Its funny how things never really change – I used to know people like this in the 1980s when I was a broker. In fact it was decision to try and throw one of them out of a window that made me seriously consider my career in the sell side of finance.
Did I mention we were 37 floors up at the time?
Whenever there is a boom in financial markets it will attract all sorts of people who are there for all the wrong reasons.
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Sounds like one of Jordan Belfort’s lackies … yawn.
After the 87 crash I read an article about all these London broker boys who went bankrupt because their income had fallen from GBP600,000 to GBP300,000. Apparently they had debt up to their eyeballs and mainly blew their dough on excess consumption. Rather than realizing they were involved in a once in a lifetime opportunity and salting away a decent proportion to save them from the inevitable end they competed to outspend each other on lavish showpony treats to prop up their fragile egos.
Just shows what a bunch of clueless dicks most of these people are.
Not just in London – my view is that those in the sell side of finance behave in many ways like a gas which expands to fill its available space. In their case their spending expands to fill their income and this profligacy is not limited to individuals. Post 87 crash a very prominent broker at the time was looking for a buyer but all baulk at the prospects when it was found out that they were spending 30k a week simply to turn the lights on in their office.