Beer and hookers!

"we are the are in the top 1% of the american population"

This is by far the most ridiculous comment I have ever seen on this site.

I think we've all been objectively (as well as subjectively) thinking about this disaster. Instead of viewing it as the loss of your dream, take it as an opportunity to do something that you truly enjoy. The very act of making this post shows that you are still stuck in the herd mentality that drew in most bankers in the first place. This is your chance to say fuck you to all the expectations and standards of what kind of job you think you "should" have, and instead go for what you "want" to have. Big difference.

It's just that no matter how bad things get or how much we don't even like the job, we still want more. Why? Because everyone wants it and we need to prove that we can get it ahead of them. It's the same reason why some people who hate engineering still take it just to show they have a technical capability over others. I did my trading internship last year, and I didn't enjoy it immensely. It was good but I knew there were better things I could do yet I want to do it again. However, I will admit that this particular career is getting less and less attractive but at the same time harder to get into.

anon101:

perhaps something internationally focused? alternative energy? healthcare? we are the are in the top 1% of the american population, lets please hear some deep insightful thoughts.

I seriously hope you are kidding.

You're so right! Finance is dead. Banks will never lend again. Trade and barter society here we come.

In terms of the next big bubble, here is my ten year plan: First, I'll to go back to grad school to study genetics. After that, I'm going to use my banking and real estate contacts to purchase a small island in the tropics. Using the knowledge and resources I picked up in grad school, I'll set up a lab dedicated to harvesting cells from DNA extracted from mosquitoes trapped in amber millions of years ago. I figure I'll be able to grow just about anything contained in the mosquitoes' blood, including dinosaurs. Soon, I'll have a menagerie of jurassic beasts roaming the island, which tourists from all over the globe will pay top dollar to see. Good luck with banking bitches!

Some of you "kids" are diluted idiots and need to get your head out of your asses and go read a history book. The financial cycle ebbs and flows and while this downturn is admittedly more severe than those in the past the financial industry will return. You dont think people shared the same doomsday sentiments after RTC, LTCM, Japanese bubble, dot-com 9/11...

I would also reco that you humble yourself and realize you arent really that special (i.e. 1% what a joke)despite what your mom told you growing up

you are now officially beyond retarded.

You're a retard.

Listen to junkbondswap for a sec and hit the books. The current crisis is comparable to 1929 and the great depression. During the 40s, Private Equity and Venture Capital were created, Goldman and Bear developed merger arb and distressed debt investing, and the longest bull market in recent memory started. While the finance industry blew off a lot of steam in 1929, it has come a long way since. To assume financial markets will never recover is plain idiotic. As long as there is private enterprise, you'll need banks to provide liquidity. Capitalism is not a giant Ponzi scheme, if any economic system deserves that title, its communism.

Your top 1% of the American population comment is absolutely ludicrous. Either that puts me in the top 0.00001% or you forgot that SAT scores are now out of 2400.

some more gems from this perfect-SAT genius

"I am going to by a junior at a semi target. I have a 3.3 in Math/Econ.....

Should I do a Fall internship at a small/unknown investment bank/PE/Hedge fund or should I boost my GPA to a 3.4"

"i will apply for intern in ibd, i am under qualified, the market sucks, so I desperately need their help."

yes, your 3.3 GPA, under-qualifications, and inability to spell the 2-letter word "be" put you in the top 1%

listen you damn morons: guys keep lying to yourselves and are forming arguments after you have already made your conclusions. and your conclusions are based on emotions and nothing else.

I am not saying that banking will disappear (notice how I listed that I am still interest in boutique banking). I am not saying capitalism is dying. I am not assuming financial markets will disappear. I am not saying private enterprise will disappear. I am not saying capitalism is a ponzi scheme.

now slow the hell down for a second and listen up. our MODERN BUSINESS MODEL OF INVESTMENT BANKING IS OVER. WALL STREET has been the ponzi scheme. modern day investment banks are the ponzi scheme.

large publicly traded investment banks with trading operations, banking, internal hedge funds, etc.... i.e. our modern day understanding of investment banks since the 80's, will never return. wall street has never existed like this in the history of mankind, and never will again. capitalism, financial markets, private enterprise have all existed just fine before the 1980s and hopefully are here indefinitely. these things are in no way linked to massive one-stop-shop investment banks.

the problem all you retards fail to understand is that the investment banking business model has been a ponzi scheme since the 1980s i.e. since the time it became especially lucrative to work for an investment bank. The reason salaries have been so high on wall street in the past twenty years is due to constantly increasing leverage, excessive money pouring into these banks due to their IPO's , and shenanigans with financial instruments. That is the sole reason wall street salaries have been so high. I mean for fucks sake, MARKETING used to be the most lucrative job during the 60's. there is nothing inherently excessively profitable about mergers/acquisitions over other industries.

in sum: wall street has traditionally been a normal career path run by small partnerships/boutiques specializing in certain aspects of finance and has paid salaries inline with the rest of america. just another average job. in the 80s people started the ponzi scheme turning these small partnerships into the overleveraged conglomerates we see today. this is the sole aspect that increased salaries dramatically. these overleveraged conglomerates are clearly not stable and will thus no longer exist.

see all you bitches at the unemployment line.

and to the drexelalum: lol. you went to drexel. enough said.

and my statement is not ludicrous you bitches dont know me.

Hindsight is 20/20 guys. Nobody on this site called this to this extent or you wouldn't be on this site at all. You could have turned a few grand in S&P900 puts into millions when it was over 1400 with vol at 20 two years ago so stop acting like you knew all along that the current big bank model wouldn't hold up. I would really like to know what you guys calling this apocalypse do for a living. You obviously weren't around in 2002 when, wall street was said to be dead, when junk bonds and tech IPO's were supposedly dead forever. And then two years later they were the hot commodity.

Also, Drexelalum is from the firm, not the university.

anon, your sat score clearly has a negative correlation with the size of your dick. sounds like you didn't get any offers this year and you turned into a bitter little beaver. boo hoo, you aren't qualified enough to work with the big boys so you trash the entire industry. Now that's the maturity level we look for in candidates.

If this site is any indicator of the incoming talent I don't think anyone will be getting offers this year.

mod, pls ban. kthx

If it's all over, why were you trying to so hard to get an internship anon? Also another question Mr 1600 why do you waste time trying to convince people that finance is dead; when you could be out starting the next google?? Call me crazy, but I think you are just upset that a "1600" SAT score can't hide the fact that you are a douche bag. Have fun this summer picking your GPA up from a 3.3 to a 3.4 while trying to think of new ways to break into this dead industry!

Wait, I don't get it - a perfect SAT score and you're at a semi-target? Not that all perfect scores go to an Ivy, but it is a bit surprising that someone who views himself so highly wouldn't go to the best school he possibly could.

And it's great that you suggest you removed all applications from banks when you learned all this "new" information. What you're trying to say is that you got no response from any of the banks you applied to, right? Because a 3.3 GPA isn't cutting it.

If you think IB advisory has traditionally been done by boutiques, you are sorely mistaken. The concept of BBs started popping up in the late 60s, and before that, the House of Morgan was already crushing everything. S&T has been huge at Goldman since the 40s. Finally, nobody in marketing in the 60s made as much as the hedge fund managers from that time, or the soon-to-be BSDs starting VC and PE funds (Alan Patricof, Eugene Kleiner, Jerome Kohlberg..).

Mortgage-backed securities, whether vanilla or exotic, are probably going to be dead for a while, but there really is no reason to think there won't be big IBanks in the future. Besides, most people agree that we are tending towards consolidation in the banking industry, aka bigger banks. While they will be probably feature less leverage and more oversight in the short-run, I wouldn't bet on the IB model disappearing anytime soon. There's a reason why "smart money" (PE/HFs) hires primarily from IBs, they are the crux of our financial system and best prepare grads for the buy-side

Capitulation anyone? A few more of these kinds of threads and I might start dumping everything I have back in the markets.

ya, gasparino will break the news and then argue with Dennis (cant stand these fucking guys) for 5 minutes while we cant make out wtf either one of them are saying

Sounds like smalltalk101

I think his other alias are MIT_ALGO_Trader or Smalltalk101 or even worse BLUMIE

1- Withdrawing your resume from all banks?

I think they must have seen your change of heart coming because they threw your resume out the second they saw it.

2- You are absolutely right, this is the end of Wall St as we have known it. We have seen this exact course of events play out in the past. In the late 90's the government hammered down on equity research and the equity research model ceased to exist. The dot-com bubble burst destroyed the IPO model, as a result not a single company has gone public since 1999. Any of the older folks recall something the history books refer to as a "junk-bond?"

Its unfortunate that the Nostradamus of Wall Street is a 20 year old virgin with a 3.3 GPA at SUNY Oneonta. If only someone could find out who you are, you could help us avoid similar fate in the future.