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"This tendency reached the height of comedy inside the strategies division, where some of the quants published academic papers on the more theoretical aspects o
by Patient0 15y ago
"This tendency reached the height of comedy inside the strategies division, where some of the quants published academic papers on the more theoretical aspects of their work. If an author quit Goldman though, his name would be removed from the official version of the publication. It got to the point that some papers had no authors, and had apparently written themselves. So it goes. No longer with the firm."
I suspect he plagiarized this whole anecdode from the autobiography "My Life as a Quant", in which Emanuel Derman is talking about his experience at Salomon Brothers, rather than GS:
http://www.ederman.com/new/docs/my_life-excerpt.html http://www.ederman.com/new/docs/my_life-excerpt.html
"The level of fear that permeated Salomon was more evident, too. Friends of mine who wanted to leave the firm were semi paranoid that their bosses would discover that they were interviewing elsewhere and then fire them before they left. I never heard anyone at Goldman speak this way; despite the natural tension between employer and employee, most Goldman workers never imagined that exercising their right to look at other jobs would naturally lead to being fired.
There were other signs of Salomon's take-no-prisoners culture. In the 1980s, the Bond Portfolio Analysis (BPA) group had written a series of renowned reports for clients on valuing swaps and other recently invented derivatives contracts. Each report's distinctive light brown cover bore the names of its authors printed in a darker brown. Then, over the years, as one or more of the original authors left the firm for other banks or trading houses, BPA would reprint the report, having removed the departed authors' names. Eventually there were old but popular reports still being distributed that apparently had no author at all. This Orwellian rewriting of history struck me as particularly petty and ineffective, an affront to the notion of research."
From "My Life as a Quant"...
If so, what else did he make up? Did he directly experience any of this during his brief stay as a junior member of GS? Or is it all just a bunch of crap he's been reading in books like "Liar's Poker"?
- plamenv 15y agoIt's obviously not copy-paste and why would it be so hard to believe that both Goldman and Salomon had the same practices of removing authors names from papers?
- Patient0 15y agoThe similarity between the stories struck me: particularly that they both stressed the point about reports being circulated with no authors at all... OK it doesn't prove that he made it all up, but I would be willing to bet some money on it.
- wisty 15y agoIt could be a common joke that quants tell, especially those in the companies where it happens. His article does sound a lot like other ones though. I doubt he's deliberately copying them, but he's not entirely unique.