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I worked for a major wire house (retail brokerage) firm. This firm had a
major position in Lionel (remember that company?). We, brokers, we told
that we could not sell or short any company that the firm came out with a
"Buy" recommendation on. for a period of time (two weeks I think). Lionel
was about to report their quarterly earnings and they were off about 40%
from what the Street had forecasted. Guess who came out with a "Buy"
recommendation the morning the earning report was due. We, as brokers,
throughout the U.S. were locked in and could not respond to the bad news.
Likewise, all our clients were unable to sell. The firm was protecting its
huge position at the expense of the clients. I sold my clients' positions
anyway and was eventually fired with the words "You'll never get another job
in this city in the brokerage business." This was at a time when these type
of statements could be made by management. I'm still amazed that the order
desk executed my sell orders. But I am not amazed at the behavior of this
well respected, old line firm. This type of activity is rampant in the
brokerage business and has been for years!
JohnO
----- Original Message -----
From: "chrischeatham" <nchrisc@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, September 13, 2002 6:10 PM
Subject: [RT] Re: How do I get a job as an analyst?????
> In the mid 90s, I was recruited by an investment banking firm as a
> REIT analyst. I was in the real estate investment business at the
> time. They didn't care one bit what I thought about the markets or my
> track record in the markets. They asked question after question about
> who I knew and what underwriting business I could deliver to
> investment banking. I might as well have been interviewing for
> banking. After 4-5 rounds we stopped talking. Am I surprised about
> all the recent "revelations"? Not in the least. Just my two cents.
> Chris
>
>
>
> --- In realtraders@xxxx, "Sean Cassidy" <scassidy@xxxx> wrote:
> > It seems like ...if I make a mistake in my account, I lose money.
> But i just found out about a job where you can be wrong and still
> make a 6 or 7 figure income. How do I get a job where I will get paid
> $3,000,000 annually to tell people to buy WCOM starting at
> $60......all the way down to $0. It seems so much easier.
> >
> > Sean
>
>
>
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>
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>
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