hype cog

College Discussion Thread.

[Quote] this is true, people should not try to break into banking for the money. kids who do get into banking and work slave hours for those first 2 years do not do it for the money. they do it for the learning experience and exit opportunities. i banking will not make u rich, but it sets you on a path to be successful in finance. the majority of kids do not continue in ibanking after their 2 or 3 year stint, because they move on to better opportunities with better lifestyles after they have that experience under their belt and on their resume. of course i am bias as i work in the field, but working in banking does not mean miserable life. sure hours suck and there is some stress, but it is competitive and exciting. you talk and work with smart people and you learn something everyday. it is a work hard play hard mentality and if you are up for that, i think it is a great job to start in. and plus u know that no matter where u want to go within business after, u will have something credible on ur resume that really allows u to enter the conversation

2 Weeks ago in Off Topic

College Discussion Thread.

true unknown mba is better than no mba, but getting into a incredibly competitive field like consulting (management consulting), ibd at a bank, investment funds, etc, will be extremely difficult from a 2nd tier mba. obviously nothing is impossible but it will be near impossible and make your life very hard. bottom line is if you can't get into a top mba program and you want to get into MBB, mega funds, bulge bracket, even just a well known firm, etc, it is better to take those gmats again or get some more work experience before accepting a spot at a second rate mba program

2 Weeks ago in Off Topic

College Discussion Thread.

[Quote] esse is right though...outside of top 10 or 15 is not worth it if your looking to get into high finance or consulting. of course those are not the only ops after mba, but those are the most well paid. and taking into account how inflated business school tuition is these days, it just isnt worth it to drop 60k+ on bschool if you are not gunning for fat coin after. doing an mba is not about learning; it is 95% brand recognition and making connections, the two most important things in the business world.

2 Weeks ago in Off Topic

Occupy Wall Street

http://www.nypost.com/p/news/local/manhattan/real_job_killers_2bVY2PIRGWUrVIqREYgtoL#ixzz1cZcUZPA2

2 Weeks ago in Off Topic

Anybody who got a 700 or higher on the SAT Math?

it does not matter what the correct answer is because: chance of picking: 25% (A/D) = 50% 50% (B) = 25% 60% (C) = 25% no matter what you pick, each statement will not be valid. premise of question is illogical. guy who made the question is just fucking with you.

2 Weeks ago in Off Topic

Occupy Wall Street

[Quote] Did you even read what I wrote? There is so much wrong with your post it pains me, let alone it doesn't even counter what I said. Private Bankers have nothing to do with selling "credits" to foreign countries. Private bankers manage rich people's money. They invest client's wealth into stocks, bonds and other investment vehicles. They were not selling shit to foreign countries. Do you even know where THE ENORMOUS NATIONAL DEBT FOR FUTURE GENERATIONS come from? Do you really think the 15 or whatever trillion dollars in debt was caused by wall street banks? Its the fucking Government dude. The Government is the one selling treasuries to foreign countries to overcome budget deficits why? because they thought they need to pump money into the economy to stimulate it and pay social security to your parents and welfare checks to you. yes, lets cut taxes and borrow money to boost the economy. Learn what is actually going on around you, learn how things work and become educated in why things are the way they are. I don't mind activists agains wall street with a valid argument, but you are just throwing random, wrong assumptions out of your ass.

2 Weeks ago in Off Topic

Occupy Wall Street

[Quote] The mortgages only existed because under qualified people with terrible credit were getting approved for houses in no way they could afford. Yes you can blame institutions like Fannie Mae and Freddie Mac but the fact is when you are making a decision in life as big as buying a house, do some due diligence...these people are blaming wall street when the in the big picture the chain of events started with themselves. if you know your cant afford the damn house dont be greedy and go after the mortgage. and Don't say oooo but wall st was the one selling toxic secruities....yes true wall st played a big role, but you are missing the point. http://i.imgur.com/5KhXK.jpg

2 Weeks ago in Off Topic

Occupy Wall Street

ok yes that is the reason for using LIFO but it isnt used as much as FIFO, correct? can you explain the "freedom in reporting" style in IFRS that makes conformity an issue? the SEC is obviously making the effort to eventually erase gaap. regardless if you like it or not GAAP seems to be on its way out in the future. obviously businesses will using LIFO will not want immediate change, and there shouldnt be, but eventually it seems inevitable

2 Weeks ago in Off Topic

Occupy Wall Street

[Quote] confused...this is directed towards bzb right? anyways i agree with you whole heartedly on what u said. ie, complete lack of self responsibility in regards to finances and life in general, consumers' role in the bubble,etc. I may be wrong, but dont the majority of businesses use FIFO? anyways im not an accountant, i am a financial statement user which i why i would advocate a uniformity of financial statements. when comparing companies it is just a pain in the ass when they have different inventory methods. and regards to that shot, you can try to knock me all you want im not posting to gain e-cred, just expressing my views.

2 Weeks ago in Off Topic

Occupy Wall Street

Haha no I respect CPAs accounting isnt easy. It's just it is a back/middle office role and they dont make decisions. Great money in accounting, better money in the front office

2 Weeks ago in Off Topic

Occupy Wall Street

M&A

2 Weeks ago in Off Topic

Occupy Wall Street

[Quote] 1) not a CPA, we let those accountants sit in the back office and count those numbers 2) never said anything about SEC making it official...u are right but it is an overwhelming majority that want IFRS and thus are switching how they file. the differences between IFRS and gaap are not that big from what I know, but i think GAAP when allows for more arbitrary judgement when allocating things on ur income statement. also GAAP has proven to be more risk-reward - isnt this the mian problem? why would it not be a bad thing to have a universal accounting method? when you are valuating companies looking at their financial statements wouldnt it make sense to have one standard method, knowing exactly what kind of manipulative things this companies do

2 Weeks ago in Off Topic

Occupy Wall Street

[Quote] you have to be careful when reading extreme liberal website articles like this...same for conservative...take it with a grain of salt. the thing about europe is that no one knows Who owes Who and what. but germany and french are very strong countries are likely not to default on anything..even so, .morgan stanley is hedged with credit default swaps...if the economy tanks MS stands to make bank. but who knows what will happen if greece defaults...and the default of greece is pretty much inevitable. it has to happen and teh EU needs to be restructured (ie that is kick those poor countries out) you cant have the same monetary policies for a countries like england and germany for broke ass greece and italy

2 Weeks ago in Off Topic

Occupy Wall Street

Enron used certain loopholes in GAAP which obviously were dangerous. not sure but i think they were basically recognizing future, but uncertain, revenue on the current p&l's to boost the stock price. obviously the accounting firm that audited them is no longer in business, despite being one of the "big 5". BZB is right in that nothing done relating to accounting was illegal - it was the shredding of documents that was. sidenote - US like a retard is the only country to use GAAP but is changing to IFRS accounting which the rest of the world uses... anyways like it was said before the bailout had to happen - the state of the economy right now is just a fraction of how bad it would be if those banks had been allowed to fail...is it fair? not at all. but it is what had to happen. we are seeing investment banks being much more heavily regulated (which is a catch22 since the cost of accountants to comply with these new regulations are driving companies out of the US) and people do know there is no more prop trading right? people complain because the government has been "slow" to implement completely all these new laws like doddf and sabox but they need to allow time

2 Weeks ago in Off Topic

Occupy Wall Street

[Quote] I can't see your pictures but ok so the top 10% owns 70% of the nations wealth....it is relative because the top 10% also happened to be 70% of federal income taxes. the top 1% paid more taxes than the entire bottom 90%. it is progressive and that is how it should be. progressive allows it to be relative. to be in the top 10% you have to make a little above 100k a year. i know tons of people who make that or more and believe me they do not have influence over politicians or policies of any scale, yet alone "tremendous form." maybe the top 10% OF the top 1% have influence. i agree there is a major discrepancy of wealth; but this is because there are more many more workers of average household income. the shear number of people with average income is much greater than the number of people in the top 1%. this division of wealth and people claiming the "loss of middle class" is statistical rather than real.

2 Weeks ago in Off Topic
HYPECHAT 0