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Princeton's Budding Bankers Claim To Not Be Going Into Finance For The Money

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The Daily Princetonian is running a very exciting 3-part series on "careers in investment banking and consulting." The first article ran earlier this week. The topic was bull shit. Specifically the bull shit lies college students tell to make them feel better about their life choices.

Such as:

"Money is an attractive factor, but it’s not the real reason people go into an investment bank,” said Rebecca Yu ’11, a physics concentrator who applied for an internship at Goldman Sachs this summer. “I think — at least, I hope — that people do it because they’re genuinely interested in [investment banking].”


"I mean, sure, if some people do it [for the chedder], fine — but that’s definitely not why I’m doing it,” Timothy Koby ’11 explained.

Also good:

Operations research and financial engineering professor Alain Kornhauser said the students he has known who entered these fields are generally genuinely interested in investment banking. “Who’s doing it just for the money?” he said. “To be perfectly frank, there aren’t that many that I have known.”

Competition For Careers [DP via Gawker]


Jimmy Cayne May Be About To Come Into Some Money!

10-pound bag of Chronic Supernova, consider yourself bought. Thousands of former Bear Stearns Cos. (BSC) employees will share a $10 million settlement of lawsuits claiming they lost money on the bank’s stock in their retirement accounts. Two ex-Bear Stearns employees yesterday asked a federal court judge in Manhattan to approve the settlement on behalf of an estimated 8,400 former colleagues. The settlement will resolve class-action suits filed beginning in 2008 against Bear Stearns and other defendants by former employees of the bank. The employees, participants and beneficiaries of Bear Stearns’s employee stock ownership plan who held shares of the bank’s common stock, claimed risky investments in subprime mortgages caused them to lose money. Ex-Bear Stearns Employees to Get $10 Million in Settlement [Bloomberg] Related: Jimmy Cayne Takes “It’s A Bag Of Oregano” Route In Face Of Drug Use Allegations