**** you, method of characteristics

[KrazyHorse]

I have no idea what you're trying to argue here, you numbskull. Nobody said that failing to deliver was A OK. It's a breach of contract.

It's just not a real problem. Virtually all shorts are covered on time. Numbers like "fail to deliver" are mostly comprised of failures at the market maker level or on the long end. CEOs whose stock tanks have a ready scapegoat in the shorts.

[KrazyHorse]

I just want KH to admit that it's possible that GS, JPM and State Street (among many) may engage in illegal practices at times and get away with it because the bodies of oversight either don't know or don't care.

I GUARANTEE that SOMEBODY at those orgs engages in illegal practices. I'm far less confident that the organization as a whole does anything so monumentally stupid.

[notyoueither]

They do care! They fine them the appropriate amount!

[notyoueither]

I have no idea what you're trying to argue here, you numbskull. Nobody said that failing to deliver was A OK. It's a breach of contract.

It's just not a real problem. Virtually all shorts are covered on time. Numbers like "fail to deliver" are mostly comprised of failures at the market maker level or on the long end. CEOs whose stock tanks have a ready scapegoat in the shorts.

You can provide support for this position from somewhere other than your ass how?

[MRT144]

I GUARANTEE that SOMEBODY at those orgs engages in illegal practices. I'm far less confident that the organization as a whole does anything so monumentally stupid.

I mean, they engage in illegal practices related to the business, not that they snort cocaine of underage hooker ass.

In the aggregate I think the attitude at these places is "We'll break the law if needed, pay the fine, and circumvent anything you do to try and prevent it in the future." You've already said the latter part of the statement almost verbatim.

[KrazyHorse]

Why would I bother to start linking articles for you? Use ****ing google. The data is right there for anybody to read. Fails to deliver are a tiny part of total trades, most fails are not the result of shorting, most fails resolve within 10 days of original failure.

[KrazyHorse]

I mean, they engage in illegal practices related to the business, not that they snort cocaine of underage hooker ass.

That's what I meant too. I guarantee that there are crooked traders at each of those firms. I doubt that the board gets together and decides what illegal practices they're going to engage in that week.

[notyoueither]

Why would I bother to start linking articles for you? Use ****ing google. The data is right there for anybody to read. Fails to deliver are a tiny part of total trades, most fails are not the result of shorting, most fails resolve within 10 days of original failure.

Capitulation.

Thanks.

[Drake Tungsten]

Why do the ***** on this board think it's a victory when their betters get tired of trying to educate them/correct their idiocy and just give up?

[KrazyHorse]

Capitulation because I'm not going to bother to hunt down references for facts which everybody who knows anything about market microstructure learns on day one.

Have fun living in your masturbatory little world, you bitter old man.

[notyoueither]

A single day of artificially low prices on a stock is one too many.

On any given day, hundreds or thousands of normal sorts of people will need to sell.

The fraud being perpetrated by Wall Street is evaporating billions in real wealth for real people.

Again, in no other normal commercial activity is it legal to sell a thing you do not have. It can be put no simpler than that.

[notyoueither]

Capitulation because I'm not going to bother to hunt down references for facts which everybody who knows anything about market microstructure learns on day one.

Have fun living in your masturbatory little world, you bitter old man.

You seem to be getting your rocks off on yourself, Junior.

[DanS]

I'll talk in general, but no specific questions:

Guy calls, tells me some of his background (which I already knew from google)
Tells me what the group does, how he spends his time
I ask a couple of interested questions
He asks me some trivial finance questions, but they're supposed to be quickfire, I suppose. I linearize functions in my sleep, so it's easy to say answers as fast as he can ask the questions
Asks some brainteasers. I've seen some of them. Tell him when I've seen them. Solve all of them without any difficulty at all. I'm really good at brainteasers.
Asks some more finance questions; more detailed ones this time. I give multiple paths to the right answer for each question. I get the feeling I actually might understand stochastic calc. better than he does. Don't get a chance to bust out awesome **** like Feynman-Kac thm. because he stops me before I get there and tells me it's good enough.
Asks some questions about my thesis, how I described my research on the resume yadda yadda yadda. Try to put everything in layman's terms. This is likely a test of communications skills with non-technical types, as he knows very little physics (communicating results is a significant part of any good quant job).
Asks me some numerical methods questions. I give a few answers showing that I've thought about the relevant issues before. We have a mild debate over whether convergence to 10^-6 or 10^-12 is the gold standard. He is a numerical methods PhD, so I defer to his judgment (10^-12).
He asks if I have any more questions. Ask him a couple more questions. He thanks me, says he's really enjoyed talking to me, I thank him for his time, say I look forward to talking to him again.

Very interesting. Thanks! So it was a telephone interview? How long did the interview take? Did you get a call after that telling you that you passed the first round? Or did this guy say straight out that you passed?

[KrazyHorse]

He said he wasn't allowed to say that I passed, but the implication was that I'd really dazzled him. I got an email within an hour for the second round. Goldman has multiple phone interviews before in-person interview (in-person is ~12 hours, 1 day, sort of final interview).

I think next couple of weeks is going to be heavy on phone + in-person interviews. If the level is anything like this on the other GS division's interview + the interview at Morgan Stanley then I'm going to fly through both of those. MS has fewer rounds of interviews, from what I hear.

[DanS]

A 12-hour interview day sure is grueling. I guess that's on purpose. In the legal field, interviews tend to be 2-day in-person affairs. Maybe a single screening phone interview.