From Big Wall Street Bonuses to Collapse
Author Douglas Brunt and his wife, FNC’s Megyn Kelly, on his new book, “Ghosts of Manhattan”.
- Duration 9:09
- Date Oct 25, 2012
Author Douglas Brunt and his wife, FNC’s Megyn Kelly, on his new book, “Ghosts of Manhattan”.
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-- -- our office -- so would you like to have -- -- Kelly.
And her husband has eroded and let him.
I think after a sudden it's -- -- they evolved -- should don't solve formed forge -- brought the bar manager guided me.
-- you where we set up at the time may was in new.
Correspondent Fox News Channel -- Supreme Court in DC I was in you work back and forth in York and Florida ran a company and we were long distance for the first six months and then.
Roger Ailes called and gave -- the anchor job in New York so we were.
We did we do that in my moves in New York either make or break us Atlantic -- so this goes back a long line.
Long -- July 6 and we were married by march of 08.
To have this -- this novel our -- I'd never it to Dan Jenkins first -- -- terrorist which is if you can get by the first page MM may be worth reading a pitcher on while -- -- -- -- it but that's that's -- that's all I thought I can say this is worth 300 airline.
Because I laughed out loud at the part about one -- -- often wonders.
The same people -- various sizes.
Current in order -- and you wonder how they all fed on the central exit march and once -- was is what's the -- -- farmer as a name.
Wonders in this book of fellow traders Newton duplicative various -- the size of their box and wondering.
Others huge -- -- on the same -- policy.
And I bought I mean -- -- don't all wondered about science and physics of his superior end to rent discussed in elect sonar and Internet trade.
-- -- -- -- -- -- -- -- -- -- -- -- But don't bond traders that are no -- -- my so their company offense him it it was when we go to dinner -- and -- with friends and it was the Fox News thing in the current to me answer lots Internet security no we protect data that is operating system the client as well as the -- and you -- looking at me like I'm a martian but it's it's.
Basically it's like antivirus and firewall that kind of security technology market so where -- over -- hundred or.
Right out of college I was a money market broker -- Furman -- Francisco for.
Less than two years.
Okay and others -- about one.
Well it's set it's not a book about Wall Street or of the financial crisis but it's 70506 on Wall Street and it's really about a person who's -- a bond trader for Bear Stearns and that's his journey -- -- -- presented by the hour.
Because there's nothing left and I figured.
You know -- vol -- someone has already blown up market the fact that idea they were also one of the -- look for reason they're on one of the most egregious in terms of making these huge gambles with mortgage backed securities that of the -- of products so.
They were kind of leading to the pack in terms of who's -- first senator protagonist as a moderate them a threat okay and then -- -- -- If it's -- about -- -- that's the backdrop so it does get into the lifestyle at these guys -- sort of both in the office -- -- they were doing that led to the crisis but outside the office and business some Wall Street is driven by relationships in its all commodity they're selling bonds and it's the same bonds everywhere so.
It you do business with the people -- you know and those relationships are developed outside the office and its high priced very high end entertainment these guys you know if you're human trading bonds for Bear Stearns for ten years.
Your annual bonuses two million dollars or five million dollars and these guys make a ton of money in -- go out and and party in the city that strip joints and and lots of drugs and and it's a -- experience though you know if if the average guy walks in to restrict far he'd geragos and throws these dollars around these guys get like the goodfellas movie walk through that.
In vaccines and around kitchen and into -- some room that nobody else has access to unless you're thrown on -- and so just hundreds of thousands of dollars there year.
Source -- going on.
-- going on in real time at all final -- going on rate now -- It's it if you look they're they're government web -- you can go to look at cash bonuses paid out on Wall Street and -- -- to it was ten billion.
In 06 it was the peak when this is set was thirty.
And last year's twenty so it's off the peak but it's twice what it was -- -- -- still you know Wall Street assuming in the mind Wall Street -- -- way -- but Bachmann I don't Kirk.
And -- a lot -- -- earlier it is.
All I almost annoy anybody in near -- and -- and it was it was all over the place and it was a dozen Wall Street disarmament.
Appalachian current doesn't show business and just home and Margaret folks in -- is -- -- pervasive and how are you saying nuclear development telling.
-- -- I just read the work of fiction so -- and it's complete fiction I'm sure but I think yes I think as I mean.
That there's -- I'll telemarketers from well as into the yes.
It was -- hand it wasn't hand and it wasn't -- our immediate friends but they know people now.
And -- the shock me about the book and his bank is.
You know UN here does talk about it's very reasonable -- -- he pre presents what's happening on Wall Street people didn't do what they are designed to -- the incentives that they that are created for them is Whitney drives and as you would expansion.
That's how he talks about it of course you know you you do a split screen to be talking and I am like.
-- strippers drugs -- there are many are you mean the the recklessness with which some of these guys column I'm Gregg.
But with the recklessness with which some of these guys live their lives.
It it it.
It is evident in their personalize any other professional -- when you understand those choices it helps explain how we got to where we got back in 08 when the market collapsed on -- -- -- total.
Yeah I I don't think the issues that are you know create this have been fixed and and -- if you look at how these guys are.
There's a -- the book -- says you compensate a person based on volume is gonna give you volume and so what led to the crisis.
Was these traders just playing up her job descriptions and a way to maximize their bonus as their bonus structures are set so of course they're gonna -- this stuff of course the guys and edgy.
Our who were under -- -- derivative products are gonna be selling this insurance.
And win the -- usually in the bucket is what helped me understand it is -- use use cement have to find supplement man -- -- our gardening.
Let me billion -- -- -- -- -- -- just about out.
They also all the same product so there's has to be some way for them to differentiate themselves as the person from -- others will buy and the way they do that is develop these relationships.
With the would be buyers in the way they do that is to wine and -- them all over Manhattan Monday Tuesday Wednesday found -- -- a -- -- it's a -- thing.
-- -- -- -- -- Their living this kind of lifestyle so that the next day when that guy wants to place the order.
Who's he gonna coliseum call any random Joe Schmo or do you call -- -- just don't know lap dances its -- is all night.
But talk of a Donald's Robbins like -- until it is market Gulf Coast amana and every hour -- -- rumor remain.
It's difficult to -- people -- period.
It is really difficult American whilst the premise -- as -- -- counseling.
Own early -- -- talking about some guy who some one else while the traders who was found -- Midterm television aged or not because there mister Specter of miracles.
-- justice reveal reasonable.
-- sense of humor so why can't I thought I thought my question is -- to have similar senses of humor.
-- yeah I think I'm less cynical then you know I think any time and authors writing -- -- first person some percentage greater than zero of the authors in that character but I.
Similar humor but less -- -- -- and -- you would have to -- net.
-- -- you read the first draft of -- some.
You tell him but it's it would do we have his pants down on what we never thought amount that we humid -- and and then main character now are I don't know why I just assume that is guarded yes.
That's not a not me -- let me -- -- the -- acknowledgment -- now because on.
Did you see this.
He showed it to me after it and it -- to -- -- I was I had to do about it but enough that I want it to you but.
-- wanted to kind of -- causes right out territory.
I loved it resident I did -- really personal.
I'd like I read some like Islam says it feels wanted to thank -- and television are so far beyond -- Not only doesn't thanks beneath the proportion.
-- is given and is also police profound of the words.
-- that we express.
Will remain neutral on us very personal one on May media.
All ordnance kind of gone so lucky Palmer says that we're happy -- Summers -- look -- and you'll.
I don't -- -- billions but I mean now though -- on thought -- itself -- it was nauseating.
But that eroded again on both -- so.
It's real I mean as its.
In the in a lot of ways that feel like Doug and I can relate to that character in his book because he was in an unhappy situation he is in an unhappy situation any struggling to find a way out.
And and Doug had that professionally and I had to professionally and personally.
And you know when you sort of insist on change your life for the better it's risky and it's scary but hopefully if you make the right choice second time around it works out and.