I had a couple of rental houses....It was a major headache.
I HATE Being An Investment Banker (Life Rant)
- Thread starter Theraflu
- Start date
I had a couple of rental houses....It was a major headache.
godkiller
"We are the Fury"
I concur. The issues OP describes are present in every high profile industry, except nikkas get paid less. People in general don't have better options than finance. I know people in law who aspire to be partners but may not make it there. Even still they can always lateral into a different firm or industry like consulting. The options for black men aren't voluminous. It's high profile job and the perks that come with it or fukking poverty. Some dudes do get lucky and become partners. Others move on or lateral. To a normal person, a black investment banker is elite.
Hang in there for has long as you can and stay strong breh. Glad you mentioned that you're saving like crazy to make other moves. Gonna post some info on R.Lewis and J. Jett for you to think on.
http://en.wikipedia.org/wiki/Reginald_Lewis
Biopic of Wall Street titan Reginald Lewis who was the world's first African-American to own a billion dollar empire.
http://www.imdb.com/title/tt2094191/
Why Should White Guys Have All the Fun?: How Reginald Lewis Created a Billion-Dollar Business Empire
Overview
Why Should White Guys Have All the Fun? is the inspiring story of Reginald Lewis: lawyer, Wall Street wizard, philanthropist -- and the wealthiest black man in American history. When six-year-old Reginald Lewis overheard his grandparents discussing employment discrimination against African Americans, he asked, "Why should white guys have all the fun?" This self-assured child would grow up to become the CEO of Beatrice International and one of
http://www.barnesandnoble.com/w/why...reginald-f-lewis/1111766622?ean=9781574780505
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GE/Kidder Peabody thru Joseph Jett under a bus.
http://en.wikipedia.org/wiki/Joseph_Jett
http://www.prweb.com/releases/2004/02/prweb102723.htm
Hedge Fund Manager Joseph Jett Seeks SEC Exoneration and Announces Publication of BROKEN BONDS
Bond Trader Joseph Jett seeks SEC exoneration before full panel of commissioners Feb. 4, 2004 in Washington D.C. and announces publication of Broken Bonds: My Immoderate Life of Love, Passion, War on Affirmative Action and Jack Welch's GE
Hedge fund manager, author and speaker, Joseph Jett, appealed for complete exoneration before the SEC commission yesterday. Only two of the five seated SEC commissioners showed up for the much anticipated hearing on February 4, 2004 in Washington D.C. Jett was falsely accused by General Electric CEO Jack Welch of masterminding a $357 million fraud in 1994. The U.S. Attorney's Securities Fraud Division found Jett more credible than the people from GE and refused to indict him. A blue ribbon NASD arbitration panel, declaring Jett not guilty of fraud, disloyalty and unjust enrichment, ordered General Electric to return nearly $6M in bonus monies that the company had illegally confiscated. An SEC administrative law judge found Jett not guilty of fraud but, giving no evidentiary weight to nearly all exculpatory evidence, chose to fine Jett for books and records violations. Jett is appealing this decision.
Jett who appeared without his lawyers stated: Three of the five commissioners hold MBA degrees. I wanted to show that I was not hiding behind legalities but could prove to knowledgeable judges that my trading was above board and profitable. I had hoped to present the same technical evaluation of my trading that led to my exoneration by the U.S. Attorney's office and the NASD. Unfortunately not one of the commissioners with an MBA showed up. I don't know whether this even comprised a legal quorum of the SEC. I am gravely disappointed that after six years of doing nothing on such a high profile case that the SEC commissioners did not take their jobs seriously. It is very sad and very troubling.
Jett's latest book, Broken Bonds: My Immoderate Life of Love, Passion, War on Affirmative Action and Jack Welch's GE will be released February 18, 2004. It is fitting that Broken Bonds begins with a word of warning: Those of you who are unarmed and those of who just don't wish to be hurt may do well to set this book aside for these are the words of a Black man, not an African-American. In Broken Bonds, Joseph Jett picks up the fallen standard of Black pride and holds it once again aloft as both a beacon and a challenge to the so-called African-American. In this prequel to summer 2004's, The Art of War: New Strategies for Black America, Jett throws down the gauntlet to the failed leadership of Negro priest-kings who have promoted a culture of dependency that has effectively reenslaved the Black race. In what must be the most blunt and controversial assessment of Black culture, Jett pulls no punches.
Racism remains the greatest challenge. Few other men have stood alone against odds as great as those Jett faced and still emerged triumphant. In 1994, famed bond trader Joseph Jett was pronounced "Man of the Year" at General Electric?s investment banking subsidiary, Kidder Peabody. A two-time graduate of MIT and a Harvard MBA, Jett traded a $37 Billion portfolio, an amount that totaled roughly 10% of the entire assets of General Electric, the largest corporation on earth. Jett generated profits of over $270 million, more than a quarter of the subsidiary's earnings.
Racism, though rampant on Wall Street, did not stop Jett. The bond and stock markets are colorblind and care nothing for race, color, sex or creed; they give no quarter and yield only to the smart and the quick. Jett's profit numbers, which later withstood questioning by the FBI, U.S. Attorney's Securities Fraud Division and the NASD, could not be denied and he became the most highly ranked and highly paid Black professional on Wall Street.
Then, now discredited GE CEO Jack Welch accused Jett of masterminding a $357 million fraud and launched a multimillion dollar media blitz of character assassination. The Wall Street Journal filled two pages with astounding revelations about Jett's private life. In towering headlines, it reported his disdain for affirmative action, revealed his penchant for beautiful women and accused him of the atrocity of being a young Black man.
In Broken Bonds, Jett reveals for the first time his made for Hollywood personal life. That Black intellectual achievement and the sacrifice that goes with it will payoff in the end is best demonstrated by the unvarnished telling of a life lived at full throttle a life lived so fully that the major business story of the 1990?s was nearly background noise. This tale of Black pride, this tale of overcoming racism through strength, this tale of overcoming even a Kobe Bryant moment will leave you on the edge of your seat. Rest assured that you have never heard this revenge of the Black MIT nerd tale.
Jett reveals how to thrive professionally despite an atmosphere of racism and sexism. He shows that progress must be made, not through handouts, but through discipline and pride. Jett chronicles his battle to clear his name standing alone against the General Electric behemoth and its once celebrated CEO and now confessed fraudster, Jack Welch. Using Welch's own words, Jett asks exactly who was cooking General Electric's books. The greatest irony of the GE corporate culture where "Black Male Sexuality" was feared is that Welch is ultimately brought down by his inability to control his desires.
Black and white on Wall Street: the untold story of the man wrongly accused of bringing down Kidder Peabody
Joseph Jett, Sabra Chartrand
William Morrow, Apr 7, 1999 - Biography & Autobiography - 387 pages
1 Review
The firsthand account of a black man's experiences on Wall Street -- by the person who was wrongly thrust into the center of its biggest scandal in years.
From inside the book
http://books.google.com/books/about/Black_and_White_on_Wall_Street.html?id=TykgAQAAIAAJ
Do you know any Black traders whether at a bank or hedge fund? I'm kind of curious if the lifestyle is any different being that you trade an account and don't have to deal with clients?
And this is why I ALWAYS have a different attitude with brothers and sisters. You know they've put up with bullshyt their coworkers didn't have to and 90% of the time they know more because there's no making it anywhere up the ladder without being better than the next man.
I'm majoring in finance come september. My parents want me to go into IB or Hedge funds. But after hearing this....i'm starting to
my old man has an MBA in finance and accounting..worked in the middle east for over 25 years in the banking/finance sector and now lives in Africa and runs a bank out there.
me personally, i plan on getting my education out here and going back home to do something out there or in the middle east.
North America can
Where's the old man work if you don't mind me asking? We've got a little African economics discussion going and someone in banking over there would be a big help to us.
RealAssanova
Vagitarian
Horn of Africa breh. He's the one that told me to go into finance. I wanted to be a pilot and still do, but this is just my plan B.
PartyHeart
All Star
OP, you need to be saving your money hardcore. I have a friend whose husband was an investment banker for 10 years, saved his money which really added up because at one point I think she said he was making like $300K+ a year, and now started his own venture capital firm and manages a hedge fund (which I think is owned by himself and some other partners who are all Black). His case might be different because he's like some type of market genius, but I think that is the format you have to follow in Investment Banking.
I don't understand how people do IB after interning though. Don't they work you like 18 hrs days routinely? The money just isn't worth it.
I don't understand how people do IB after interning though. Don't they work you like 18 hrs days routinely? The money just isn't worth it.
Family Man
Banned
With the experience that you have in investment banking and all the skills you've learned along the way you can turn the family business into an empire. You just have to sacrifice that compensation in the short term.
I quit my wall street job in 2011 and haven't looked back since.
Good read OP. It's really no different in Houston when it comes to Oil & Gas. The company I intern for, I'm the only black person not in HR (a couple black females). The other interns are a mix of asian and Indian. Our boss, a white lady (the one who hired us) is the only female not in HR or working at the front desk, she was hired by the company last year. Y'all think our asses would have been considered if she wasn't there 
Everyone else in the office (95%) middle aged white men. Now how in one of the most diverse cities in the WORLD does your company consist of 95% Caucasian males? I know the CEO sees us interns walking around with the
face.
Love my parents but they have always had their heads wrapped around working for someone else. I see my Uncle doing his own thing (reputable at that) and that's what I desire. Why work so hard for someone who may never truly respect you, when you could use that work ethic and apply it to creating something new, and in turn jobs for others. I don't know where I want to take my entrepreneurial desires and I realize most fail, but I'm still young and willing to take the risk for a better quality of life and sense of self-worth
Everyone else in the office (95%) middle aged white men. Now how in one of the most diverse cities in the WORLD does your company consist of 95% Caucasian males? I know the CEO sees us interns walking around with the
face.Love my parents but they have always had their heads wrapped around working for someone else. I see my Uncle doing his own thing (reputable at that) and that's what I desire. Why work so hard for someone who may never truly respect you, when you could use that work ethic and apply it to creating something new, and in turn jobs for others. I don't know where I want to take my entrepreneurial desires and I realize most fail, but I'm still young and willing to take the risk for a better quality of life and sense of self-worth
He already said he's in Berlin.
@Theraflu You don't have to stay in the US. With the power of the US exchange rate you can move to the Caribbean start your own thing and not feel like a 2nd class citizen and there's no income tax.
don't you just.
I remember when I saw this pretty black girl on our floor and got all excited
she was an agency temp admin
same type of situation like me...im a manager and the only other black person in my company is a temp for our marketing dept
john goodman
All Star
Save money
find worthy partners
start a business
find worthy partners
start a business