Actually in the last couple months or so they were denying many basic entitlements to many traders right and left.
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Worldco Going Out of Business
- Thread starter Thug_Life
- Start date
Actually in the last couple months or so they were denying many basic entitlements to many traders right and left.
"The stories of how they ran that place would make for one hell of a book. Bestseller no doubt. Business schools around the country would have to re-think everything they have taught about making money the last 200 years. "
I agree about bestseller part but "re-think how to make money" i don't think so. of course not everything has yet been revealed.
and walter is offshore with his thai princess.
a more useful? since walter is married to a thai can he be extradited for an alleged financial illegality.
my opinion is that walter hasn't done anything wrong.
of course no comment about his famiily who some say ran the show.
I agree about bestseller part but "re-think how to make money" i don't think so. of course not everything has yet been revealed.
and walter is offshore with his thai princess.
a more useful? since walter is married to a thai can he be extradited for an alleged financial illegality.
my opinion is that walter hasn't done anything wrong.
of course no comment about his famiily who some say ran the show.
Quote from Maverick74:
I remember a few years back at Worldco, if you didn't have an Ivy league degree they honestly did not return your phone calls. I'm dead serious. Walter even sent recruiters up to Harvard business school to get traders. This was at the market peak back in 2000.
How times change. When I traded there in '02 hardly anyone on my team save myself even graduated college.
Quote from tjuggler:
WSB was never registered. It may be tough to go after him. Not clear whether he called the shots or was a puppet of his father and uncle.
No Walter did not run the show. He was hired to recruit, motivate the traders, and keep the traders from quitting. At one point Walter was actually a trader at Worldco but loss his ass. I mean boy oh boy was he a piece of work. After losing millions they promoted him to head of marketing just to keep him away from trading. LOL
Quote from Maverick74:
Well, if you remember correctly, back in 2000 and before there were no prop firms on wall street, none except Worldco. what you did have was retail shops that gave you leverage if you put up 25k. The number of firms that actually let you come in with zero capital back then was maybe three at the most. I know for a fact that Worldco pushed the Ivy League agenda. I'm not saying they didn't hire a guy here or there that didn't fit into that, but they really focused on really educated recent graduates. The guy off the street thing happened post bubble as the standards to get into these firms dropped very quickly. I'm not saying I agree with this, I'm just saying this was the way it was. And yes I agree with you academics don't know much about the mkt in general.
Yeah you're right, when the first prop firm opened, they still had the hiring mentality of institutional trading desks. But that quickly changed since he job market was so hot and guys without even a GED were pulling in millions.
I knew a few non-HS graduates guys that got hired during that time but I think it's because a friend was referring them.
Quote from I Missed Boat:
Actually in the last couple months or so they were denying many basic entitlements to many traders right and left.
Yup, and they bolted. This is one of the first things you should learn about running a business. Don't give anything to anybody that you might have to take away or you will lose them and your money. Never promise a rose garden.
Quote from Maverick74:
No Walter did not run the show. He was hired to recruit, motivate the traders, and keep the traders from quitting. At one point Walter was actually a trader at Worldco but loss his ass. I mean boy oh boy was he a piece of work. After losing millions they promoted him to head of marketing just to keep him away from trading. LOL
I've heard this as a rumor, but how do you know this is true?
Quote from Maverick74:
No Walter did not run the show. He was hired to recruit, motivate the traders, and keep the traders from quitting. At one point Walter was actually a trader at Worldco but loss his ass. I mean boy oh boy was he a piece of work. After losing millions they promoted him to head of marketing just to keep him away from trading. LOL
I used to trade on the 18th F of 100 Wall Street, same floor Walter had his office. He had about half a dozen recent college grads waiting outside his office, all very young and dressed in suits. Walter comes out in a scruffy polo shirt and baseball cap (I don't think I ever saw him without a cap on). He starts pitching these guys about how easy it is to make it big in prop trading. A million a year is four thousand bucks a day, he explains. Four thousand bucks is forty cents on ten thousand shares. He looks at one guy and asks "Don't you think you can make forty cents on ten thousand shares every day?" The guy nodded dumbly. I really couldn't believe what I was hearing.