I would rather enjoy time with my family (dog included) and be able to pursue interests of mine than work 80 hours a week, subcontract out parenting, and live a hollow existence. I feel sorry for those that equate success with the number that follows a dollar sign.
noone tell this dumbass that de shaw, which he 'temped' at (LOL) isnt an ibank.... I'm sure you are a tough guy and have an thorough knowledge of D.E. Shaw's biz model. Good luck on your SAT's
depends on how you define "worthless" -- engineering is critical, without engineers the world would come to a virtual halt. on the other hand, they don't make nearly enough relative to their value. a primary reason is that there's no barrier to entry -- anyone can try to learn physics and math, and try to work in the field if they have the ability. the high-salary fields all have substantial barriers - politics, family connections, bar exams, school rankings, grad schools, etc. the bankers and politicians control access to capital. take away the license and lawyers become accountant assistants. executives/dir's earn huge salaries because of politics and cronyism, not necessarily ability.
GS trading Gods??? Has anyone seen the crew they have at the CBOE? I guess being 500 up ten cents wide as a box monkey is good. Very curious to see where these "trading Gods" are in 5 years. Funny too that all the good older traders have left the operation all together. Roll 5 and 6 boys.
has anyone here traded for Refco prop firms or been a trainee trader? if so please share some experience
I don't understand this mentality on ET. Why would a SECRETARY or a low level runner/backoffice/programmer, get any type of bonus above 10%? What risks do they take? What pressures do they have shuffling papers? What deals do they have on the table that is do or die? If they dissapeared tomorrow would GS's revenue be harmed? RISKS and PRESSURE and RESULTS and UNREPLACEABLE talent get paid top dollar. Doing something as menial or brainless as secretarying, accounting, runner, backoffice will not get you any bonuses mainly because the business does not depend on you for anything. Not to mention the only people getting 2 million dollar bonuses are the ones that have been there for over 10+ years. Dedication gets you paid. Only the top execs where their asses are on the line get PAID, because they are going to get it when things goes wrong, and they will also get it when things go right.
November 29, 2005 -- Goldman Sachs managed to bake an $11 billion money pie this year, according to New York magazine, and some employees are destined to get pieces ranging as high as $40 million. While many on the Street will not want for cash to spend during what looks to be a fantastic bonus season, Goldman's cup literally runneth over. With a cash pile like that, first-year associates are expected to nearly double their $70,000 average salary, and secretaries might post incomes trending into the six figures. At the top of Goldman, its 250 Managing Directors â occupying the role that partners used to play when it was privately held â are slotted for average bonuses of $2 million. Added to an average salary of $600,000, the MDs make a nice living. But it gets better: That $2.6 million is before they get paid for their performance. One Goldman bond executive â himself a Managing Director â said that with many units posting near record performances, "I find it difficult to believe that an MD could not double that [$2.6 million base] this year." Better yet, some divisions that have excelled, such as mergers and acquisitions and proprietary investments, have posted profits running into the billions of dollars. This puts the unit chiefs, such as proprietary investments' Mark McGoldrick, in line to possibly make $40 million. An executive recruiter who told The Post that he did extensive business with Goldman said that no other firm in Wall Street history could say that its top 250 professionals would be guaranteed incomes of at least $2.5 million. "That is unprecedented earning power," he said.