How true is this?

Career Opportunities & Internships Investment Banking
1

<p>From Vanity Fair.</p>

<p>"Since the days when the Goldmans and Morgans cared mostly about hiring young men from the best families and schools, “the Bear,” as old-timers still call it, cared about one thing and one thing only: making money. Brooklyn, Queens, or Poughkeepsie; City College, Hofstra, or Ohio State; Jew or Gentile—it didn’t matter where you came from; if you could make money on the trading floor, Bear Stearns was the place for you. Its longtime chairman Alan “Ace” Greenberg even coined a name for his motley hires: P.S.D.’s, for poor, smart, and a deep desire to get rich."</p>

<p>How true is this characterization and since BS is now gone are there still places which don't care if you went to City College?</p>

2

<p>Race doesn’t matter much anymore. School matters a great deal.</p>

3

<p>Bear was famous for this recruiting model but, unfortunately, the vast majority of trading firms won’t go to a city college. some of the better state schools get decent recruiting though.</p>