Word: goldmans
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...Wall Street and the quants are stuck with each other. Stanley Diller, 58, an early quant who is managing director of fixed-income research at Paine Webber, left a job as an economics professor at Columbia in the mid-'70s to join Goldman, Sachs & Co.'s equity-research department. In those days, he says, "research was largely an image builder. It was something that brought in the customers." Now quantitative research "is the whole deal." If you don't have it, says Diller, you can't produce the new financial instruments, " 'cause you get crushed trying to hedge them." Meaning...
DIED. ALBERT GOLDMAN, 66, author; of a heart attack; en route from Miami to London. After stints as an English professor at Columbia and a critic for Life magazine, Goldman found his calling as a merciless demythologizer of such pop icons as Lenny Bruce (in 1974's Ladies and Gentlemen -- Lenny Bruce!!), Elvis Presley (Elvis, 1981) and John Lennon (The Lives of John Lennon, 1988). No one would call these biographies "appreciations": the sordid side of his subjects -- from Presley's addictions and gluttony to Lennon's appetite for violence and sex -- fascinated Goldman. All of it was served...
...prepared to deal with what the rocket scientists have wrought. "These mathematical models, they are not dealing with statistically definable facts that can tell you with certainty that if a market moves this amount, this is precisely what will happen," acknowledges Stephen Friedman, the chairman of investment-banking giant Goldman Sachs. "In the last analysis, you need to have people with common sense who can understand enough of what the rocket scientists are saying to translate it up the line," says Friedman, whose firm earned $2.7 billion before taxes last year, more than any other firm on Wall Street. "When...
...coincidence, Wall Street's big winners have been firms that are leaders in designing and selling derivatives. Record earnings at Goldman Sachs brought joy to its 161 partners, who each reportedly got $5 million or more in profit sharing, which they can withdraw when they leave the company. The results brought even greater glee to 10 senior partners, who are believed to have got more than $25 million each in profit sharing. At Merrill Lynch, which raked in $1.3 billion after taxes, directors awarded chairman Daniel P. Tully $9.6 million in salaries and bonuses in 1993, an increase of more...
Wall Street is also spending lavishly to provide its whiz kids with all the tools they can use to build ever more elaborate toys. The arrival of powerful computer workstations in the late 1980s gave the quants the number-crunching capacity they needed to bring forth their brainchildren. Now Goldman Sachs, J.P. Morgan and Morgan Stanley each spend anywhere from $800 million to $1.2 billion a year to hone their derivatives operations. The money goes for the computers and software it takes to design and monitor derivatives contracts, and for the salaries of the quants who pilot the equipment...