late at night sometimes, and we sing Sly and the Family Stone while we do it.” Lenny, she says, makes great pancakes. “Lots of cinnamon” is his secret. So, we wondered, is it in that giant loft on Crosby — on the market forever, and once occupied by Nicole Kidman — where the late-night pancakes and singing occurs? “Oh, yeah, that’s where the pancakes are made.”—Bennett Marcus
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Meet David Karp, Small Wonder We don’t know about you, but to us there’s nothing worse that starting our day off reading about some wunderkind who’s accomplished more by the age of 21 than we have in our adult lives thus far. Seriously, do teenagers not even smoke pot anymore? Today the Sun profiles David Karp, an Upper West Sider who left behind a “normal childhood” and quit Bronx Science as a sophomore to work on UrbanBaby. Since cashing in on that company’s sale, Karp has founded several successful tech start-ups, including a new social-networking Website called Tumblr. It’s pretty cool, a combination of a blog and Facebook, which is perfect if you are a chronic exhibitionist like Karp’s investor Jacob Lodwick. “The VCs were ready to throw millions at us,” Karp tells the Sun, but of course, he’s all about the users. “Our focus is not selling it to Google in two years or flipping it,” Mr. Karp said. Hm. Yes, but David, are you happy on the inside? Oh really? Are you sure?
The 21-Year-Old Behind a ‘Darling’ New York Web Startup [NYS]