From April 15:
Second, though, these are like … pre-selected package vacations? (Litquidity has the memo; it says “Click on the link of available trips to pick the package that speaks to you.”) Ew, no. The classy move here is to say “take yourself a nice vacation and put it on the corporate credit card.” And then everyone takes whatever vacation they want, and they are much happier than they are with the firm-selected package deals. Ideally you don’t even specify a price limit and assume your bankers can figure it out. Some people will subtly compete to spend as little as possible of the firm’s money, and other people will subtly compete to spend as much as possible of the firm’s money without getting fired, and realistically the winners of both of those competitions are going to go far in banking.
Find Matt Levine at Bloomberg.