The Future of Investment Banking - Page 2

aworldapart · 03-26-2008, 07:25 PM

Wait, so obviously you're not "good enough" to be an investment banker, but now you're showing the whole world that you're too much of a bloody idiot to be a lawyer? Oh god. My apologies to your unfortunate parents; what did they do in their past lives to deserve such an excuse of a child?

Quote:

If you think that subprime mortgage bonds deserve an AAA rating when those who are paying that mortgage have no documentation of income and have often financed 95% or even 105% of the value of their homes, I sincerely hope that you NEVER become an investment banker.

Where in the world did I say that mortage bonds or MBS deserved AAA ratings? Seriously. Where? What was the point of that?

Harvard Law? You are aiming too high. Have you thought about the nursery across the street?

-----

Again, my initial post still stands.

tetrishead · 03-26-2008, 07:30 PM

Quote:

Originally Posted by aworldapart

To say that Wall Street was the "prime mover" is also irrelevant.

How is being the prime mover in a failed market irrelevant to responsibility for the failed market? There's a good argument for why Wall Street isn't really responsible for the tech crash, but that's not it.

aworldapart · 03-26-2008, 07:37 PM

tetris, you're taking what I said out of context.

It's irrelevant in the sense that it has nothing to do with my initial post.

futurenyustudent · 03-26-2008, 07:38 PM

My point is if you think that Wall Street isn't to blame for the market failures in 29, 87, 97, 01 and again in 07-08, you need to have your head examined. And yes, telling me that a subprime mortgage bond is anything other than a junk bond IS a breach of trust. Investors trust our investment banks to be honest with them. Investors trust bond rating agencies to be honest with them. The SEC REQUIRES AND INSISTS that they be honest with investors, or else face huge fines. I hope the people who peddled those mortgage bonds as AAA papers are banned from the industry. Don't give me that "buyer beware" crap: when I buy a car, I expect the car to be in close to flawless working condition, safe and free of defect. And if there is a defect, the manufacturer damn well better fix it. If the car is unsafe, they damn well better let me know and fix whatever's making it unsafe. Otherwise, they'll find a process server at their door.

We can hold car manufacturers responsible for knowing peddling defective products, we can sue doctors for ****ing up a surgery, we can sue lawyers and accountants for malpractice. Please explain to me why investment professionals, who are selling a PRODUCT (i.e. the investment) shouldn't be held at least partly responsible for this mess. They may not be completely at fault, but they still peddled "AAA" papers that should have been rated junk in reality.

Believe whatever you'd like. But those who don't learn from history are doomed to repeat it.

Did I say I was good enough to be an investment banker? I said I dislike that industry in general.

aworldapart · 03-26-2008, 07:40 PM

And I STILL say that everything you write is irrelevant to the initial post. Good God. I am going to pray for you.

tetrishead · 03-26-2008, 07:46 PM

So your initial post is basically... Finance job market is going to suck for a few years, and it'll bounce back when the economy bounces back?

...

Who doesn't know this, exactly?

futurenyustudent · 03-26-2008, 07:49 PM

That's fine-but you've been warned. Those who don't learn from history are doomed to repeat it.

aworldapart · 03-26-2008, 07:52 PM

Who doesn't know this?

"sup," "barrons," "laxattack," and all the other 145 people who posted on the thread "Why Investment Banking?"

There's a lot of people out there who are happy to see Wall Street go down (evidenced in this thread) and a lot of people who are essentially discouraging HS students and young college undergrads from pursuing a career in banking. They cite personal anecdotes. They post links to job cuts. They gaze into a crystal ball and joyously exclaim that the end is near.

Well, sorry to break it to you, but investment banks are going to be here to stay for quite awhile.

The End.

tetrishead · 03-26-2008, 07:59 PM

If people who want to be bankers can't interpret bitterness and take all their career cues from a single forum then they're not going to make it in finance anyway, so your point is kind of moot. I think this crash is useful for removing the tendrils, if you will, of some of the larger institutionals from individual companies--historically I don't know of any time when banks have taken larger stakes in companies than they've been taking over the last 8 or so years. HFs need regulation, investment banks need better regulation, but I think this is all fairly obvious.

aworldapart · 03-26-2008, 08:01 PM

^Definitely agreed.

barrons · 03-26-2008, 10:01 PM

I never said it won't bounce back. But I have said it is very volatile as the recent crashes (which seem to be coming faster and faster) attest. And it will be down for the grad coming out the next few years so they should seriously think about other more meaningful work. Maybe the Peace Corps or Teach for America. It will teach you to be a real human being.

Majayiduke09 · 03-27-2008, 12:29 AM

Peace Corps? Teach for America?

No thank you...

aworldapart · 03-27-2008, 08:35 AM

Barrons, you're telling future investment bankers to work at PC and TFA? What exactly are you doing to enrich your life, Mr. I-work-in-Corporate-America? I guess you're not a real human being either. C'est la vie.

barrons · 03-27-2008, 11:15 AM

I taught school for a year in a poor area. It was very educational. Actually TFA grads are recruited by Ibanks. Many leaders in business and government were in the Peace Corps.

Once again you think you know it all and you know nothing.

http://www.teachforamerica.org/alumn...i_business.htm

pearlygate · 03-28-2008, 08:48 PM

wow I can totally see who's being a total jerk in this debate. thanks for wasting my time for reading your not so informative post.