Way to go, Pierre!
Pierre Paulden, writing for Bloomberg, describes the interdealer broker market as one big orgy! The story is juicy and detailed and sure to piss off quite a few people.
The entertainment can go further than expensive restaurants and bars. According to a complaint filed … in the Southern District of New York … the firm “regularly paid prostitutes to entertain traders.”
[The trader] frequently “visited brothels masquerading as massage parlors,” and was “required as part of his entertaining duties to retain other prostitution services,” according to the complaint. [He] also said he went on a January fishing trip to Costa Rica in 2006 that was an “extended orgy.” On one occasion, [he] said he was recalled from vacation to attend a “customer drinking and drug party.”
Credit Seizure? $6 Million Pay Turns on Relationships
Related: WSJ: Wall Street Sex Scandals, A Partial History
May 7th, 2008 at
Now, what could foster good will between fellows more than an evening, or a week, of wild sexual orgies. Now, that is what is known as male bonding. This doesn’t just go on in the financial industry; it happens in every industry that involves men. Sure, it diminishes the ability of women in the industry to influence their clients, but this has been going on for centuries, not just decades. Women haven’t been involved in business for that many years so they are probably just “shocked” that this type of thing has been happening.
I’ll tell you one thing: this isn’t going to stop happening because of any number of articles in the WSJ. There may have been scandals, but the practice continued, and covertly, it will continue despite whatever corrective action is taken under the law.
Business men like boozing, eating, and screwing, and not necessarily in that order. It facilitates business relationships and will continue despite any Puritan tradition in this country. If we eliminate it entirely we will put as at a disadvantage to the rest of the World.