The sky is falling. And it’s raining shares of almost every company on the Dow all the way down into the storm gutter. Maybe it’s time you started looking for a new job. We spent part of the afternoon combing through our Career Center in search of the most interesting jobs. There are dozens to choose from, all categorized according to specialization. But today we thought maybe our friends over at Lehman Brothers could use a little extra help. So here’s our Job of The Week.
If you are worried that Lehman might be repeating the same mistakes as last time, as in re-upping their leverage ratio, then perhaps you could lend a hand and apply to be a VP in their Global Equity Risk Management team. The fraternal order of Lehman wants identify, report, monitor and analyze key market risks. Don’t make them try to do this on their own anymore.
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Going to work at LEH is like volunteering for the crew of the Titanic. Dodgy at best lads!
Post 2: Going to work at LEH is like volunteering for the crew of the Titanic. Dodgy at best lads!
At least when the Titanic went down, the lights were on!
this is the guy that yells “Iceberg, right ahead!”
Lehman likes to fire people who say they don’t understand risk. It worked out well. In ’98 Lehman fired John Succo for saying as much:
“The trouble started when John Succo, trading manager at Lehman
Brothers’ equity derivatives volatility desk, agreed to speak at an
investment conference sponsored by Grant’s Interest Rate Observer.
After discussing the pricing of risk and the correlation between
equity derivatives and the underlying stock market for a while, Succo
was asked a question. “I don’t think my boss is here, so I’ll address
that,” he responded. “I don’t think that the people running our firm,
our equity floor, have any idea of the things that we actually do, of
how we…(audience laughter) I’m serious…of how we hedge, the
products that we’re involved with, the amount of risk we take or the
lack of risk we actually take.”
He went on to describe a 26-year-old derivatives trader at a big bank
who believed that his senior management’s understanding of the risks
at the institution was “probably off by a factor of 10.” “And I think
that’s probably pretty accurate. I think as I said before, management,
if you’re making money, kind of leaves you alone until there is a
crisis situation. And I don’t think that’s a way to run a firm.”
Lehman is a sad and scary place right now; over the past year, they have let go any meaningful risk hawks and replaced them with puppets …Wall Street is a small-town and word gets around when the inmates (desks) are running the asylum.
10:23, Who exactly did they let go of?
@1105 – didn’t let go of anyone, this is a newly created position.
Thinking of Madeleine Antoncic, Mike Gelband, the global head of credit, etc.