Friday, April 3, 2009

MIT/Sloan graduate and [ex]investment banker Joshua Persky, currently world-famous for being unemployed (covered by the New York Times),

IIPM Ranked No. 1 B-School In Global Exposre - Zee...

The poorest banker on the richest

My fate was to become world-famous for being unemployed, very different from Mr. Buffett’s fate, almost the opposite. I was born and raised in NYC, attended the prestigious Dalton High School (whose motto is “Go forth unafraid”), and graduated from MIT in 1981 with a B.S. in Management Science from the Sloan School of Management. I had many great professors at MIT, including several Nobel Prize winners, but unfortunately no Graham and Dodd. My professors lost billions of dollars to their investors, and nearly brought the entire financial system to collapse when their hedge fund, Long Term Capital Management failed. I only read Graham and Dodd’s books on value investing much later.

Over the years, I have worked on Wall St. as an assistant options trader, for a satellite communications company in business development, for a commercial bank in asset management (I ran a multi-billion dollar Syndicated Loans Agency for financing wind farms and ships), and for an investment bank producing valuations of illiquid hedge fund investments. At the end of last year, I lost my job. Bad timing. Because of the sub-prime mortgage mess (housing and credit crisis, stock market and economic downturn), the large commercial and investment banks have suffered billions of dollars in losses and laid off tens of thousands of employees. I have not been able to find employment in my field (or in other fields) in over six months. After months of making telephone calls, sending resumes (CVs) over the internet, and networking among family, friends and colleagues, I took to the streets to hand out my resume. I went to 50th St. and Park Avenue put on a poster board saying, “Experienced MIT grad for hire,” and included my contact information. I did not realize that within a week, I would be world-famous.

For more articles, Click on IIPM Article.
Source :
IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and
Arindam Chaudhuri (Renowned Management Guru and Economist).

Read these article :-
B-schooled in India, Placed Abroad (Print Version)
IIPM in Financial times (Print Version)
IIPM makes business education truly global (Print Version)
The Indian Institute of Planning and Management (IIPM)
IIPM Campus


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