Bonus Pool
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How about that bonus pool at Goldman, boys and girls?
Tell us again how great it is to be an independent customer's man or customer's woman.
I wish I was an average employee there....600k+ total comp. Not bad, even after taxes.
However, your point that indy brokers don't pull down 600k is meaningless. Let's say you like playing softball on the beer league team with your buddies....it is not relevant that the average scrub left-handed big league pitcher can get about $10 mil/year.
Honestly, most of us don't have the talent, drive, luck, OR skill to be a trader, i-banker, etc. at Goldman, much less ALL of those characteristics. What is the average comp for Bank of America's (or some other 3rd or 4th tier i-bank) institutional people? That's more relevant.
In all the years I worked as a wirehorse, I didn't ever get any place at the trough.
But when the next hiccup in the business comes along and all the "home office" guys get bounced, tell me how great it is not to have a book.
Meanwhile, eye on the prize, that's where I want my business to grow to!
Mr. A
[quote=Indyone]Where ya been, Putsy?[/quote]
I don’t think it’s him. Too quick witted and flexible to be Putsy. Plus, “Devil’s Advocate” just posted one or two nights ago, and I believe that was Putsy’s last ID.
I would rape, pillage and kill to be at Goldman! Having said that, at
the end of the day they are very expensive brokers. Yes, they have
speciality things they can offer like underwriting, IPOS etc. but, I
think someone would do just as well at ML. The people making the real
cheese are the hedge fund managers. After that it would be their
traders and then mutual fund managers, and then investment bankers.
Somebody posted on this forum that also the avg Goldman employee works
12hrs daily, regardless of position. Even, as money hungry as I am. If
I had a great wife and kids and all, I would rather work 40hrs a week
and make 350k then work 60+ and make more.
[quote=rook4123]I would rape, pillage and kill to be at Goldman! Having said that, at
the end of the day they are very expensive brokers. Yes, they have
speciality things they can offer like underwriting, IPOS etc. but, I
think someone would do just as well at ML. The people making the real
cheese are the hedge fund managers. After that it would be their
traders and then mutual fund managers, and then investment bankers.
Somebody posted on this forum that also the avg Goldman employee works
12hrs daily, regardless of position. Even, as money hungry as I am. If
I had a great wife and kids and all, I would rather work 40hrs a week
and make 350k then work 60+ and make more.
[/quote]
Gee rook, you have it all figured out already, don’t you?
I would venture to say that most of those earning those bonuses are not commissioned retail brokers.
When people speak of GOldman, its important to know that the brokerage force makes up about 2% of the workforce and probably 1% in contributions to earnings. Goldman is an Investment Bank, and the huge money is made by the managing partners, VP's, and so on down the line.
While this bonus pool probably does trickle down to the select brokers there, the VAST majority of those monies stay in the upper echelon of management...
Morgan Stanley gave John Mack $40,000,000.
When they do that they have to give the next tier down huge sums.
The big money in Wall Street is paid to the investment bankers and executives.
Why so many of you sneer at being an executive is amusing to those of us who know our way around.
[quote=Devil’sAdvocate]
Morgan Stanley gave John Mack $40,000,000.[/
P]
When they do that they have to give the next tier down huge sums.
The big money in Wall Street is paid to the investment bankers
and executives.
Why so many of you sneer at being an executive is amusing to those of us
who know our way around.
Billions of flies eat sh*t, too.
That doesn’t mean I want a steaming plateful.
[quote=Devil’sAdvocate]Morgan Stanley gave John Mack $40,000,000.
When they do that they have to give the next tier down huge sums.
The big money in Wall Street is paid to the investment bankers and executives.
Why so many of you sneer at being an executive is amusing to those of us who know our way around.[/quote]
Hey Joe...still think this isn't ol' Putsy?
[quote=Indyone][quote=Devil’sAdvocate]Morgan Stanley gave John Mack $40,000,000.
When they do that they have to give the next tier down huge sums.
The big money in Wall Street is paid to the investment bankers and executives.
Why so many of you sneer at being an executive is amusing to those of us who know our way around.[/quote]
Hey Joe...still think this isn't ol' Putsy?
[/quote]Oh I think it probably is. I think that was a diff thread and diff ID that you thought was he, and I'd spoken up. Either way, I have not come to the point that I honestly DON'T CARE if this is Putsy or not. Not goign to waste another second thinking of that waste of time.
Not goign to waste another second thinking of that waste of time.
[/quote]
Learn to spell jackass
I know I need to learn how to use the quote button, that was in regards to joe.
[quote=joedabrkr]
Oh I think it probably is. I think
that was a diff thread and diff ID that you thought was he, and I’d
spoken up. Either way, I have not come to the point that I
honestly DON’T CARE if this is Putsy or not. Not goign to
waste another second thinking of that waste of time.
[/quote]
Got it.
[quote=rook4123]
[quote=joedabrkr]
Oh I think it probably is. I think
that was a diff thread and diff ID that you thought was he, and I’d
spoken up. Either way, I have not come to the point that I
honestly DON’T CARE if this is Putsy or not. Not goign to
waste another second thinking of that waste of time.
[/quote]
Got it.
[/quote]
Yep I mispelled it, but at least it didn’t take me three tries to figure out how to use the “quote” button.
Whatever.
[quote=Devil’sAdvocate]
Morgan Stanley gave John Mack $40,000,000.
When they do that they have to give the next tier down huge sums.
[/quote]They don't HAVE to give anything to anyone.