Another golden age for Wall Street has passed. Without a doubt, man on Wall Street will continue to beat on toward the glowing green light but their backs are against the tide these days, and the currents are getting strong. Lower leverage, higher capital requirements, tighter credit markets and the near certainty of increased regulations will likely make it harder for Wall Streeters to make the kind of fortunes the street has spun off in recent years.
Not surprisingly, some Wall Street veterans are deciding that the risks and opportunity costs aren’t worth the diminished rewards under the new math. This is sparking what Rob Cox of BreakingViews describes as a new trend: leaving Wall Street. He gives examples of two powerful men who have traded in pin-stripes for tweeds. The head of Goldman Sachs asset management, Edward Forst is leaving Goldman to become Harvard University’s executive vice-president. Citigroup M&A boss Frank Yeary is reportedly leaving to become vice-chancellor at his alma mater, the University of California at Berkeley.
New Wall Street Fad: Quit while ahead [Breaking Views]
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
trading profits are a function of the amount cheap, stupid money around. Tighten the purse strings, add a little prudence, and entire squads of bsd’s all of a sudden become mere mortals again.
Quitters never win, winners never quit. Goodbye weaklings. Take the rest of the loseurs with you. Don’t let the door hit you in the ass, I don’t want any loser ass-marks on my door. Losers.
Those who can’t do, teach
I don’t blame these guys one bit – academia is where it’s at – beautiful surroundings – 6 hour days – tenure – coeds
Capt. Obvious, exactly! Once you’ve got a nice pile of loot saved up, it’s time to do what you really want to do, whether it’s putter around campus in a tweed jacket, or lie on the beach in Costa Rica and bang latinas. Or both!
Yes, going into academia with tenure after making the money is the way to go. On top of banging the coeds the other academics will be sooo jealous that you have money (but do everything to avoid admitting it).
Also:
Goldman => Harvard (no surprise)
Citi => Berkeley (better than expected, a community college would seem more of a lateral move)
Time to weasel into politics
if you are loosing money and not printing it, you need protection. these guys will go to (but not disappear in) the ivory tower, jump on a couple of corporate boards (at $25k+ per meeting) and handle a few speaking engagements each year. not a bad way to spend your “retirement” years after you cashed in on more than a decade of profitable years on wall street.
Why not look for greener pastures when your company is going down the drain.
“if you are loosing money and not printing it, you need protection.”
That’s just rediculous!
@11:18 – thanks for the spell check. it should read: “losing”. a little sloppy this morning (if that was not the intent, you should refer back to an earlier post where someone wrote “I don’t lose money, I print it” – an instant classic).
crushing it, bro.
When the fed looses money, they print it.
@9:55 it’s more like
those who can’t hedge, teach
“9:55AM Those who can’t do, teach”
…says the douchebag commenting on the dealbreaker message board to the executive at Goldman.
Holy crap. I can’t take it anymore. Why the F do people insist on spelling lose (losing, loser, and any other variation) incorrectly?
Lose = Failure to keep or maintain
Loose = Not restrained or confined
Cluzo, I am shocked.
Cluzo, I retract the statement. Just a mistake – fine.
I see this all the time on posts and it drives me nuts.