dagblog - Comments for "Confessions of an Investment Banker"

You probably know how much

JulianW — Fri, 08 May 2009 04:58:33 +0000

In reply to Confessions of an Investment Banker

You probably know how much money you made last month but you do not know how much money you spent. Or do you know how much money you have left to spend this month. If you do not, you’re not alone. Most people have no idea. The fact is most of us spend 10% more per month than we make. That comes out to $431 per month based on the Average American income. How about the bonuses!!?? And if you come out short in money, how are you going to manage your debt relief? This has led some critics to charge that credit counseling is just a tool of the lending industry. The payment system, known as "fair share," has certainly encouraged the growth of credit counseling services. And some agencies, driven by competition, are now openly courting consumers who haven't fallen behind on their debts by promising lower interest rates. This development has angered credit-card companies and often hurts consumers, who may find out too late that such plans can hurt their credit ratings and are often unnecessary.

I don't believe I ever used

Orlando — Wed, 04 Feb 2009 13:51:19 +0000

In reply to JPMorgan was an i-bank.

I don't believe I ever used the term "evil." But sometimes, villiagers with pitchforks have a valid point.

JPMorgan was an i-bank.

Michael Wolraich — Wed, 04 Feb 2009 12:50:04 +0000

In reply to I did a little googling, and

JPMorgan was an i-bank. JPMorgan Chase is a bank that does investment banking. It doesn't sound like the Madoff thing was done by their investment banking services, but it's hard to tell. I-banking is pretty loosely defined. Traditional i-banking usually involves big deals between corporations. Here's the NYT article on the issue.

Too much googling is also known to be hazardous to mental health. Bloggers are evil.

I did a little googling, and

acanuck — Wed, 04 Feb 2009 09:51:58 +0000

In reply to Syllogistic fallacy. I read a

I did a little googling, and the firm I was referring to is JPMorgan Chase. Do they qualify as an i-bank? Beats me. Apparently they weren't direct investors in Madoff but in hedge funds linked to Madoff. And yes, they got out because they thought he was dodgy but didn't tell their clients.

Mailmen ARE evil, and not just because they steal mail. You've heard of "going postal?" I believe many are driven insane by breathing in an accumulation of toxins from the envelope glue they are surrounded with, much as hatmakers in the 19th century grew mad from the mercury used in their products. Come to think of it, it's just possible that paper money has some as-yet-undiscovered ingredient that has a similar effect on investment bankers.

Syllogistic fallacy. I read a

Michael Wolraich — Wed, 04 Feb 2009 06:31:23 +0000

In reply to "I-bankers are not evil

Syllogistic fallacy. I read a few weeks ago about a mailman who stole mail. Does that mean that mailmen are evil?

Also, I'm not sure of the subject of the article you read, but traditional i-banks don't usually invest in funds, and their clients usually aren't private investors. None of the big American i-banks were invested in Madoff to my knowledge.

"I-bankers are not evil

acanuck — Wed, 04 Feb 2009 05:24:30 +0000

In reply to Full disclosure: I once

"I-bankers are not evil people, at least no more evil on average than anyone else." That's a rather damning defense, Genghis.

I dunno. I read this week about a major i-bank that got jittery and pulled all of its own investments out of Madoff funds, but didn't tell clients it had advised to invest with him to do the same. That's pretty damn evil.

Yessssssssssssssssssssssss!!

Bluesplashy — Wed, 04 Feb 2009 03:47:09 +0000

In reply to (No subject)

Yessssssssssssssssssssssss!! Thank you.

That you can cry about. But

Michael Wolraich — Wed, 04 Feb 2009 03:09:00 +0000

In reply to Maybe I'm taking the wrong

That you can cry about. But laugh at the poor beleagured i-bankers.

Maybe I'm taking the wrong

Orlando — Wed, 04 Feb 2009 02:34:15 +0000

In reply to they are really starting to

Maybe I'm taking the wrong approach. I should be laughing at the fact that my 401K has likely shrunk so much that I'll be working until I'm 80.

they are really starting to

Michael Wolraich — Wed, 04 Feb 2009 02:29:03 +0000

In reply to P.S. I guessed it was you and

they are really starting to amuse me