New York Magazine recently said Bear Stearns employees didn’t need sympathy because they were being paid to do, well, nothing. But that’s not true! They’re are also playing video games and board games like the word guessing party game Taboo.
In fact, a Bear Stearns first-year banker we spoke to describes doing many things during a very short employment at the company:
From the day I got there, I knew things weren’t right. When we were doing Thompson training, the lady teaching the class was using Bear Stearns as an example stock. Every time she came back to the main research page, after she showed us some software feature, Bear’s stock was down another $5.
On The Job:
When I got there, the job didn’t seem like the horror stories I had heard. Most of the first-years weren’t very busy. We would routinely congregrate around each other’s desks and have hour-long discussions about how crappy the market was doing.
The daily anti-Fed-bailout protests in our lobby were the worst. Didn’t these people know they were at the wrong place? Didn’t they know the people at JP Morgan still have jobs?
On Jimmy Cayne (former Bear Stearns CEO) smoking pot:
The senior level bankers pretended not to let it bother them. They printed out the pictures and pasted them all over the walls. But in reality, you could tell they were really nervous about Bear’s future. They probably should have been smoking pot, too.
I’m still going into the office and being worked hard. My boss pretends that if I do quality work, I’ll get an offer from JP. I wouldn’t bet on it. A lot of other people just come into the office when they have to print something. Like their resumes.