Pity Jim Yong Kim. The cushy post of president of Dartmouth College—where he rarely, if ever, had to defend the continuing relevance of his employer—appears to have been poor training for leading the World Bank in the face of an existential crisis. Read more »
It’s called “Party at the End of the World” and it’s coming at you sometime in 2013 via St. Martin’s Press. His agents describe the book as “a sex- drugs- and alcohol-fueled account of how Lohse nearly lost his life in the country’s cradle of frat debauchery and found something like redemption in…making it his mission to reform what is a national problem,” though hopefully there will be at least a few pages devoted to the “faceless hedge funds” and other Wall Street institutions that helped make Lohse famous by making him sick. [IG, earlier]
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”By Bess Levin
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 anything other than 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? Read more »
Bridgewater Accuser/Dartmouth Fraternity Brother-Cum-Reformer Surprised Find Himself Not Covered By Whistleblowing Protection LawsBy Bess Levin
That November, living at home and angry over what he saw as the unfairness of his predicament [of being suspended for cocaine possession and witness tampering], Lohse quietly visited the campus to report SAE for hazing. He had been encouraged to make the move by several friends and by his brother, Jon, who had quit his own fraternity during his senior year. Lohse met with Dartmouth’s associate dean for campus life, April Thompson, and David Spalding, Kim’s chief of staff, who was a brother at Alpha Delta of Animal House infamy. He told himself the move was in the fraternity’s – and Dartmouth’s – best interests. “I saw my role as a reformer,” he says. “I would argue that making these issues front and center is a very positive thing to do.” Telling none of his friends or fraternity brothers that he was in Hanover, Lohse presented the school officials with a “dossier of fraternity-hazing and substance-abuse-related information.” For well over an hour, he detailed his experiences and even named names…On February 22nd, his 22nd birthday, Lohse received a call from Dartmouth’s office of judicial affairs, informing him that, based on information he’d provided the college, they were pursuing charges against him for hazing. The college has also charged 27 other members of SAE, stemming from events in the 2011 pledge term. While the other students all categorically deny doing anything illegal, the information that Lohse provided to Dartmouth officials may directly implicate him in hazing. As a result, Lohse – the only student to come forward voluntarily – may be the only student who is ultimately punished. Coupled with the chair-throwing incident, the charges could get him expelled from Dartmouth. “I told them the unabridged truth, and they got me to incriminate myself,” he says. “I understand that no one is above the rules, but none of this would have even been possible if I hadn’t spoken out in the first place.” [Rolling Stone, related]
US News has regaled us with its annual ranking of the top business schools. I know you need a safe space to get huffy about perceived slights (be it your MBA program being lower than you believe is accurate or by having to suffer the indignity of an inferior institution being too close on the list), so let it out here and now. (Tomorrow Matt will lead us in a rousing discussion over the best CFA test prep classes.)
101. Rollins College (Crummer)
25. Ohio State University (Fisher)
24. Georgetown University (McDonough)
23. Indiana University–Bloomington (Kelley)
22. Washington University in St. Louis (Olin)
21. University of Southern California (Marshall)
19. University of North Carolina–Chapel Hill (Kenan-Flagler)
19. Emory University (Goizueta)
18. Carnegie Mellon University (Tepper)
17. University of Texas–Austin (McCombs)
16. Cornell University (Johnson)
15. University of California–Los Angeles (Anderson)
13. University of Virginia (Darden)
13. University of Michigan–Ann Arbor (Ross)
12. Duke University (Fuqua)
11. New York University (Stern) Read more »
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 on kegs and in some cases, perhaps used it as a way of facilitating the bedding of chicks. Back then, a simple “I need to find a place before my job at [insert firm of choice here] starts” more than lubricated the situation in your favor and the notion of not whipping it out in social situations, with members of the opposite sex and otherwise, would’ve sounded crazy. Now? You keep that shit under wraps. Read more »
As you may have heard, Bridgewater Associates is a hedge fund committed to probing the depths of any situation until it finds the truth. And, when one makes it his or her business to go after the truth, one must be persistent, and not take no for an answer. For example, at other funds, recruiters would probably not care to find out why any given individual chose not to work them, especially if said person had never even gone through the interview process in the first place, whereas Bridgewater simply rejects your rejection and demands a detailed list of valid reasons why you’ve chosen not to even consider what life could be like with BDubs. Last August, we learned of a Dartmouth student who was paid $100 to “explain why she did not want to work for them” and today, a Yale senior** relates being crammed into a hotel room to do the same. Read more »
Earlier this week, a Dartmouth College undergraduate wrote an opinion piece for the student newspaper in which he recounted “vomiting in my mouth” after hearing an anecdote about Bridgewater Associates supposedly paying a girl $100 to write an essay about why she chose not to participate in their summer recruitment session. That the hedge fund would be so aggressive in its attempts to convince Dartmouth’s best and brightest to waste their potential “manipulating capital” and “perpetuating class-based systems of power and dominance” sickened him, as did the fact that, as he sees it, Dartmouth has become a “vocational school for investment bankers” and those learning the skills necessary to work at “faceless hedge funds.” A ravenous reader of The Dartmouth, alum and Bridgewater co-CEO Greg Jensen saw the op-ed and today chose to take the young man to task re “impressions,” via a letter to the editor. Read more »
Dartmouth Undergrad Has A Bone To Pick With Ray Dalio, ‘Faceless Hedge Funds,’ The Dartmouth Board, And Peers Who Flock To Wall Street To ‘Perpetuate Class-Based Systems Of Power And Dominance’By Bess Levin
At a party in New Hampshire last week, one Dartmouth undergrad relayed a story to another about Bridgewater Associates. Apparently the former had chosen to abstain from the annual recruiting session that takes place over the summer for rising juniors and as a firm committed to probing the depths of any situation until they find the truth, Bridgewater wanted to know more. The hedge fund offered to pay the coed “$100 to write a statement explaining why she didn’t participate,” she told her friend, a proposition that sickened him.
The sheer arrogance and senselessness of this anecdote made me sick to my stomach, partly because, as planned, the exercise made her second guess her choice. But I had to admit there was a certain conceited logic to it — if this company can pay her $100 just to explain why she did not want to work for them, it’s easy to imagine how much cash she could rake in if she decided to pursue the job.
The exercise also got him thinking.
After I was done vomiting in my mouth, thinking of all the people who desperately need that hundred dollars, I began to think about the depth to which the recruiting culture has permeated our College. It has siphoned off some of our great minds into a dead-end field that sanitizes the intellect, offers almost nothing to human society, and conditions people to act in ways that are decidedly inhuman.
He continued. Read more »