05 November 2007

Brawl Street Journal

famous boxing writer Burt Sugar was the MC

The crowd of bankers and consultants from Lord Abbett wanted blood and they got it... Not surprisingly, financiers were eager to see their brethren in the ring.

As the collapsing housing market brings the nation closer to financial ruin and banks threaten to end the quarter with multi-billion dollar losses, New York's bankers are now, finally, turning against each other and fighting in public. Unfortunately it was part of a big sanctioned boxing tournament and not like a street brawl or something. Well, yet!

The other night at Hammerstein, 800 bankers turned out and got wasted to watch 16 of their brethren beat each other up for charity!

It was a black tie thing, sponsored by Doubledown Media, the publisher of Trader Monthly.
Private boxes sold for $13,500. Ringside seats sold for as much as $800 a person, and its estimated that well over $100,000 was raised in ticket sales.

More money was donated during live and silent auctions, and the proceeds went to the NYMEX Charitable Foundation, Tuesday's Children, the Valerie Fund, Prostate Cancer Foundation, Hedge Funds Care, and Say Yes to Education.


Josh Weintraub, a mortgage bond trader and senior managing director at Bear Stearns, was voted "best boxer" at the end of the night, proving yet again that Bear Stearns employees would much rather do just about anything other than like manage hedge funds or whatever bankers "do."


Boxing: Wall Street Style {CNN}

1 comment:

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