Friday, September 12, 2008

Lehman

Two friends of mine work at Lehman Brothers. They graduated from top schools with degrees in economics, and off into the world of finance they went. They're both good guys--one was very clear to me that he just wanted to stay a few years, put away as much money as he could, then go out on his own to start a graphic design firm before he turns 30. I hope he ended up putting that money away after all. The other was always great at math--he's affable, kind, and not that ambitious, and I think to him, a stable job he'd be good at that would pay him enough to live with his sweet girlfriend in Manhattan and take her to all the nice restaurants in town sounded like an awesome deal. I know so many people who went into finance right after college--they're consultants, and analysts, and personal wealth managers--they handled other people's money by the bucketful. They started when the profits of the subprime mortgage bonds were already flowing into the top financial firms, and the hedge funds, like an unstoppable river, like a force that always has been and always will be. Finance feels like a stable, sensible choice--until something like this happens. I imagine right now my two friends at Lehman are very anxious for their jobs and their futures. I'm sympathetic to their anxiety, even though they've had it really good the past couple of years and probably have solid and lucrative careers ahead of them regardless of this downturn. Still, I hope they come out of this okay.

11 comments:

Julie said...

I hope they come out of it okay as well. It's sad to see banks struggling now, but I'm heartened that the bank I work with, ShoreBank, is doing fine. ShoreBank founded 35 years ago in Chicago by four friends who believed that a commercial bank could restore neighborhood economies, and it's this solid business plan and commitment to the environment which has led to the success. For more, visit this link: http://shorebankdirect.sbk.com/about-shorebank.html

Motorokr said...

I hope we ALL come out of this okay....

JR Moreau said...

Very nervous times indeed.

I enjoy your blog a lot. Keep up the good work!

financial freedom said...

I was thinking about entering the finance sector too when the crisis hit. This has given me more time to think about getting a job in the finance sector for the time being. Hope everyone comes out of this crisis financially intact =)

RainyDaySaver said...
This comment has been removed by the author.
RainyDaySaver said...

This goes to show that there's no such thing as job security in today's world. Best wishes for your friends, and I enjoy your blog!

Anonymous said...

Admit it, you envy them and you want them to fail!

Lacey said...

This was a great post! There is so much turbulence in the market today, and people need peace of mind more than ever. I wanted to offer your readers a link to another blogger who is doing great work. He writes about our 'childhood money messages' and how the best approach to stability in today's market is to resist letting these emotions control our buying/selling habits. It is really fascinating work, and something you should all check out. His name is Spencer Sherman, and you can view his blog at http://www.curemoneymadness.com/blog.

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Thank you for your wonderful insights on this matter. I'm looking forward for your thoughts on debt. Maybe, when you have time you can put up a debt elimination blog.

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