Here at Clusterstock, we keep an eye on Twitter, blogs, and message boards to see what Wall Streeters are talking about outside of the office and on the web — you’d be surprised at what you can find.
Take, for instance, this recent posting on Jobstr, a website where you can ask anyone anything about their jobs. A 29 year-old former investment banker started his own thread and was kind enough to take a basically no-holds-barred approach to the whole thing.
And naturally, someone asked about Wall Street’s infamous love for ostentatious, and sometimes illicit parties. Here’s what he had to say:
…In my experience, the craziest things typically involved excessive shows of money, questionable sexual activity, high-end drugs, or some combination. For example …
– At a dinner, I once saw a relatively junior banker lose a game of credit card roulette and get stuck with a $5,700 bill. There’s not a steak in the world worth that kind of money.
– At least once a week, co-workers would be discovered mid-coitus in offices, on-site showers, and even janitorial closets. It became so common that it hardly raised an eyebrow after a certain point. I suppose if you’re stuck in the office 24/7, you’ve gotta improvise.
– As for drugs, cocaine was typically the drug of choice and made its way not only into banker nightlife, but the offices as well. While the use of cocaine may not seem SO crazy or unique in itself, keep in mind that the vast majority of these young bankers came from pretty straight-laced backgrounds and top schools, and it’s a pretty abrupt change to go from keggers as a college senior to regular coke binges shortly after graduation. Talk about getting thrown into the deep end …
But if I had to choose one specific crazy story to rule them all, it had to be the time where an extremely high-ranking department head – as conservative as they come – threw a $200K S&M party, “just because.” Somehow a handful of pictures emerged afterwards, showing quite a few very well-respected managing directors dressed like The Gimp and in all kinds of compromising positions. I didn’t attend so I can’t say just how far things went that night, but it was pretty funny to see them all back to business as usual the following Monday morning.
Wonder what bank this guy worked at, don’t you?
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