With an evening coat and a white tie, anybody, even a stockbroker, can gain a reputation for being civilized.
I explained to her my notion of what life should be like inside an investment bank. The description included a big glass office, a secretary, a large expense account, and lots of meetings with the captains of industry. This occupation does exist within Salomon Brothers. It is called corporate finance ... Because they don't risk money, corporate financiers are considered wimps by traders.
Investment bankers are conservative, cultured, slow-moving men (and a few women) who advise corporate executives about which country clubs they should join; their favorite phrase is, "How extremely interesting."
Wall Street is haunted by ancient visions. Every investment banker is another conquistador lusting after fabled riches in distant lands. Let a sufficiently convincing prophet descend from the clouds and secular Wall Street becomes a community of faith until the victims far outnumber the predators. Then the outbreak subsides, leaving survivors older and sometimes wiser.
Well, the broker made money and the firm made money - and two out of three ain't bad.
We may not know when we're well off, but investment salesmen get on to it somehow.
Banks are basically glorified brokers.
Last updated: January 9, 2011