Before I start my diatribe about how
Your analogy is awesome and I think you did the right thing. Additionally, I agree with you that Bud is no dope because he took the Canadians for a ride that Lehman should have. Behind those coke-bottle lenses lies a true bastard who did indeed knock the cover off the ball. Without disclosing too much, I�m stuck for little while. I�ll give you a hint�Toxic Sparaggis.
You can leave. I did late summer/early fall. Its scary as hell when you do it but it'll be like playing an old country song backwards... your wife will come back, your dog will come back to life, you stop drinking and your car aint broke no mo.
E-mail me at firstname.lastname@example.org, give me a way to contact you and I'll fill you in on what to expect from the legal department if you want to make the move.
But let me just say this... I respect the sh*t out of Bud. He runs a company I didnt want to be a part of and his record keeping is antiquated and/or sloppy. But he bought us for a little over $15 million in cash out of pocket and he got that back in the first six months. He dramatically increased his revenues, assets under management and increased his net income by almost 10 times. Fahnestock would continue to be a nonevent if not for the beautiful OPCO move. Not to mention that he increased his personal net worth by about $100 million in about six months. This was one of the great deals of all time. We may not like it... but from Fahnestocks perspective it was a grand f*ckin slam.
Its his company now. Your choice is to sign on or sign off. I signed off. But never think that Bud is a dummy. As a bottom fishing deal guy... there are not many better than Bud.
I feel for you. I saw the writing on the wall and got the hell out. Are you going to stick it out for the year? If so, sign the paper and do a bunch of business. If not, I promise you, you will be happy you moved. I have had absolutely zero regrets. I miss my old branch, the way it was a few years ago, but those days are gone. So are all of the brokers, except for two of them. One of them produced $40,000 in 2002 and probably did less than $60,000 in 2003. These are NOT typos.
If you haven't moved in a while, your clients will give you a free move. I brought 99% of my A and B clients and I left a lot of crap behind because they didn't fit in with my ideal client profile, going forward. A nice way of saying that they belong at a firm like Fahnestock. If you get serious about moving, I'll give you some pointers on how to move your book. I'm sure you probably have people who can do that, but I'd be glad to help in any way that I can.
Every year otherwise, get this, 25% payout. For what; research support from a global financial powerhouse? Or is it the national ad campaign? No, maybe it�s the high net worth clients we get from all the I-Banking deal flow?? Wrong again! I am truly ashamed of myself for letting this happen.
Opyguy was the one who made some pretty specific hypotheticals about making $270 and $30 of it being in a heavily discounted account.
I agree with you: that ain't funny if it's true.
Either he should join Joey-Broker (I doubt that he'd be rejected for low production) or he should get another career...but at the very least he should keep his mouth shut if he is happy to eke out a living on under 300.
As someone else said here recently, by all means leave if you're unhappy. But why be a whiner? (Or a booster for that matter?)
Yes, I know there are
It's the ones who basically think of THEMSELVES as losers who are stuck. If they had any business to speak of, they'd have been gone and been well-paid to do so.
Hey, F-F, if all that your bitching about is true, won't OPY collapse under its own weight without your taking shots from the sideline? Which brings me to the following sincere question: If you're "former", why the
You can make fun of the guy if you think he made $270k...............but that is above average for the Fahnestock, above average. The same guys that bought you and you insist on defending.
And you are now them...they didn't become OPCO. That's is why we all left. And if you look at who left, it was mostly the highest end guys...why?.....because you are now Fahnestock.
And this paper you had to sign for the higher payout?....total bull
Let me ask you this question. Would you join Fahnestock today if you were at another firm? or are you just stuck there because you can't move?