1960

INTERESTING STATISTICS: Over 1,700 persons applied to Tuck last year; 166 joined the class of '88. In the class of '86, over 58 percent took jobs in the financial services area, with a median starting salary of $47,500.

INTERESTING HEADLINES: Since last year, Wall Street has been rocked by allegations, arrests, indictments, and convictions of "insider trading." In some cases, the greed was syndicated. In all cases, the breach of trust was done for personal gain and/or profit. And the profits have been enormous. Is there a connection between the statistics and the headlines?

Faced with the usual dearth of information from classmates and a deadline, I called several classmates, all of whom exude responsibility, respectability, and a lot of experience in Wall Street. Their collective comments contained a string of commonality. All were convinced that a lot more will be revealed. As of mid-March, the other shoe hasn't yet dropped. All were surprised that such negative news had not had a more negative impact on business. All were appalled that their industry had allowed such behavior to occur, much less to thrive. Yet, all acknowledged that the fierce competition for huge potential profits had encouraged hiring practices geared to making money, not moral statements.

John Adams said, "Twenty years ago, the key people involved in making deals were known and experienced. With the recent explosion in LBOs and mergers/ acquisitions, young, unknown and untested people have been given responsibilities and authority unheard of then. It's hard to judge people." Incidentally, John gave up his carefree bachelorhood last March when he and the former Anne Brown McShane got married.

Arnie Sigler finds the situation very discouraging. He places blame on the corporate pressures to make money at any cost. "Banks are hiring kids with M.B.A.s at $70,000 salaries to be traders. But they have no formal training programs. The game is to make money and they are left alone in their little niche to do just that." He is concerned about the potential implications of the allegations against some of Wall Street's most prestigious firms. If they are found criminally liable, can his bank continue to deal with them?

Al Glick acknowledged that the industry "has unbelievable conflicts of interest. This business, more than most, tests people's ethics, because, for the most part, clients don't know what you're doing." If people don't already have a strong sense of right and wrong when they come into the business, they are vulnerable to the temptations of greed. Allan and Marilyn visited their daughter, Cherise '88, in Italy last fall. Not a bad fringe benefit of Dartmouth parenting!

While expressing his disappointment in the lack of moral integrity in the industry, Dave Hiley related that corporate America is angry with the high pay and arrogance of the younger generation of Wall Street whiz kids who "add about as much value to the economy as basketball players or rock stars." Dave feels the influx has brought amorality to Wall Street. "Some of these people honestly don't think they've done anything wrong."

Mickey Strauss said that the "drive, ambition, and desire for wealth of some exceeds anything we can imagine." Paying for information is detestable and anathema to him. "Many people take drugs, but how many deal in drugs?" But Mickey raised a key question mentioned by some of the others. If a friend called you with a tip to buy XYZ's stock, would you?

Now to more serious stuff, our 50th BIRTHDAY party on April 30, 1988. Mickey related that early returns (as of March 3) show a great response to this outrageous idea, with over 100 yesses and 60 maybes.

"Tell the class not to miss a great happening." While he wouldn't deny the rumor about the Statue of Liberty as the ball site, he did mention something about a black-tie safari at a famous zoo. The suspense is unbearable'.

Peter Crumbine has weighed anchor, cleared the decks and founded his own company, Greenwich Marine Sales. Apparently, the commute to nearby Stamford, Conn., where he was president/CEO of International Marine Sales for several years, was too much for him. GMS, a bunker brokerage firm, is located at One Greenwich Plaza, Greenwich, CT 06830, telephone 203/869-6033. There are those who claim bunker brokerage is the practice of renting sailors who suffer from narcolepsy; others claim it is a fancy name for fishmongering. Peter, however, avers that "bunkers" is the industry term for marine fuels. GMS is the exclusive broker for the Fednav group who have developed a new approach involving brokers physically located in the client's office and computerized telecommunications to maximize market coverage. This technique has resulted in lower bunker costs for shipping companies. So if your ships need cheaper fish, call Peter.

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