4 ms·
He wasn't a pit trader, and GS isn't a pit. If the guy can handle making a couple of billion trading mortgages, I'm sure he can handle contracts 101. Pits work
by confluence 12y ago
He wasn't a pit trader, and GS isn't a pit. If the guy can handle making a couple of billion trading mortgages, I'm sure he can handle contracts 101. Pits work entirely on trader to trader rep. Bonuses are discretionary management items, and the rule is if you don't like their discretion, you jump ship and stick it on base at Bank 2.
If you want a bonus guarantee, get it in writing, and stick it on base.
Otherwise, suck it up.
- bushido 12y ago> He wasn't a pit trader, and GS isn't a pit. Pit trading changed a lot in the late-90's. And moved to Level-2 systems in office buildings with near real-time access to all ECNs giving a unforeseen level of control and participation (yay tech!). As expected all proprietary traders and everyone else called it the pit. And sure, GS isn't a pit. But until late 2009 - early 2010 when they wound up most of their proprietary trading business in response to Dodd-Frank they were one of the mightiest pit traders, with multiple seats on every pit, this was beyond their market makers and remote traders. Their trading activity on CME (Chicago Mercantile Exchange) was legendary. Some would say they had seats on the exchange, other may say they owned the pit (figuratively). But you're right that still doesn't make them a pit.