Entry: Blocking DealBreaker As A Leading Indicator

posted by FirstYearBKR

May 19, 2008 3:44PM

DB keeps me smiling @ my desk over at UBS...ironic considering the hundreds of back-handed (but frighteningly true) stuff that's written about them...and because they have blocked any and every website known to man. Even competitors' websites are blocked.

With every entertaining site gone, it's down to DB and eBay. Keep it up guys - you're like the orchestra on the Titanic: Lifting spirits on a slowly-sinking ship.

Entry: Is Progress For Women On Wall Street Hopeless?

posted by FirstYearBKR

May 21, 2008 10:41AM

Women on Wall St have the upper hand; most seem to not realize it or know how to use it. What guy wouldn't want to take orders from a put-together intelligent woman with a bangin' bod in heels and a skirt?

Learn to harness your power ladies...you'll definitely stand out in the pack of male 20 and 30 somethings who, for the most part, look act and dress exactly the same.

Entry: Area Man Threatens To Out-Toilet Stevie Cohen

posted by FirstYearBKR

May 21, 2008 11:20AM

@ anal_yst - True. Nothing in Greenwich can rival Rennert's 100,000sq ft house in SagaponAck...that square footage doesn't include the massive 'security' house (which is all you can see from the road) or any of the other buildings on the compound. That thing pissed off a lot of summer people who didn't want their cookie-cutter McMansions overshadowed but it was spectacular to watch construction.

Connecticut should not be a place for primary residences. Word up to the reverse commuters holding it down in NYC.

Entry: Would We Have Avoided The Mortgage Mess With More Financial Education?

posted by FirstYearBKR

May 21, 2008 4:08PM

It's not about women in the workplace, lack of education, or any complex 'what if' reasoning...the people who thought it would be a good idea to give legit deadbeats massive mortgages/loans should have seen this coming. We have companies monitoring credit history reports for a reason. In high school I thought that this was the dumbest investment idea when I first heard about it. Yeah, the risk/return ratio was enticing and your bets would surely pay off since SOME of those deadbeats would attempt to make payments on their debt. I find it hard to believe that NOBODY anticipated a situation where enough loans would default to make the entire system crash and burn. This seems more likely than the current ARS market. Although the 'auction rate' process possessed risks loosely associated with investor/market psychology, the catalysts for a sub-prime meltdown were a little more than a possibility.

We all have at least one friend who constantly says he'll 'get you back' for dinner/cabs/etc. Does he ever get you back? No. If he asks you to spot him again, would you? Probably not.

The solution is more basic than a push for financial education; it's about simple logic and willpower. People should quit thinking, 'I'm worth more than this' and begin to live WITHIN their means (i.e. if you can't pay your credit card bills in full, struggle during tax season, and have negative equity on your '89 Tercel maybe you should think twice about that 30 year mortgage). Why do Americans need to 'hire people to take care of the details' when it all boils down to diciplined spending/saving habits? People can't be that oblivious, can they?

Don't get me wrong: I'm not making enough money to live off of interest and as far as most people are concerned I'm a recent grad starting at the bottom of the ladder. Still, without the use of rocket science, I manage to cover all expenses, pay rent in Manhattan, and save a minimum percentage of my salary each month. All it takes is 4th grade-level math skills and the ability to not splurge on $500 loafers when you know that the purchase will make you unable to pay off your credit card at month-end.

If you're unhappy with your financial situation in life go out and further your career instead of superficially enhancing your lifestyle with stuff you really can't afford.

Entry: Would We Have Avoided The Mortgage Mess With More Financial Education?

posted by FirstYearBKR

May 21, 2008 4:53PM

@ Anal_yst

Agreed 100% on everything you said:

I'm aware John Paulson predicted it's baffling that more didn't notice and/or voice their apprehensions. Greed aside, it's blatantly obvious that sub-prime 'fad' investments wouldn't last and it isn't as if the warning signs hit the market like a freight train. It was more like a rollercoaster as it reaches the top of a climb; people had some time where the plunge was clearly visible.

It definitely comes down to parenting and how you were raised. However, you don't need to be born with a silver spoon in your mouth to learn these things. Good parenting includes preparing your children for the real world.

If it really is true that 95% of people will bend over backwards when presented with a sales-pitch and strategic diction, history will repeat itself more than once in the future. I personally don't understand those who rationalize their fiscal over-extending with 'I'll just pay it off little by little.' With all the public examples and credit consolidation advertisements it seems silly to think that people aren't aware of the snowballing effect associated with accumulating credit card debt. If they choose to ignore the warning signs they deserve every consequence.

Entry: Would We Have Avoided The Mortgage Mess With More Financial Education?

posted by FirstYearBKR

May 21, 2008 5:01PM

@ 4:29 - 'The problem is that the motivation to spend is stronger than the knowledge that spending isn't a good idea'

Humans are supposedly more evolved than monkeys and other animals because they have the ability to use logic and reasoning rather than act soley on instinct. If you can't fight the urge to spend, congratulations: You've just taken a few steps backwards on the evolutionary timeline.

Entry: Would We Have Avoided The Mortgage Mess With More Financial Education?

posted by FirstYearBKR

May 22, 2008 9:43AM

@9:20am - If your friends haven't figured out how their college loans are structured by the time they graduate I'd consider finding some new people to surround yourself with.

@9:29am - This isn't about the deals that were negotiated, it's about the deadbeats who can't seem to borrow spend and save within their means.

If you're a finance guy you should be very good at multi-tasking. If you can't do basic math in your head while motorboating or getting a lap dance you may want to consider a new line of work.

Entry: Would We Have Avoided The Mortgage Mess With More Financial Education?

posted by FirstYearBKR

May 22, 2008 10:16AM

@10:09am - damn straight. Look at what 2007 grads walked into? When you start your first job a week after BSC's hedge funds imploded and the layoff waves just began you really get a level perspective on the industry. In the entry-level spots you're easily disposable so it's just a question of how much ass you're willing to kick to stay in the game.

Entry: The Citi Never Sleeps: Sleep Deprivation Makes You Stupid

posted by FirstYearBKR

May 22, 2008 1:01PM

"Imagine you are sitting in a room watching a movie with the lights on. In a stable brain, the lights stay on all the time. In a sleepy brain, the lights suddenly go off."

I don't know about you guys but I usually prefer to have the lights off when watching a movie.

B-school students learn both the positive and negative sides to staying awake for extended periods of time very early on. After getting it down to a science with four years of practice I find certain tasks easier when you are, as they say, 'both asleep and awake at the same time.' You're completely focused, the learning curve shortens further since there are no extended breaks between work, and the finished product shows consistency since the train of thought is never interrupted.

Entry: The Citi Never Sleeps: Sleep Deprivation Makes You Stupid

posted by FirstYearBKR

May 22, 2008 1:14PM

@ 1:05pm - Maybe because it was undergrad b-school? 5-year dual degree program in 4 years? Not bad if I do say so myself.

Don't be so quick on the trigger buddy.

Entry: The Citi Never Sleeps: Sleep Deprivation Makes You Stupid

posted by FirstYearBKR

May 22, 2008 1:42PM

1:17pm: Thanks, I just half-smiled for the first time today.

I didn't apply to work with any domestic banks. With globalization becoming the norm they'll all be swallowed up or offshored to India soon enough.

Training was completed a long time ago. But thanks for asking.

1:22pm: Second half-smile of the day (that makes a whole smile). I have managed to avoid getting laid off. I sense that some people here haven't been so fortunate.

May I suggest stepping back and asking yourself why that was the only comment you could think of? Unless you're a bored student killing time between classes I think you may need quit relying on your unemployment checks, put down the bong, stop spending your whole day sitting home making 'anonymous' comments, and go make something of yourself.

Entry: The Citi Never Sleeps: Sleep Deprivation Makes You Stupid

posted by FirstYearBKR

May 22, 2008 2:09PM

We have admin assistants who do that stuff. I'll make sure to put in your drink order when I have a minute.

I sense some jealousy and I'd love to stay since this is getting to be really entertaining but I have a few things to attend to this afternoon. I wish you all the best in your respective job searches.