Dave Lauer, a former high frequency trader, has seen the light and is quite evangelical about it. "I read Ayn Rand and subscribed to her idea that your worth to society is perfectly measured by the amount of money you earn," he tells US site Marketplace. "I followed the path of least resistance and with degrees in computer science and finance, I wound up in high-frequency trading in 2009. I thought I was happy. While the economy was falling apart, I was getting rich and so was everyone around me."
The catalyst for change was the birth of Lauer's daughter; "Suddenly I found myself thinking how I would explain my job to my future daughter. What exactly did I do to make so much money? What exactly was I doing to add value to the world? After two years in high-frequency trading, I could see how little value it actually created.
"I knew in my heart that I was nothing more than a leech, regardless of how impressive my trading algorithms were. The brain drain that sucked so many smart and talented people away from noble pursuits and into financial services to earn their fortunes made me question the very foundation of my economic assumptions. I decided to leave the industry and find a new path."
That path led to Cowbird, a quite beautiful story telling website. "When my daughter was old enough, I wanted be proud to tell her what I've done, and even prouder to tell her that no matter what, she must follow her passion in life like her father did," says Lauer. "I didn't realize what I was doing was unethical when I was trading," adds Lauer, by way of excuse, in the comments below.
UBS is sucking in foreign exchange hedge fund people and has hired from Société Générale. (FinAlternatives)
Sallie Krawcheck thinks senior bankers should be paid in bonds. (Financial News)
Commerzbank won’t be capping pay at €500k any more. (Financial Times)
Sequoia Capital, possibly hiring in Brazil. (DealBook)
Goldman Sachs is making a big push to increase its coverage of corporate clients in Europe. (Financial News)
New service allows persons to Tweet and post to Facebook after death. (WSJ)
It would be incorrect to claim that 10% of financial services professionals are psychopaths. (Poynter)
Morgan Stanley makes $100m stabilising (shorting) Facebook stock. (WSJ)
New service allows persons to both Tweet and post to Facebook after death. (WSJ)