Clarification: This company is not a scam..
Original post deleted. Scam indeed. Famous one.
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Original post deleted. Scam indeed. Famous one.
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Career Resources
Hi Jack, your company is a scam but glad you made a WSO account
lol
Do not know to much about the company, but I do say just from reading this, looking at their website, and reading articles on Google, they are definitely shady. First even the smallest of small firms pay for the employees needed training materials. I have never heard of any legitimate firm making employees pay for their own training materials in order to the job they were hired to do.
Then there is the website.
The "Executive Team" page is composed of the CEO and then an associate whose bio is exactly one sentence. I mean if I was reading through an RFP and read, "Eddie joined Alpha Capital in 2013. He has outstanding modeling and analysis skills and assists in all of our transactions. He has an MBA from Dowling College." as the number two exec for the firm, no way could I turn the firm down. The bios for the former employees on the "Alumni" page are longer than those of the Executive Managements.
I love the "Blog" page, with exactly one blog from a year ago, with really informative information on the current market and company trends.
Not quite sure I have ever seen an investment banking website whose "Contact" page is simply the CEO's personal email, but hey I guess it is better just to cut through all of the HR yellow tape and go straight to the CEO himself.
It promises you "successful careers with Goldman, Sachs (5), Deutsche Bank (5), Morgan Stanley Capital Markets, Citigroup, Lazard and other major firms. Actual references (32) are provided." Hey at least they provide the references, or do they?
Then there's the pitch, which they label it as "Professional Development Program." Seems that he put a lot of time into that nifty little PowerPoint in his video. It might of helped if he used spell check every now and then. You get all of this with a promise of landing a BB spot all for the low cost of $849. Be careful though, there are only a limited number of spots left, you do not want to miss out on this great opportunity.
If that doesn't help you, simply read the numerous reports/complaints from the victims on Ripoff Report and Fraud Alert.
Conclusion: not shady at all.
D
Nothing you stated is proof that Alpha Cap isn't a scam used by Jack Bloom (and his associates) to take money from unknowing kids looking to break into investment banking. What transactions has this firm actually completed in the past 12 months?
Okay first not all kids' paid to get into the program (I didn't). You can look up the transactions on the website.
Past transactions:
"Rockford Industries, specialty finance company, Initial Public Offering, Private Equity Placement with Sun America, $165 million open pool securitization program, sale to American Express.
Cal BIDCO, one of the largest SBA 7 (a) lenders – leveraged buyout raising $20 million equity, $20 million subordinate debt, $75 million bank line, $150 million securitization program"
I am just one of the interns there. I know that a lot of people say (including one of my contacts at an EB) this firm does not sound that legit, but I have been learning a lot from the training materials and actual projects/deals.
The company recently got an LBO deal.
This happened in late 1998 lol. Your firm's website says it was founded in 2005. That's impressive that they completed a deal 7 years before they started operating.
Just a quick question, how much does Jack pay you to go online and lie about his company being a scam? Also, what would he think if someone were to start calling the NY State Dept. of Financial Services inquiring about his firm?
I had a buddy that thought this company was legit at first. Then, Jack Bloom led him on and made him do all of these absurd models, only to tell him after 4 months of "interviewing" that the internship was unpaid and remote. Company is a total joke.
It is unpaid and a lot of people do it remotely, but there are a few people who go to the actual office. I'm going there this summer btw. I know that the company does not have a very good reputation, but I have been learning from the materials indeed.
I want to see this Bloom character fight Justine Tobin in a steel cage match for the souls of 20-year-old finance majors.
haha this is actually funny.
TOBINCO
She's probably too busy tweeting again, though. Check out this gem. Poor kids.
https://twitter.com/TobinandCo_IBG/status/864101740693655553
SAD
SoreLosers
I'd pay to see that!
+1 SB
I just love how everyone knows exactly which company this is without you having to name it.
I was recruited by Jack Bloom during my undergrad years (wow that was a while ago). He more or less said, "Given your poor academic performance you should be begging me to take you on" and going on and on about what he could do for me. When I told him I wasn't interested in doing a phone interview with him, he switched to being horribly rude, e.g. "Just because you worked for [mutual connection]'s firm last summer doesn't mean you're worth anything, you're a dumbfuck for giving up this opportunity," etc.
Whether I have to pay for an internship or not is beside the point. What turned me off was that it was the most unprofessional communication I have ever had in my life. I have never heard someone at least 20 years my senior be so petty before.
Just gave u a SB. If what u said is true (and I believe it is), that was really rude and unprofessional. I didn't take anything like that. My talks with him have been friendly, with him telling me something regarding specific projects and some technical knowledge (accounting, finance). I think he is indeed an industry veteran, but his company has a terrible reputation because he ask a few students to "pay for an internship" while most of them probably don't do anything since it's remote (and he took the money). With all that being said, I don't deny any of this. I'm just saying that his training materials are legit and I can learn a lot from them. I also have the opportunities to see quite a few ER reports, which I won't be able to see if I'm not in his program. But definitely want to thank you for your info.
You're not really helping your case here....
OP, you're fighting a losing battle defending guys like Bloom or University of Dreams. You may be learning a decent amount from stuff they're sending you but you can learn at least as much through Macabacus, SimpleModel, WSO, YouTube, Scribd, etc.
I hope you get enough that you can spin and turn into something real down the line, just don't be afraid to walk if they ask you to do anything you think may not be legal or ethical.
Definitely, thanks for the advice man. Not trying to fight this battle anymore. As I said from the previous comment, won't take it as a long-term strategy.
Ask your fellow analyst how much money Jack Bloom charged them. I'm willing to bet it's a little bit more than what a modeling course from the fine folks at WSO/WSP/BIWS provide. You can also gain access to ER reports pretty easily, don't let that guy convince you that he's doing you any favors (especially if he isn't paying you).
Thanks for the insight man. I will be more cautious on him and the company. Actually I have a scheduled phone call with him regarding this summer's on site internship. Based on what I saw here today, probably I won't go. I have another chance at a small PE firm around where I go to school (SoCal). probably going to this one then...
If you got an offer from the small PE fund, then please go there! Between now and the start of your internship, just purchase one of the WSO/WSP/BIWS guides and you can learn in a few days what Jack Bloom will teach you during this entire "internship"
My school had a unpaid research internship for the student managed portfolios. It was maybe 5-10 hours a week, but it was on your own time, you got modelling experience, certs for Bloomberg, capIQ, and morningstar. I would see who is in charge of those on your campus and see if you have anything similar.
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