13Mar/10
The demise of boutique bank Pali Capital
NEW YORK - In September 2008, as Lehman Brothers was breaking into a million pieces, a young investment bank was pushing up through the rubble.
Pali Capital, a boutique firm specializing in derivatives and fixed-income trading, was one of the few financial outfits hiring traders and bankers — often from the likes of imploding Wall Street behemoths like Lehman and Merrill Lynch.
With its annual revenue on pace to top $200 million that year, Pali appeared to be an oasis of prosperity. Rodin sculptures adorned its offices and a corporate jet ferried its executives around the world.