LOLOL I'm not one of them, and I've worked with them for years, but I ain't mad at them either. LOL some more, no mercy in this game.
A man after my own heart. There are a lot of MBAs from top schools who went into banking, got booted out and the lucky ones ended up as Manager Joe Blow at the Acme Corporation. I know of so many who had to learn the hard way that the diploma did not make them the special person they thought they were. Not a few ended up as permanent members of the long term unemployed. They never do a comprehensive survey of the various graduating classes, or if they did do a poll only those who did well would bother to respond. But if you looked hard into the facts, there are many people who are embittered by the grossly unfulfilled expectations from having scored an MBA from a top twenty. In May 2007, so many of these guys were getting high over all the money that they were making. The first year associate who did not do more much than try to pretend that he ranked higher than the idiot analysts in his group found himself showered with a bonus that far exceeded his dreams. It is not hard to start fanatasizing about the gazzillions he will make when he makes the jump into private equity or failing that to a hedge fund or as an ultimate fall back if things got really hard joining the corporate finance team of consulting firms. It never occured to these wankers that their bonus for 2007 will be bad and that in May 2008 they would unemployed and unemployable. Two years ago they talked about the Wall Street ghetto. Now even the ghetto has vanished and all that is left is a dry desert with legions of desperate men and women dressed in designer togs trying to find a drop to drink. You can find them still at Starbucks around Manhattan pretending to be cool and engaged, staring hard into their laptops as they fire off one resume after another. A year ago they were thinking of dictating terms to Goldman when the time came for them to take their rightful place. Now they would lick your toes if you can get them through the doors of a chop shop like Whale Securities. Life, there is never a dull moment huh?
My man, this is the inside scoop. You got to know how these things work. You have not seen desperate until you meet a former investment banker/MBA who has been out of work for over a year. By the end of 2008 many of these guys will be clinically depressed as reality finally hits them. Right now, they are still living in the land of helium balloons and gormet bagels.
It is funny that the investment banker is angry being laid off. Isn't investment bankers are the one that put together deals for cost cutting or cost of scale reasons? Even better, the $400,000 middle manager said that if she doesn't have the money, she has nothing else to boost her confidence since she is not curing cancer or anything. Finally, one person that admit she doesn't contribute to the society.
http://www.bloomberg.com/apps/news?pid=20601109&sid=anqd9vuex5bU&refer=home It just keeps getting better!
these investment bankers lost so much money for their hedge fund, bank, in their investment they got fired. no more money to burn or give to fraudsters.
This whole thread is an example of the value of thrift, not living beyond one's means, and saving for a rainy day.