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Old 07-18-2009, 02:35 PM
 
101 posts, read 153,814 times
Reputation: 53

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When all of the Wall Street executives, the senior traders, the managing directors became the target of public anger, when they were cursed left and right by Congressmen in various hearings, did they feel embarrassed? I don't think they did. In their minds, they probably felt superior and pleased with the public celebrity. Without reaching a certain level, no one would care to curse at you and be angry at you. Do you ever see janitors being cursed at?
Those who curse at them, most of them secretly admire them. If an opportunity arises in which one of those can sit together with those traders, and be part of the excitement of the Street, I am willing to bet 9 out of 10 would jump at the opportunity.


Yield curve, duration, convexity, basis points, long, short, private equity, morgan stanley, citigroup, goldman sachs, even lehman brothers and bear stearns. Those words are full of magic and allure and mysticism. The traders, with their 4 flat screens, bloomberg terminals full of graphs and scrolling numbers,one phone on each hand, a huge CNBC feed in front of each of them showing Street Signs or Squawk Box... One cannot help but be intoxicated and mystified by those images.


If a group of non-Wall Streeters get together for a party, and if one Wall Streeter shows up, all of them will feel a secret sense of excitement. On appearance, they'll join the crowd and bash that Wall Streeter, saying things like "Wall Street has declined.", "it's all your guys fault causing this economic crisis.". "You guys must all be embarrassed now huh?".


But despite what they say, they themselves mostly are thinking: "Oh God how I wish I can get a job on the trading floor of a Wall Street firm, oh god....."
I work on Wall Street, and I am proud of my job.


http://graphics8.nytimes.com/images/...nline1-650.jpg






http://www2.goldmansachs.com/careers/our-firm/divisions/securities/664px.jpg (broken link)




http://www.portfolio.com/images/site...fuld-slide.jpg

Last edited by Green Irish Eyes; 07-18-2009 at 02:52 PM.. Reason: Please do NOT post photos unless you have taken them yourself.
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Old 07-18-2009, 03:14 PM
 
346 posts, read 1,217,070 times
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OK? Most people really don't care about Wall Street, and there isn't anything mystic, unique or special about it. Wall St. Hell, Luxembourg and Connecticut are doing a damn fine job of lowering the importance of Wall Street, but lets move on.

There is no allure in trading jargon, and no mysticism for those interested. online services like e-trade and Scott trade have done a rather decent job getting normal people into trading stocks and making profit off of it.

There is nothing wrong with the profession, but to act high and mighty like you've found the cure for cancer because you've come into the position that you are is unwelcome in all circles, not just those lower than you in the Wall St. caste system. And no, I doubt that they secretly want to work on the trading room floors on Wall St.
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Old 07-18-2009, 03:45 PM
 
1,014 posts, read 2,791,953 times
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I was in lower manhattan the other day and a building housing one of the bigger investment banks (or, whatever they're called now) had a fire drill. I've never seen so many pasty nerds in one place in my life. I'm going to be one of those toolbags in a few short years, but what I saw in front of my eyes that day could be described as U. Chicago-style nerdism.

O, and, btw, "Damn, it feels good to be a banker" was lame but you might want to check it out.
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Old 07-18-2009, 03:47 PM
 
142 posts, read 499,077 times
Reputation: 64
saobi,
what are you doing exactly on wall street?
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Old 07-18-2009, 06:44 PM
 
Location: Brooklyn
2,867 posts, read 4,617,086 times
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Quote:
Originally Posted by saobi View Post
But despite what they say, they themselves mostly are thinking: "Oh God how I wish I can get a job on the trading floor of a Wall Street firm, oh god....."
Stop....you're cracking me up. You're funny.
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Old 07-18-2009, 06:47 PM
 
101 posts, read 153,814 times
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Quote:
Originally Posted by baraider View Post
saobi,
what are you doing exactly on wall street?
I work as a mortgage trader in the capital markets division of a big commercial bank.
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Old 07-18-2009, 09:30 PM
 
346 posts, read 1,217,070 times
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Quote:
Originally Posted by saobi View Post
I work as a mortgage trader in the capital markets division of a big commercial bank.
HA! So you were a CDO pusher? So your frustrations aren't on Wall St. as a whole, its that YOUR division was primarily responsible for the financial meltdown, and other people on the street like the futures trader is mad at you and your division for destroying his bonuses and possibly kicking him out of a job.
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Old 07-18-2009, 09:53 PM
 
12,344 posts, read 24,967,197 times
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I thought you were a computer science student. But glad to see you graduated and got a job. And welcome back to the forum! It gets dull without you here.
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Old 07-19-2009, 01:18 AM
 
101 posts, read 153,814 times
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Quote:
Originally Posted by ddhboy View Post
HA! So you were a CDO pusher? So your frustrations aren't on Wall St. as a whole, its that YOUR division was primarily responsible for the financial meltdown, and other people on the street like the futures trader is mad at you and your division for destroying his bonuses and possibly kicking him out of a job.
Not CDO's. Nothing to do with CDO's.
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Old 07-21-2009, 01:09 AM
 
Location: Palos Verdes
83 posts, read 271,313 times
Reputation: 117
RMBS pusher? Golly - congrats on still having a job! I am still trying to recoup my "pets.com" stock and a couple of really cool Tulip Bulbs.............
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