Cocaine in Finance?
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?
Yours truly,
Phantombanker






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This sounds like a question
This sounds like a question for BlackHat?
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In The Flesh: This sounds
This sounds like a question for BlackHat?
lmao
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Doubtful that consultants do
Doubtful that consultants do coke, because they are obliged to remain clean and pristine because of the caliber of the clients they work for. I-bankers don’t actually work for clients in the same way consultants do hence when they get in trouble it’s only their own name they bring into disrepute.
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
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5%... at best. Most people getting these upper-level jobs are really qualified candidates academically, ergo pretty fuckin' nerdy. It's hard to get someone to convert when mommy and daddy have been teaching them 'all the right things' from an early age. Most people are too tired to go out at all, let alone pull an all-night binge on the Bernie and be back in the cubicle in the morning with a 20oz Red Bull (fuck you Bloomberg) keeping you alive.
That said - coke sucks balls anyway, imo.
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bonuses are down so I will be
bonuses are down so I will be moving to crack or spray paint
BlackHat: Stand back kids, I
Stand back kids, I got this.
5%... at best. Most people getting these upper-level jobs are really qualified candidates academically, ergo pretty fuckin' nerdy. It's hard to get someone to convert when mommy and daddy have been teaching them 'all the right things' from an early age. Most people are too tired to go out at all, let alone pull an all-night binge on the Bernie and be back in the cubicle in the morning with a 20oz Red Bull (fuck you Bloomberg) keeping you alive.
That said - coke sucks balls anyway, imo.
SB, I lol'd
From what I can tell, more
From what I can tell, more people use ADD meds. They do the same thing except they work better and are cheaper, longer lasting and legal.
BlackHat: Stand back kids, I
Stand back kids, I got this.
That said - coke sucks balls anyway, imo.
Oh God... it's a milligram of f***in' sweetener. I wanna get high, not sprinkle it on my cereal.
"A man generally has two reasons for doing anything. One that sounds good, and the real one." - J.P. Morgan
mikebrady: bonuses are down
bonuses are down so I will be moving to crack or spray paint
i got that freon if you need it...
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BTbanker: BlackHat: Stand
Stand back kids, I got this.
That said - coke sucks balls anyway, imo.
Oh God... it's a milligram of f***in' sweetener. I wanna get high, not sprinkle it on my cereal.
It's definitely weak but I have a feeling if we do enough of it we'll be okay...
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From my experience, 5% seems
From my experience, 5% seems pretty low - we are talking 1 in 20 people. Do you really think that only 1 in 20 people do coke on Wall Street (even occasionally)?
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And I am pretty sure the line
And I am pretty sure the line is:
"I wanna get high of this shit, not sprinkle it on my oatmeal."
Please correct me if I am wrong.
See my other WSO blog posts
BlackHat: BTbanker: Black
Stand back kids, I got this.
That said - coke sucks balls anyway, imo.
Oh God... it's a milligram of f***in' sweetener. I wanna get high, not sprinkle it on my cereal.
It's definitely weak but I have a feeling if we do enough of it we'll be okay...
lol
It's all manipulated with junk bonds. You can't win.
phantombanker: From my
From my experience, 5% seems pretty low - we are talking 1 in 20 people. Do you really think that only 1 in 20 people do coke on Wall Street (even occasionally)?
you don't "do coke" unless you're doing it at least every other week, so perhaps we have conflicting definitions but my guess is that 5% is probably gonna be high.
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BlackHat: phantombanker: Fr
From my experience, 5% seems pretty low - we are talking 1 in 20 people. Do you really think that only 1 in 20 people do coke on Wall Street (even occasionally)?
you don't "do coke" unless you're doing it at least every other week, so perhaps we have conflicting definitions but my guess is that 5% is probably gonna be high.
5% seems way high to me. I can't really speak for the Analyst aged crowd, but nobody I know is doing coke. Maybe they're just hiding it from me?
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I think most of the coke
phantombanker: From my
SirPoopsaLot: BlackHat: p
This to all my hatin' folks seeing me getting guac right now..
BlackHat: coke sucks balls
Edmundo Braverman: What about
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I am a prospective IB guy so
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Let's think about this for a
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Having worked in banking for
SirPoopsaLot: BlackHat: p
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BlackHat: That said - coke
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BlackHat: BVMadden: Black
When I was in my lower 20s I
Edmundo
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Fuck cocaine, the shit's
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D M: Fuck cocaine, the shit's
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^lol
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One thing I can say is that,
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