Careers as prestigious investment bankers

<p>Do you think that in light of the economic crisis going on in this country and the mass slaughtering/layoffs of investment bankers, will the investment banker career still be considered highly desirable among elite college students? </p>

<p>Do you think that the investment banking industry is dead? Or will it come back roaring strong like Silicon Valley? Many people said that after the dotcom crash in 2000-01, Silicon Valley was extinct. But years later, Silicon Valley came back stronger and more prestigious as ever.</p>

<p>I suppose that Wall Street will continue to attract many of the best and brightest from elite universities, and with this massive $700 billion bailout, investment banking will once again come back stronger -- and greedier -- than ever.</p>

<p>I guess that investment banking will continue to attract the best and brightest from elite universities because it is the only industry where ethics and accountability don't matter b/c obviously, if you screw up, the government will save you with the taxpayers' money. All you need to be an investment banker are fancy credentials b/c you don't have to worry about making mistakes.</p>

<p>No, as an individual investment banker you really, really have to worry about making mistakes. Because you WILL get fired if you mess up. It's one of the highest pressure jobs out there, which is funny considering they do little of any actual value.</p>

<p>Hey people, there's more to life than money and prestige. </p>

<p>Maybe try consider getting a REAL job, instead of obsessing over money and prestige at a job where your academic pedigree matters more than actual job skills and experience.</p>

<p>hahah you're funny. you act like investment bankers dont have great academic pedigrees or job skills. and how is it not a REAL job? do you even know waht they do?</p>

<p>I totally agree. People need to just accept the fact and move on. One mom here is already freakin' out about her son, and what he's going to do with a liberal arts major at Yale. Well, history majors are not supposed to work in finance in the first place, regardless if they attend Ivy or not.</p>

<p>And why is that superdrive?</p>

<p>How many of you have actually had even an internship at a Wall Street investment bank? If you did you realize, how easy it is to pick up the basics of finance used on a day-to-day basis as well as the fact that basic arithmetic is the extent of mathematics necessary.</p>

<p>Additionally, IAmYour Father, why are YOU so concerned with what people do with a living? If they want to pursue a career due to the prestige, so be it. You are welcome to have a career which entails "real" work. Noone is stopping you from being a scientist, engineer, or doctor.</p>

<p>The fact that some of you concern yourselves with constantly bashing the career is telling.</p>

<p>hahah ^^ what i wanted to say, but phrased so much better</p>

<p>It just boggles the mind that folks believe that all the jobs that ibankers were doing just disappeared over night. But here is the good thing, ibankers can now just call themselves bankers avoiding the automatic scorn that is so palpable here.</p>

<p>Bill didn't go through, great! $700B of taxpayers' money was saved!</p>

<p>Now we'll get to see how much was lost.</p>

<p>The bailout wouldn't have amounted to 700 billion. If it had been passed, it wouldn't even have been part of the federal budget because it is essentially a loan that the government intends to (attempt) to profit off of.</p>

<p>The amount of ignorance displayed on here, particularly by Iamyourfather, is astounding. A prime example of a little bit of knowledge is a dangerous thing. </p>

<p>It generally seems to me as venting from people who watched their smarter, more accomplished peers go on to be be more suceessful and make more money than them with minimal understanding of what they did; now spitefully trying to catch up to them.</p>

<p>lol you'll all die lonely and young</p>

<p>If they were so smart why were they so stupid? People are mad because WS greed and stupidity has put THEIR own jobs at risk. If WS (what's left) does not GET that they are even dumber than I thought.</p>

<p>"By the end of July, the securities industry had lost $42-billion over the previous year, according to a statement by Gov. David A. Paterson, a Democrat, who pointed out that the same firms had earned $6.5-billion in the nine months following the terrorist attacks of September 11, 2001.</p>

<p>"Wall Street, as we know it, is ceasing to exist. That's extraordinarily bad for New York," said Robert B. Ward, who leads research into state and local finances for the Albany-based Rockefeller Institute of Government, the public-policy research arm of the State University of New York.</p>

<p>"The amount of ignorance displayed on here, particularly by Iamyourfather, is astounding. A prime example of a little bit of knowledge is a dangerous thing. </p>

<p>It generally seems to me as venting from people who watched their smarter, more accomplished peers go on to be be more suceessful and make more money than them with minimal understanding of what they did; now spitefully trying to catch up to them."</p>

<p>I hope all you ibankers enjoyed the dirty money you made, now that you are likely jobless. Nice to see ibankers lose their jobs. It's just coemuppance for all the greed and your pursuit of money and prestige. Karma's a b*tch, isn't it, i-bankers?</p>

<p>^ I sense some bitterness?</p>

<p>^No bitterness.</p>

<p>This is a message to delusional Ivy League history majors from a higher power (or something called laissez faire). This message is that otherwise unqualified Ivy League graduates in investment banks (who were selected for i-banking solely based on their pedigree and not their actual experience/job skills/personality) are the root of this economic crisis.</p>

<p>The markets are only punishing sinners like the Ivy League educated ibankers. The markets are righteously punishing these sinners b/c sinners like these ibankers have caused the economy to ruin. Sinners like these bankers who were chasing after money and prestige, are only getting their coemuppance, both from a higher power and laissez faire. </p>

<p>Sinners get what you deserve. Greed corrupts. Greed kills.</p>

<p>And you're not a sinner?</p>

<p>The markets are only punishing the bankers? I'm not sure you're understanding what's going on. </p>

<p>That said, you are far from alone in your thinking and are very much entitled to your opinion. However, getting your hands around who is effected here is essential for you and all Americans. The average guy will not be able to buy a house or car. Pensions are threatened. Jobs are threatened. College endowments are threatened. Main Street folks are far more at risk than WS folks when you look at the big picture. </p>

<p>A bailout is not about saving WS, it's about saving Main Street.</p>

<p>IAmYourFather....I am going to explain this once...and for the love of god please respond with a coherent, intelligent counter-argument if you feel the need.</p>

<p>Here I go...</p>

<p>Do you understand that the cost of lending is become increasingly expensive to the point that it is unfeasible/impractical for banks to lend? Do you comprehend that credit is what makes this country function, and that banks are not/will not be lending if these conditions continue? </p>

<p>Let me expand: Many banks are functioning due to overnight repo loans, and other markets for short-term debt-securities are virtually extinct.</p>

<p>LIBOR is haywire right now, and it is a great indication of market sentiment for lending.</p>

<p>Now ask yourself this: How do you think that "real" companies you seem to be so fund of will raise the necessary capital or refinance their loans in this market? I'll answer for you -- they will not be able to.</p>

<p>Do you know what that means? Bankruptcy What does that mean? Increased unemployment and weakened consumer confidence. </p>

<p>So now you have firms left and right that are unable to function and dropping like flies. You seriously think that will not have an IMMEDIATE impact on Main Street? If not, you are delusional. </p>

<p>Want more examples?</p>

<p>How are you going to borrow money in order to buy a car, go to school, or start a business when there is no market confidence? You won't be able to because of this contagion.</p>

<p>This idea that this "bailout," which provides the taxpayer with the opportunity to make returns of distressed assets in the future, will only help Wall Street is ludicrous. </p>

<p>Continue to pray that Congress shows inaction, and you will see just how badly Main Street will feel this.</p>

<p>"He who has not committed sin cast the first stone"</p>