You Mean You’re A Wealth Adviser, A Senior Vice President, And You Didn’t Know This? Come Again?
David Shorr lost US$6 million just in one night.
So amazing, isn’t it? Before I joined an investment bank myself, I thought that people in there were all super savvy with their money, managed their finances wisely, diversified properly, allocated their assets intelligently, etc., etc., etc.
But as soon as I became one of them, I realized something: people who work in banks, even senior level people, can be so depressingly, frighteningly, frustratingly CLUELESS when it comes to managing their own finances.
“Diversification”? David? Mr. Shorr? Senior VP? Wealth Adviser? Heard of that word before? “Diversification”?
Geez.
October 29th, 2008 at 11:12 pm
You are an idiot, Managing directors at Lehman had to put 50% of their pay into company stocks and could not hedge. VPs 20%. Do some research before you start calling people idiots.
October 30th, 2008 at 8:10 pm
First of all, it’s not “had to put 50% of their pay into company stocks”. It’s more like they were paid partly in company stocks. There’s a difference there!
Secondly, I don’t remember calling him idiot–it was YOU who put that label on him.
Thirdly, and most importantly, he said he was “wiped out”. Now, he might be exaggerating here. But if he was really “wiped out”, then I stand by my position that he is CLUELESS, ESPECIALLY given him being a wealth adviser. He should have adjusted his expenses such that he was able to put some of the rest of his money in something other than Lehman stocks!
Do some thinking first before you start calling people idiots.