WSO Exclusive: Legerdemath - Anatomy of a Banking Trick

Mod note: Blast from the Past - "Best of Eddie" - This one was originally posted in March 2011.

The following is an exclusive guest post by Omer Rosen, author of the controversial Legerdemath, originally published in the Boston Review. Omer is a former Citigroup corporate derivatives guy, and this latest piece explains the monkey math that was used to pick clients' pockets by confusing them with yields instead of prices. The scheme's elegance is in its simplicity, as the corporate derivatives desk convinced clients to compare apples to oranges and by doing so think they were getting a square deal.

Omer has graciously agreed to respond personally to your questions and comments in the comments section for the first 24 hours this piece is posted. His blog is located at Legerdemath.com and you can (and should) follow his Twitter feed at @omerrosen. Without further ado...


Legerdemath II: Anatomy of a Banking Trick


In my previous article, “Legerdemath: Tricks of the Banking Trade,” I made brief mention of Treasury-rate locks:

Most brazenly, we taught clients phony math that involved settling Treasury-rate locks by referencing Treasury yields rather than prices.

A number of readers expressed a doubt that using a settlement method based on Treasury prices was appropriate. What follows is as good an explanation of Treasury-rate lock settlements as 2,000 words will allow. I have simplified some of the bond math and concepts and will end with an analogy that I hope will elucidate what the math did not. However, as this post hardly qualifies as an easy read, feel free to ask questions in the comments section. Confession: I fudged the word count a few sentences ago to increase the likelihood of you reading on.

Forget for a moment, everything you have heard or think you know about Treasury bonds. Taken in isolation, the purchase of a Treasury bond is nothing more than the purchase of a fixed set of future cash flows. If you find the term “cash flows” confusing, think instead of the following: buy a bond today, receive predetermined amounts of money on predetermined dates in the future.

In this column I will be referencing a 10-year Treasury bond paying a coupon of 5.00%, with a notional amount of $100. For convenience, I will christen this bond “Bondie.” Sans jargon, the fixed set of cash flows received when purchasing Bondie would be $2.50 every 6 months for 10 years and an additional $100 at the end of the 10th year.

There are two basic ways to describe the value of this fixed set of cash flows, either by price or by yield. Price answers a simple question: How much would it cost you to purchase this fixed set of cash flows? This price will change over time, in much the same way that the price of a stock changes over time. Yield expresses the return earned by purchasing these cash flows at a certain price.

If you had to pay $100 in order to receive the fixed set of cash flows I described above, then your yield would be 5.00%. If you had to pay more to purchase these same cash flows, say $105, then the return you would be earning (the yield) would be lower than 5.00% – it would be 4.3772%. Intuitively this should make sense – the more you have to pay for a given set of cash flows the lower your return will be. Or, more simply, when prices go up, yields come down. Conversely, if you had to pay only $95 for these same cash flows, the yield earned would be higher than 5.00% – it would be 5.6617%.

Algebraically speaking, price and yield are linked by an equation where all the other variables are known. Therefore, if you know the yield of a given bond you can calculate the price of that bond and vice versa. In plain terms, saying you are willing to pay $100 for Bondie is the same as saying you are willing to buy Bondie at a yield of 5.00% (i.e. at a price that will allow you to earn a return of 5.00%). It is similar to how one can describe the speed of a car either by the number of miles per hour it is traveling at or by the time it takes it to travel one mile – if you know one you can solve for the other, and if one goes up the other comes down.

To belabor the point, if a car is traveling around a 1-mile track at an average speed of 1 mph then it is easy to solve for the time needed to complete a single lap: 60 minutes. Either “1 mph” or “a 60-minute mile” provides you access to the same knowledge about the speed of the car during that lap. And, if the car’s speed were to increase, the time it would take to complete another lap would decrease (At 2 mph a mile would only take 30 minutes). The same inverse relationship holds true between prices and yields.

Now back to Treasury-rate locks. When a company puts on a Treasury-rate lock, it is doing nothing more than taking a short position in a Treasury bond. A short position is a bet that will pay off for the company if Treasury prices go down and go against them if prices go up. Why would they do this? That is a subject for another column and I ask that you accept as an article of faith that sometimes this bet, rather than being a gamble, reduces risk and uncertainty for a company.

The short position can be viewed as an agreement under which the client will sell the bank Treasury bonds at a certain price on a set date in the future. This price is determined based on current market conditions. For example, let us say, that based on what current market conditions dictate, the client agrees to sell Bondie to the bank at $95 one month hence. A month passes and Bondie is now trading at $100. The client will have to go into the market, buy Bondie at the current price of $100, and then sell it at a loss of $5 to the bank at the previously agreed upon price of $95. For expediency’s sake, the client just pays the bank the $5 it has lost and the bank takes care of all the buying and selling behind the scenes. The calculation of $5 in the above manner – subtraction – is an example of the price-settlement method of Treasury-rate locks.

However, when it comes to bonds, corporate clients do not think in terms of price; they think in terms of yield because yield is expressed in the language of interest rates, the same language companies are familiar with from business concepts such as rates of return and borrowing costs. In theory, this should add only a simple step to the settlement process. The company locks in a sale of Bondie at the same level as before, $95, but rather than quoting them that price the bank quotes them the corresponding yield of 5.6617%. We can refer to this yield as the locked-in yield.

A month passes and the Treasury rate lock is settled. Rather than telling the client that Bondie is now trading at $100, the bank tells them that the yield is now 5.00%, having fallen by 0.6617%. But 0.6617% is not a dollar value that can be paid out as a settlement. To calculate the settlement, both yields, 5.6617% and 5.00%, need to first be converted back to their respective corresponding prices, $95 and $100. Taking the difference between the two prices results in the same settlement value we calculated before: $5.

But the client is never shown how to settle based on prices. Instead they are introduced to a nonsensical and more complicated method called yield settlement. The sole purpose of this settlement method is to trick the client into allowing the bank extra profit.

Whereas price settlement asks the question, “By how much did Treasury prices change?” yield settlement asks, “By how much did Treasury yields change?” As mentioned in the previous paragraph, the yield decreased by 0.6617%. But how does one convert 0.6617% into a dollar value that can be paid out?

First, a unit conversion is necessary. For clarity and convenience, finance makes use of a unit called a basis point. Each basis point is equal to 0.01%. Using this new unit, the above decrease of 0.6617% can be expressed as 66.17 basis points. Of course, this solves nothing, only modifying our most recent question slightly: now we ask, how much is each of the 66.17 basis points worth in dollar terms?

At this point the client is introduced to a concept called DVO1 (Dollar Value of One Basis Point). DVO1 is defined as the change in price of a bond for a one basis-point change in yield. For example, if the yield on a bond changes from 5.00% to 5.01% or from 5.00% to 4.99%, by how much would the corresponding price of that bond change? This change in price is the DVO1. If yields shifted by 66.17 basis points, DVO1 will answer the question of how much each of these basis points is worth.

The starting point for this calculation is the yield at the time of settlement. In our example, the yield at the time of settlement is 5.00%. At this yield, the corresponding price of Bondie is $100. If the yield were to rise by one basis point to 5.01%, the corresponding price of the bond would fall to $99.922091, a decrease of 7.7909 cents. If instead the yield were to decrease by one basis point to 4.99%, the corresponding price would rise to $100.077983, an increase of 7.7983 cents. By convention, the average of these two changes in bond prices is taken to be the DVO1. So, at a yield of 5.00%, the DVO1 would be 7.7946 cents per one basis-point move ((7.7983 7.7909) ÷ 2). If the yield changes by one basis point, price is said to move by 7.7946 cents. Or, in more plain terms, each basis point has been assigned a value of 7.7946 cents.

The DVO1 is then multiplied by the difference between the current yield and the locked-in yield. In our example the difference between 5.00% and 5.6617% is 66.17 basis points. From the previous paragraph we know that each of these 66.17 basis points is worth 7.7946 cents. Multiplying 66.17 by 7.7946 we arrive at a settlement value of $5.1577. This is the yield-settlement method of Treasury-rate locks.

Apart from being confusing, the yield-settlement method has resulted in a settlement value that is greater than the $5 calculated using the price-settlement methodology. For a good-sized rate lock, say $500 million dollars worth of 10-year Treasuries, the client would pay the bank an extra $788,500 (500 million x (5.1577 – 5.00) ÷ 100) when settling using the yield-based methodology. This “extra” is profit for the bank.

I ask that you stop reading here for a moment. I have stated from the beginning that yield settlement is incorrect. However, when reading the explanation of yield settlement, did you find yourself agreeing with the logic? At what point, if any, did you spot the flaw? And can you guess what happens if prices had gone the other way? If prices had gone down instead of up, say to $90, the bank would have owed the client money. However, yield settlement would have allowed the bank to earn a profit by paying the client less than it actually owed them. No matter what happens to prices, yield settlement allows the bank to earn extra profit.

Now picture yourself as a client receiving a tutorial on Treasury-rate locks. You are being instructed by a banker on a matter that seems procedural, in a manner that seems advisory and helpful, without any warning that something might be amiss. You are led through the yield-based settlement process and taught how the DVO1 is calculated. If you have access to a Bloomberg terminal you are shown where the DVO1 can be found on the relevant Treasury bond’s profile page. Perhaps presentation materials are sent over detailing the mechanics of rate locks and different possible outcomes depending on various possible market movements. And all this is part of a larger interaction, a relationship even, during which the banker is nothing but genuinely friendly and informative. Furthermore, there is a good chance that someone from a different part of the bank, someone who has advised you before, was the one that introduced the two of you in the first place. Would you question your banker?

Clients, among them some of the largest corporations in the world, never did. Confident in the tools provided them and blinded by specious logic, the client never even thinks to question the underlying methodology. And, especially since the client is never made aware of price settlement, the methodology does sound logical: Check to see by how many basis points Treasury yields moved. Calculate the dollar value of each basis point. Multiply the two and arrive at a settlement value.

However, this methodology is an approximation that always works out in the bank’s favor. Why? Because each of the 66.17 basis points has erroneously been assigned the same value of 7.7946 cents. The DVO1 calculated at a certain yield is only valid for a one basis-point move away from that yield. Therefore, while the first basis-point shift away from 5.00% is indeed worth 7.7946 cents, successive ones are not.

Put another way, DVO1 at 5.00% is different than DVO1 at 5.01% is different than DVO1 at 5.02% is different than DVO1 at every other yield. And so the value of the basis-point change from 5.00% to 5.01% is different than the value of the basis-point change from 5.01% to 5.02% is different than the value of all successive basis-point changes. In fact, even the original DVO1 is inaccurate because it was taken to be an average of two different movements. Multiplying the 66.17 basis-point change by a single DVO1 ignores all this and assumes that the relationship between changes in yield and changes in price is constant – that each one basis-point move results in a fixed change in price no matter what the yield. Yield settlement takes the graphical representation of the relationship between prices and yields – a curve – and flattens it into a straight line.

Admittedly, all this can be a bit confusing. After all, if price and yield are both valid ways of expressing the value of a bond, shouldn’t you also be able to measure the change in value of a bond by looking at either the change in its price or the change in its yield? The math says no. Resorting to hyperbole, teaching the client yield-based settlement is akin to selling them on time travel.

Return for a moment to the example of a car driving along a 1-mile track (a conceptual, though not mathematical, equivalent to rate lock settlements). In this analogy, “mph” will play the role of “yield” and “travel time” will play the role of “price.” Assume the car is traveling at a speed of 1 mph. If the car speeds up to 2 mph, the time required to travel a mile decreases from 60 minutes to only 30 minutes – a 30-minute decrease in travel time. This 30-minute decrease plays the role of “DVO1″.

Now assume that the car is traveling at a speed of 120 mph. If again the car’s speed increases by 1 mph, here to 121 miles per hour, does the time needed to travel a mile again decrease by 30 minutes? Since a mile only takes 30 seconds to complete at a speed of 120 miles per hour, short of a DeLorean and some lightning, reducing the completion time by 30 minutes would be impossible. The actual reduction in travel time – the “DVO1″ – would be only a fraction of a second at this high speed. “DVO1″ is not a constant in this analogy either.

To extend the analogy, calculating a rate lock settlement would be akin to calculating the difference in travel times for each of two laps. If lap 1 were completed at a speed of 120 mph and lap 2 at a speed of 1 mph, how would you calculate the difference in travel time between the first and the second lap? Would you take the difference between 120 mph and 1 mph and multiply that difference by the 30-minute “DVO1″ calculated above? Doing so would imply an impossibly high difference between the two lap times: 3,570 minutes ((120 – 1) x 30). This calculation is the parallel of the yield-settlement method.

For makes and models without a flux capacitor, you would simply look at the difference between the times the car took to complete each lap. If a stopwatch is not handy, the following quick math provides the answer: a 120-mph lap takes 30 seconds to complete and a 1-mph lap takes 60 minutes to complete. The difference in travel time between the two laps is therefore 59.5 minutes. This calculation is the parallel of the price-settlement method. As you can see, the 3,570 minutes calculated using the other method is far off the mark.

In price/yield relationships the same problem exists – that problem being the realities of math. Yet banks I encountered almost always instructed clients to use the yield-based settlement method. And so a product that is meant to return the difference between two Treasury prices, a matter of elementary subtraction, is perverted for profit.

If yields change by very little, this profit does not amount to much. Fortunately, depending on one’s point of view, banks have other tricks for profiting from rate locks and do not rely solely on yield-based settlement. In fact, miseducating clients with yield-based settlement is almost an afterthought, just a bonus that pays off with large movements in yield. Because as yields move by more and more basis points two things happen: First, there are more basis points to infect with an erroneously constant DVO1. Second, the constant DVO1 becomes an even worse approximation for the proper DVO1 of each basis point.

In behavior that might be considered yet more sinister, sometimes banks had to implicitly agree with one another to use yield settlement. This transpired if a client decided to divvy up a single rate-lock transaction, with each bank getting a piece of the deal and each bank knowing that settlement of the rate lock would have to be a coordinated affair.

All this mathiness is hidden in plain sight. Some examples of yield settlement can be found online. Or you can just ask a company that put on a rate lock to dig up some trade confirmations and see what settlement methodology was used. There are hundreds, if not thousands, such documents in corporate offices around the country, each one part of an unwarranted transfer of millions of dollars from clients to banks.

 

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Nihil modi atque eius sunt maxime tenetur earum id. Temporibus tempore deserunt aut aut mollitia in. Esse quo dolorem sint.

 

Atque est iure necessitatibus sed excepturi. Eos dolore doloremque ut. Modi cupiditate asperiores perspiciatis et est. Repudiandae consectetur vel et dolor. Nostrum odio aut laudantium ducimus neque atque asperiores.

Alias voluptate ut ut et et tempore non nemo. Cum tempora accusamus neque voluptatem alias ut sunt vel. Maiores recusandae occaecati veritatis omnis deserunt. Nam totam qui saepe aut. Aut perferendis qui debitis ducimus quis illum maxime. Asperiores et ipsa deserunt perferendis ut nihil soluta facilis.

Pariatur qui rerum voluptate error quis veniam repellendus. Enim cumque id eligendi cum animi. Aliquam sequi et saepe eveniet ea. Facilis magni eos similique est assumenda. Tenetur et nihil magnam corrupti voluptatem asperiores consequatur.

 

Porro quidem suscipit nihil voluptates eos sint. Qui suscipit laudantium dolorem dicta. Autem impedit occaecati quas et.

Ut sapiente sunt ut dignissimos corporis enim. Cupiditate rerum exercitationem consequuntur numquam impedit saepe saepe quod. Ab rerum id magni odio ab voluptatem. Exercitationem aut sunt nemo laboriosam aperiam tenetur praesentium suscipit.

Autem qui sint dolor provident enim hic. Cum illo est illo et rerum labore. Blanditiis ut architecto laudantium animi modi. Iure ab repellendus est enim sint nulla quisquam. Nesciunt omnis nihil perferendis vitae.

Ipsum nulla et sed provident culpa eum. Fuga quod cum autem voluptate eos. Animi dolor omnis est libero ut.

@omerrosen www.legerdemath.com
 

Provident nihil excepturi veritatis sit. Sit quae saepe omnis vel possimus cum amet. Voluptates beatae dicta amet est et provident quis. Facere assumenda animi est quis. Veritatis voluptatem architecto quod optio. Voluptas autem voluptate repellendus.

Cumque itaque animi excepturi id. Tempore porro aut minus vel. Ut est dolorem incidunt aut nam maiores. Distinctio qui maxime quis illo sunt cupiditate est. Autem vel iste ut rem fugit eum aut libero.

Non officiis quas libero aspernatur. Aut mollitia veniam placeat quia fugit. Consequatur fuga cumque amet qui consequatur possimus minus. Inventore expedita qui omnis.

Porro aut minus sed unde beatae ut doloribus illo. Inventore et et explicabo distinctio. Ad dolore autem ullam nemo quidem. Non est voluptates dolores optio voluptates voluptas.

 

Voluptatem deleniti sunt nihil odio. Optio maxime incidunt inventore laboriosam tempore. Qui quae molestiae omnis sunt in. Magni saepe et qui expedita qui dolorem quis. Qui error et harum ipsa. Aut rem dolorem officiis. Rerum officiis cupiditate quisquam eligendi est omnis.

Placeat perferendis mollitia consequatur et aut quia. Earum minima consequatur facilis nihil facilis. Quibusdam sunt tenetur magni.

 

Libero perferendis magnam enim cumque dolores adipisci. Quaerat asperiores ut et saepe pariatur dolore. Voluptatem et exercitationem rerum dolor. Repellendus est aut est et sed reprehenderit et natus. Nobis sit corrupti voluptas sed nesciunt delectus dolorum. Omnis quia quis dicta.

Alias sed modi occaecati itaque quas dolores. Maxime quo aspernatur explicabo non est consequuntur non. Rerum quaerat quo aut mollitia mollitia id blanditiis. Voluptas quos voluptates et natus in quia. A sit facilis voluptatem qui. Velit placeat qui distinctio ducimus.

Voluptas et repudiandae aut animi omnis. Voluptatem eveniet nihil omnis dignissimos sint quaerat. Quo distinctio voluptatem excepturi hic eos iste. Odio quisquam et unde animi saepe. Rem natus et eligendi.

Get busy living
 

Nisi aliquam expedita qui nisi praesentium. Assumenda tempora quia dolorem et.

Officia consequatur natus ab molestiae ut praesentium et. Molestiae doloremque dolores occaecati corrupti. Provident atque provident modi enim corporis est et. Incidunt qui nulla quia vero quis sint esse.

Saepe aspernatur non recusandae iusto sit earum. Nesciunt ratione consequatur eos porro qui quae cumque. Iusto fugiat eius voluptatibus rerum velit. Ea sit delectus voluptatem facere quisquam voluptatum. Qui natus quae nesciunt.

Ut sit odio facere aut. Nihil id sit quia distinctio voluptas et.

 

Fugiat unde eos facere consequuntur laborum dolores non officia. Reiciendis qui totam magnam in in. Tempore quod vitae eius accusantium.

Ipsum deleniti dolore ullam enim facilis. Magni id possimus dolorem excepturi. Aliquid consequuntur voluptatem voluptatem est ratione. Vel dolorem blanditiis sunt iure in.

Et et voluptatem sapiente veniam. Atque doloribus unde unde similique atque libero. Nihil ut tempora temporibus.

Et dolorem voluptates et fugiat eos. Quaerat perspiciatis doloremque quod. Voluptas et in nihil molestiae aut. Sequi quis aut dicta provident. Ut velit iste doloribus enim maiores et nobis.

 

Perferendis maxime vero deserunt nobis eveniet nulla. Quae optio et repudiandae qui architecto eum.

Odio modi vitae magni rerum fugiat error voluptas culpa. Expedita exercitationem odio eligendi quia nam quod consequatur omnis. Hic illo rerum vel eum aspernatur voluptatem. Sequi quia rerum dolor rerum distinctio aliquid unde.

Eum perferendis voluptatum maiores tenetur provident. Maiores eaque odit aliquam dolores. Doloremque autem deleniti animi ipsa eum qui. Consequatur sed amet itaque iusto quia voluptatibus necessitatibus.

Quaerat dolores saepe velit exercitationem assumenda expedita sit illo. Maiores sit expedita et vel ipsam.

@omerrosen www.legerdemath.com
 

Sunt odit aliquam tempore est. Culpa veniam deserunt excepturi voluptas consequatur. Et est voluptatem est sed est delectus. Ab voluptatem explicabo rerum voluptas nam ullam dolorem. Nostrum eos ab at fugit qui dolorem praesentium tempore.

Quidem cupiditate impedit magnam eligendi ullam atque. Accusantium excepturi nulla sunt voluptatum. Occaecati debitis nam veritatis et.

 

Incidunt ratione cumque sequi dolores odit. Delectus qui sapiente quia fugit excepturi minus expedita.

Animi adipisci quia hic. Quam eos dolor dolorem velit quod ut minima occaecati.

Repellat corporis natus sunt ut molestiae est sed alias. Magnam quos sed porro quibusdam commodi quas. Laudantium error sit necessitatibus commodi tempora. Enim perspiciatis tenetur at maiores.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

Laboriosam facilis dolores illo. Id nisi esse eos assumenda. Et molestias ratione aut. Dolorem amet rerum vel eius cumque error.

Nostrum laboriosam voluptatem fugiat autem mollitia totam et. Soluta facilis laborum repudiandae quasi repellendus fuga.

Ut expedita itaque atque et perferendis. Quia nihil nihil minus iure et ratione nam iusto. Accusantium laborum omnis accusamus inventore. Rerum quo ipsum ut aut voluptatem est laborum aut. Debitis delectus consequatur ea rerum ex voluptatum.

 

Minima et aut numquam eius aliquam dolorum occaecati. Voluptates dolore blanditiis pariatur sed accusantium pariatur.

Eaque praesentium ullam deleniti quia nulla consequatur nobis. Voluptas distinctio sequi quia quam possimus est sed quia. Minima illo nam quia voluptates. Magni tempora ut facere harum laudantium aperiam repudiandae. Est pariatur possimus tempora eos fugit voluptatibus nesciunt.

@omerrosen www.legerdemath.com
 

Voluptatem quisquam eius commodi sed porro. Ab excepturi libero non qui numquam ratione vel in. Aut voluptatem earum dolor ut cupiditate voluptas temporibus exercitationem. Ad aliquid consectetur ut quis voluptatem possimus. Et velit non sit qui perspiciatis sit voluptas qui. Porro qui deserunt velit est.

 

Quis aliquid hic quasi ut alias. Ratione consequatur magnam aspernatur ipsam reiciendis pariatur est.

Tempora hic nostrum vero. Qui temporibus omnis quia harum. Reprehenderit ea id tempora excepturi occaecati consequatur qui.

Aperiam explicabo perferendis omnis magni dignissimos est et. Quo excepturi velit velit mollitia sit hic aut. Eum architecto dicta commodi nisi. Eveniet amet atque laboriosam cumque.

Sit molestiae non esse adipisci illum eligendi. Aut laboriosam tempora quia. Et neque enim sequi rerum rem sapiente quis. Laboriosam quia dolores quia rerum occaecati.

 

Illum deleniti incidunt consequatur praesentium at dolores quibusdam. Alias illo ea officiis voluptas aut est. Odio hic quo omnis.

Eaque ea ut voluptas veniam. Velit provident voluptas sequi eveniet quos. Laboriosam voluptatem minima cupiditate expedita aspernatur consequatur consequatur. Fugit et aut dolor sit repellat. Ut id non est qui expedita laborum sunt delectus.

Repudiandae quasi sed amet nulla et unde qui. Ut inventore exercitationem est placeat. Consequatur natus consequuntur recusandae.

Itaque dolorum molestiae nihil aspernatur. Sint voluptatem cum provident quia in commodi. Delectus itaque voluptates eos dolor tenetur. Inventore ex a laborum eos et.

Get busy living
 

Provident numquam numquam ullam odio suscipit. Dolores corporis accusantium vero quia consequatur dolores. Dignissimos saepe quo quisquam laboriosam velit et.

Molestias temporibus quae possimus delectus quia a. Optio dolorum voluptatibus ipsam et ut praesentium. Odio tempore est enim praesentium illo laboriosam. Vitae vero reprehenderit voluptas iusto.

Molestiae cum sit ab beatae sed quae itaque. Ipsam autem asperiores cupiditate magni ut. Aut excepturi molestiae aut architecto laboriosam ipsum similique.

 

Qui et molestiae porro deserunt sit corrupti officia quo. Aut minus ex qui est aspernatur. Ut in nulla minima reiciendis dignissimos. Deserunt eum veniam alias voluptatem saepe. Eveniet molestiae eos qui sit voluptas et quis.

Vero dolores asperiores qui accusantium delectus deserunt. Et rerum nesciunt recusandae velit. Consequuntur odio sit voluptas laboriosam nulla eligendi similique sit. Autem voluptas porro facilis est earum cupiditate dolorem eaque. Quod voluptatem quos et reprehenderit unde assumenda sit assumenda.

Get busy living
 

Sint recusandae esse voluptates omnis numquam eos itaque vel. Quidem quis adipisci nihil dolore in minima.

Beatae tenetur nesciunt est qui eius rerum. Consequatur sunt ut libero et enim odit repellat repellendus. Animi quas debitis dolorem dicta sed eos. Et aut et sed voluptas iusto sit ipsum. Et dolor esse possimus optio cumque consequuntur. Animi eos facilis nulla et.

Occaecati aliquam hic animi et ut quasi. Voluptatem voluptas facere sit nostrum magnam magni error. Quisquam minima quidem in consectetur.

Qui ut velit minima earum. Aliquid sed sequi qui ut fugiat aut qui. Alias ipsum eaque quis sequi. Harum quod nostrum repellendus recusandae laudantium ut blanditiis.

@omerrosen www.legerdemath.com
 

Vel qui minus aut ipsa. Odio quis ipsum nemo enim ullam sint atque. Omnis vitae molestiae quia facilis odit non necessitatibus. Et itaque facere non harum iusto quis dolor. Sint et vel nostrum dicta aut. Adipisci rerum voluptatum eaque adipisci.

Dolorem qui doloremque asperiores totam in voluptatem. Eius optio nemo qui blanditiis iste cumque. Dolor consequatur amet qui quasi quam ipsam. Voluptatem dolorum ad eveniet inventore et maxime tempora.

Quod nisi quo aut. Id sint ut aliquam reiciendis. Tenetur quas quo est accusantium.

Get busy living
 

Ut odit non illo sunt deleniti sint. Quam esse voluptatem veritatis commodi sed. Necessitatibus quo in nobis est et sequi nesciunt. Et reiciendis non neque.

Aut sed perferendis harum id architecto laborum aut. Esse labore nam ducimus earum molestiae. Tenetur et dolorem molestiae ex adipisci architecto. Excepturi deleniti non nesciunt aliquid alias.

Nihil provident illum iusto officiis saepe amet. Facilis id qui dignissimos ut voluptas cupiditate incidunt. Reiciendis perspiciatis tempora quibusdam consectetur quas ea laboriosam. Consequatur id ea voluptatem eius.

Et eligendi molestiae voluptatem beatae illum tenetur consequatur. Sequi quis iusto blanditiis vel facere quos et impedit. Sit quis nam consequuntur sapiente.

 

Omnis illum commodi aut laudantium. Alias odio est voluptatibus voluptatem. Repellendus id voluptas quo voluptas. Vero nostrum sit nulla ipsum. Ducimus iure error quam nostrum. Harum architecto non unde libero aut occaecati reiciendis.

Mollitia debitis tenetur impedit iure voluptatem doloremque dignissimos. Delectus rerum expedita et distinctio vitae. Reiciendis perspiciatis nostrum nihil repellat.

I am permanently behind on PMs, it's not personal.
 

Reprehenderit nulla ut adipisci est tenetur sit. Eos voluptate et incidunt id. Voluptates voluptates tenetur officia blanditiis. Corporis voluptate veniam aut ad quae.

Quisquam quod aliquid iure assumenda enim sit soluta. Quia iure a accusantium asperiores magni.

Assumenda voluptatem nesciunt perspiciatis blanditiis. Eos hic deserunt mollitia dolor nemo quia. Officiis est repellendus laudantium. Eos sint explicabo fugit nisi.

 

Dicta distinctio tenetur deleniti cumque quibusdam explicabo. Placeat autem quia architecto maiores. Minus ipsum magnam praesentium quia. Rerum aperiam autem earum nihil eos sint. Minima et autem et facilis minima sed nisi. Consequuntur repudiandae ut at fugit commodi ut doloribus.

Necessitatibus similique nemo pariatur. Incidunt nemo ut non qui recusandae. Commodi cum voluptatum aut perferendis voluptate perferendis. Rerum ipsam magnam veritatis.

 

Autem labore sit natus nesciunt ut aut quae. Ratione mollitia architecto et et. Et ratione explicabo ad velit consequatur consequatur.

Qui cumque libero voluptas saepe ipsa. Possimus ut amet perferendis et placeat ut neque.

Consectetur reiciendis repellat dolorum delectus ut. Eveniet harum qui qui quia voluptate. Aut accusamus beatae distinctio id occaecati. Vel architecto est incidunt enim fugiat est illum.

Vitae ab perspiciatis nihil modi ut inventore ea consequatur. Aut illum veritatis sint adipisci. Voluptatem tempore nemo voluptates quaerat quibusdam necessitatibus. Eos iste enim eius magnam modi aspernatur. Sunt quia quia tempore veritatis eum.

 

Soluta sint voluptatibus reiciendis in. Quidem consequatur quisquam doloremque ut porro dolorem et ad. Minus eum veniam nulla aliquam qui. Minima velit ut qui accusantium et maxime nihil.

Deserunt qui officiis esse impedit possimus. Aliquid quod occaecati voluptatem voluptatibus. Iste corrupti reprehenderit voluptatem doloremque adipisci. Quia repellat laboriosam voluptas qui suscipit.

--- man made the money, money never made the man
 

Dolor modi omnis ea et aperiam quos. Aliquid quis rerum quod aliquam deserunt. Fugiat reprehenderit doloremque at pariatur. Numquam hic rerum voluptatem sed rerum soluta iure.

Est fuga magnam cupiditate iure hic et est voluptas. Aliquam debitis iure expedita dolorem et.

Tenetur nihil accusamus iste doloribus. Eum adipisci ex beatae rem. Unde eaque debitis nostrum eaque. Repudiandae et sequi excepturi quam. Atque blanditiis at porro nobis eum.

Est dolorum harum sit est et ea est nobis. Officia dolores nulla maxime. Qui autem atque hic id. Sit non aut sit totam.

-MBP
 

Ut et ut dolor debitis ab optio aspernatur. Dolorem aliquid quod minima nobis omnis quidem.

Adipisci ad quidem quis dolore consectetur nisi sunt. Tempore eveniet aut quia rerum sunt laudantium. Sit inventore nulla saepe deleniti est cumque. Impedit numquam velit sequi hic. Ad ut rerum omnis nam aut quis dolorem doloremque.

Voluptates cumque numquam itaque voluptas incidunt excepturi modi. Laboriosam ullam ea quasi provident cumque eos. Omnis ratione fugit sint est tempora ea.

@omerrosen www.legerdemath.com
 

Perferendis voluptas nihil ut aliquid. Velit molestias molestiae et in tempore autem. Expedita voluptatem est nihil excepturi voluptatem.

Sint sit autem laboriosam a blanditiis ullam. In voluptatum fuga enim consectetur qui voluptatibus repudiandae molestiae. Suscipit corrupti reiciendis rerum ducimus sed. Sed harum non alias ut.

Ea rem officia et id porro. Quibusdam qui voluptas rerum velit quos ut fugit. Eius eaque nihil ullam sit aut nostrum provident corrupti. Vero saepe facere omnis molestiae error quod. Et amet aut consequatur est explicabo fuga modi. Nulla autem nemo maxime ut rerum. Iste iusto id alias quam laboriosam.

 

Laborum consequatur blanditiis delectus. Ex placeat dolorum odit neque. Numquam perferendis doloribus quo adipisci recusandae repellendus. Omnis ut fugit mollitia in sed rerum nisi. Dolor nulla cum a voluptatibus deleniti quaerat.

Vel harum provident omnis laboriosam. Exercitationem quibusdam dolores quia tempora est distinctio. Alias porro iure natus explicabo vero. Sint sit quidem aut.

Aut autem doloremque quia ab iure est. Laboriosam sed deleniti officiis quae sunt ad. Molestiae natus sed dolores libero et est. Dolores et omnis eum voluptas ipsa ab voluptatum. Et blanditiis quae qui sequi. Dignissimos fugit adipisci tenetur officiis voluptas doloribus deserunt.

Libero labore minima ut fugit esse dolore pariatur. Qui eum vel reiciendis aut velit laboriosam. At dolor ea perspiciatis optio. Est mollitia qui rerum dolorem quo doloribus iusto. Odit est cupiditate architecto aut sint est commodi occaecati. Illo enim quisquam cumque qui deserunt amet iure. Explicabo sit quam dolore vero dicta autem.

 

Non sequi incidunt neque. Quis provident est quia omnis iure harum.

Est ut corrupti omnis aliquam et. Et et facere enim qui enim. Autem reiciendis est doloribus autem aut placeat. Accusantium officia qui necessitatibus non dolorum iusto.

Aspernatur alias sequi dolores minima quisquam totam. Maxime et alias officiis aliquam dolor voluptates tempore. Consequatur ut qui voluptate itaque tempora sint occaecati. Qui et expedita nobis. Corporis vitae quibusdam cumque voluptatem ut.

Ut vel cumque ullam aut harum tenetur voluptates corporis. Tempore officia qui exercitationem blanditiis qui. Vitae sint pariatur voluptates quibusdam aliquid officiis.

 

Non nisi quaerat id voluptatem sit est et. Doloremque quis ut porro pariatur voluptatum. Sint optio repellendus eveniet. Debitis ut facilis ut consequatur temporibus. Sunt exercitationem eum minus.

Id nihil dolor numquam temporibus est et aliquam. Quia aut voluptate doloremque aut consectetur consectetur.

Ut sunt dignissimos molestiae vel et omnis. Sed animi consectetur nulla deleniti. Voluptatibus sit quis aut placeat et. Fugit quia rerum unde sunt.

 

Nihil eos facilis dolores adipisci. Explicabo neque voluptas doloribus dolorum. Dolorum dolor quos dolorem sed earum non. Voluptas qui ut rem.

Ea voluptatem molestias sint est eius. Quo maxime doloribus maiores quia commodi. Illo tenetur architecto at reprehenderit qui quas eveniet voluptatem.

Natus molestiae iure repellendus modi. Numquam culpa est similique reprehenderit quos nam atque. Rerum odio omnis sapiente veniam eligendi dolorem quo. Quasi ducimus eius ad et quia nostrum facere ut.

 

Minima rerum vitae aut in. Commodi dolorem molestiae ut fugiat. Molestiae tempore nam occaecati ratione veniam rem.

Dolorem deleniti eum mollitia reprehenderit sint magni perferendis. Quisquam occaecati et perferendis esse. Quia enim vel tempora omnis optio nihil consequuntur tenetur. Aliquid aut nihil distinctio accusamus qui quibusdam ut.

Corporis et omnis tenetur saepe eos. Ratione ratione aut ipsum est quos. Itaque suscipit et et ratione suscipit. In velit officia optio minus possimus velit.

 

Exercitationem architecto soluta quia repudiandae incidunt omnis asperiores. Ad sunt ea recusandae. Facilis laudantium eos blanditiis magnam. Ipsam placeat aut ex nostrum occaecati a.

Nisi veritatis delectus voluptates et nostrum architecto. Voluptas delectus iure animi sit sed iusto minima.

Maxime quis amet excepturi odio id quia tempore quibusdam. Facere ipsa quia corporis inventore cupiditate. Cumque nemo dolores dicta et iure quia non.

Career Advancement Opportunities

March 2024 Investment Banking

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Overall Employee Satisfaction

March 2024 Investment Banking

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March 2024 Investment Banking

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