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Job Offer Rescinded At New Firm after Quitting Old Job

My job offer at a hedge fund was rescinded after I was given a written offer letter along with a start date and salary. A couple of weeks after the written offer letter which I had sent back 2 days after receiving, I got a phone call from my recruiter saying that the company is going in a different direction and filling the position with a more junior person and restarting their search.

He claims that in his career he has never seen a job offer rescinded that is not based on a background check or drug test. Has this happened to anyone in their career and is there any legal recourse I can take? Can I get unemployment somehow? Now I am stuck being unemployed with no source of income thanks to this new firm who had given me the impression I'd be starting really soon.

WSO Weekly Wrap-Up 04/06-04/12

In case you missed them, here's some of last week's most popular topics:

Good Tough Technicals to Ask

I want to up the technical difficulty of my interviews -- what are some tough but fair technical questions to ask people who have 2-5 years of IBD experience? (i.e. beyond the "If depreciation goes up by $10", or "How do you calculate FCF" questions).


Was surprised by the amount of people who suggested buying cigars for a boss in the "Gift for a boss" thread. I'm planning on buying some mild cigars for a friend whose wife is having a baby and have done some research -- have come up with Ashton Classic, Rocky Patel Connecticut, Montecristo Classic or White, and Oliva Connecticut.

I'm an MD and I run the Sales division: Ask Me Anything

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10 Facts/Headscratchers from the Ongoing TSLA Saga

So plenty has happened since my last post on Tesla, and to the untrained eye it seems like only good news coming from the Tesla hype-mobile. Well, despite my own thoughts on these things, this post is going to contain no more color than I’ve already given in the past two sentences (and the title, for that matter). For all my followers, the unadulterated timeline of what we’ve seen over the past few weeks, and I will leave you to think on it as you please. [This will, to the best of my ability, be in chronological order]

The Winklevii Strike Again to Corner the Bitcoin Market

Ok, so maybe not exactly corner the market but still; just when you thought the Bit coin saga couldn't get any weirder, our dear friends the Winklevii show up to make it even stranger. It isn't enough that they won a massive Facebook settlement and are attempting to be venture capitalists apparently. They claim to hold 1% (~$11million) of all bitcoins outstanding.

"People say it's a Ponzi scheme, it's a bubble," said Cameron Winklevoss. "People really don't want to take it seriously. At some point that narrative will shift to 'virtual currencies are here to stay.' We're in the early days."

"We have elected to put our money and faith in a mathematical framework that is free of politics and human error," Tyler Winklevoss said.

Are they trying too hard, or is it just me? Is this really what the world has come too?

Bonus Bananas April 12, 2013

Sorry I'm late guys. I got hung up touring the Presidential Suite and drinking champagne at the Hotel Crillon before it closes until 2015 for renovations. Let's rock:

1) No Marriage PitchBook - Project Two Chainz (Wall Street Playboys) - If you thought the Babydick Capital pitchbook was funny, you're gonna love this DCF analysis of the pros and cons of marriage (it's DCF because if you opt for marriage your cash flow will definitely decline). Even cooler that this was made by a WSO member. Funny stuff.

2) Ex-HBOS chief Crosby asks to be stripped of knighthood (Reuters) - Pay attention, guys. This is how you accept responsibility for your role in the global financial crisis. Crosby became the first person in almost a century to voluntarily surrender his knighthood, and he gave up a third of his pension for the mess he and Fred the Shred made at HBOS.

3) This Up And Coming Model Saved $500,000 Before The Age Of 30 (Business Insider) - Who says all models are dumb? This one managed to live below her means and sock away a half mil before she was 30. Reminds me of an escort I once knew in Vegas who owned a ranch in Palm Springs and her Vegas condo free and clear.

WSO NYC Happy Hour: Fri., 4/19 6:30pm (Metalheads Welcome!)

It's that time again--WSO Happy Hour time! NYC Chairs In The Flesh and guerrillagrrl will be in attendance, and all are welcome. ITF will be around to celebrate and answer questions about his new website,, a passion project that he is especially excited about--WSO metalheads are especially welcome!

Join us at our old standby pub, the Galway Hooker, located on 36th Street between 5th and Madison, to meet your fellow simians and down some food and drink. 21+ only, please; mention at the door, and you'll be directed to the pub room (ground floor, all the way in the back).


So, I sent out a cold-email to a really, really, really, really, really senior person at a bank. I can't emphasize enough how senior this dude is.

This guy is considered like one of, if not the most, influential person on Wall-Street.

Anyway, so I wasn't really expecting a response, but when he responded to set up a time for an informational interview, I nearly f*cking crapped my pants. I was like WTF? I thought they would never respond, and the only reason I sent an e-mail because I thought to myself "YOLO", go big or go home.

So, back to the main point of this post, should I treat this as a regular informational interview? I don't want to sound desperate, although I am.

I want to set myself up for interviews for this upcoming fall and then an internship next summer.

Would you be on a reality TV show for your job?

Recently, a MAJOR television network has approached my girlfriend's company in hopes of doing a TV show. It is a startup in its industry (not financial) and had a similar show a few years back that ended.

The girlfriend is extremely hesistant, she just joined a few months back and her boss is bat shit crazy. She also just graduated so is still building that experience.

Coffee: The Elixir of the Mind

Coffee: The Elixir of the Mind.

It is impossible to imagine a career in the capital markets without the aid of a certain mind stimulating beverage, yes coffee.
In case you are wondering how a man from the land of the double double is authorized to speak to on matters of such great importance; the answer is: the taste of marketing isn't typically satisfying.

But I digress.

Here is what I have learned after spending numerous hours talking to and consulting for an award winning Espresso Master:

Monkeys vs. "Monkeys"

Ever heard or said the old line, "A monkey could do this job"? Well, according to a recent blurb in the WSJ London's Cass Business School (a study sponsored by Aon Hewitt) decided to go out and test that theory as it relates to building an index. Their findings state:

Bad news for investors, good news for primates? London's Cass Business School has found equity indexes built by "monkeys" produced higher risk-adjusted returns the past 40 years than a market value-weighted index of the type used by most investors.

Wait, built by "monkeys" you say? Why is the word monkeys in quotes? Are they surprised that monkeys fully crushed indices made by non-monkeys? I know all the finance monkeys here on WSO slay benchmark indices daily! Is the WSJ trying to start something?

Tweets Coming to a Bloomberg Terminal Near You

Last Thursday, Bloomberg announced that it has begun integrating Twitter functionality into its service platform. It filters company and market-centric tweets for its base of over 300,000 subscribers. This came shortly after the SEC provided guidance that would allow for companies to distribute their announcements and press releases through social media websites.

Bloomberg's service is heavily filtered and entirely focused on providing high quality, potentially market moving news to its users. Traditionally, banks and trading houses have restricted use of Twitter at the office for compliance reasons, so this service offers traders and Analysts a means of keeping up with twittersphere without resorting to their phones and without worrying the firm's legal staff.

I think that this goes a long way to confirm what we already know, that Twitter and other social media can move markets. I was curious to get an insider's view of just how important social media is in the trading world, so I reached out to a trader friend of mine for his view. Read on to hear what he had to say...

4 Ways to Own Your Next Networking Event

Maybe you've been there before. You're in one of those ubiquitous "networking events", in a room full of people who want the same thing that you do: professional connections. And the only way to get those connections is to put yourself out there, introduce yourself to people you don't know, make small-talk, and find out who's who. It's the in-person equivalent of cold-calling, except with drinks and business cards.

And if you don't use the time you've been given in an effective manner, you could very easily fritter away this valuable opportunity. So given the time crunch, the limited resources at your disposal, and the hordes of other people at this event hoping to do the exact same thing as you, here are some tips to owning your next networking event:

1. Memorable Pitch

You've rehearsed your elevator pitch enough to know your story like the back of your hand. But if it sounds too much like the pitch that everyone else at this event is giving, you'll just end up blending in with the crowd.

Have a couple of memorable little morsels or anecdotes in your back pocket to help people remember you. It won't just help you stand out, but it might pique someone's interest and start an interesting conversation. Stories about interesting community or extracurricular experiences, world travel, or unusual pastimes might be a good starting point.

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