Nothing gets the blood flowing like a tale exposing the financial sector as a pit of vice and depravity. Geraint Anderson shot to fame by painting the City as a place for coked up bankers frequenting strip clubs. Now hedge fund trader Turney Duff is about to unleash a book, The Buy-side, exposing the “exorbitant after-hours culture of drugs, booze and sex” on Wall Street.
The excerpt published in the New York Post is enough to get the Daily Mail slathering at the mouth. Duff gets through the day trading millions of dollars with a raging hangover, only to head out for a night of hookers, cocaine (and a host of other narcotics) and champagne supped in exclusive nightclubs, all courtesy of sell-side traders with expense accounts large enough to beat oceanic mammals to death.
References to American Express black cards and corpulent aging traders getting down with prostitutes has the slightly hackneyed feel of City Boy to it, as does the passage where he compares his life to a kindly hooker at the tail end of her career.
"There’s an ounce of cocaine piled in the microwave. An additional few thousand dollars’ worth of blow sits on a single plate in the kitchen. The place is littered with Grey Goose bottles, ice, cups, and straws for snorting,” he writes.
If all this seems a little stereotyped, coincidentally Joris Luyendijk in the Guardian has just interviewed Seth Freedman, author of an account of addiction and corruption in the City. The after hours tales of excess are indeed true, he insists, but at least traders don't bring it into the workplace.
"This idea that people trade on coke is nonsense," he said. "You can't trade on coke, you become far too nervous and your confidence just goes."
Marianne Lake, chief financial officer at J.P. Morgan, tries to spend at least 60 minutes a day with her young son. If not, she says you can’t “beat yourself up about it” (Marie Claire)
Lake wore a $1,750 black leather Derek Lam sleeveless vest for the photo shoot (American Banker)
Junior bankers are paying $1,000 a day for Wall Street boot camps (DealBook)
God’s banker: “We are 112 [staff] to be precise. That is like a small Mittelstand company. You need to walk the floors, speak to the people, form groups, run projects. It is quite mundane” (Financial Times)
Pension fund paying $500k for right candidate to manage money internally (Bloomberg)
Third Point marketer quits for rival hedge fund (Financial News)
Ex-investment banker starts fitness club for people who don’t like fitness (Business Because)
Hot job: Cat Video Technologist (Taylor Herring)