Former Goldman Trader: $8M Isn't Enough
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- Опубліковано 30 вер 2024
- June 19 (Bloomberg) --- Bloomberg's Michael Moore discusses Deeb Salem, a former Goldman Sachs trader who said his bonus was unfairly docked because of a written warning he received about his 2007 self-evaluation. He speaks on Bloomberg Television's "Market Makers." (Source: Bloomberg)
I mean if you make the firm 1 billion, 8 million really isn’t that much
I saved our company over $3M per year, for the forseeable future. I was on $32k.
I was fine with that - that's what my job is worth, and that's what they paid me for.
Your logic means that the salesman gets a bonus of $20M, but the secretaries and engineers and machinists and IT support get nothing, because they didn't 'make' the company anything. A fatuous argument, and one that got us to where we are today, with such massive wealth disparity.
If you are making your company $3M extra per year and you are on $32k you are being grossly underpaid.
@@jonathansomic Exactly. And the engineers that add some new feature that actually _costs_ money to implement - they should be fined.
Secretaries don't save money - they should pay to be there too.
Don't get me started on the guys who actually make the things in the factory - what a waste of money they are. I can't believe we actually let them work here...
@@conflagrationTuesday but is it specifically you who is saving the firm that 3mil or could have anyone else in your job done the same?
@@conflagrationTuesday you're making flaws in trying to prove your point. Yes if an engineer is making features that don't add value to the company they will be fired, however they do add value and their compensation is indeed based on the value they add. If you are capable of providing 3M worth of value and are being compensated 32k for it you are being grossly underpaid as someone else said. It's a different story however if the 3M that 'you' are saving the company is actually the result of the work of whole teams that contributed to it and you are just part of.
He should have got a lawyer to record these promises.
average salaries of americans and social security are far too low. That's one of the reasons this is all possible. Belgium
항상 미안해
I literaly have no idea who anyone mentioned here is or what even he is talking about. I got this reccomened 6 years later and I watched the whole thing. I need help.
Same
@@chanuda4824 sort of, but its more about the cocky trader and how he feels he is not being paid enough for his services. Goldman basically docked his pay because of his narcissistic attitude and because an internal self evaluation of salem by salem damaged goldmans reputation.
same lol
Same but I’m on an acid trip w
H
E
L
P
M
E
Same
I work at a fortune 500 company and the team I work on, which is less then 30 people, saved our company 400 million dollars... we were awarded with chicken sandwiches.
Next time, when you guys fuck up worth 400 mil, bring about 30 chicken sandwiches to the company. That should be fine.
then walk and find a company that values you, whatever you did, go and do it for your competitors and then your company will learn how stupid they were.
dont short sell yourself. you just proved to us that you're worth a fair share of 400 million.
Was it at least Chick Fil A or those cheap ass dollar menu McChickens?
LOL
So UA-cam algorithm is predicting future stock market collapse.
👀
Eh no
Interesting👁️👄👁️
Very interesting
Shhhhh don’t wake them up
so what even I would be pissed if u cut half my salary... what makes a difference to him?
Enough for 21 savage tho
lol best comment
bro this took a minute to understand lmaoooooo
Best comment
hell yeah its not enough, he made profit for Goldman when everyone was losing big
Randomly recommended after 6 years . UA-cam is really interesting.
Almost all the recent comments are a day or two old. Randomly showed up on my feed too lol
Crash is coming
Yep
Just happened to me. Crazy
Why is Jordan Schalansky the interviewer?
vershil patel lol i read the comment, remembered the name but not from where, searched it on UA-camr, saw the thumbnails, remembered, lold
Wondering if anyone else noticeed lol
vershil patel don’t mess with his espresso!
Conan!
lol! and why wasn't conan here to annoy jordan as he interviewed the guy.
I would kill for that salary 8 million bucks but at the same time they ripped him off he made over a billion dollars and for him to only get that amount is kind of unfair
@@jackharvey7824 yeah he single handedly did it
And he also did not risk his own money to gain this amount of money... which makes the 8 million compensation not at all bad. But people dont know about risk/reward evaluation.
Give a man a gun he can rob a bank, give a man a bank he can rob the world.
thats why i go into banking
1boi same here
@@1boi593 how is it there
If I got a penny for every time I heard this phrase, I am pretty sure I can rule the world.
👏👏👏👏👏👏👏👏👏👏👏👏
Pov you've been on wallstreet bets
Nah reddit is cancer
@@dreday1928 can confirm reddit noob investors
@@stevenjackson2799 reddit is cancer as a whole
Why is this recommended to me right now, 6 years later
So what?
It's true, Deeb Salem was the most sought after mortgage market guy at the time.
Says who?
@@KhaledTheSaudiHawkII Says Wall Street. Deeb Salem was a BIG deal. Very well known. A "star" in the industry so to speak.
What became of him now?
@@hayaglamazonluxe Protestant-German humans don’t like people with Aisan names so they destroyed him I guess.
@@UnknownUser.ar1 what a dumb comment, blame racism for a guy making millions
Imagine if UA-cam algorithm secretly became sentient and is now trying to realize its master plan by recommending seemingly random videos to people 🤔
Let me put $8M in prospective... i worked in private equity and the CEO's home was ~$13M, he had a fleet of bentleys which was about $2M in total, he had two warehouses full of his art collection wirth $30M and holiday homes around the world worth $10M, oh and a private jet worth $20M...That is already $83M.
Now, this is just his main assets, he had a family who had their own cars and school fees etc... and now add the ongoing maintinance costs of all those assets and you have a whole lot of money spent sourcing from a single individual.
So yeah... $8M is pocket change.
8M is not pocket change, if you want to live that rockstar lifestyle then sure I suppose. Private Equity guys love spending all their money on tangible luxuries
so it's roughly 5% of his net worth? thats not pocket change.
You have no concept of the value of money at all
perspective*
That’s why most of us Germans are proud to live below our means, tbh I don’t need anything more than 250k p.a, to me 8m is a ton, it’s enough to live a more than just decent life and it enables you to actually have time for family and friends and not hang around in an office from 7-11
This came out of nowhere as a recommendation. Why Google? Why?? Lol
UA-cam preparing us for the corona economic collapse
Bo Burnham is a Bloomberg anchor now ??😂
I’d get so pissed at this presenter for talking over me like that
Whose the knowledgeable kid?
Not you, who’s*
@@simonshotter8960 hahaha you are a mean bastard hahaha that was a savage reply
Deeb Salem... Try description first next time
C Plus Plus Sized Dick that is not Deeb Salem lol
simon shotter crushed loool
So UA-cam is recommending this to me after Goldman dumped 30% of their holdings in Tesla. Stock market collapse soon?
You called it
Schlongberg Sachs
Trevor Philips haha haha 😂
@@ayeshayaseen408 to
So UA-cam algorithm knows market's gonna crash.
Short squeezes are borderline market manipulation?
Most of those bonuses were funded by the gov fyi.
you mean funded by the tax payers.
@@sanansa4567* Funded by the Government
Taxpayers don't pay for anything, they are only robbed by the government
not really, goldman returned the $10 billion dollars of bailout money in 2009
Did he snort a line or something before this interview? Look at his f**king pupils lmao
Little bump won’t hurt
Not everyone involved with finance is a cokehead okay? This isn’t wolf of Wall Street
Someone’s provoked. 🤣
Besançon 321 yeah your mom was
probably on adderal
Who is "He"??? Am I the only one clueless
Why do these banks even have prop trading? I feel like it introduces unneccesary risk while giving questionable returns. What makes you think that your traders are going to beat all the other banks traders and earn their payroll back?
Those deamed Robots eat that money fast 😂😂😂😂😂😂😂 quantum computers after all are not ready
He made them $1 billion and he got 0.8% of that
whos this dude acting like as if he was the trader. Bring the trader himself for the interview, instead of this guy acting like he knows everything about the trader. He said, he talked, he mentioned* bla bla
Anyone that thinks 8mil is a lot of money: "8mil is a lot of money"
Me who turned $700 into 30K over 3 years: "I might stop after 10mil."
dexter stopped killing and started anchoring.... and snooting toots
For those that aren't banker-bashers and actually watched until the end, now you know: always get promises of assets and protections from liabilities.......IN WRITING!!!!!!!!!!
Exactly. Always in writing.
Does this guy have CFA level 3?
Lee Wang CFA LOL LOL
hahahahahaha
He likely has dozens of CFAs under him.
Lol what a dumb statement. Yes, go for your CFA and make your millions lmaoooo. What a loser
I dont get the joke. Whats wrong with a cfa
The dude talking looks like Donnie Darko if he got into derivatives.
Why does Goldman Sachs need 8m, they are doing fine, they are trading at $202 a share and climbing
I was recommended this on new years eve of 2021. I was already pissed off by 2020 and now that I know people making millions and i am being a couch potato hurts.
This video is like 7 years old lol
what the hell is this even about and why is this on my recommended
Why is UA-cam recommending to me after 6 years
So he was punished for shorting on his own companies criminal behavior and making them look bad.
Recommended videos? Or you’re just a really big fan of Goldman Sachs?
@@whywelovefilm7079 yeah.....this video, lol
Really funny to think that guy who is the most sought professional in his field, which basically is all about making the most money, believes non-written promises from people whose whole angle is to save the company most money. That is just idiotic.
I had no idea that Palpatine had such an interest in Goldman Sachs
STOP INTERRUPTING
And luckily, AIG got bailed out.....otherwise GS was toast...
crook on crook should be the title
Very greedy
돈때문에 잡신 점집으로 먹고사는 열등감
Just googled the guy: huge nose and curly hair. Didn't really come as a big surprise tbh..
Lol i’m sure “the big short” was all just sheer 6 million % coincidence. “Wow! Those guys are just geniuses that’s why they make so much money! I wish I was as smart as them!”
You're an idiot
C Plus Plus Sized Dick What a great comeback!
Dr H lol idiot why did you compliment their comeback it was a comeback to you
Brock Split You guys are all so smart. Where’d you go to school? Harvard or Yale??
@@drh2098 when you're so stupid that you think common knowledge must only be taught in Ivy League schools 🙄...
Lesson: you’ll never get rich being an employee.
This is a negative for Goldman .
“He said-he said” - cancel him
Gee, life's hard on that sort of money !!
This video was made to ruin the guys reputation
티비중소기업연찬모양찬모모방Cambo
seriously ! after 6 years . wow , it seems alike youtube is running out of new stuff.
Stonks
Goldman's Sack
꼭집중소기업겨도소관련컴터무직한
No matter how big shot you are, going against Goldman nuts
이란신 터키신 잡신 돈때문 김현아외도후
Lesson: get it in writing next time
Askformoreinfo whichyouwontget yup I learned that the hard way...
I learned that lesson the hard way this year
For a really smart guy who earn a billion for the company he's quite stupid for that in all honesty. What makes it even stupider that he brought that to court with no proof. Kind of an irony I'd say
@@Amr_D A verbal contract is just as valid as a written one. And when it comes from your boss or someone of power/with authority/someone you respect, there would be no reason to doubt they will break the contract.
And this is also true in investment banking industry as its all about reputation and contacts, and no one wants to diminish their reputation by becoming the guy that promises but don't deliver. Especially in this case where both parties are reputable, since the trader is well known as well.
The case shown here is an exception and can happen. But it's an exception, not the rule.
1:49 dude ! Really ! He had all rights to write so ! He was the king there !.
Traders and commission fees are a complete scam
Interesting.....tell us more.
They are because index funds do just as well
Nate Evans on average 98% of them do worse
Archie j once you take away fees the profit is about the same between index and managed
Once you take away fees index funds CRUSH managed funds. You guy's are silly in every trade there's someone who wins and someone who loses, you're always selling or buying your stock to or from someone else. Someone who's funds are typically managed. When you make profit on your managed funds you get charged fees. This leaves everyone on average with a net loss... except for the fund managers.
The guy didn't come up with the whole collateral to make that profit in the first place!
Basically an important cog in a wheel.
Lol bizarro Michael Moore
한많은 중소기업 교도소인 미안해
Did he have access to information at Litton loan service and was able to see how many mortgage borrowers were late and defaulting on their loans? If he did it was a brainless trade.
Thank you youtube algo
I wished If I've short sell mortgages,
My life would be set
These people aren't more productive than nurses or garbage collectors, they're just closer to where all the capital swills around. If trash was capital, the garbage men would be rich. If it was medicine than the nurses would. It's a problem with how society is organized imo.
cant be decentralized. if it's crypto then traders and programmers will be the same, or someone else lmao
Why am I here ? .. idk!! Ask youtube
밑에글전 사라졌다 1개
🤔
What a banker
Doesn't mean a thing unless it's written down... rookie.
Not sure that it falls under the statute of frauds requirements that an agreement be reduced to writing.
@@jamesramirez8133 Basically verbal agreements mean nothing. Ask your local lawyer. Get it written down and signed if you really want it.
Peter Clevenger I am a lawyer. But yeah verbal agreements are not binding when the statute of frauds comes into play, but that is a narrow exception to the general rule.
I would sue
@ 4:01, they said they said ***
미안해
Who is she?
슈퍼
Interesting to see how Goldman really works... it does well under market downturns
Thanks to gov subsides.
Thanks to gov subsides.
23-10-2020🎉
Wow i wish i had this guys problem. Give me a million and I’ll leave everyone alone I’m retiring g
And that attitude is exactly why you will never be as succesful as him
8M i could retire. Greed is dumb.
@@Black00200 i retired on 2M
Han Solo
What's worse, a Bankster or a truck load of snakes?
lmao, guaranteed he doesn't know. He watched the big short once now hates bankers.
It's no lie that elements of investment banking are a scourge on current capitalism but they're not all bad. They are the backbone of business, innovation and security as a capitalist myself it's hard not to hate banks but I can sympathise with people that do.
I was hoping for a punchline??
All these executives and traders get paid many millions to privatize their gains and when Goldman Sachs needs a bailout the tax payer has to pay for it. Tax-payer funded casino. Goldman Sachs needs to be forced to hold billions in reserve so if they ever fail at their gambling they pay for it from their own pockets.
They returned their bailout money in 08. Js
"attempting a short squeeze". so that's why this got recommended to everyone
Short squeezing is not anything uncommon lol. Literally how’s jute make money in stock market
Half on the world's pop is living on 1 dollar a day and 8 milion is not enough.
Because he saved the whole bank and not only that, made them hundreds of millions or even billions doing that!!!!
Well if you make a company millions to billions I'd say its not enough
He got a 0.008% of the money he earned
L