Wall Street Careers
In his classic book, “Liar’s Poker”, Michael Lewis described Wall Street as being a street with a river at one end and a graveyard at the other. He says that those who work there will end up in one or the other. I am thankful to report that our investigations did not uncover anyone headed even remotely in either direction.
Wall Street is physically no longer the centre of America’s high finance that has been written and captured in books, magazines and film. The Street is steeped in history, which makes for great reading, but not for 21st century architecture needed for the world?s most powerful financial corporations. In recent years, much of that action shifted to Park Avenue in Midtown where spanking new buildings came up.
The world?s most powerful hedge funds have moved even further afar to Greenwich. As the world?s trading goes electronic, and much of the trades pulse below the city, completing billions of transactions in the blink of an eye, the New York Stock Exchange, sitting proudly on Wall Street, will disappear in the future. While the recent crisis has maligned much of what Wall Street does, it is ultimately critical to America?s future. The US capital markets are the most efficient in the world, which allows capital to move rapidly throughout the system. The ability to invest in companies, liquidate as necessary, and trade in small quanta, allows capital to move rapidly within the system.
Without Wall Street, America would not been able to rapidly take advantage of new technologies, trends, and create productive, efficient companies. On an early fall morning, if you stand at the 4/5/6 subway stop, you can see financiers go about their business, their dark suits in sharp contrast to the fluttering American red and blue flags and the early morning golden rays of the sun slanting through the tall grey buildings. Inside the Stock Exchange, the bell rings and America opens for business. Investment Banking Pfizer buys Warner Lambert for $84 billion. JPMorgan buys BankOne for $60 billion. Teva buys Ivax for $7.4 billion. As corporate growth slows and markets grow more competitive, buying seems to be an easy way to take on the competition. With cheap financing, multi-billion dollar hedge funds and stalled stock markets, these prices appear low. Mergers are hot on the Street, and Investment Bankers are working long hours to provide deals and financings.