Entertainment and Expense Accounts

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trader1

#1
#1
After reading this article I recollect the good times that were had back in the day with an unlimited expense account, which took me to strip clubs, houses of Ill repute, and even taking cash advances on CC to pay for entertainment .., while working on the “Street”

https://nypost.com/2022/03/25/deutsche-bank-execs-fired-after-corporate-strip-club-visit/

Times have certainly changed. Checks and balances, corporate oversight and accountability all play a part..

Some of those wild parties are etched in my mind forever
 
pokler

pokler

Power Bottom
#2
#2
trader1 said:
After reading this article I recollect the good times that were had back in the day with an unlimited expense account, which took me to strip clubs, houses of Ill repute, and even taking cash advances on CC to pay for entertainment .., while working on the “Street”

https://nypost.com/2022/03/25/deutsche-bank-execs-fired-after-corporate-strip-club-visit/

Times have certainly changed. Checks and balances, corporate oversight and accountability all play a part..

Some of those wild parties are etched in my mind forever
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Dumb fucks lost jobs paying 1mm+ income and they'll never get rehired elsewhere. They'll have to move out of dream houses and tell kids to forget about Ivy League schools.
imagine telling the wife ?
 
genius

genius

#3
#3
pokler said:
Dumb fucks lost jobs paying 1mm+ income and they'll never get rehired elsewhere. They'll have to move out of dream houses and tell kids to forget about Ivy League schools.
imagine telling the wife ?
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Odd that the Germans had a problem with this although it may be more about how stupid the guys were, i.e., blatant, about how they charged the $.

I had a week business trip in Germany back in the mid 80's (nothing beats visiting an interesting place like Munich on an expense account for a week)
Anyway, my sales reps there (they worked for a sales company not my company whose high tech equipment they were selling) extended many courtesies to me including, (rather matter of fact-ly I must say) after a long evening of food and drink if I had it for the night or was I interested in visiting some fine brothels.

They never visited the US, but I certinly would not have offered same here to them.
 
pokler

pokler

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#4
#4
It's incredibly stupid to use credit card at a strip club for such small charges let alone company card. And to go with a client ?
Trust me I know this world and the stupidity is beyond comprehension. They deserve that convo they must have with the wife .
 
S

Satisfied customer

#6
#6
genius said:
Odd that the Germans had a problem with this although it may be more about how stupid the guys were, i.e., blatant, about how they charged the $.

I had a week business trip in Germany back in the mid 80's (nothing beats visiting an interesting place like Munich on an expense account for a week)
Anyway, my sales reps there (they worked for a sales company not my company whose high tech equipment they were selling) extended many courtesies to me including, (rather matter of fact-ly I must say) after a long evening of food and drink if I had it for the night or was I interested in visiting some fine brothels.

They never visited the US, but I certinly would not have offered same here to them.
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It sounds like the termination was because of the submission of the expense and ensuing cover up. It’s quite common for the offense itself not to be the determining factor but instead the lies that follow.
 
pokler

pokler

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#8
#8
Satisfied customer said:
It sounds like the termination was because of the submission of the expense and ensuing cover up. It’s quite common for the offense itself not to be the determining factor but instead the lies that follow.
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Trying to hide financial wrong doing is worse than the strip club. Wall Street firms won't touch these idiots .
 
T

trader1

#9
#9
Back to the lavish expense accounts..
One of my broker contacts back in the early 90’s invited me to, what he said was the party of all parties.. Of course I said…

We end up in the back room of a now defunct restaurant near MSG.. I walk in and within minutes am accosted by a fully naked girl, to be taken to the back room in the back room and shown a unforgettable time..

The party develops into a sex and food frenzy…all on the expense of the Wall Street Firm..
Those days long long gone- fond memories
 
S

Satisfied customer

#11
#11
trader1 said:
Back to the lavish expense accounts..
One of my broker contacts back in the early 90’s invited me to, what he said was the party of all parties.. Of course I said…

We end up in the back room of a now defunct restaurant near MSG.. I walk in and within minutes am accosted by a fully naked girl, to be taken to the back room in the back room and shown a unforgettable time..

The party develops into a sex and food frenzy…all on the expense of the Wall Street Firm..
Those days long long gone- fond memories
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Yeah the large banks have really cut back on that, but a lot of the hedge funds and pe funds still use those glory day antics to keep up the excitement. Sadly COVID put a real pause to all things fun.
 
T

Tommyleenyc

#12
#12
You guys have it all wrong. This has nothing to do with the strip club or $1K. I've seen first hand the same situation at other banks where guys charged 20-30x this amount to a card and were quietly offered the option of reimbursing the firm. What we got here is these idiots worked in a part of capital markets where business boomed in '21 but has now completely dried up. SPACs, ECM, DCM cap raise deals have all flatlined. Management was probably looking to start swinging the ax in a few months anyway if biz don't pick up. These morons gave DB the perfect excuse to pull the trigger early to fire them for "cause" so the firm saved $$$ by not having to shell out the usual severance packages.

Someone will hire them once the news cycle turns, another bank, corporate or client. It's not like they found kiddie porn, insider trading or embezzling from a client. Last I checked, all those JP Morgan traders that got fired last year for using WhatsApp against policy are all working elsewhere on the street.
 
pokler

pokler

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#13
#13
Satisfied customer said:
LMAO, yeah I don’t know anything about this industry.
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Let's see how much you know. You said they'll get rehired next week. It's public info when their licenses transfer. I'll be sure to check next week to see if you were correct. Care to bet or are you gonna look for a face saving way to squirm out of this.
 
pokler

pokler

Power Bottom
#14
#14
Tommyleenyc said:
You guys have it all wrong. This has nothing to do with the strip club or $1K. I've seen first hand the same situation at other banks where guys charged 20-30x this amount to a card and were quietly offered the option of reimbursing the firm. What we got here is these idiots worked in a part of capital markets where business boomed in '21 but has now completely dried up. SPACs, ECM, DCM cap raise deals have all flatlined. Management was probably looking to start swinging the ax in a few months anyway if biz don't pick up. These morons gave DB the perfect excuse to pull the trigger early to fire them for "cause" so the firm saved $$$ by not having to shell out the usual severance packages.

Someone will hire them once the news cycle turns, another bank, corporate or client. It's not like they found kiddie porn, insider trading or embezzling from a client. Last I checked, all those JP Morgan traders that got fired last year for using WhatsApp against policy are all working elsewhere on the street.
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Financial wrong doing and disrespecting women ( as female HR will see it ) are taken far far more serious than the What's app thing.
 
T

Tommyleenyc

#15
#15
pokler said:
Let's see how much you know. You said they'll get rehired next week. It's public info when their licenses transfer. I'll be sure to check next week to see if you were correct. Care to bet or are you gonna look for a face saving way to squirm out of this.
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Com'on chill..... I think we can all agree things aren't what they used to be even compared to 10 years ago.

I started on the street in the late 90s working for a guy who started in the biz in the mid 70s. The stories I heard about the shit that went on during the 80s to early 90s make the strip club stuff look bush league. There were client meetings where they would send the junior analysts to the men's bathrooms to see if the senior guy who's 30 minutes late may have passed out from doing lines in one of the stalls. The guy I worked for while he was married was having affairs with 3 girls who all had the same first name. His secretary would say the hardest part of her job was keeping track of which girl was which when they would call the office while keeping the wife in the dark. .... ah the good old days :D
 
pokler

pokler

Power Bottom
#16
#16
Tommyleenyc said:
Com'on chill..... I think we can all agree things aren't what they used to be even compared to 10 years ago.

I started on the street in the late 90s working for a guy who started in the biz in the mid 70s. The stories I heard about the shit that went on during the 80s to early 90s make the strip club stuff look bush league. There were client meetings where they would send the junior analysts to the men's bathrooms to see if the senior guy who's 30 minutes late may have passed out from doing lines in one of the stalls. The guy I worked for while he was married was having affairs with 3 girls who all had the same first name. His secretary would say the hardest part of her job was keeping track of which girl was which when they would call the office while keeping the wife in the dark. .... ah the good old days :D
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Yep. Different world today .
 
S

Satisfied customer

#18
#18
Tommyleenyc said:
You guys have it all wrong. This has nothing to do with the strip club or $1K. I've seen first hand the same situation at other banks where guys charged 20-30x this amount to a card and were quietly offered the option of reimbursing the firm. What we got here is these idiots worked in a part of capital markets where business boomed in '21 but has now completely dried up. SPACs, ECM, DCM cap raise deals have all flatlined. Management was probably looking to start swinging the ax in a few months anyway if biz don't pick up. These morons gave DB the perfect excuse to pull the trigger early to fire them for "cause" so the firm saved $$$ by not having to shell out the usual severance packages.

Someone will hire them once the news cycle turns, another bank, corporate or client. It's not like they found kiddie porn, insider trading or embezzling from a client. Last I checked, all those JP Morgan traders that got fired last year for using WhatsApp against policy are all working elsewhere on the street.
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I agree. Plenty of hungry PE firms looking to raise money to close out funds in this uncertain market. SPAC guy is desirable and those shops don’t operate like the big banks.
 
pokler

pokler

Power Bottom
#19
#19
Satisfied customer said:
I agree. Plenty of hungry PE firms looking to raise money to close out funds in this uncertain market. SPAC guy is desirable and those shops don’t operate like the big banks.
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They'd make a fraction of the income and there are plenty of other qualified guys without a blemished U5. Any license transfer is still public reported do we'll know of any new jobs they get and I'll will check in a few weeks just to show how wrong you guys are .
 
S

Satisfied customer

#20
#20
pokler said:
They'd make a fraction of the income and there are plenty of other qualified guys without a blemished U5. Any license transfer is still public reported do we'll know of any new jobs they get and I'll will check in a few weeks just to show how wrong you guys are .
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You may be out of touch with the pay at PE and Hedge funds. It’s the main driver for talent at corporate banks to leave.
 
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