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Bankers drink to entertain clients, they drink to entertain themselves (when they have time), and they drink because it's tradition.
Wall Street lore has it that before Goldman Sachs went public, its London office had a cellar filled with cases of wine — one for each and every child born to a partner.
What's real is that there are rules to drinking like a Wall Streeter. Like any group, they have ideas about the way things should be done, and, more importantly, how they should be drank.
A waiter is reflected in a mirror as he pours Scotch whisky from luxury brand Royal Salute into glasses at a launch ceremony for the release of the "62 Gun Salute" series in central Beijing, December 6, 2010.
You don't have to order it every time, but if someone suggests it, by all means you must take it up. Ice is acceptable. In fact, real scotch connoisseurs would say that adding a splash of water can bring the flavors of the scotch out more.
The gin vs. vodka debate takes a backseat here for something much more important — your martini does not have a cute flavor. It is not a cosmo, it is not dirty, there are no lychees.
If you're with a bunch of traders, don't be surprised if they're all drinking something simple, like warm Jameson — no rocks, no water. Very manly, of course.
This harkens to way back in the day, when traders were back-office, blue-collar types. Don't be surprised if you catch a bunch of them going back to their roots.
Everyone knows you've probably been drinking, whether it's for work or entertaining clients. If you're really in bad shape, explain that. Sit the first round out and order a club soda with lime.
If that's not your thing, go for a splash of soda. Think Grey Goose and lime with a splash of soda, Johnnie Walker Black with a splash of soda ... you get the picture.
Be decisive and know your brand. Don't just say gin — there are lots of gins, and you should know which one you like.
You should know well enough what kind of wine is good, and what goes with what kind of food, but you actually don't need to be an expert. It's more important to know your liquor (read: scotch/whiskey).
Out with clients, a good Wall Streeter will always defer to their taste in wine unless they have something really impressive up their sleeve.
Ladies, if you want to flaunt the rules, go ahead. You have a free pass. If you like pinot grigio, drink that — go for a beer if you want it.
But just know this — if you are a lady, and you do elect to drink scotch/whiskey, you will be a hero to everyone at the table.
For some reason, bankers in Japan, Hong Kong, and South Korea let it all hang out — and then they go to the karaoke bar and let it all hang out some more.
London's Wall Street is known as "The City," and in "The City" they celebrate with champagne. Plan accordingly and drink a ton of water; champagne hangovers are like punishment directly from the hand of whatever God you may believe in.
They also drink ports and brandys more often than we do stateside. I can't explain it; I'm not British.
If you've done everything you can to learn how to hold your liquor — you've gone to scotch classes, wine tastings, practiced at brunch ... and you still can't?
Do yourself a favor and don't. Bankers are expected to come to work the next day, regardless of the night before.
Rudy Giuliani, President Donald Trump's lawyer, said the "American people would revolt" if the president were impeached.
Impeachment is a rare, complex procedure, and Giuliani said he believes it's unlikely to occur in Trump's case.
Rudy Giuliani, President Donald Trump's lawyer, said on Thursday that the "American people would revolt" if Trump were impeached.
Speaking with Sky News on a golf course in Scotland, the former New York City mayor said he "hardly" believes Trump would be impeached.
Trump's former personal attorney, Michael Cohen, on Tuesday implicated the president in campaign-finance violations related to payments to two women who have alleged affairs with Trump. Cohen, who said he made the payments under Trump's direction with the intention of influencing the 2016 election, faces up to five years in prison.
Meanwhile, Lanny Davis, the lawyer representing Cohen, said Wednesday his client has information that would be of interest to the special counsel Robert Mueller's investigation into Russian interference in the 2016 election.
"You have this Cohen guy. He doesn't know anything about Russian collusion, doesn't know anything about obstruction," Giuliani said. "He's a massive liar. If anything, it's turned very much in the president's favor."
Trump has repeatedly denied any collusion with Russia and routinely refers to Mueller's investigation on this matter as a "witch hunt."
Addressing the topic of impeachment during a Fox News interview earlier in the day, Trump said he didn't know "how you can impeach somebody who has done a great job." The president also suggested the US economy would tank if he were impeached.
But a Quinnipiac poll from April showed just 38% of Americans would like to see impeachment proceedings begin if Democrats win back control of the House in November's midterms. Comparatively, a June poll from CNN found 42% of Americans believe Trump should be impeached.
SEE ALSO: Cohen's lawyer says he's completely flipped and will give information of Trump-linked conspiracy with Russia
ESPN's Grantland has been in a state of flux since Bill Simmons' exit from the site earlier in the year.
Now it appears that the entire site is on the verge of decline, according to a report from James Andrew Miller on VanityFair.com.
After Simmons and ESPN parted ways, Grantland, Simmons' ESPN spinoff website, has seen its infrastructure begin to crumble. Many of its top staff have left in recent months, including critic Wesley Morris, Mallory Rubin, Juliet Litman, and Chris Ryan. Rembert Browne announced Monday that he would be leaving the site a full year before his contract is up.
While Morris and Browne have left for other ventures — The New York Times and New York magazine, respectively — Simmons has recruited others to join to whatever his new venture will be with HBO. According to Miller, deputy editor Sean Fennessy is joining Simmons after turning down an opportunity to become Grantland's editor-in-chief, joining other Grantland converts like Ryan, Rubin, and Litman.
One source told Business Insider that Simmons actually tried to hire more people from Grantland, but was unable to. It is unclear if ESPN was blocking their exits or if the staffers chose not to join Simmons.
There are other signs that Grantland is in trouble, with Miller saying that there is "fear" over the site's future, as more departures are expected and traffic and ad revenue are diminutive.
In fact, Miller reports that Simmons' new podcast is fairing pretty well in comparison to Grantland:
ESPN sources place annual ad revenue for Grantland at about $6 million a year, including the Web site and a Simmons podcast, but since his departure from ESPN, Simmons has rolled out his own ... podcast, which, according to an industry expert, is probably worth north of $5 million in yearly revenue alone. Thus Simmons is now making for himself roughly the same as Grantland's entire annual ad-sales revenue.
As Miller notes, Simmons often felt that ESPN didn't do enough to push Grantland's content, and he had several ideas for the site that never took off, including getting more visibility on ESPN's main page and mobile app, finding a Grantland platform for Fox Sports' Katie Nolan, and getting more ad revenue for his old podcast, "The B.S. Report."
ESPN has continued to say that Grantland's traffic and ad revenue is fine, pushing the idea that Simmons' departure didn't mean much to the site. Miller says that ESPN may keep Grantland alive, just to continue promoting that idea.
But in light of ESPN's layoffs and financial trouble, it seems that keeping a slowly fading website alive out of bitterness would be a waste of resources. While there's no official end of the line for Grantland, it certainly seems things are trending in the wrong direction.
For the first time the United States is expanding its sanctions against Iran to include the country's Central Bank and its entire financial system because of the nation's pursuit of nuclear weapons.
"If you are a financial institution and you engage in any transaction involving Iran's Central Bank or any other Iranian bank operating inside or outside Iran, you are at risk of supporting Iran's illicit activities: its pursuit of nuclear weapons, its support for terrorism, and its efforts to deceive responsible financial institutions and evade sanctions," Treasury Secretary Tim Geithner said in a press conference Monday afternoon.
He added that if the regime continues to pursue nuclear weapons, "No option is off the table—including the possibility of imposing additional sanctions on the Central Bank of Iran."
The U.S. Department of the Treasury identified the Islamic Republic of Iran as a jurisdiction of primary money laundering concern under Section 311 of the USA PATRIOT Act (Section 311) based on Iran's support for terrorism; pursuit of weapons of mass destruction (WMD); reliance on state-owned or controlled agencies to facilitate WMD proliferation; and the illicit and deceptive financial activities that Iranian financial institutions - including the Central Bank of Iran - and other state-controlled entities engage in to facilitate Iran's illicit conduct and evade sanctions.
In issuing today's Finding, Treasury has for the first time identified the entire Iranian financial sector; including Iran's Central Bank, private Iranian banks, and branches, and subsidiaries of Iranian banks operating outside of Iran as posing illicit finance risks for the global financial system.
The Finding also creates a clear public record of the scope and depth of Iran's illicit conduct, detailing the involvement of Iranian government agencies and banking institutions in WMD proliferation, support for terrorism, and other illicit conduct. In particular, the Finding includes new information about the Central Bank of Iran's role in facilitating Iran's illicit conduct and Iran's efforts to evade international sanctions.
Today's action reinforces U.S. and international sanctions already in place against Iran and provides greater certainty that the U.S. financial system is protected from Iranian illicit activity.
Treasury's Financial Crimes Enforcement Network (FinCEN) also today filed a Notice of Proposed Rule Making (NPRM), in which it proposes imposing a special measure against Iran. While current U.S. regulations already generally prohibit U.S. financial institutions from engaging in both direct and indirect transactions with Iranian financial institutions, this action would require U.S. financial institutions to implement additional due diligence measures in order to prevent any improper indirect access by Iranian banking institutions to U.S. correspondent accounts.
It was a rough week for Peyton Manning after a poor Week 1 performance in which he threw no touchdowns and for just 175 yards and had an interception returned for a touchdown. Many, including this site, were wondering if Father Time had finally caught up with Manning.
On Thursday night, there were still some red flags (oh those wobbly passes!), but he did throw three touchdowns, including one when it mattered most, with less than two minutes to go to tie the game.
After the game in the locker room, head coach Gary Kubiak gave out one of his two game balls to Manning, noting that the 39-year-old had a rough week. The players called for a speech. Manning was short and to the point, simply saying "I'm not much for speeches, GREAT F------ WIN!"