The insanity that runs the world

(written by lawrence krubner, however indented passages are often quotes). You can contact lawrence at: lawrence@krubner.com

Stories about Wall Street are always hilarious until you consider the number of lives wrecked by the current recession.

Wall Street, like Scientology, has an all-inclusive and claustrophobic value system all its own. Particularly at Goldman Sachs, which prided itself as a breed apart from other firms, this provincialism went even further. Former employees who had left Goldman were rarely mentioned. The unanimous phrase for it was ‘no longer with the firm,’ said in the same tone used to describe the passing of a family member.

This tendency reached the height of comedy inside the strategies division, where some of the quants published academic papers on the more theoretical aspects of their work. If an author quit Goldman though, his name would be removed from the official version of the publication. It got to the point that some papers had no authors, and had apparently written themselves. So it goes. No longer with the firm.

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