Wednesday, October 02, 2013

What I saw as a Wall Street trader

What I saw as a Wall Street trader: a culture of bad behaviour | Business  The most interesting is the way that the investment banking partnerships turned into monsters owned by a disparate range of diversified funds with little interest in the minutia of what is going on.

"In my final years many of my last trades were approved by – well, I don't really know what they looked like, since most conversations were held over the phone. Sometimes it would be a gentleman with an Indian accent. Sometimes it was a nervous-sounding man in a satellite office somewhere. For six sweet months it was nobody: I had fallen between administrative cracks in a reshuffle. I set my own limits for trades.

Now each person is a small cog in the larger whole but there is no ownership or responsibility.

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