Cocaine in Finance?IB
I have been traveling for the last 2 weeks and have regretfully been unable to do a lot of things, mainly work on my b-school essays. As I procrastinate getting back to work, I came across some information that got me thinking...
In the new Wall Street era, characterized by increasing regulatory scrutiny, I know that the $600 dinners for 3 a few times a week with fellow analysts, and expensing all night partying / strip clubs has probably been cut down on if not ceased altogether, but what about the drug that Wall Street once embraced with open arms and nostrils: Cocaine.
I know from my days in banking that the drug was still highly popular as recently as a few years ago, but what about now? Any current monkeys care to comment? What percentage of Wall Streeters do you think currently bust gangster rails in the bathroom at night or when partying on weekends? I would venture to guess approximately 20%.
In the article linked above, household names in finance, such as Jimmy Cayne and Bernie Madoff, got nods for their cocaine use while on the job. Apparently good old Jimmy used to keep a bottle of Bromo-Seltzer filled with blow on his desk. Although this is quite ludicrous, I think top honors of the evening have to go to Trevor Collenette, a retired Lloyds banker. Back in 2007, old Trev was caught up with $15 million worth of the white powder hidden on his yacht – kind of hard to top that.
I was going to ask how prevalent cocaine use is in consulting, but the obvious answer is that TGI Fridays would burst into flames if it ever came into contact with a substance as baller as cocaine, but apparently that is not the case. According to the article, the TGI Fridays on Trinity was shut down for selling cocaine to customers folded up in napkins at the bar.
In light of this new (and slightly disturbing) information, do you think cocaine is prevalent in the consulting industry as well? And if so, to what extent?