Christ, coolwhip... it's unreal. Every time you open your ass to speak, you're wrong. If only you could trade as consistently as you talk b.s. out your ass. You'd be able to pay off that 20% front you took out on your credit card in no time. Back office and other support staff matter. Every one of your staff members matter if you're running a business.
Hey chitrader101--- Your a piece of work. First of all, if you want to talk s*it on me, at least have the balls to identify who you are. I have no problem doing so. Second of all, if you read my thread I am not a failed trader but wasn't the most successful either (I don't know of any superstars that ever worked in the Chicago office outside of the guys who left this past spring and summer). Second of all, the fact that you were there till the bitter end (at least that what I've been able to take out of your other posts) shows how poor of a trader you are. Remember a good trader can spot a good trade no matter where they are. You obviously were still long refco even as the ship sank (maybe because your one of those who say fundamentals are totally BS, well they might not help most of the time, they ultimately rule the day). And remember, it probably would have sank a lot earlier if mgmt at the top wasn't worried about greater issues. In the scheme of things, RTS was just a small part of their business. As for me, in the short term I went long a new career opportunity (I lined something better up and was not fired or anywhere close to that) along w/ continuing my education so that I can attempt to be one of those overpaid guys on wall street. BTW---just because you know a few guys who execute some trades for GS doesn't mean you have a clue about anything they do. The stars at GS that you read about (or anywhere for that matter) almost entirely sit on desks in NYC, London, Hong Kong, etc....... Do I feel bad for those who lost your jobs, yes. But the writing was on the wall a long time ago.
Why do many support staff make over $100K then? GS only hires the best, period. Since they pay, they are able to get the best, whether it be the receptionist, backoffice clerk, or the Trading Algorithm writing Geek making $1MM plus. It amazes me the jealousy and animosity that festers here.
Good thought. First of all, 100k a year is not a lot of money, go to a wall street and take a look, a lot of support staff would make 100k including bonus. They are an integral part of the team, no different from anybody else. When I was part of a hedge fund, we made sure that we compensated the supporting staff well (we gave the secretary a $40k bonus one year, almost doubling her salary), frankly, people that are willing to do ops and support work (and not thinking every minute about doing something else) is rare, and those who are good are very prized. I am glad that a CMO ops staff would make $120k, good for them. A good ops person detecting an out-trade early can reduce the desk's position risk significantly. Second of all, investment banks operate in a very systematic way, it is not a bunch of cowboys gunslingers playing with the firm's money, it is a bunch of very analytical, smart people making calculated bets with the firm's money, and operate under very restrictive risk management parameters. In fact, if anything, I haven't seen a real "cowboy" type being head of a desk for quite a few years now, most head of desks are now quiet, analytical type that appreciates what everyond have done. Like others, I have started making some calls around the GS crowd, it seems a Partner (MD invited to be a part of the partnership pool) would make between 10-20, your typical MD for trading would make 2-5, and a 3rd year VP making 500-1. But those guys put in the time, at 8-9 pm, none of them goes home, and they have the P&Ls to back them up. Good for them.
the jealousy of some posters is really funny. If you are a dealmaker in the M&A group, you deserve toget paid more than the guy who maintains the GS website. Besides, if you have the talent and the stamina to perform better than the guy who gets $5 million this year, GS will hire you. If not, there's no reason to complain. I play golf, but do I complain that Tiger Woods earns more than I do ? no. Same think in IB.
looks like we have a lot of common people supporters here All good, common supports common. Very understandable Support people are important, just not important enough for me to pay them anything above then what gets them by average. And Yes, I actually run a business to know what I'm talking about unlike most of the evangelical posters here. And I thought traders were indivudualistic capatalists. LOL silly thinking. KEEP THAT WAGE DOWN! ALL TO THE CEO's / UPPER MANAGEMENTS ! And any successful person would agree with me. Because they know skills gets paid top dollar. Always.
lol... all we need to do is wait for coolwhip to post twice in a row - it's almost guaranteed that he will have forgotten what he just posted and will contradict himself ummm... okay, so then they are important but the business doesn't depend on them for anything? Isn't that what important means? That the business depends on them for something?? If the business depends on them for something, don't they need to be good at what they do? If they didn't need to be good at what they do, how could their function in the business be an important one?? Man, what a confusion. Coolwhip?? You seem to be a little confused, man. Maybe you should try writing out your posts in Word before submitting, and then coming back to them the next day to see if they make any sense. coolwhip has a 350K trading account... coolio runs his own business... coolio is 'superman'.... coolio had to take a front on his credit card for trading money... coolio is only trading this market short... coolweb is...
damn you sound like a programmer nerd from high school always nitpicking Please take off your coke bottle glasses and re-read the statement <b> Support people are important, just not important enough for me to pay them anything above then what gets them by average.</b> AKA , I Don't give a shit about support people. They are just there because I pay them and can rotate out anytime if required. Just like a mcdonalds fries fryer, important in a way LOL, but switched out in a second. I'm sure you are xperienced with that position. Understand?
um, I think you may be the one who does not understand. They are important, yes. However, they are much easier to exchange than an MD level I-Banker who has a network and brings in the revenue. # of qualified IT-people >>>> # of qualified senior I-bankers understand now ?