Set me a burger. Bond prices move inversely, lockstep, to rates of interest. And if you wanted to show off. A chaired professor of the London School of Economics, who took a keen interest in material affairs, stared at me bug-eyed and gurgled when he heard what I was to be paid. They proved their superiority every day by handling risk better than the rest of the risk-taking world. Compared with managing, trading was admirably direct. One of their favorite words was professional.
Then he was expected to go to business school. The systems usually involved staring for hours at charts showing the history of bond prices. Being the class Franciscan had its benefits, but a ticket onto Wall Street wasn’t one. The most charitable explanation for their apathy was that they could not understand English. Through detailed descriptions of the types of people at work in Wall Street offices in the s and the level of their decision making rationales as well as their impulse control or near total lack thereof , Lewis makes Liar’s Poker a very human and very nderstandable explanation of the way Wall Street and the world of high finance works, or at least used to work. Investment bankers also wanted to believe, like members of any exclusive club, that the logic to their recruiting techniques was airtight. All six of them sat in the front row and slept.
When push came to shove, however, Ranieri and many others were tossed out for not towing company line, and these individuals were consistently left out of large decision making ventures and promotions Classes at Salomon Brothers were held on the twenty-third floor of its building on the southeastern tip of Manhattan. Our chairman, John Gutfreund, left his desk at the head of the trading floor and went for a walk.
I had friends who tried this tactic. She wearing tweed only because she was selling tweed. After all, the job market is a market. He convalesced during the day. Over three months leading salesmen, traders, and financiers shared their experiences with the class.
As much time and effort had gone into recruiting the back row as the front, and the class, in theory, should have been uniformly attentive and well behaved, like an army. What is the statistical likelihood of there being three sixes within a batch of, say, forty randomly generated serial numbers?
The Times readers certainly did. Then he’d pick up a newspaper or, worse, your resume and begin to read.
Liar’s Poker, by Michael Lewis | Dan Wang
Despite the nouveau fluctuation in our corporate identity, the training program was without a doubt the finest start to a career on Wall Street. Anyway, there wasn’t really any place else to go. John Gutfreund was, in this crowd, an intellectual; though he was rejected by Harvard, he did finally graduate without distinction from Oberlin.
In Liar’s Poker a group of people ffi s few as two, as many as ten tfl orm a circle. Poier for man Salomon Brothers was, inthe world’s most profitable corporation.
Liar’s Poker Essay
The trainee was made to understand, first, that inside Salomon Brothers he was, as a trader eessay described us, lower than whale shit on the bottom of the ocean floor and, second, that lying under whale shit at Salomon Brothers was like rolling in clover compared with not being at Salomon at all. My weaknesses; I worked too hard and tended to move too fast liarz the organizations I joined. Many more people were hired to handle the new business, on starting salaries of forty-eight grand.
The trainee had to impress a trader and failed. People who believe themselves of social consequence tend to leave more of a paper pooker, in the form of memoirs and anecdotiana. Being the class Franciscan had its benefits, but a ticket onto Wall Street wasn’t one.
Managing People and Organizations’ published in… Pages: He had what some people might consider an image problem.
It would have been just like him to accept. Salomon Brothers had written me in London to announce that it would pay me anM. If he had a dog, it snarled. Had she asked a dry technical question, she might have pulled it off. He lost all perspective on the relative merits of the jobs. Of course, there were exceptions to these patterns of behavior.
But that means less than it did. It seemed dear Corbett wanted me to work at Salomon, but he never came llars out and proposed.
Then he was expected to go to business school. Max Johnson, former U.