
http://nickchirls.com/my-time-at-lehman
Interesting Quotes:
“What I discovered, quite starkly, is that the part of Wall Street that I worked in was simply transferring wealth from the less sophisticated investors, often teachers’ pension funds and factory workers’ retirement accounts, to the more sophisticated investors that call themselves proprietary trading desks and hedge funds. Of course, the traders had all sorts of excuses and jargon to deal with this truth. “Oh no,” they would say, “We are important providers of liquidity that create stable financial markets. We’re a crucial part of a system. And besides, if we don’t do it, someone else will.” These are the lies that people tell themselves so that they can buy larger homes.”
“To do that sort of work, you have to either really love it or convince yourself that it somehow has worth. Otherwise the hours, stress, and bullying will eat you alive. I remember taking the subway home each night asking myself “What have I done today? What have I created?” And it meant that I couldn’t sleep well, I was embarrassed to tell people what I did, and I felt as though I personally owed every single person that I mucked over in the markets each day.”
“The people around me measured themselves by one metric: The amount of money he or she made for the firm. Their bonus determined the respect they received. And yet, every last person felt poor. I remember during the first bonus season hearing that one reasonably successful trader was thinking about leaving the firm. I asked one of my colleagues why that was and he responded, “He made just under a million. They fucked him.” I was astonished. I had the incredibly good fortune to live a comfortable childhood. I received a wonderful education at a top public high-school in NYC and never really needed anything. But the lens through which the people around me at Lehman looked at the world was so distorted that I couldn’t figure out where they came from. In what possible reality can someone receive a million dollars and feel as though they got fucked?”
“I found much solace in reading literature and novels that had nothing to do with my job.”
“We created a running joke: “Would you rather have someone shit on your face, but then be able to spend the day however you please, or would you rather go to work today?” Eventually the answer for all of us was unequivocally, “Shit on the face.” So something I know now: When you’d rather have someone shit on your face than go to work, it’s probably time to leave.”