Becoming a young Wall Street banker is like pledging the world's most lucrative and soul-crushing fraternity. Every year, thousands of eager college graduates are hired by the world's financial giants, where they're taught the secrets of making obscene amounts of money - as well as how to dress, talk, date, drink, and schmooze like real financiers.
Young Money is the inside story of this well-guarded world. Kevin Roose, New York Magazine business writer and author of the critically acclaimed The Unlikely Disciple, spent more than three years shadowing eight entry-level workers at Goldman Sachs, Bank of America Merrill Lynch, and other leading investment firms. Roose chronicled their triumphs and disappointments, their million-dollar trades and runaway Excel spreadsheets, and got an unprecedented (and unauthorized) glimpse of the financial world's initiation process.
Roose's young bankers are exposed to the exhausting workloads, huge bonuses, and recreational drugs that have always characterized Wall Street life. But they experience something new, too: an industry forever changed by the massive financial collapse of 2008. And as they get their Wall Street educations, they face hard questions about morality, prestige, and the value of their work.
Young Money is more than an exposé of excess; it's the story of how the financial crisis changed a generation - and remade Wall Street from the bottom up.
©2014 Kevin Roose (P)2014 Hachette Audio
There's always an argument for, an argument against, and the truth. One of my favorite books of all time is Hell's Angels by Hunter S. Thompson. Like Thompson, Roose goes face to face with vilified creatures and discovers the reality is both simple and complicated. Narration is top notch. Also, Wall Street's "high pay": $110,000/year ÷ 100 hours/week = $21.15/hour. Six bucks better than a NYC McDonald's in 2018.
the author had a preconceived thesis and manipulated his interviews to fit it. first half was good but occupy wall St was a forgotten blip in history
if you want to know what it's like as a first year kid on the street. it's real to the bone and lays out what is up with very little opinion other then the obvious.
It was entertaining to hear about some experiences on Wall Street for those of us who don't work there. Many of the "issues" experienced by the subjects would be pretty typical of any college graduate one to two years out of school and trying to find their way in this world.
Yes, I enjoyed the strory tremendously and the author really put in a lot of work.
Derick. I am most like him.
The author of this book had one agenda in mind when writing this story, to slander Wall Street in an attempt to sway young people, like myself, from a career in finance. His motivation is not entirely clear but that is probably irrelevant. The fact is, his sample size for his "study" of the life of an analyst is small, carefully chosen and egregiously biased. If you're in the 99% and looking for a reason to hate Wall Street a little more, give this a read. Otherwise there is no reason to read this book. #iwantmymoneyback
I can appreciate the amount of time and research spent conducting the interviews of these Young people. Honestly though, who didn't know that being young on Wall Street was a mentally and physically exhausting grind the first few years, but the money makes it all worth it in the end.
I wouldn't recommend Young Money to any friends. We're all tired of listening to stories of the whiny, entitled, Millenials shirking hard work as they try to find some form of altruistic meaning in life.
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