Area Hedge Fund Manager Pretty Sure Wall Street Protesters Are Just Looking To Rub Up Against Each Other And Score Dope

What do top financial services employees think of the month-long protests headquartered in Zucotti Park, which took over Times Square over the weekend? So far the most vocal people have expressed support for the movement, like Jim Chanos, who said, “New York is so finance-centric that people here underappreciate the reaction of the rest of the country” and that OWS shouldn’t be underestimated; Larry Fink, who told reporters, “I believe we should not turn our backs on these protests…Maybe we will get some balance”; Jamie Dimon, who told those listening to the JPM conference on Thursday, “I do vaguely remember the First Amendment that it is legal to demonstrate and it is completely fine. You should listen and not just have a knee-jerk reaction”; and Vikram Pandit, who in addition to saying that “trust has been broken between financial institutions and the citizens of the US,” told protesters he’d love to chat over the phone. With the exception of John Paulson, however, who last week issued a statement telling protesters to 1) beat it and 2) thank their lucky stars that as the founder of a ‘most successful business‘, he chose to set up shop in New York, most financiers with less then charitable feelings have kept their feelings to themselves, fearing retribution from the anti-Wall Street group. Until now.

Over the weekend the Times caught up with a few money managers who can no longer hold their tongues. Despite being confident that the protests are simply “an entertaining sideshow, little more than flash mobs of slackers,” they chose to remain nameless but would still like their voices to be heard. Speaking to the protesters directly, they sent several messages. One, they’d appreciate a little gratitude.

“Who do you think pays the taxes?” said one longtime money manager. “Financial services are one of the last things we do in this country and do it well. Let’s embrace it. If you want to keep having jobs outsourced, keep attacking financial services. This is just disgruntled people.”

Two, they want the protesters to know that they know what this whole thing is really all about.

Generally, bankers dismiss the protesters as gullible and unsophisticated. Not many are willing to say this out loud, for fear of drawing public ire — or the masses to their doorsteps. “Anybody who dismisses them publicly is putting a bull’s-eye on their back,” one top hedge fund manager said…“Most people view it as a ragtag group looking for sex, drugs and rock ’n’ roll,” he added.

Despite the notion expressed by the taxpaying money manager and the hedge funder/Woodstock expert that OWS’s beef is unfairly aimed at the industry, others aren’t sure there’s reason to be getting defensive. “I don’t think we see ourselves as the target,” Steve Bartlett, president of the Financial Services Roundtable told the Times. “I think they’re protesting about the economy.”

In Private, Wall Street Bankers Dismiss Protesters As Unsophisticated [NYT]

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285 Responses to “Area Hedge Fund Manager Pretty Sure Wall Street Protesters Are Just Looking To Rub Up Against Each Other And Score Dope”

  1. Spanishmoon says:

    “Most people view it as a ragtag group looking for sex, drugs and rock ’n’ roll,” he added.

    The same could have been said of Bear Stearns circa 1990.

  2. Fresh Mlk says:

    these people on wall street are retarded. its a certain type of person and someone needs to exterminate them along with the libertarians in a nice old fashioned cleansing.

    • guestapo says:

      Kill yourself, immediately. Do not pass go, do not collect $200.

      • Fresh Mlk says:

        No, u. The ppl on Wall Street took my grandma home.

        • Guest says:

          Maybe she should have paid for it. Or if you had a job you could have helped her out, but we all know you're above actually working to make money.

          • Fresh Mlk says:

            No jobs for someone from state school who is also black. That's a failing of the country, sir, not a personal failing.

          • ETFDude says:

            You seem perfectly hireable to me.

          • Guest says:

            I go to a state school and have had multiple job offers… It is a personal problem.

          • Fresh Mlk says:

            What nationality are you?

          • guest says:

            nationality? are you here illegally? that may be why you aren't getting job offers

          • Fresh Mlk says:

            dude, a lot of kids dont have good jobs right now. i dont know why u think jobs are so plentiful? do u have evidence to back this up? evne banks arent hiring at wharton.

          • PermaGuestII says:


            Table A4, last line, "Bachelor's degree and higher," unemployment rate 4.2%.

            Banks aren't hiring, period– everyone's in about round one thousand of layoffs. But isn't that what you want– unemployed Wall Street folks?

          • Fresh Mlk says:

            No dude, no one wants unemployed wall street folks. No one wants unemployed anyone. Those statistics I think are skewed, are u saying u dont know anyone who has had trouble finding a job? educated lawyers? anyone laid off?

          • PermaGuestII says:

            "Lies, damn lies and statistics" to quote Mark Twain. But they're the best data I have to go on. Of course I know people who've been laid off and/or can't find a great job. But I just don't think that blocking traffic in Times Square or hanging out banging drums outside a Brooks Bros on Liberty St. is going to do anything productive.

            -far from being one of the 1% fyi

          • Beached Baml says:

            Seriously dude, go elsewhere with your nonsense. These are the times where I wish I was an NYC cop, nothing would make me happier than billy clubbing a hippy at Zucotti park. Kill yourself and your grandma

          • says:

            Back in the day they had a volunteer auxiliary riot police.

            Wish I lived back then.

          • StateSchooler says:

            Nationality doesn't matter he type of degree does. Half these kids don't have jobs bc of ba fluff majors. I have two useful majors from a state school, compsci and applied math, ans have had four offers two on and two off Wall Street.

          • Last Man Standing says:

            how about president of the USA, thats a job, isnt it?

        • Guest says:

          They took your grandma home? Is this a reference to cab driving bankers or is your grandma trolling Dorrian's for some Jefferies analysts?

          • Fresh Mlk says:

            I see what you did there. But my grandma has her home back and, together, we sprayed all the UES chicks at Dorians with some Febreeze to supress the the smell of slimy banker cock that seems to be stuck to their skin. So now your chicks are with us. Get ready to smell some hippie dick next time you go to your gfs house, it'll be mine!!!!

          • guestapo says:

            On the one hand I want to give this the thumbs down, on the other, the mental image of you and your grandma rolling up to Dorrian's to spray the "banker cock" off of girls made me laugh so, so hard.

          • PermaGuestII says:

            No way this guy is a legitimate semi-literate OWS protestor, sine ID, with a foreclosed grandmother in Plano, TX if he knows enough about NY to reference picking up drunk chicks at Dorrians and refers to it as the UES.

          • guestapo says:

            Was also wondering if "Fresh Mlk" is a bored banker doing performance art.

          • NowOnePerson says:

            Agreed – definitely not a real OWS protester. But i can't stop laughing. That shit is funny.

          • Fresh Mlk says:

            wrong, I am. You are idiotic, a lot of the ppl there are pedigreed. Even MBAs are there.

          • NowOnePerson says:

            What kind of car do you drive?

          • Fresh Mlk says:

            What do your parents do?

          • NowOnePerson says:

            Who's on first?

          • PermaGuestII says:

            Yes. And Watt's on second.

          • Show Me the Money says:

            I had a Chihuahua with a pedigree. But he weighed 22 lbs. People kept telling me he was half-pug but I'd have none of that. Fucking pedigreed man!

          • Guest says:

            This is a fucking show dog, with fucking papers.

          • Guest says:

            University of Phoenix doesn't count as a real MBA

          • Fresh Mlk says:

            Does Columbia and Wharton count for you? Does that add credibility? Do you think it fucking matters?

          • Guest says:

            Employment reports from top programs have on average 90-95% of their graduates receiving job offers within 3 months of graduation. So yeah, I think it matters a little.

            Just sayin'.

          • Guest says:

            The general rancidness of the OWS protestors would explain the necessity for Columbia MBA e-mails suggesting bathing prior to a job interview as a prudent course of action for it's students. You might be onto something.

          • Guest says:


            -Non Wall St guy who has seen "American Psycho"

          • Hakuna Matata Guy says:

            Oh my god. Comments of the year. Hakuna Matata to all. Well done.

          • Fresh Mlk says:

            No way you are part of the 1% – you just claimed that because my GRANDMOTHER lives in Plano, Texas that therefore I do not.

            You also just said because my GRANDMOTHER lives in Plano that I don't know UES culture or Dorrians – the shittiest of bars in NYC.

            You were wrong on this, maybe you should reexamine what else you might be wrong about it? Like your love for "the street?"

            I am OWS, and we are fucking serious down here.

          • PermaGuestII says:

            Shit- I actually agree with you about something! Dorrians blows.

          • Guest says:

            If you are so serious and tough why not join the Army or Marines? They hire everyone.

          • Fresh Mlk says:

            We aren't protesting jobs, we are protesting financial regulation and the corruption of politics. Unlike you, we don't think money and amounts of money are the answer or the guidebook to determining what action one should undertake. We think there should be other ways to look at problems.

          • maxine says:

            So you think profit motive shouldn't drive decision making? maybe that's why you can't find a job.

          • PermaGuestII says:

            If you're protesting political corruption why aren't you in Albany or Washington, DC?

          • wahoo says:

            So the 'action" you have determined to take is a giant drum circle in lower Manhattan. Serious indeed.

            – State School Guy with a job

          • Curious George says:

            Some people enjoy that.


          • R. Chambers says:

            I've actually found the essence of banker cock to be quite a turn on, especially after a night time stroll in the park.

        • Guest says:

          Could it perhaps be due to fact that your grandma thought there is absolutely nothing wrong with getting a 2% negative amortization mortgage on a $350K home in the middle of Florida with SS benefits being her only source of income?

          • Fresh Mlk says:

            You idiot. Do you think the old man who has alheizmers and makes a ridiculous purchase, who is trusting the company calling him offering something, has not been swindled? That his choice was "rational" and "informed." Fuck you if you think eldery should be prayed on. You have no heart. I hope I meet your grandma so I can swindle the fuck out of her with some fancy fake technology gear I have developed. Then I can get a huge bonus for it!

          • K. Lewis says:

            Wait, being an older man with an impaired memory (possibly due to some of the finest box wine available) and making a ridiculous purchase is a defense to the ridiculousness of said purchase? Fuck Yea!

          • irregardless says:

            My Grandpa, who had memory issues, lost all his money in Vegas. GODAMN CASINOS! They should give him his money back. In fact the government should be making all decisions for everybody to prevent this type of thievery in the future.

          • freshmilk says:

            They should. And they used to.

          • Guest says:

            So you think the best course of action to remedy your situation is banging on drums in the middle of NYC? Let's take the idiocy of the entire current OWS protest and put it aside. If you want to protest lending standards and protecting the uninformed it sounds like you're too far north by a few hundred miles.

          • freshmlk says:

            huh? Yeah, this is standard protest tactics. It pisses you off, but it's nonviolent.

            Dude, you gotta pick up a book on the history of your country….the world is not one big $ except in Finance.

          • Free Mlk says:

            Great example of the wishful explanations people give of the housing bubble. The biggest financial crisis in history wasn't set in motion by borrower complicity or the uncomfortable fact of greed embedded in the brain – it was caused by bankers fake-coughing through terms and conditions. Usually to elderly Alzheimer's patients.

          • Free Mlk says:

            Not the biggest financial crisis, but. Anyway.

        • Bullrider says:

          o yea, we took her home… and then we lisa ann-ed the shit out of her

          • Fresh Mlk says:

            Funny, we picked your mom up from the bar and then Naomi Russell'd her.

          • wahoo says:

            You let her spit your spunk back in your mouth? This explains quite a bit, not the least of which is your "Fresh Milk" call sign.

    • Clarity says:

      Are you referring to the deficients at OWS? I agree 100% percent!

      • Fresh Mlk says:

        No, I mean the conformist bankers who no longer appear to be human.

        • confirmist banker says:

          Are you referring to the zombie walk that occurred downtown….it was just fake blood

        • idontcare says:

          Your grandma probably makes crappy cookies anyways. Screw her, I hope she rots.

        • Clarity says:

          Is this all some new type of nigerian scam lead in? I already sent you my SS# and checking account to receive my lottery proceeds! Send me my prince dammit!

        • im_new_here says:

          Halloween isn't for another week and a half.

          *stage whisper* and that's makeup and costumes, they don't actually change species

    • Guest says:

      has anyone else noticed since the beginning of the thread Fresh Mlk has transformed from a moderately illiterate immigrant graduating from a state school, to a seasoned New Yorker frequenting Dorrians and understanding cultural references?

      14 hours to learn and adapt? at least you deserve an acting job.

  3. pazzo83 says:

    If a "successful business" is defined as generating losses of 35% in less than a year, then we truly are fucked.

    • J. Paul says:

      47 percent but thank you for the benefit of the doubt.

    • Guest says:

      What if you define "successful business" as making $15 billion for yourself in 4-5 years?

      • Fresh Mlk says:

        LOL, and therein lies the exact problem. that is not a successful business. thats a successful person. A successful business doesn't lose HALF of their clients money, especially not a business with 36 billion AUM. That's unheard of bad for a fund that size and shows how poorly designed Paulson's fund is. 15 billion for yourself but u are not ur business. This is the mentality of finance and this is the problem with how wall street is currently regulated – the individual gets paid, the clients get slayed.

        • J. Meriwether says:

          " That's unheard of bad [sic] for a fund that size"

          O RLY?

        • guest says:

          Wondering why you give a rat's ass about the performance of JP's fund, when the only people affected by it being down are those who signed up for it?

        • ETFDude says:

          Its a shame you were forced to invest in his fund.

        • Guest says:

          Let's say your fund manager makes 600% and then loses 47%. Are you happy or are you sad?

          • Fresh Mlk says:

            Good point. But Paulson's AUM went up only after the succesful subprime bet. Vast Vast majority of his clients have lost a lot of money.

          • Guest says:

            He also runs a Hedge Fund.

            Please see: "they cater to sophisticated investors… That is, they must earn a minimum amount of money annually and have a net worth of more than $1 million, along with a significant amount of investment knowledge."

          • Fresh Mlk says:

            so your saying he lost a lot of money and doesnt suck cause he runs a hedge fund? wtf are u talking about, can u make an ounce of sense you irrational banker dumbass?

            your probably some american stock exchange clerk thinking this protest doesnt apply to u, well it does.

          • Occupy Main Street says:

            What exactly are you protesting? The banks that lost so much money making mortgage loans to the 99%? Or the government bailouts for financial institutions, which have (ex-AIG) generally made money except for Fannie/Freddie. Those two huge sucking chest wounds, of course, make mortgage loans to the 99%.

            Bankers are overpaid, sure, but it's a bit rich for OWS to complain about the banks being bailed out for losses that they mostly suffered lending to the parents of the protesters.

          • Guest says:

            "Occupy Main Street" for the motherfucking win.

          • Ragnar says:

            Rational sense would be knowing the difference between "your" and "you're". Please, re-take your first grade english CLEP.

          • Guest says:

            Aren't these the same people (those that lost money I mean) against whom you are currently protesting? — To my understanding, Paulson has done more to "fuck" the 1% than you and your rag tag group of hippies will ever do…

          • Fresh Mlk says:

            Incorrect, his investors are institutional, ie pension funds.

          • Guest says:

            Oh, ok. All Pension Funds should be entitled to invest in things that are never allowed to decline, but have far more upside than, say, treasuries. That is what they should be ENTITLED to.

            You know, I think the problem here is that this is what happens when morons and assholes are allowed to invest in the market. If you can't stand the heat, stay out of the kitchen.

          • Common Sense says:

            Dear institutional investors,

            Hedge funds may contain risks.


            Common sense

        • Beached Baml says:

          Please go elsewhere, we don't like your kind here

  4. guest says:

    LOL at you writing "these people on wall street" as though it were a theoretical group and not the readers/commenters of this site you just stumbled upon from Daily Kos.

    • Fresh Mlk says:

      The people on Wall Street took all our homes and shit and then gloat about it. Why did they take my grandma's home? I come home from school soccer practice and the JP Morgan take my grandma home. No government to protect an old lady from these people. We need better government.

  5. guest says:

    hey now- my grandma was a librarian

  6. Homer Stokes says:

    He added that he was disappointed that members of Congress from New York, especially Senator Charles E. Schumer and Senator Kirsten Gillibrand, had not come out swinging for an industry that donates heavily to their campaigns. “They need to understand who their constituency is,” he said.

    Seriously? Wow talk about missing the point…

  7. Hummus says:

    It is because of ths "Financial services are one of the last things we do in this country and do it well." that the OWS is pissed.

    The bankers had a big hand in influencing the dismantling of the US manufacturing sector as well as the clueless polticians. Corporate profits and wall street M/A fees went up. The middle class got squeezed.

    Now the proles can start to put the pieces of the story together. Go watch some Ross Perot videos on Youtube arguing with Al Gore circa 1992. Go watch the Charlie Rose Interview with the Economist shill Laura Tyson and James Goldsmith about GATT and free trade. Go read this

    Get a fuckin clue and come on down to Zucotti.

    OWS 4 EVA

    • Guest says:


      -UAW Local 2110

    • ETFDude says:

      Unions and labor costs had nothing to do with it either. #BlameBanksters

    • pazzo83 says:

      So I should quit my job to go downtown and protest, among other things, joblessness? Makes sense.

    • Put_Option says:


      You are greatly misinformed. I wish dissecting micro/macro complexities were as easy as reading a headline or a tweet, but–alas–they are not. Please remove your head from your ass, do your homework, and come back with something more compelling.

      Until then, best of luck.


      • Hummus says:

        “It is difficult to get a man to understand something when his salary depends on his not understanding it.”

        Get a fuckin clue and come on down to Zucotti.

        OWS 4 EVA

        • Put_Option says:

          Except in this case, my salary doesn't depend on anything related to what you are saying. I don't blindly follow overly liberal or conservative media, I go for primary sources backed up by legitimate data and then base my opinion around those facts, but be sure not to confuse my opinion with material fact as you have clearly done.

          Oh, and a side note, I work downtown. I've already seen you and your crusty friends.

        • Guest says:

          Sounds reasonable, I'll be there in 15.

          – UBS MD

        • Clarity says:

          Who is this EVA you keep mentioning? And why is it for her?

        • Guest says:

          4 EVA

          or until, since you've been at Zucotti for so long, you find yourself jobless, homeless, and fighting a bacterial infection that requires immediate attention. but since you're jobless, and homeless, your medical burden becomes that of those that actually have jobs, and pay taxes.

          GIVE ME A FUCKING BREAK. where is hurricane irene when you need her?

        • wahoo says:

          Did you quote yourself or throw the quotations in there because you were using the phrase ironically?

          – Guy who knows you have no clue

  8. PMCO_sucks says:

    "Get a fuckin clue and come on down to Zucotti. " = hehehehehe

  9. Fresh Mlk's Grandma says:

    Payin' the mo'gage is fo suckas.

  10. 2_Small_2_Bail says:

    "Generally, bankers dismiss the protesters as gullible and unsophisticated."

    Very politically correct. I would have went with penniless idiots but same diff, no diff.

    • Guest says:

      Or can we just finally be honest and refer to the 99% as what they are – The ignorant, self entilted uneducated moron majority that this country has become

      • Fresh Mlk says:

        Woah dude, chill out. True, a lot of people are dumber in this country than smart, but that doesnt mean they shouldnt be able to support their families if they work hard. Thats what this country is all about. The fact you shit on ppl wanting to work hard to become something is unamerican.

        • SoylentGreenPorFavor says:

          Probably shouldn't be allowed to have families…you know…the whole natural selection thing?

        • Guest says:

          Working hard = sleeping in the park/playing bongos/carrying signs painted by some union??

        • Guest says:

          "but that doesnt mean they shouldnt be able to support their families if they work hard."

          that's why god made mexico.

        • wahoo says:

          And there we have it… "Wanting to work hard" to you means standing in a park chanting and obviously (if you read this thread for example) having your protest fall on deaf ears as the resounding theme is not one of action and problem solving but rather of theatrics, face paint, and time spent in blogger-combat.

    • bogey4 says:

      "I would have went (?)" Really? Don't they teach grammar at Rutgers?

  11. Concerned says:

    Bess – Please include a screener to remove people like Fresh Milk and other OccupyWallStreet douches from invading our turf. There are things going on here that these people couldn't possibly comprehend, like logic and good old fashioned "economic know-how"…

    • David Guest says:

      I agree in general but 1) Fresh Milk is obviously not an OWS protester and 2) "my grandma has her home back and, together, we sprayed all the UES chicks at Dorians with some Febreeze to supress the the smell of slimy banker cock" made laugh so hard.

    • Hummus says:

      Is this the same old logic and economic know-how that brought down Bear Stearns, Lehman, AIG, Merrill etc….

      You guys sure are a bunch of smug assholes considering how bad you and your heroes fucked up…

      Too big to fail = if we mess up then daddy (government) fixes things.

      OWS 4 EVA

      • The Truth says:

        Except that a huge percentage of the readership works at hedge funds which are, y'know, places that do not take money from the government.

        • Fresh Mlk says:

          yeah they do, they got loans during the crisis

          • Occupy Main Street says:

            Excuse me? Which hedge funds got special loans to support their business during the crisis? Are you referring to PPIP, which was a co-investment (and a stupid one) between government and the private sector? If so, that wasn't any kind of a rescue loan for the funds in question. And if not, check your facts and examine your motives.

          • Fresh Mlk says:

            No, I am not. I am referring to the TALF, which supported 100 major hedge funds, and were loans from the federal reserve. You really have no clue, do you:

            Harbinger Capital Management, Highbridge Capital Management, Elliott Management Corp., Paulson & Co., Perry Capital, Citadel Investment Group, Cerberus Capital Management and D.E. Shaw Group.

            These funds were heavily damaged.

          • Occupy Main Street says:

            Oh sorry. You mean the ABS lending program which was launched months after Lehman collapsed and which was designed to jumpstart consumer lending again? The one that Treasury made a profit on, which couldn't have saved any HFs because they were all blown out of their leveraged positions by the banks in 4Q08?

            Yeah, you must be ripshit about that.

          • Fresh Mlk says:

            P.S. I have no motives except the facts – bringing the truth out. Human beings come to their own conclusion.

          • Guest says:

            Which would be interesting in and of itself were it not for the utter lack of facts in any of the tings you've posted here today.

          • george says:

            Don't forget Handbridge Capital Partners!

        • Hummus says:

          LTCM fucked up and the Fed intervened.

          "With the Long-Term Capital bailout as a precedent, creditors came to believe that their loans to unsound financial institutions would be made good by the Fed — as long as the collapse of those institutions would threaten the global credit system. Bolstered by this sense of security, bad loans mushroomed. "

          Moral hazard and too big to fail.

      • guest says:

        hahaahahah "TBTF = if we mess up, then daddy (gov't) fixes things."

        says the guy who messed up his life by taking student loans to major in sanskrit only to be surprised that he can't get a job, and now wants the gov't to give him some money taken from others who are employed.

        sounds about right.

      • Guest says:

        They have peanut butter AND hummus at OWS??

      • Garbanzo says:

        Same old Baba Ganoush…

    • george says:

      How many thumbs down does this guy need before getting one of those negative warning icons?

  12. Fresh Mlk says:

    Look at you – they are penniless therefore they suck? look what your work environment has done to you. What do your parents do?

    • Guest says:

      Employ people like your grandma

    • Guest says:

      No they are penniless because they lack the drive and determination to succeed and a GREAT inability to adapt to the current economic environment (Read – take a shitty low-paying job in the short-term to maybe turn it around in the long term). I'm sorry (no I’m not) that your degree/trade has not translated into a well paying job; mine has and now you people want to blame me for getting ahead? Fuckin entitled pieces of shit, I pity those who blame other for their issues. You are the equivalent of drug users who blame the people around them for their habits. Go get a science degree they are in much higher demand. Of all my friends that graduated with me, class of 2010, the biggest group to have jobs before graduation were the Engineering kids.

      Until then I will continue to throw caviar at you from my corner office.

      • Guest says:

        Had me up until the Engineering part. Fucking nerd.

      • pazzo83 says:

        Lecturing people about drive and determination when you have less than 2 years of work experience is the NKI.

      • Fresh Mlk says:

        How does a lawyer from a to 50 school in NYC, top 15 undergrad, who has to take a 40k a year job because there are no lawyer jobs and has 200k in loans from Law school and like 20K from ugrad, not supposed to think there is no job?

        Yes engineers there are jobs.

        • PMCO_sucks says:

          Though this is incredibly difficult to decipher, I think I understand what you're getting at.

          The answer is this: the lawyer should have thought about the poor job prospects BEFORE taking on the debt and sucking at the Governments student-loan-backed-teet for three years.

          Now – before you go ahead and tell me that this was impossible to anticipate in late '07 (despite the fact that it wasn't), there is still yet another answer for the lawyer.

          Once he or she realized that the job market wasn't craving over-educated and under-experienced twenty-somethings with a massive sense of entitlement, he or she could have worked harder, graduated in the top 3% of his or her class and ensured a 160K/year recruitment regardless.

          -someone who just went through grad school and finished in a tough job market but got a great job anyway because I worked hard, failed to feel sorry for myself, didn't blow my loans on iPads and study abroad programs, and anticipated that I might one day be obligated to pay back my loans someday.

        • Top 50 Sucks says:

          Yeah, top 50 Law School really isn't too great…I've read that placement even at top 10's is pretty abysmal…like bottom 50% of the class have a really hard time finding solid gigs. Honestly, should have done more research before you took on massive debts that will follow you thru any bankruptcy proceedings, tard.

        • Dealing Desk says:

          200K for three years of law school ?

          I haven't beeen marked up like this since that nat gas swap went bad on me during Katrina

          friggin refco

        • Crystal Ball says:

          Should have checked out the job market before going to law school fool!

        • State School says:

          HEY BRO did you forget about me?

      • Fresh Mlk says:

        Dude, most men are not lacking drive and determination. Most men want to be something. Science degrees are in demand. But these people are uneducated, for whatever reason. It's usually circumstances. They are hard workers. They just don't have an avenue right now. Why call them shit heads?

    • PermaGuestII says:

      Well, one of them's dead, so I guess he's really not up to all that much.

  13. GentlemanTrader says:


  14. Guestz says:

    I really just have one question. Is Matt off today?

  15. Guest says:

    Bess, this comment thread is getting out of hand. Please have Matt post his one article for the day so that everyone can calm down, eat some free veggie pizza and take a nap.

  16. Fresh Mlk says:

    Bess supports Occupy Wall Street as well. I bet inside she does, though she could never admit it.

    • guestapo says:

      Pretty sure she's not afraid to admit anything but please, keep these comments coming. You are legitimately cracking me up.

    • guest says:

      You're an idiot.

      • Fresh Mlk says:

        Why? Bess Levin, almost 95% probably supports the notion that the financial world needs more regulation and that inequality is out of control. How do I know this? Because Bess Levin, as much as she is a reporter, is a creative, entreprenuer, and is a cute jewish girl. She is in love with people like Steven Cohen – who himself thinks the banks are destroying the world. The only people who dont think wall street is destroying the world are the people who work there in the establishment banks WHO CANT think independently. it's the middle man employees and shit. Hedge fund managers, mostly, hate what is gonig on as well. thats where the cool kids are. You people are so evil u cant even look at urselves and say, shit, this is fucked up, lets try and change. Instead you say hundreds of thousands of people's concerns are illegitamate. You're facist.

        • Fresh Mlk says:

          She is in love with aesthetics, right now its not pretty.

        • Magnetar PR says:

          Totally, there is absolutely no way hedge funds had anything to do with creating a complex and inflated market in housing related assets.

        • guest says:

          It's painful to me that you still can't get the basic fact through your head that the majority of this audience works at hedge funds. So, actually, we are among those who, according to you, are perfectly capable of looking at ourselves.

          Other than that I have no concerns.

          Oh wait, there's one:


        • Guest says:

          can you comment here everyday?

          • Guest says:

            He does his name used to be CurrencyTrader, then Golden Boy now it's Milksteak or some other shit.

        • Guest says:

          1. "Bess Levin, almost 95% probably supports the notion…" So are you saying that she definitely maybe supports you?

          2. "it's the middle man employees and shit." Wait, I though it was the corporation, man?

          3. "urselves" Seriously?

          4. "thats where the cool kids are." I'll agree that hedge funds are cool, but what's your point?

          5. "Instead you say hundreds of thousands of people's concerns are illegitamate." Bad math/spelling/logic. Please correct and resubmit.

          6. "You're facist." = "You are facist"… OK, I'll put it in your language: "You are idiot"

    • Studman69 says:

      Dude, I've been inside Bess and there was NO support for Occupy Wall Street anywhere in there.

  17. AFAIK IMHO says:

    By the way, one of our demands is an immediate cease and desist on the usage of any and all acronyms such as OWS, which are obviously used by The MAN as clandestine methods of communication that exclude regular folks like US!!!!!!!

  18. Statistically InSig says:

    Matt, not sure if you noticed but with 91 comments on Opening Bell and 160 on this final story, with only 4 stories for the day, this is going to cause quite an uptick in your Average Comments Per Story chart.

  19. Brick Killed A Guy says:

    Boy, that really escalated quickly. I mean…that really got out of hand fast!

    – Ron Burgundy

  20. Fresh Milk says:

    Why are my comments getting deleted automatically. They only seem to get through when I am masturbating to a pic of Lazard blowing up with Camina Burana's O'Fortuna! playing.

  21. Fresh Milk says:

    I don't know I don't make a website that automatically transfers money from your current TBTF Bank into another bank and closes your account. That's prop trading!

  22. WheresMyBonus says:

    This has to be some record for # of replies.

    Fresh Mlk, if you really are affiliated with OWS, how about imparting your knowledge in a more productive and less antagonistic manner such as providing some direction and voice for the group so it doesn't appear to be a bunch of generally unemployed, lazy, whiners, with anarchistic tendencies and no fundamental understanding of the financial system (base on numerous sources such as the profiles on the Observer).

    I get it – corporate greed is bad, some people are still making money in a shitty economic environment, there is a growing gap between rich and poor, there is limited job creation, the sub prime mortgage fiasco was a scam and many people got burned (although majority of blame should be with the homeowner); but this movement isn't going to change anything. We live in a capitalistic society and the ability to prosper (legally) is a right of all without risk of redistribution to support a growing welfare state. You don't like the rules of the game, petition congress. You don't like the moral standing of a company (or some new fees they may charge), boycott. You think some finance CEO or trader is an overpaid, pompous, greedy, prick, write a blog informing the world of your opinion. But stop blocking traffic, ruining parks and stinking up NYC – it stinks enough without you people meandering around town.

    • guestapo says:

      Agree with everything you said but not a record number of comments by far. See: Jeffery Chiang, Cliff rant, all other 300+ stories I'm failing to remember.

    • Fresh Mlk says:

      I am laughing cause none of those things are really the main point. We are protesting you. Your ethics, values, perspective on life, and to some extent regulatory issues,consumer protections, and your outsize influence on the political system. You act like everyone should just allow you to do the things u do to consumers and then it's the counterparties fault. Well, regular people don't view themselves as counterparties. And they don't view business as predatory in nature. Not everyone is a business man, nor should they be. Most people don't want to live life in such an environment. That's why this about a way of life. Your way of life. Although there is another regulatory and policy element to it. In the end, this culture movement will have an effect on politics as much as politics has an effect on culture. This marks the end, man.

      • Guest says:

        Probably the result of arbitrarily effing an entire group of people who took risks (eg. all corporations, financiers, etc) to exact a measure of revenge from the few that took imprudent risks would be that less people would take risks in the future, slower growth going forward, higher employment, etc.

        Can't really have that debate with someone carrying a sign who learned yesterday what a derivative is though.

      • WheresMyBonus says:

        So, who do you think I am? What do you know about anyone's ethics, values, perspective, etc? What have I done to consumers? What is my way of life? You are essentially making a broad generalization that anyone on Wall St is involved in immoral/unethical/predatory practices or somehow embodies/bears responsibility for any negative event related to the system and is thus undeserving of a level of compensation that offends you (whatever that is) regardless of hard work or success. This is exactly the stupidity espoused by many uninformed Americans that are so easily influenced by liberal propaganda. Why stop there – don't mince words and just call for the formation of a socialist state where the government can control and allocate capital and resources?? You can elect comrade Pelosi Premier – she will get your grandma's house back

        Thanks for admitting your goal is simply change – and by change I mean revolution – rather than working towards concrete solutions / suggestions to improve the system. Has the guillotine been sharpened or you planning to keep it dull for extra effect?

      • PMCO_sucks says:

        I am not a businessman. I am a business, MAN!

  23. guest says:

    Anybody else notice this Milk character became a lot more literate/able to spell throughout this thread? Can you imagine a small team of snickering 23 year old's downtown thinking they are sticking it to the 1% with their erudite comments?

    -hedge funder who is looking to hire, and plans to pre-screen applicants for their involvement in this protest nonsense

    ps – someone in our office just pointed out that there are few physicians or credible MBAs participating in OWS. Anybody who graduated from college with a degree in finger painting (sociology, culanth, poetry, or even for the most part LAW) is the new 'unskilled labor.' Congratulations for wasting everyone's time and money. You do not deserve our sympathy. You had the capacity to make choices, and you made bad ones. That is not my fault, and I don't see why I should be asked to pay for your mistakes.

    pps – possibly the most obnoxious idea to come out of you children yet is the fact that you would like to buy a $1MM office in Chelsea. First, that is going to be a pretty sh*tty office. Second, you could not have chosen a more telling place as a goal. How about a perfectly reasonable place somewhere in a location that is slightly less convenient to the local American Apparel store? Or wait, sorry, do you not 'do' those neighborhoods? I probably make at least twice as much as the average (employed) OWS-er, but would not dream of wasting my salary paying to live in a place I could only barely afford. I save, I invest, I pay my loans and would not trade my great education to have them discharged. My family has financial problems? I have put myself in a position to help them take care of them, rather than boohooing in marginal English about it while eating free pizza that some poor suckers around the globe are funding because they haven't realized what a group of marginally intelligent people there are living in that park.

    Is the idea of setting up shop at an inflated rate in Chelsea not the precise attitude (capitalism, status, materialism, spending outside your means…) you people are supposedly protesting against? Couldn't you, maybe, use that fund to do something possibly slightly more useful than buy into the peak of an overpriced real estate market?

    You don't lack the financial community's interest, and plenty of people wish you could get it together to deserve our respect. You don't.

    • Guestard says:

      Nice story bro.

    • Last Man Standing says:

      well said. i also noticed this guy went from illiterate – english as a second language complainer, to a fluff college degree holder mad at the world bc he cant get a high paying job with a degree finger painting. dont feel bad for the guy for one second or certainly not his homeless "grandma".

  24. lactose intolerance says:

    I have a high paying job. I am not asking you to feel bad for me. I am asking you to examine yourself.

    You see, this protest is about a way of life. It's a way of life you practice. Yes there are technical issues and regulatory issues. But this isn't going away. Your banks will shrink, your attitudes will change, and your bonuses will get smaller. You will be, to the rest of the world, outside the financial community, a pariah. You REALLY THINK this many people are mad for NO REASON?

    • Guest says:

      So that's the end game? When 'our' way of life changes? Or are you simply going to continue to protest any idea of capitalism (in or out of financial services)? There's good money to be made preying on the weak and stupid in any industry…

      • freshmilk says:

        No one is protesting any idea of capitalism. Well, maybe a few people are. But I don't think 72% of New Yorkers agree with the movement, without an official list of demands, because they are criticizing capitalism.

        The fact you think this is anti-capitalistic is fucking insane. It shows everyone here how brainwashed you are. Your a foot soldier who gets paid well. An automaton. Stay away.

    • Guest says:

      No you're right there's a reason: everyone who was ever told to "follow your dreams" or "do what you love" and then came to find out that life ain't a fairy tale is suddenly able to organize. They look at real revolutions happening around the world in response to actual hardship (ie. despotic oppressive monarchies) and think that they deserve the same fanfare. A few unions and progressive groups rally the media, people with an agenda leech on and a made-for-cable tv spectacle is born.

      Reads like a script.

      • freshmilk says:

        How is being put into heavy debt because of tactics used by the banking institutions any different than someone actually being enslaved by a despotic ruler? Bank of America lost a law suit when it was discovered they were arranging overdraft fees in order to do the maximum amount of fuckage to the person overdrafting. They try to maximize profit and people get fucked. And the top 6 banks in the country own 60% of the country's deposits. These banks are trusts and have outsize influence and need to be broken up. The student debt situation is atrocious – loans but no jobs(but with a promise of one!) – a receipe for a horrible life. People are hurting man. This isn't even a life.

        But you, you w ho caused this has a life. You took our money and got your bonus. No penalities for your fuckups. And you people say, "oh one should pay for their mistakes, they signed the mortgage contract" well you fucking sold the mortgages and guess what, you didn't pay anything, you got your bonus, and you are back in business thanks to tax payer money. So your moral high ground argument, professing that one takes responsibility for ones actions, is horseshit!

        • SpilledMilk says:

          Ok Che, do you realize the MBS market is just one part of finance?? The majority of people on this site don't have anything to do with sourcing, structuring, rating, or selling mortgages. But to you and your angry band of brainwashed delinquents, it is irrelevant – someone else has "too much" and it isn't fair.

          I have no problem with a TBTF law to break up mega banks or other legislation that will hopefully make our system more secure, but your rabid rhetoric is anti-productive. If you want socialism move to Venezuela or Cuba – have fun, weather is nice

          • guestapo says:

            A-fucking-men. Sadly, this reasoning will be lost on BreastMilk.

          • freshymilk says:

            Huh? What does it matter that some ppl werent involved in mortgage operations?

            FYI, Most ppl in investment banking and trading in 2004-2007 were involved. Thats basically what IB was dominated by.

            And ur saying on your site now – of course now there arent very many ppl in mortgages. It's irrelevant though, its your leaders and your institution as a whole. Its like not everyone was bad in Enron but the leaders/some traders were. And they represent you, the foot solider. So if you don't like it, you should leave, cause they arent representing you very well!!

          • SpilledMilk says:

            Are you serious? You are spouting complete nonsense. Of course it matters since you are trying to stir a mass revolt by blaming everyone in the system for the actions of some parts of some institutions in the past. Sounds like you have no idea what ibanks do or how most are structured if you think most people were/are involved in the MBS business.

            Enron is a completely different situation – they were actively defrauding, lying and manipulating markets. What banks were doing with MBS was generally legal but at times morally objectionable; no need for a response stating that the entire system was unethical or illegal since that isn't the case – if it was more clear cut then people would have already been convicted (like with Enron). Plus the vast majority of people involved were just as clueless as to the risk, poor quality of the underlying assets and potential for collapse as the buyers of the toxic junk. So was a mixture of ignorance and greed for all parts of the chain – investors were incentivized to deploy capital and grow AUM; ratings agencies and originators were incentivized by volume; borrowers were incentivized by low rates, no need for equity and growing home values (not all of the millions of delinquent borrowers can claim to be victims of predatory lending); politicians/regulators just completely dropped the ball since the just stood by and did nothing. Everyone is at fault. The only ones who were seeing through the mirage were hedge funds betting against the market – since they were incentivized to do so; but according to you they are evil since they made too much money off other people's misery.

            The last part of your post is just not worth addressing

          • freshmilk says:

            are you sying some people dont have too much when income inequality is the highest ever? and the u.s. is like one of the worst offenders of this worldwide incluing in third world countries? and most of those ppl come out of the financial world?

            this is all proven man, sorry.

          • IB AD says:

            I don't understand why it needs to be near equal. Some people work hard, some people choose careers that pay better rather than doing something they love. Why should some art history major do much make anything close to someone that works 60+hours/week. I am not a typical people here, I am an app dev in an IB, not a trader. If you actually look at who is making the most in the country it is people who came from modest backgrounds (Bill Gates, Sergey Brin, etc). Everyone has an equal shot and making it; however, not everyone has that great idea or drive. Everyone is attacking Wall Street, most of which is middle class and is hard working, not all millionaires like you would like to believe. Why not attack these jet setters, who strictly live off of success of parents and grand parents and get off of people trying to make a living?

          • Guest says:

            That would require OWS to actually sit and examine what they really want. A problem that's been rampant with generation y-bother.
            Sad thing is the movement has some legitimate complaints, however the anger and backlash is misplaced.

          • freshmilk says:

            i think the way which finance and the financialization of life impacts ppl is a difficult thing to articulate.

          • Guest says:

            Nope just difficult for you to articulate since you don't understand it.

            Son, this shit isn't something you can learn reading tweets and listening to "sit-ins" just the same as you can't learn to genetically engineer cancer-resistant tissue by watching the discovery channel and hanging out with scientists.

          • freshmilk says:

            I mean, I hear you on this. I think you are right that those people you mentioned are the main targets. However, the banks, as a whole, have been pushing policies both economic and political, and instituting consumer policies, that have been anathema to economic growth and have been adversely affecting people's lives pretty directly and their actions are self-interest and predatory.

            The question as to whether or not inequality should be tolerated is a long-standing one, so it's not really up to us to figure that out. It's that those people who are so rich are given unfair treatment compared to the rest of us and that they may be even rich because of that unfair treatment.

          • Guest says:

            Life ain't fuckin fair dude. Some people are born unable to walk, etc.

            – guy who, like you, wishes he was rich

          • Guest says:

            and there it is. someone has too much and you want a piece…

          • IB AD says:

            I don't mind that people have more than me, I am working to get my piece and not asking for handouts. I phrase the last part a little poorly.

          • Occupy Main Street says:

            Actually, I believe the response was to freshmilk based on where the "reply" arrows sit. No need to apologize–as the guy who DID reply to you said, there are some legitimate problems with the way our tax code works and I agree with the one you cite. It's just a shame that OWS has no agenda other than "I want someone rich to pay off my home mortgage".

          • freshmilk says:

            no one wants that, you are misunderstanding, you think the professors there want ppl to pay off their mortgage?

          • SpilledMilk says:

            Then what do you want – more bank regulatory control? Size limitations on financial institutions? Curbs on compensation? Mortgage reform? Nationalization of Rating Agencies and the banking sector? Quartering Angelo Mozilo? All I see on this thread is that you are mad and you want someone to pay – and by someone you mean everyone in the finance industry.

          • Guest says:

            dude the professors there are FUCKING WITH YOU GUYS. They have an agenda brother and are stirring you up wit a bunch of nonsense to acheive it.

        • Guest says:

          I don't understand over EVERY person in a bank played a role in the downturn. Its not like we all got together and decided to go after you. There are MANY different roles and many desks, or teams, had little to NO involvement in what happened. It is kind of like blaming every over paid NBA player for the lock out. Not everyone in a bank is getting rich and getting huge bonuses. This revolution as you want to call it is not going to have any affect on those you hate and only punish the people lower on the totem pole that are merely scratching a middle class living. And yes, even us lower on the totem pole make more than a public sector counterpart; however, we tend to work at least 1.5 times the number of hours.

          • freshmilk says:

            Why are you personalizing this so much? It doesn't matter if you yourself were involved or not directly with anything regarding mortgages or any other shady shit. Your organization was. It was a policy. We are going after policymakers in your bank, not you, and your bank as a whole or as an abstraction because of what its done.

            The only reason we wouldnt like you is because you tow the banks line/afraid to really examine your bank. Or aren't capable.

          • Ragnar says:

            I need to ask you a question, but I think I know the answer.. Have you ever been punched in the face?

          • Guest says:

            I never use the term LOL but if I did…

        • Guest says:

          Taxpayer money that was more or less repaid with interest. Wasn't that the case?
          And the financial service sector is on pace to shed roughly 100k jobs. How is that not paying?
          The only thing in agreement and apparent coming out of OWS is entitlement. You all seem to think you're entitled to more than you have.

          • freshmilk says:

            No, you seem entitled. Remember when your personnel received full bonuses with taxpayer money? That was entitlement. lol, how does ows seem entitled at all? they want you to stop preying on people and attempting to do shady stuff such as goldman knowingly selling bunk mortgages to ppl? its ur way of life, you guys are legalized crooks. all of you.

            It's true, we think we need government protection from monopolies. We feel entitled to that and to good living and working conditions which the banks are preventing/prevented with different regulatory pushes.

          • Guest says:

            So it's just wall street that contains the predators, the villains? I think there's a pretty strong argument that 'legalized crooks' can be found rampant in the fields of Law, Insurance Sales and city councils throughout the nation. Where's the protest on them?
            It's Wall Street that's the problem because we are all over paid I guess? No one took anything from you that you shouldn't have had in the first place. Give it a rest.

          • NowOnePerson says:

            Please see your own comment above about not "personalizing this" before saying things like "you guys are legalized crooks. all of you" and thereby personalizing it.

        • Occupy Main Street says:

          If I sell you a bad car, you can complain about it. If I make a bad loan and you have to bail out my bank, you can complain about it.

          But you know what you can't do? Come to me and complain about the loan I gave you that I'm losing 40% on! You know who did well out of that transaction? One guess, and it's not me.

          The 99% benefited for years from getting free options written for them on housing prices by stupid banks. And when their options expired worthless and they had to move out of the houses that smart banks would never have financed for them in the first place BECAUSE THEY STOPPED PAYING THEIR LOANS, they have the gall to blame the real losers in the transaction, who are the people stupid enough to bet on them and/or the housing market in the first place.

          There's a lot to blame banks for. Overdraft fees, banker bonuses…these are all good points of outrage. But when you complain about the debt burden on homeowners as if it was some master plan of the banks, you look like an idiot and it taints everything else you're saying. Because I know you don't know what you're talking about.

          • Fresh Milk says:

            Um, it was a "master plan." And, I do know what I am talking about – you are totally misinformed and its amazing someone so idiotic could work in finance and not know about the history of finance@!!

            Goldman Sachs, magnetar Capital, they kept the subprime machine going knowing the loans would fail. They enabled the market to grow. They tricked their clients and bought the loans from the originsator trying to flip it. So dont say for one fucking second there wasnt a plan. Magentar itself was responsible for 50% of subprime bonds being in the system and made CDS bets to profit off their decline. Paulson himself did this. These were time bombs. Same with Goldman as we now know with justice dept investigations(see SEC SUIT ABACUS TRANSACTION). So its you who HAS NOT A CLUE about what went on. Fucker.

          • fresh milk says:

            I find it lol worthy you claim 99% of OWS has no clue about finance but you in Wall street do. Your banks went bankrupt cause you fuckers didnt realixze ppl wouldnt pay back, that the interest rates were too high. Thats the dumbest mistake I've ever heard.

          • Occupy Main Street says:

            That's right, Magnetar and Paulson had a plan. And that plan was to bet that you wouldn't pay your mortgage back. The fool in the transaction? Some poor German bank, which made the mistake of thinking you would. The big winner?

            You. Because Paulson had to make a bet that you wouldn't pay your debts, and Poor German Bank bet you would. So Paulson made 600%, but you bought a house with no money down and if PGB was right you were going to make 10 years of savings in home price appreciation and if Paulson was right you were going to walk away. All for the equivalent price to renting, and with no money down!

            Banks were fools (you're right about that), HFs and IBs were sharpies. But when it comes to the mortgage crisis the homeowners made out, and you're the fool if you don't see that.

            Maybe I should come to your house or workplace (just kidding) and stand outside with a sign demanding you repay the loan that my tax dollars had to replace. Oh, except again those dollars have all been repaid and it's Fannie and Freddie (which make cheap loans to you) which are the REAL problem.

          • Guest says:

            Pretty sure interest rates have been making record lows for a number of years now. Even an ARM in 2008 had a lower coupon than a 20-yr fixed in 1994.

          • Guest says:

            I think you need to back up the master plan argument here. It was your left wing brothers that put pressure on to make sure everyone owns a home. The banks didn't require Fannie and Freddie to maintain 50% sub prime exposure – the administration did. We just sold the shit that everyone knew was shit in the first place.

        • Guest says:

          You created your own problems. The bank did tell you to get a loan for your worthless degree.

  25. UBS MD says:

    What bonus?

  26. merkin_capital says:

    Why didn't anyone tell me Maxine Waters showed up? Gherkin guy, where were you on this?! THIS SHOULD HAVE BEEN MY MOMENT!!

    oh well.

    p.s. eat the poor

  27. lurker says:

    please keep comments down to 2 sentences..

    The rich eat the rich, the poor are the tooth pick

  28. PMCO_sucks says:

    In Soviet Russia, Mlk Fresh you!

  29. PMCO_sucks says:

    ps – I refuse to let this thread die.

  30. urbanity says:

    Please, folks, can we keep the intellectual coversation off my dealbreaker? Thanks.

  31. Anonymous says:

    Your argument is still crap. Most banks that wrote terrible mortgages were local dealers (100% regular folks taking advantage of a hot market) trying simply to collect the fee and were explicitly backed by the government via Fannie and Freddie (regular government employees doing a poor job). Those people were also the first to lose their jobs in many cases and are standing on the corner with you. The large investments banks (99% middle or upper middle class workers) bought and repackaged the mortgages (regular people doing a poor job) on good faith that borrowers would pay them as dtermined by crap rating agencies (also regular people doing a poor job). Just in case, they also bought insurance against defaults (regular people doing a poor job). The banks trusted the borrowers AND covered their asses…. and, because of crap underwriting and homeowners without a clue, got screwed (regular people doing a poor job). Because everything else they do is vitally important to the WORLD economy they were then bailed out by the same people that stopped paying mortgage payments. Again, you can protest all the fees and bonuses you want, but when you blame wall street banks for the mortgage mess you taint every other argument you make via complicit stupidity.

  32. Yoghurt says:

    "Freshmilk & Wollensky."

    At last, you have made a difference.

    – an UBS employee who is occupying 3rd Avenue in hope of someone will buy him a meal.