Not sure if folks are following the Sage Kelly divorce and the accusations that the wife is asserting, but I'm a bit more interested in the guy's bio. I'm always interested in what the educational and career path looks like for the guys that make $7M / year as a managing director. However, I have found it difficult to undercover that with respect to Mr. Kelly. Does anyone know his history?
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Lesson from this - to make $7m a year, you have to let your clients fuck your wife.
On the other hand, you get to fuck your clients' boobie-enhanced girlfriends.
On the third hand, your life is a complete wreck and likely 50 - 75% of that $7m comp is spent on client expenses which can't go on your corporate Amex.
IBs factor the "unclaimable work expenses" into their comp calculations.
I think you'd find it's much more about the relationship/people skills and sales skills than any university or prior jobs at that level - to do that well as an MD you simply have to be really good at brining in deals. All that seems to matter (based on what I've seen/heard - and to a large degree, but probably not exclusively) is getting your foot in the door at a pretty reputable place with the infrastructure to support your skills/make your job as easy as possible. After that it's all about how much business you can bring in (at the senior levels, which is what really matters - no associate or VP will ever get to $7m a year if they are the best in the world at execution but can't bring in business).
He went to Boston College. Joined Ben Lorello's HC group at Salomon Brothers as an analyst. Worked his way up when they were bought out by UBS Warburg. UBS Warburg team was bought out of UBS by JEF (before being hit for the settlement for being involved in HealthSouth). Ben Lorello moved from HC head to head of IB at JEF and Sage (who had been in group since he was an analyst) became head.
All my dealings with them have left me wanting to wash my hands afterwards. He makes a lot of money but at what cost? Also - in 2009 UBS had to give him (and many others in the bank) personal loans to pay their mortgages because they were living paycheck-to-paycheck and were illiquid.
http://blogs.wsj.com/deals/2009/06/26/health-scare-calculating-ubss-los…
http://www.bloomberg.com/news/2010-04-23/ubs-agrees-to-pay-217-million-…
So just an undergraduate degree from BC? How many of these managing directors actually have MBAs from M7s? I'm just trying to get a sense of how much an M7 is hype based upon all the MDs that are out there pulling down large $$$.
You don't need an MBA to become an IB group head or make a lot of money.
Jesus Christ. There are failures who went to Harvard, successes that went to community college. Stop masturbating to the name of an institution. Institutions shape people, doesn't make people.
EDIT: Doublepost
Baller move of Sage. Better than the banker who murdered two whores in HK.
Link: http://www.bbc.com/news/world-asia-29866284
When HK bankers aren't cursing slow taxis due to Occupy Central, they're saying this was a BAML guy.
I would have had a great retort if I knew which bank Christian bale worked at in American psycho
@"Jamoldo" - tell us it wasn't you and tell us what you're hearing...
It wasn't me. I swear... I was getting a carton of milk around the time of the murders...
So, the murders took place pretty close to where I live and I had friends and plenty of acquaintances (not many of whom I like too much - personal and maybe irrational bias) that live in the building. 381 units, it's called J Residence, was completed in 2007 and is a swish, well located and super overpriced (for the space you get) apartment building where a bunch of people aged 24-40, mostly single, live (some of us call it a dorm), mostly in finance or law. Apparently both women were hookers - one I think may have been dead for a while, guy was an equities derivatives trader? I walked past the building on Saturday and there were tons of tv vans outside. Police were taking down the ID details of everyone who walked out of the building on Saturday. Otherwise, I don't know much more.
On acronyms, there is still plenty of FILTH here as well as in Singapore. Increasingly though, we're seeing FISHTAIL (Failed in Shanghai Try Again in London) increasingly around...
He made $7 million per year but at what price? Not all the money in the world could buy you a loving family and true friends. The guys at Goldman don't let their clients fuck their wives. They win the deal the good old fashioned way.
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