The employees of Citigroup’s fund of fund business should be psyched to ditch Citi and head a few blocks uptown to SkyBridge on June 30th.
Skybridge acquired the fund of funds business last month and seriously, it’s a great deal for the Citi guys.
Their new digs are sure to be nicer and they’ll be working at a hedge fund, not a huge bank dungeon. So there are perks.
“I’m Italian so we serve free lunch here,” says Anthony Scaramucci, the founder of SkyBridge capital. “You got to serve free lunch.”
And it must be good, because he says it keeps people from leaving their desks, they stay to eat it.
Scaramucci also doesn’t really buy into the Wall Street rat race, for two reasons. It drives people crazy number one, and also he failed miserably at the convention during the first years of his career.
“I failed the bar exam twice. No networking skills as a kid. I ate crow and got fired from Goldman Sachs… I had three or four major setbacks in my business.”
We had to know more about what it’s like to get fired from Goldman.
“I was fired from Goldman a year and five months into Goldman,” he says. “I got fired from the real estate department in February 1991. Some of it was me, I was sub-par at what I did. I was probably a below average first year investment banker. Some of it was the circumstances.”
(His year-end Goldman review said: “You’re high frequency, low impact.”)
He was re-hired three months later, but he says, “SkyBridge could have been No bridge!”
So life should be less annoying too, since no one’s going to be sitting around SkyBridge, bragging about how much more awesome they are than you for 20 straight minutes. That’s the definition of Wall Street arrogance, according to Scaramucci.
It’s like, “Let me spend 20 minutes explaining to you that my 4 houses are bigger than yours, my wife is better looking, my kids are perfect, and if I haven’t said it to you already, my life is better than your life.”
At the peak of Wall Street arrogance is Scaramucci’s former employer, Goldman Sachs.
“I was on TV the other day,” he tells us, “and someone asked me, do you think Goldman is arrogant? I said, of course they’re arrogant. And then the Goldman media guy calls me and says, you think we’re arrogant?”
This is great:
“I’m like, dude,” Scaramucci told them, “if you don’t think you’re arrogant, you have an even bigger problem than the one I think you have.”
“Look at them,” he explains, “you have to think about the arrogance of these guys. They took the TARP money, then they had to go on TV and they had to go in front of the New York Times and say that they didn’t need the TARP money.
“I don’t know, was that a smart thing to do? I mean obviously they didn’t have my PR firm. My PR firm would have hit me over the head. Also my common sense would have told me not to do something like that, I mean that’s just stupid. It’s blind arrogance.”
But there is one thing that is kind of arrogant that his new Citi employees could do that we think Scaramucci would be totally cool with: buying his new book, Goodbye Gordon Gekko, and quoting a couple of lines or your favourite passage.