His wife, Susan, was busy spending the better part of fifteen million dollars redecorating their Manhattan apartment Meriwether knew this. Then bosses wanted him not for any sound reason but simply because other bosses wanted him. But the materials were the least significant aspect of our training. Since there was no objective measure of ability, landing a good job was one part luck, one part “presence,” and one part knowing how and when to place your lips firmly to the rear end of some important person. The first thing you learn on the trading floor is that when large numbers of people are after the same commodity, be it a stock, a bond, or a job, the commodity quickly becomes overvalued. There was a single trait common to denizens of the back row, though I doubt it ever occurred to anyone:
He didn’t want to expose himself in any unusual way. You were remaindered goods. A friend who eventually won a job with Lehman Brothers later explained. Sutf reund pronounced Good friend liked to sneak up from behind and surprise you. It reached the woman in charge of the training program. They threw themselves at their dream boss’s feet, like a vassal before a lord, and said something unctuous and serf like, such as “I am your humble and devoted servant. Just the opposite, the firm built a system around the belief that trainees should wriggle and squirm.
I set out to write this book only because I thought it would be better to tell the story than to go on living the story. Meriwether grabbed the meaning instantly. The circumstances were that I had no other job. The trainee was made to understand, first, that inside Salomon Brothers he was, as a pokerr once described us, lower than whale shit on the bottom of the ocean floor and, second, that lying under whale shit at Salomon Brothers was like rolling in clover compared with not being at Salomon at all.
The use of mortgage-backed securities as places in which to poler and grow wealth, for example, was allowed to occur in a period of rampant deregulation and massive speculation in the real estate industry and he making of home loans by a variety of banking institutions. Paychecks at Salomon Brothers spiraled higher in spite of the willingness of others who would, no doubt, do the same job for less.
You’d say that you’d come for a job interview. He’d stare ana snajce nis nead. Selling municipal bonds in Atlanta was unthinkably wretched. Full text of ” liars poker – michael lewis.
And though she did not go so far as to insist that the employees of Salomon Brothers were made as presentable as her husband whom she stuffed into a new wardrobeit was impossible in our company for some of this indulgence and posturing not to trickle down. She threw parties and invited gossip columnists. Eventually the man I wanted to work for overheard others talking about me and asked me to breakfast. He called her name, Sally Findlay.
She had been, piker other words, a fairly typical student.
Liar’s Poker Essay
I make a lot of money. Their leader was a man named Yoshi. But the reader needs to know that I have been given no reason to feel bitterly toward or estranged from my former employer. I was soon invited by her husband to the London offices of Salomon and introduced to traders and salesmen on the trading floor. If he could make millions of dollars come out of those phones, he became that most revered of all species; a Big Swinging Dick.
The wife of the more senior Salomon Brothers managing director, an American, took our table firmly in hand, once we’d finished craning our necks to snatch a glimpse of British royalty.
The relevant bits, the ones I would recall pkker years later, were the war stories, the passing on of the oral tradition of Salomon Brothers. He was the speaker for the entire afternoon.
Full text of “liars poker – michael (PDFy mirror)”
You’d make a stupid joke. Most graduates of Harvard Business School sat in the front row. The game had a powerful meaning for traders.
And I went through the painful and unnatural process of rising at 5;30 A. Sutfreund lairs able to smell money being lost. Within weeks after our arrival the managers of each department had begun to debate our relative merits. Each trainee had to decide for himself. If nobody else wanted to teach, she’d make more money. With it, inAmerican lawmakers had stripped investment banking off from commercial banking.
This was a caricature, of course, but it roughly captured the flavor of the place as it once was. Good traders tend to do the unexpected. Alarm bells should have rung.
The lack of a clear and amply rewarding incentives package and promotion structure led to a difficulty in attracting retaining even mediocre talent at Salomon Brothers, and eventually the company itself was part of a hostile takeover attempt due to its willingness to engage in arrogant and childish displays of power, obstinacy, and snide revenge tactics At that odd moment in St.