Four banker suicides within a week - A sign, or mere coincidence?

[shiny!]

Re: Four banker suicides within a week - A sign, or mere coincidence?

Well, in 2011, globally - they already made #5 in this list of top 19 jobs by suicide rate.

2011 was not particularly stressful for FIRE executives.

I hope, once again, these sociopaths strive to be #1.

Thank you for making me laugh so loud I made the cats jump :-)

[vt]

Re: Four banker suicides within a week - A sign, or mere coincidence?

"The final suicide last week was by David Zier, an independent financial advisor in Potomac, MD,with Convergent Wealth Advisors. Mr Zier also ran a side fund for family and friends which was not a sub of CWA (a sub of City National, a Los Angeles bank.)


The family and friends fund did self-custody, so its positions were not certified by the custodians, and they may have been depleted."

[GRG55]

Re: Four banker suicides within a week - A sign, or mere coincidence?

"The final suicide last week was by David Zier, an independent financial advisor in Potomac, MD,with Convergent Wealth Advisors. Mr Zier also ran a side fund for family and friends which was not a sub of CWA (a sub of City National, a Los Angeles bank.)


The family and friends fund did self-custody, so its positions were not certified by the custodians, and they may have been depleted."

The ONLY thing worse than trying to give financial advice to family and friends is to successfully convince them to give you their money. Even if you make money for them, they always think you should have been able to do better...

[GRG55]

Re: Four banker suicides within a week - A sign, or mere coincidence?

"The final suicide last week was by David Zier, an independent financial advisor in Potomac, MD,with Convergent Wealth Advisors. Mr Zier also ran a side fund for family and friends which was not a sub of CWA (a sub of City National, a Los Angeles bank.)


The family and friends fund did self-custody, so its positions were not certified by the custodians, and they may have been depleted."

The ONLY thing worse than trying to give financial advice to family and friends is to successfully convince them to give you their money. Even if you make money for them, they always think you should have been able to do better. After all, Uncle Harv invested his money with this guy from Peoria who made a killing for him by - pick your favourite: a) flipping condos in Florida; b) trading internet startups; c) putting all of Harv's money in a junior gold miner; d) all of the above...

[vt]

Re: Four banker suicides within a week - A sign, or mere coincidence?


52-year-old Belgian Geert Tack - a private banker for ING

who managed portfolios for wealthy individuals - was described as 'impeccable', 'sporty', 'cared-for', and 'successful' and so as

Vermist reports

, after disappearing a month ago, the appearance of his body off the coast of Ostend is surrpunded by riddles...

Tack disappeared on November 5th...

Impeccable. Sporty. Cared for. Successful. Just some qualifications that are attributed to the 52-year-old from the Belgian Geert Tack Haaltert.



Geert Tack worked as a private banker for ING and managed portfolios of wealthy clients. The Belgian had a lot of respect in the financial world and was known as an up and top professional. His sudden disappearance was also smashed like a bomb. "If Tack himself was having trouble he has managed to keep it well hidden", say colleagues.

Nobody then could have guessed that the man would not return on Wednesday, November 5th to his wife in their villa Vondelen.

and was found dead this weekend off the coast of Ostend...

On December 3, the body was found on the coast of Ostend and removed from the water. The prosecutor confirmed today that it is Geert Tack, but it is still awaiting further results of the autopsy for the exact cause of death. The results of toxicological testing are not yet known.



The examiner states that the body showed no outward signs of violence.

As Vermist comments, he was well-liked and successful but the situation of his disappearance remain odd to say the least...

What makes the matter is that the extra mysterious circumstances under which he disappeared are rather peculiar. Tack had a few weeks earlier his car drove into each other and if the garage then take away a replacement car. Oddly enough, he made it much later, shortly before he disappeared, use. The car, a Renault Espace, has been found in Knokke, but Tack missing to date each track.

Also - Why he had in the weeks before the disappearance sometimes so difficult to get to sleep? Why he did that Wednesday morning his laptop and cell phone at home?

Although a desperate act can not be excluded, there are also people who take into account that the missing part of a preconceived plan. From his position Tack had the opportunity to be there - whether or not forced by third parties - to run off with money from his clients. It is a hypothesis that being seriously investigated by the federal police, but where colleagues want to know anything.

"Something like that would never do," said one of them certainly. "Geert is a blameless man."

This is the 36th Dead Banker of the year (via Beforeitsnews):
1) David Bird, 55, long-time reporter for the Wall Street Journal working at the Dow Jones news room
2) Tim Dickenson, a U.K.-based communications director at Swiss Re AG
3) William Broeksmit, 58, former senior manager for Deutsche Bank
4) Ryan Henry Crane, age 37, JP Morgan
5) Li Junjie, 33, Hong Kong JP Morgan
6) Gabriel Magee, 39, age JP Morgan employee
7) Mike Dueker, 50, who had worked for Russell Investments
8) Richard Talley, 57, was the founder and CEO of American Title (real estate titles)
9) James Stuart Jr. 70, Former National Bank of Commerce CEO was found dead in Scottsdale, Ariz
10) Jason Alan Salais, 34 year old IT Specialist at JPMorgan since 2008
11) Autumn Radtke, 28, CEO of First Meta, a Singapore-based virtual currency trading platform
12) Eddie Reilly, 47, investment banker, Vertical Group, New York
13) Kenneth Ballando, 28, investment banker, Levy Capital, New york
14) Joseph A. Giampapa, 55, corporate bankruptcy lawyer, JP Morgan Chase
15) Jan Peter Schmittmann, 57, voormalig topbestuurder ANB/AMRO, Laren, Nederland
16) Juergen Frick, 48, CEO Bank Frick & Co AG, Liechtenstein
17) Benoît Philippens, 37, directeur BNP Parisbas Fortis Bank, Ans, België.
18) Lydia…, 52, bankier Bred-Banque-Populaire, Parijs
19) Andrew Jarzyk, 27, bankier, PNC Bank, New York
20) Carlos Six, 61, Hoofd Belastingdienst en lid CREDAF, België
21) Jan Winkelhuijzen, 75, Commissaris en Fiscalist (voormalig Deloitte), Nederland.
22) Richard Rockefeller, 66, achterkleinzoon elitebankier John D. Rockefeller, Amerika
23) Mahafarid Amir Khosravi (Amir Mansour Aria), 45, bankeigenaar, zakenman en derivatenhandelaar, Iran
24) Lewis Katz, 76, zakenman, advocaat en insider in de bancaire wereld, Amerika
25) Julian Knott, Directeur Global Operations Center JP Morgan, 45, Amerika
26) Richard Gravino, IT Specialist JP Morgan, 49, Amerika
27) Thomas James Schenkman, Managing Director Global Infrastructure JP Morgan, 42, Amerika
28) Nicholas Valtz, 39, Managing Director Goldman Sachs, New York, Amerika
29) Therese Brouwer, 50, Managing Director ING, Nederland
30) Tod Robert Edward, 51, Vice President M & T Bank, Amerika
31) Thierry Leyne, 48, investeringsbankier en eigenaar Anatevka S.A., Israël
32) Calogero Gambino, 41, Managing Director Deutsche Bank, Amerika
33) Shawn D. Miller, 42, Managing Director Citigroup, New York, Amerika
34) Melissa Millian, 54, Senior Vice President Mass Mutual, Amerika
35) Thieu Leenen, 64, Relatiemanager ABN/AMRO, Eindhoven, Nederland
36) Geert Tack, 52, Private Banker ING, Haaltert, België

[aaron]

Re: Four banker suicides within a week - A sign, or mere coincidence?

nothing in common that I see... If they were "targets" then I would expect to see some sort of pattern.

I suspect if you calculate the suicide statistics for this cohort and the number of vermin working in the banking industry, 36 might be a very low number.

[lektrode]

Re: Four banker suicides within a week - A sign, or mere coincidence?

Murderous Son, Who Killed His Hedge Fund Father Over $200 Allowance, Was A Mentally-Disturbed Princeton Economics Grad

The most bizarre story from the past weekend was the shocking murder of Tom Gilbert, 70, founder of the Wainscott biotech-focused hedge fund, who was shot dead in his Sutton Place apartment on Sunday Afternoon: shocking because the alleged shooter was none other than his Millennial, hence unemployed, 30-year-old son. What was certainly unclear at the time was what would be the motivation of a son to kill his successful and wealthy father, especially in such dramatic cold blood.

We now know not only the motivation, thanks to AP:



.......

A law enforcement source told the New York Post that Thomas Gilbert Jr. had just been told by his father that he would only receive $400 for spending money per month from that point on in addition to $2,400 per month for rent. The younger Gilbert had previously received $600 per month

[guess things really ARE getting tense/tight for the millenials, never mind the hedgies...]
...........


And then it gets really bizarre. As the Mail reports, Junior was also charged with 21 counts of criminal possession of forgery devices after skimming device and 21 blank credit cards found at his home, and may have also burned down a rival's Hamptons mansion...

and to think how i was devastated after being told i had to mow the lawn, take out the trash etc for my FIVE BUCKS! (even if that was back in the 'golden days' of late60's ;)

[lektrode]

another one in NYC ?

Murderous Son, Who Killed His Hedge Fund Father Over $200 Allowance, Was A Mentally-Disturbed Princeton Economics Grad

The most bizarre story from the past weekend was the shocking murder of Tom Gilbert, 70, founder of the Wainscott biotech-focused hedge fund, who was shot dead in his Sutton Place apartment on Sunday Afternoon: shocking because the alleged shooter was none other than his Millennial, hence unemployed, 30-year-old son. What was certainly unclear at the time was what would be the motivation of a son to kill his successful and wealthy father, especially in such dramatic cold blood.

wonder if this one might start to get the beltway bozos thinking about something beyond their own re-elections? (heh.... shur...)

We now know not only the motivation, thanks to AP:

The son of a millionaire Manhattan hedge fund founder who allegedly gunned down his dad over his allowance has been arraigned on a second-degree murder charge, authorities said.

A law enforcement source told the New York Post that Thomas Gilbert Jr. had just been told by his father that he would only receive $400 for spending money per month from that point on in addition to $2,400 per month for rent. The younger Gilbert had previously received $600 per month

heh - next thing ya know, he'll have to take the bus to his therapy sessions

... but also the alleged psychopath's background:

Gilbert Jr. attended Princeton, graduating in 2009 with a degree in economics. Authorities said he had no recent work history.
...
Gilbert Jr. has a pending criminal case in the town of Southampton, on eastern Long Island.

Gilbert Jr., who has an address in the hamlet of Wainscott, was arrested Sept. 18 on a charge of criminal contempt. Southampton town police say he violated an order of protection issued in Brooklyn in June. Police say he confronted a man .... at Sagg Main Beach in Sagaponack on Sept. 1.

He has pleaded not guilty and has a Feb. 2 court date scheduled.

such a fine upstanding lad too - wonder how much his bail was....

And then it gets really bizarre. As the Mail reports, Junior was also charged with 21 counts of criminal possession of forgery devices after skimming device and 21 blank credit cards found at his home, and may have also burned down a rival's Hamptons mansion...

hey, huh?
too bad - this dude might've made it up there to the top with the rest of 'masters of the universe'

[vt]

Re: another one in NYC ?

http://www.americanthinker.com/blog/...of_europe.html

[Woodsman]

Doing God's work

http://www.americanthinker.com/blog/...of_europe.html

The Priest: Michael, Francis Rizzi, do you renounce Satan?
Michael Corleone: I do renounce him.
The Priest: And all his works?
Michael Corleone: I do renounce them.

[don]

Re: Doing God's work

I could never get through the third Godfather movie.

Does he kill himself?

[don]

Re: Doing God's work

Earlier this year, a 24-year-old first-year analyst at the Goldman Sachs office in San Francisco was feeling overwhelmed by the all-nighters and 100-hour workweeks.

The analyst, Sarvshreshth Gupta, a graduate of the University of Pennsylvania who was born in New Delhi, told his father, Sunil, “This job is not for me. Too much work and too little time.”

In March, against his father’s wishes, Mr. Gupta quit. However, a week later, “By a quirk of fate, he was asked by his company to reconsider his resignation and under pressure from me, he rejoined,” his father wrote in an essay. Others at Goldman said he asked for his job back.

When Mr. Gupta returned, he was originally put on a reduced schedule, and the firm had him meet with its employee assistance counselors about dealing with work-life balance issues and the stress of the job.

Soon, however, Mr. Gupta, who worked in Goldman’s telecommunications, media and technology group, was working flat-out again as the firm’s deal business became busier and busier.

Just a little after midnight on April 16, Mr. Gupta called his father in India.

“He calls us and says, ‘It is too much. I have not slept for two days, have a client meeting tomorrow morning, have to complete a presentation, my V.P. is annoyed and I am working alone in my office,’ ” his father wrote. “I got furious. ‘Take 15 days leave and come home,’ I said. He quipped, ‘They will not allow.’ I said, ‘Tell them to consider this as your resignation letter.’ ”

Mr. Gupta told his father that he would work for another hour, then head to his home a half-mile from the office, and return in the morning.

The next morning, at 6:40, Mr. Gupta was found in the parking lot next to his apartment building on the corner of Sacramento Street and Brooklyn Place and was declared dead, according to police officials. He apparently fell from the building. The San Francisco medical examiner’s office is conducting an investigation and has yet to officially declare a cause of death.

Mr. Gupta’s death, one of numerous unexpected deaths or suicides of young bankers over the last year, has caused a new round of reflection and re-evaluation by Goldman and other Wall Street firms about their work policies just two weeks before a new class of college interns descend on the industry for the summer.

Just last week, Thomas J. Hughes, a 29-year-old banker at Moelis & Company, was found dead with drugs in his system after falling from a building in Manhattan.

“The only explanation is that I know he’s been working very hard and has been under a lot of pressure,” Mr. Hughes’s father told The Daily Mail. “His work did not leave much time for enjoyment, but that’s the nature of the assignment that he chose.” An investigation is pending to determine the official cause of death.

For more than a month, Mr. Gupta’s death has largely remained held in confidence among a small group of his colleagues and family. After Mr. Gupta’s death, David Solomon, Goldman’s co-head of investment banking, and John S. Weinberg, a vice chairman, flew to San Francisco to speak with a small group of the bank’s employees and discuss the firm’s approach to work-life balance. The firm held a small memorial service for Mr. Gupta, who was universally liked by his colleagues and whom several said was so good at his job that he had become one of the “go-to” analysts. Indeed, his proficiency and work ethic appear to have led to him to take on a large workload.

“We are saddened by Sav’s death and feel deeply for his family,” Goldman said in a statement. “We hope that people will respect the family’s expressed desire for privacy during this difficult time.” Mr. Gupta’s father wrote an essay about his son’s death, which he posted on Medium and later removed. In an email, Mr. Gupta’s father said, “At this time, the grieving family does not wish to speak to the press.” He said his essay about his son was intended for “the grieving family and a means of dealing with my deep anguish and catharsis.”

Of course, it is always difficult to directly link a death or possible suicide to work conditions. Other factors can be in play, like family problems, medical issues or a history of depression. And in Mr. Gupta’s case, the cause of his death remains undetermined.

Still, the string of deaths on Wall Street appears to rise above the level of simple coincidence. Last February, Fortune ran an article titled: “Is there a suicide contagion on Wall Street?”

Studies have suggested that financial service employees are at higher risk than those in many other industries. According to the National Occupational Mortality Surveillance, individuals who work in financial services are 1.5 times more likely to commit suicide than the national average. The highest suicide rates in the United States are among doctors, dentists and veterinarians.

It is possible that the finance industry attracts more people with depression, just as it is possible that the pressure-cooker work environment overwhelms some people who have been high achievers their entire lives. It could be a tragic combination of multiple factors. Wall Street has always thrived, in part, on its eat-or-be-eaten culture. Would curbing its competitive nature cut into its success?

Most top Wall Street firms have sought to change their work policies for young investment bankers in recent years, in part to combat some of the problems and because they are increasingly in heated competition with Silicon Valley for top talent and are seeking to make themselves more attractive.

Goldman, for example, has required that analysts take Saturdays off. Credit Suisse, too, has made employees take Saturdays off, with employees instructed to avoid even email. Bank of America has instituted a policy that requires analysts to “take four days off a month” on the weekends. And JPMorgan Chase has said that one weekend a month should be protected.

Many of those steps were taken after a 21-year-old intern died at Bank of America Merrill Lynch’s London office in summer 2013 after reports indicated he had pulled three consecutive all-nighters. The official cause of death was epilepsy.

As the economy has heated up and the deal-making market has improved, however, young bankers are once again working long hours. Perversely, young analysts now say that having Saturdays off has often added to their stress because late nights on Sundays have become the norm.

Some banks, like Goldman, are also taking new steps, like introducing more efficient software and technology to help young analysts do their work more quickly.

And investment banks say they are hiring more analysts to help balance the workload.

http://www.nytimes.com/2015/06/02/bu...=business&_r=0

[don]

Re: Doing God's work

[shiny!]

Re: Doing God's work

Funny for sure, but I'm also impressed with the art of that cartoon. Really well done. It's actually giving me vertigo!

[vt]

Re: Doing God's work

Chinese investment bankers missing:

http://www.theguardian.com/business/...tic-securities