college

  • News

    Harvard, Princeton And Yale Still Harvard Princeton And Yale

    Actually, this year it’s Princeton, Harvard and Yale, according to the Most Important Rankings of All Time, 2013 edition. Sorry, Whartonites: The rest of your university (yes, there is a whole university attached) continues to drag you down to the level of Duke and MIT. [U.S. News]

    / Sep 10, 2013 at 5:05 PM
  • News

    Dartmouth Grads Still Into Wall Street, Despite One Man’s Campaign Against “A Field That Sanitizes The Intellect And Offers Almost Nothing To Human Society”

    Back in August, a Dartmouth student named Andrew Lohse made a simple request of his peers: to stop being whores for Wall Street. “Should landing jobs prestigious 16-hour-a-day jobs at some faceless hedge fund, where they’ll learn about manipulating capital instead of imagining a freer and more just world be the goal of the valedictorians of Ivy League institutions,” Lohse asked and then answered, “No matter how hard I try, I cannot think of more pathetic ambitions.” Lohse charged the undergraduates to “do better” and by better he meant  resist being “pulled into what is essentially a vulgar and extortionate system of lending and predatory capitalism which is increasingly underwritten by what remains of the public’s coffers.” Was Lohse’s argument a persuasive one? Did the image of him “vomiting in my mouth” at the idea of his peers becoming financial services employees cause anyone to reconsider?

    Apparently, not so much.

    Wall Street’s allure may have dimmed for some of America’s sharpest young minds in recent years, but a quick look at the top of Dartmouth College’s class of 2012 shows that the appeal seems to remain strong. At its commencement on Sunday, Dartmouth recognized four valedictorians who graduated with perfect 4.0 grade-point averages. Three are headed to work on Wall Street at major investment banks, and one will go to the giant business consulting firm that advises them. “Certain people have the view where finance is perceived in a more negative light,” said David Rogg, one of the valedictorians, noting that there was an active chapter of the Occupy movement on Dartmouth’s campus. “But a lot of people still find it to be a very positive industry.”

    He has a job lined up at Goldman Sachs, as does another of the valedictorians, Jie Zhong; a third, Wills Begor, will go to Morgan Stanley. The other valedictorian, Glynnis Kearney, will work at McKinsey & Company. Mr. Begor said some of his peers’ interest in Wall Street had diminished, “but for me, it’s an extension of the academic challenges at Dartmouth, to learn about finance, which is something we don’t get exposed to at a liberal arts college.”

    Begor did add that his gig is “just for two years” and “has been accepted to Harvard Business School, starting in 2014,” so perhaps Andy got under his skin a little.

    Finance Jobs Still Appeal To Graduates At Darmouth [NYT]
    Related: Bridgewater Accuser/Dartmouth Fraternity Brother-Cum-Reformer Surprised Find Himself Not Covered By Whistleblowing Protection Laws

    / Jun 15, 2012 at 1:42 PM
  • News

    Convicted Insider Trader Garrett Bauer Hoping College Kids Will Help Him Get Off

    Remember Garrett Bauer? For those who need a refresher, GB was a trader (who “mostly worked from home”) who was charged last year for running a decades-long insider trading scam with an M&A attorney, Matthew Kluger, that involved stealing information from several law firms. (In April 2011, 20 FBI agents knocked on Bauer’s door to arrest him which, while terrifying, didn’t come as much of a shock– the duo had recently become suspicious that the authorities were onto them and, naturally, went about destroying evidence, a process Bauer recounted to a cooperating witness in a conversation he didn’t realize was being recorded, telling the CC: “My heart was beating ten thousand miles an hour. I went right up to my apartment and I broke the phone in half and went to McDonald’s and put it in two different garabage cans. And someone was watching me. I thought it was an FBI agent. And I asked him, ‘Do you know me? You look familiar.’ And, like, I was so panicked. I literally didn’t sleep that entire night…I can’t sleep. I am waiting for the FBI to ride into my apartment. I am on edge all night thinking they are coming in.”)

    Anyway, Bauer ultimately pleaded guilty and is set to be sentenced today. Though he could receive up to 11 years in the big house, a judge will be taking into consideration letters “expressing support or urging leniency” sent on Bauer’s behalf, some of which were written by fans he’s gained working the college lecture circuit the past few months, explaining to undergrads why they don’t want to follow in his footsteps (hint: it involves sleeping on bunk-beds).

    “I’m here hoping you won’t commit the same crime I committed, insider trading,” Bauer told the students at NYU’s Stern School of Business in February. “I feel remorse. That’s why I’m here. It’s my way of trying to apologize to everyone for what I’ve done and try to make amends.” Bauer said he hopes that his “scared straight” message, delivered in 147 speeches since last fall at business schools, law schools, churches and synagogues, will move the judge to grant him leniency. Sentencing judges can consider whether a defendant has accepted responsibility and shown remorse for his acts. “I’m not blind anymore,” Bauer said in an interview. “I see how wrong it was, how unfair it was to everybody else that’s trading. You get away with it once, and then you think you can get away with it every time. I almost never considered the question of getting caught. It was more a question of let’s figure out a way to make money and not lose money.”

    Bauer spoke several times a week in person or via Skype at schools including Harvard University, Yale University, the University of California at Berkeley, the University of Texas, the University of Michigan and Duke University. He booked his own speeches, sometimes called “Confessions of an Inside Trader.” Bauer gave the same basic narrative in two appearances observed at NYU, as well as at Cardozo Law School in New York, Drexel University in Philadelphia and a Rutgers University class in Jersey City, New Jersey. Bauer, lean at 5-foot-11 and 145 pounds, favors button-down shirts and khaki pants. He speaks rapidly in a nasal voice, lacing his account with jokes…In every talk to students, Bauer discussed how 20 FBI agents came to his apartment to arrest him and how they played the tapes for him, as well as his time in the Hudson County Jail. He tried hard to show no emotion to violent criminals.
    “Saying it’s a scary place kind of understates it,” he said. “It’s the scariest place on earth.”

    At least one professor believes Bauer’s talk scarred his students for life, which should count for something. And according to Sameen Singh, a recent Stern grad who will soon start a job at Morgan Stanley, U.S. District Judge Katharine Hayden ought to go easy on the guy, who is just another bro. “I was impressed by how human he was and how his friendships and relationships played a role in his crimes. My friends were quite taken aback by how similar he was to them. He came from humble beginnings, and he’s not a deviant mastermind criminal. He’s just a regular guy.”

    Prison-Bound Bauer Reprises ‘Confessions Of An Inside Trader’ [Bloomberg]

    / Jun 4, 2012 at 2:44 PM
  • News

    Duke University Grads Waste Plenty Of “Unique Intelligence” Working On Wall Street Too, You Know

    As you may have heard, over the last several months, various college newspapers have run opinion pieces by students lamenting the fact that many of their peers take jobs on Wall Street following graduation, where their talents are wasted. Dartmouth kicked things off in August, with others following in suit, particularly at Ivy League universities, […]

    / Dec 1, 2011 at 5:51 PM
  • News

    College Students Hesitant To Reveal Scarlet ‘B’

    Time was, landing an offer from an investment bank in the fall of one’s senior was something to be proud of. Secured employment at Goldman/JPMorgan/Lehman Brothers et al for the following year was something you didn’t try to hide and you’d happily join Facebook groups started around the common cause of spending one’s signing bonus […]

    / Nov 29, 2011 at 1:52 PM
  • News

    Bernie Madoff Couldn’t Be Happier Behind Bars

    Maybe, you thought, Bernie Madoff wouldn’t like prison. Maybe, you thought, after a life of luxury, living in an 8X10 would cramp his style. Maybe, you thought, that he’d have trouble earning 14 cents an hour sweeping the floors, after spending several decades ‘earning’ millions making fake trades. Maybe, you thought, he wouldn’t take to […]

    / Oct 21, 2011 at 4:08 PM
  • News

    Analyst Who Fears His “Overly Muscular Stature” Won’t Work For Wall Street Seeks Advice

    Earlier this week, a young financial services employee posed a question to the universe about a problem vis-à-vis size. He wrote: I have a serious question for all of you. I am a rather large man (both in stature and in the pants.) I played D1 football as an offensive lineman. I am currently 6’1, […]

    / Oct 20, 2011 at 11:31 AM
  • Banks

    Thirty-Thousand Job Cuts Have Not Squelched Bank Of America’s Appetite For Fresh Meat

    “Our plans [to recruit] are consistent with last year,” said Kristen Williams, head of Bank of America’s global banking and markets campus recruiting team. “We have our target school list in the U.S. and globally. We’re not in a 2009 situation.” [FINS]

    / Sep 21, 2011 at 1:46 PM
  • News

    Congress Goes To College: Finance 101

    The Financial Services Roundtable has had to sit Congress down a few times and explain things to them, and they’ve been extraordinarily patient. FSR president Steve Bartlett has spent many hours walking the halls of Congress in his ostrich skin boots (really). But he’s a busy guy and he just can’t keep homeschooling the Congress kids […]

    / Jul 14, 2011 at 6:02 PM
  • News

    Bill Gross Wants To Bring Back Shop Class

    “Philosophy, sociology and liberal arts agendas will no longer suffice.”

    / Jun 21, 2011 at 11:48 AM
  • News

    Danielle Chiesi: The College Years

    As previously mentioned, one of the unforeseen consequences of the Galleon insider trading bust was credibility taking a hit. Specifically that of the individuals who’d told their friends and colleagues that Danielle Chiesi was a dime piece, and who were slightly dismayed to see the picture of her from a Bridget Nielsen (Flavor Flav Years) […]

    / Dec 7, 2009 at 4:37 PM

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