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Wall Street 2: Money Never Sleeps- POSTPONED...

MarkyMarkWahlbe...
      ST
 
(Orangutan, 289
 
Points)
 on 5/2/10 at 4:02pm
wallstreet2.JPG

Saw this the other day, didn't see anyone posting on here about it. It was supposed to come out April 23rd or something, but they pushed it back till November to try to get it into some film festivals. I mean, I know its going to be horrible, with Shia LaDoosh being his normal douchey self, but it would still be worth a laugh. Is anyone else kinda pissed?

http://www.cinematical.com/2010/03/10/wall-street-...

  • 30
     

Obama at U of Mich

PaperTrail
      IB
 
(Orangutan, 251
 
Points)
 on 5/1/10 at 1:11pm
obama.JPG

Obama spoke at University of Michigan's graduation earlier today. I don't know details but it pretty much had to have been in the football stadium if there were 80,000 people there. Just curious - anyone happen to attend? And what were your thoughts? I couldn't find a replay of it online and doubt I'd want to listen to the whole thing anyway, but given the recent news with Goldman and the economy being point #1 in general over the past year or two, I am sure a some of what Mr. Pres spoke about related to us monkeys in the jungle.

  • 53
     

Exit Opportunities for Goldman Credit Analyst

dreamtheater12
      IB
 
(Baboon, 138
 
Points)
 on 5/1/10 at 3:14am
exit-opps

What are the exit opportunities for Credit Analyst at Goldman Sachs vs Equity Research at another BB(UBS/Credit Suisse) ? Can a transition be made to investment banking later on? Long term goals to enter PE...
http://www2.goldmansachs.com/careers/our-firm/divi...

  • 19
     

We eat what we kill.

mxc
      O
 
(Senior Gorilla, 811
 
Points)
 on 4/30/10 at 8:35pm
LionBloodyFace.jpg

The following e-mail has been going around on the Street recently. I thought I might share it:

We are Wall Street. It's our job to make money. Whether it's a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn't matter. We would trade baseball cards if it were profitable. I didn't hear America complaining when the market was roaring to 14,000 and everyone's 401k doubled every 3 years. Just like gambling, its not a problem until you lose. I've never heard of anyone going to Gamblers Anonymous because they won too much in Vegas.

Well now the market crapped out, & even though it has come back somewhat, the government and the average Joes are still looking for a scapegoat. God knows there has to be one for everything. Well, here we are.

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How do you get recruiters to realize...

islandoffmorocco
      IB
 
(Senior Baboon, 189
 
Points)
 on 4/30/10 at 11:26am
hey you.JPG

...what your age is?

Since you can't mention your age in your resume or cover letter or whatever...how do you get recruiters to realize that you aren't too old for an analyst role? What are others ways of accomplishing this?

The thing is, I'm going for a Master's in Finance to break into FO finance pre-mba, i.e., into entry-level analyst programs (or if not formal programs, entry-level roles nonetheless). But my resume shows I have 1.5 years of post-undergrad experience (most recently as a corporate banking intern), and I graduated from undergrad in 2008. And yet I had just turned 21 when I graduated...I'll be 23 when I apply and interview, and just about 24 when I start my job. Looking at my resume though, recruiters will probably think I'm at least 25 if not more. How do I get them to realize I'm not too old...?

Any ideas?

  • 23
     

Did Fuld Commit Perjury?

Edmundo Braverman
      ST
 
 
(Human, 14,330
 
Points)
 on 4/30/10 at 8:11am
dick-fuld-fail.jpg

Here's a nice bombshell allegation from a former Lehman VP: Dick Fuld committed perjury when he testified under oath about his compensation. Former associate general counsel Oliver Budde says Fuld understated his income by hundreds of millions of dollars and he can prove it, but no one wants to hear it.

For nine years, Budde had served as an associate general counsel at Lehman. Preparing the public filings on executive compensation had been one of his major responsibilities, and he had been infuriated by what he saw as the firm's intentional under-representation of how much top executives like Fuld were paid. Budde says he argued with his bosses for years over the matter, so much so that he eventually quit the firm. After he left, he couldn't let the matter rest. He contacted the Securities & Exchange Commission and the Lehman board of directors but says neither showed interest in meeting him.

Budde goes on to describe a very repo-105 approach to executive compensation known as RSUs, how Fuld earned an undisclosed $409 million, and how he (Budde) has the goods that could prove perjury. Pretty interesting reading...

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Finance's luster fading?

somedude
      IB
 
(Monkey, 37
 
Points)
 on 4/30/10 at 7:05am
fading away.JPG

http://techcrunch.com/2008/01/30/stanford-computer...

According to this article, CS grads are being offered 80-100 base salaries from top firms like google/facebook, not to mention 10-20K in bonus, stock/option grants, comprehensive benefits, 20 days vacation, ect - pretty clearly superior to what consultancies/banks are offering these days. Some startups are paying just as much PLUS equity ownership, with 80 hr weeks compared to banking's 80-120.

Another thing to consider is that Google provides free food and shirts - it's almost at the point that the only thing you have to pay for is housing - you should be able to save up a HUGE amount of cash if you live frugally - potentially 300K+ in 5 years with conservative investments, if you are living alone/frugally.

While firms like Google and facebook are well known grinds - the 60-70 hr weeks still seem rather pleasant compared to the 80-120 hrs investment banking analysts face.

  •  
  • 56
     

How Reform Is a Big Win for the Street (Part 2 of 2)

Edmundo Braverman
      ST
 
 
(Human, 14,330
 
Points)
 on 4/30/10 at 6:43am
financial-reform-now4.jpg

Sorry for the delay on this one, guys. Yesterday was pretty nuts. As promised, here are the ways I think Wall Street will benefit from the coming reforms and actually emerge stronger. But first, this all hinges on the assumption that the reform is based on some return to the Glass-Steagall Act, or the Volcker Rule, or whatever you want to call it. Obviously, if that doesn't happen all bets are off.

First, it's easy to take a dim view of the proposed reforms and look at it from a glass-half-empty perspective. This view was best articulated by Michael Barone a week ago when he pointed out that the Dodd Bill will only serve as a cash pipeline to reward the very guys who are responsible for this mess in the first place.

He has a point, and institutionalizing the notion of "Too Big To Fail" is a mistake of colossal proportions in my opinion. If you remove the very real consequence of failure from the equation, then moral hazard rules the day. There is not a single bank in this country (or any other, for that matter) whose failure today would bring an end to life as we know it.

  •  
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  • 2
     

"At a Certain Point, You've Made Enough Money"

Edmundo Braverman
      ST
 
 
(Human, 14,330
 
Points)
 on 4/29/10 at 2:17pm
pocketmoney.JPG

Chilling:

http://www.realclearpolitics.com/video/2010/04/28/...

  •  
  •  
  • 68
     

The Great Escape

m.c.trader
      ST
 
(Orangutan, 331
 
Points)
 on 4/28/10 at 1:41pm
The Great Escape

Before everyone gets all bent out of shape, hear me out, I think this is a legitimate topic.

What will it take to drive people out of America, and yes, for that matter, England? When will the brightest of the bright, no longer able to make money in IBanking, Medicine, or Law exodus the high tax, high regulation societies that pin bankers as villains because of the actions of few and have been created in England, and are beginning to be created in America.

I hear it's very difficult to ditch American Citizenship, but what's ironic is the reason it is so hard is because of Tax evasion, not because your contribution to our country is actually valued.

Is it the same in England?

Now I know there is not stable governments in some of the countries that people would flock to, hence why they are de-regulated. That being said, a country like Switzerland or UAE or Japan could benefit from it's service business friendly atmosphere and tax structures, both corporate and individual. Canada has a current government that could de-regulate and lower taxes, and it seems like they are heading in that direction.

  •  
  • 45
     

Synthetic CDOs

jhoratio
      IB
 
 
(Senior Gorilla, 857
 
Points)
 on 4/28/10 at 5:30am
debtload.JPG

It's important to understand what was at the center of the whole global financial meltdown. Synthetic CDOs created from cash-settled CDS. Anytime someone tries to tell you that poor people who all of a sudden found banks willing to loan them money for housing caused the crisis, simply laugh in their face. The value of the worthless, synthetic bullshit that ML, UBS, GS and the rest of them created far dwarfed anything that the FHA was involved in.

READ THIS ARTICLE.

http://www.marketwatch.com/story/out-of-thin-air-s...

  • 42
     

Senior Investment Banker - Managing Director


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Opportunity
Newbury Piret & Co., Inc. is seeking to add to its highly experienced middle market investment banking team. Our activities include: mergers and acquisitions, private placements, recapitalizations, restructurings, financial advisory services, and fairness opinions. This is an opportunity for a highly motivated, success-oriented individual who seeks to participate significantly in the growth and financial rewards of an enterprise.

Company
Founded in 1981, Newbury Piret & Company, Inc. is a leading middle market investment banking firm providing corporate finance services and valuations. Headquartered in Boston, Newbury Piret is a FINRA licensed broker-dealer serving middle-market companies, the private equity community and business owning families in the United States and internationally. Newbury Piret provides strategic advice in mergers and acquisitions along with financing capabilities which support acquisitions, investments, and recapitalizations.

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How Reform Is a Big Win for the Street (Part 1 of 2)

Edmundo Braverman
      ST
 
 
(Human, 14,330
 
Points)
 on 4/28/10 at 5:08am
financial-reform-now4.jpg

That which does not kill us only makes us stronger.

Lately there's been a lot of hand-wringing on this site about the inevitable regulatory reforms that are coming down the pike. The almost universal opinion is that reforming and/or restricting certain markets or practices will be the death of the industry. What I don't think people are yet realizing is that the sort of reforms that have been proposed would only make Wall Street leaner and more efficient, and potentially restore those working on Wall Street to some level of prestige instead of the punch line status bankers enjoy today.

Very simply, financial reform is essential to the continued success of the banking sector, specifically the investment banking sector. The reforms put in place under the Securities Exchange Act of 1934 were among the central reasons the U.S. enjoyed increased investment and unparalleled growth over the following six decades. The systematic repeal of many of the most common sense tenets of the Act in the late 90's brought us to the brink of economic extinction in 2008.

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  • 44
     

It's on!!! Senate hearing happening right now...

zbb
      IB
 
(Senior Baboon, 249
 
Points)
 on 4/27/10 at 9:56am
order in court.JPG

The hearing is getting under way.

Blankfein is expected to be humble but to defend his actions.

Levin is speaking as I write.

Feel free to share your thoughts as they come.

  • 85
     

Top U.S. lawmaker sees hedge fund, dividend tax up (Reuters)

m.c.trader
      ST
 
(Orangutan, 331
 
Points)
 on 4/26/10 at 6:24pm
roaring lion.JPG

The long and short of it is, the Democrat who's been trying to tax HF income at 35% for the past decade may finally get his wish....why?

There's no separation of powers in the House....What don't the Democrats get....?

When Taxes go up fees go from 2 and 20 to 5 and 50. And when PE taxes go up it's the small, or not so small business owners, that suffer, not the big banks.

Currently both are taxed at 15%, which is why they attract incredible talent and make a ton of money for them selves and for their clients (the American people).

http://www.reuters.com/article/idUSTRE63P5RL20100426

This is a really upsetting bit of news, but the fact that the Senate decided to actually talk about the Financial reform rather than shove it through as fast as they could, may mean this doesn't make it to congress before the mid terms.

Will 35% taxes be the collective end of the Hedge Fund world for both the investors and the employees of the fund?

Discuss...

  • 53
     

The IB/PE Path to Entrepreneurship: A Myth?

ibhopeful532
      O
 
(King Kong, 1,016
 
Points)
 on 4/26/10 at 3:00am
entrep.JPG

Past few weeks I had the good fortune of meeting with two late 30- year olds, very successful, entrepreneurs in China.

One founded what is now the largest confectionery/bakery chains in China (starting from a single store). Visited his "compound" in Beijing, which included among other things, 15 horses, peacocks roaming all over the place, swans, dogs, roosters, koi (fish) etc. Rolls-Royce, Ferraris (plural). Additionally owns property all over the world. Also, is an influential member in the UN due to his photography initiatives linked to environmental conciousness .

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