A Goldman Sachs partner put Wall Street's problems in perspective with 5 short words

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It seems barely a week goes by without fresh news of job cuts at a top investment bank.

Morale is low, and junior bankers and traders who have just started in finance are asking themselves about the industry’s long-term prospects.

Early this morning, London-based Goldman Sachs partner Joseph Mauro sent a memo to associates at the firm addressing some of these concerns.

“What mile are you on?” the memo asks, seeking to provide some perspective for those in the early days of their career.

Elsewhere in Wall Street news, Valeant tried to tip the SEC off to a short seller, and it totally backfired. The short seller in question, Andrew Left, has now moved on and is looking for “‘a different story to expose.”

Billionaire investor Bill Ackman is getting obliterated, and hedge funder Whitney Tilson took Tesla’s Model X out for a spin — here’s what he thinks.

Lastly, here are lists of the richest hedge fund managers in the world, and the richest people in private equity.

Here are the top Wall Street headlines at midday:

Germany could be Europe’s next big problem – This is as good as it gets for Germany and Europe.

OPEC is no longer a cartel — it’s become ‘the central bank of oil’ – OPEC, the intergovernmental organisation made up of 13-oil producing members, is technically a cartel.

Former Chesapeake Energy CEO Aubrey McClendon indicted over rigged lease bids in Oklahoma – The Department of Justice said Tuesday the indictment alleges that the conspiracy ran from December 2007 to March 2012.

HARRY REID: ‘Donald Trump is the Republican Party’s Frankenstein’ Harry Reid took to the Senate floor Wednesday to rip into the Republican Party and claim GOP presidential frontrunner Donald Trump was the product of eight years of the party “stoking the fires of resentment and hate.”

One potential response to Europe’s refugee crisis could lead to ‘the worst possible outcome’ The refugee crisis has been turning Europe upside down.

A Wharton professor reveals ‘the worst financial decision’ he ever made — and what it taught him about success – In 2009, one of Wharton professor Adam Grant’s students approached him about an investment opportunity. He and three friends were thinking about starting a company where they’d sell glasses online.

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