<p>Though to read the comments about Smith,he really hasn’t been there that long…12 years if i read it correctly…my friends are 20+ year</p>
<p>I don’t think it is sour grapes…</p>
<p>I just people think will say it is…</p>
<p>I love Smith’s job. I think he has seen plenty.</p>
<p>Here is a comment from a veteran of many Wall St firms:</p>
<p>"a lot of me’s and I’s in there. </p>
<p>I’m sure there’s a lot of truth to what he says about the culture, my bet is the catalyst for writing this was a denial of promotion."</p>
<p>another thread about the GS editorial of Greg Smith, started by barrons:
<a href=“http://talk.collegeconfidential.com/parent-cafe/1303261-goldman-sachs-savaged-senior-gs-insider.html[/url]”>http://talk.collegeconfidential.com/parent-cafe/1303261-goldman-sachs-savaged-senior-gs-insider.html</a></p>
<p>Placed my first-ever options trade this morning.</p>
<p>Sold 1 contract of AAPL $650 Calls for April 21, 2012 at $9.60 this morning. I got about $951 for it. I have a ton more AAPL shares - this is just a test on a small position. I rather like the concept. I’m going to watch it over the next month to get a feel for it and then read up on options. I asked an experienced options seller for a trade to do - he looked up the chain and suggested this trade.</p>
<p>Good luck…</p>
<p>Former derivatives trader here :)</p>
<p>BCEagle, if I were fortunate enough to own AAPL, I would definitely sell covered calls! Good luck!</p>
<p>My anecdotal economy comment: my company is hiring and my professional association job board has more listings than it has since mid 2008. Let’s hope Europe does not drag us down…</p>
<p>Not too many women derivative traders…</p>
<p>I guess I’m now a weapon of mass financial destruction.</p>
<p>Lol…</p>
<p>I see that Paulson has gotten his wish with respect to the Hartford unloading some of its divisions. This guy should be put out of his misery.</p>
<p>:)</p>
<p>[Who</a> Makes Money on Wall Street? Altucher Confidential](<a href=“Who Makes Money on Wall Street? - James Altucher”>Who Makes Money on Wall Street? - James Altucher)</p>
<p>"-********* People who take fees…</p>
<p>But here’s how it works. You raise $100 million and you make about $2 million straight off the top in fees which you split with your partners and the people who raise you money. Then you split any money that comes in off the profits on the $100 million. *In the long run you lose money for all of your investors but you make a TON of money on fees.</p>
<p>My favorite example is super hedge fund manager John Paulson. He turned one billion dollars into six billion during the housing crisis in 2007-8. He probably took a billion in fees off the table. Then he raised his fund from six billion to 30 billion as more investors poured in. Then, or so people tell me, he lost 50% and his fund went from 30 billion to 15 billion (these are rough numbers. Its give or take a few billion). So net-net he lost about $10 billion to the markets. And yet, he’s pocketed about $3 to $4 billion in fees, making him one of the richest people in the world without providing any useful service in the world. He made that money simply by losing even more money. That’s a pretty good job if you can get it.</p>
<p>Great article and so true</p>
<p>My childhood friend,Joey ’ Bag a donuts’ did time for simple bookmaking…took the vig and paid all his winners…something is wrong here</p>
<p>“I guess I’m now a weapon of mass financial destruction.”</p>
<p>Those would be puts BC. The only one who ‘dies’ if you have to cover a million AAPL call contracts is you!</p>
<p>Long stock… and short calls…you are short puts…</p>
<p>BCEagle is short the equivalent of 1 650 put in Aapl…
Plus…he is long the stock…</p>
<p>Qdogpa…gamblng is illegal. ;)</p>
<p>dstark, maybe Qdogpa is still in Las Vegas!</p>
<p>I would be surprised if bc has approval to sell naked calls.</p>
<p>Hayden…Hayden…:)</p>
<p>Dstark,
Bookies are some of the most honest people you’ll meet…They don’t look to rip you off, they make their cut whether you win or lose,not unlike Mr Paulsen… ;)</p>