Bud Fox in Wall Street
Just finished watching Wall Street for like the 500th time, and I was hoping you guys could answer a question that's always nagged me:
What exactly does Bud Fox do?
I know it sounds like a silly question, but hear me out. There are points in the movie where it sounds like he's a PWM-type (Like when his boss towards the start of the movie is riding him and says something like "Plenty of 6-figure names to cold call in that zip code file Bud". Clearly 6-figure names does NOT constitute institutional trading/selling.
Then a bit later on over the PA system, his boss says something like "get on the horn with your institutions", which clearly DOES sound like S&T.
Then he sells Gekko on the Bluestar deal, at which point GG has him fill a buy. That transaction is either a Ultra High Net Worth PWM type deal, or (much more likely), a institutional deal between Jackson Steinheim (Bud's employer) and Gekko Inc.
THEN he starts getting involved with M&A corporate raider-type stuff. He's even called an investment banker later in the movie.
So in 2 hours he's doing Private Wealth Management, Institutional Sales & Trading AND Investment Banking.
What is his job description?!?!
a boss.
His job is paying hookers to sit on his face.
He's a broker.
Broker, they did everything back then...
definitely a broker and a bow-s.
Back in the day, stockbrokers did everything. We had individual clients, institutions, we arranged private placements, found companies to take public, did analysis, the whole nine yards. Oh, and dialed the phone 300 times a day. Minimum.
It was only after the asset management model was introduced that brokers started to go the way of the dinosaurs. I'll probably write a post about it next week. In the late 80s and early 90s, brokers had all the control in the firm because they could just take their book and leave (and often did for large signing bonuses at rival firms). The AM model changed all that because it tied clients to the firm and not to their individual broker. Also reduced a firm's liability in the case of rogue brokers.
The real question is wtf does Shia do in WS2.. The guys a hybrid trader, banker, PE baller and motorcyclist extraordinaire..
And a douche at the same time. That was completely unrealistic.
Please do, I've always wondered about that whole transition.
Classic story of a fundamental. Acquire currency and women will come.
hahaha thanks everyone, esp Edmundo.
bucket shop
The answer lies in like the 501st time you watch it.
If you're referring to Gekko's wife introducing Bud to the "Euro-flash GQ type" guy (Sam?), I believe she said that he, not Bud, was in banking. Her employment reference to Bud was that he "works with Gordon".
I don't recall any direct IB reference involving Bud.
"Sam, he's in banking. Works for Gordon" is the quote.
She's an outsider -- people use terms like banker/broker/trader/etc interchangeably. No need to take her literally.
Bud says at the beginning of the movie to his father that he wants to move to the investment banking side of the firm in the future
At some boutique firms you are allowed to have a mixed book.
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