Morgan Stanley's software bankers think 2023 will be an epic year for deals. “ Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of the United States, have solvent balance sheets, responsible management and valuable franchises.” (Financial Times) It's ok, Man Group is setting up a crypto hedge fund. However, when Bankman visited last week, the bistro owner said it was very different: after a few pleasantries, SBF's father broke down in tears. Bankman-Fried's father, the Stanford tax-law scholar Joseph Bankman, was a regular visitor when he came to see his son in the good times. In (another) long profile of SBF and his set-up in the Bahamas, the Wall Street Journal comes across the owner of an upscale French bistro popular with FTX employees before they mostly fled for the US. One moment your son is a billionaire counter-cultural hero feted for sleeping a few hours a night on beanbags and giving his money away, the next he's accused of being a fraudulent sociopathic hedonist and is despised by everyone. Separately, it can't be easy being the father of Sam Bankman-Fried. People like Rayman and Sobel are said to be changing the Apollo culture. BI suggests Apollo may even be more gentle on juniors than it used to be - these days there's a proper HR function and a meditation room. But partners at Apollo can earn tens of millions (11 UK partners took him $11m each in 2021). If you can share a room with the right sorts of people at Harvard and survive 80-hour weeks at Goldman and 20-hour days as an associate at Apollo, you could end up in a very good place.
REED RAYMAN PLUS
Managing directors at Goldman Sachs earn $400k salaries, plus multiples of that as bonuses. " I only realized as we created some of our official documents that he's 36 years old," chuckles the CEO of one company he works with. Like Rayman, Sobel sits on multiple boards. Another Apollo Partner is Aaron Sobel, a former Goldman Sachs and Morgan Stanley leveraged finance banker, who joined Apollo in 2011. He's not the only Goldman escapee who's thriving. He stuck with it, and today, aged 36, Business Insider points out that he's an Apollo partner sitting on at least six boards of directors and holding meetings at Nobu.
One Apollo insider who nearly left during the grindy associate period is Reed Rayman, a Goldman Sachs analyst for two years in 2008 who went to Harvard and fraternized with Kushner and Blankfein. Pay was subsequently hiked to $450k to compensate Apollo associates for the inconvenience. But Apollo Global can be worse: in 2021, Apollo associates began quitting en masse amidst complaints of 20-hour days and jerkish/hungry behavior. Goldman Sachs is not an easy place to work the hours can be long. But most of all, you need a short spell at Goldman Sachs, followed by a private equity career at Apollo Global.
Working on the Harvard school newspaper with Alex Blankfein, son of the former CEO of Goldman Sachs.
Sharing a room with Joshua Kushner the billionaire venture capitalist and brother of Jared Kushner. If you want to put yourself in the way of tens of millions of dollars of earnings by the time you're in your mid-30s, there are a few things that will probably help you along the way.
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