Marc Dreier: Now This is a Sense of Entitlement
Vanity Fair has a detailed article on Marc Dreier. It’s TLDR fascinating. The magazine has a great quote from Dreier explaining how his life felt after he got divorced and split from his longtime business partner:
All this sent Dreier into an emotional tailspin. “I was very distraught,” he says. “I was very disappointed in my life. I felt my career and my marriage were over. I was 52 and [I felt] maybe life was passing me by…. I felt like I was a failure.” His feelings of despair were deepened by his keen, lifelong sense of entitlement, a hard-core belief that he was destined to achieve great things.
Dreier felt that way at 52. How many young lawyers feel that way at 25, after getting laid off early in their career or no offered entirely? Of course, some people rebound from that feeling with renewed motivation. Dreier used the emotion to underpin criminal activity. Our friends at Dealbreaker get into Dreier’s head this way:
It’d be enough to send anyone to a place where the next logical thing to do would be impersonate hedge fund managers and stage fake conference calls! And honestly, not to insult anyone here, but do you know how easy it is to scam these hedgie guys? Like crazy easy. It almost seems like the crime would be to not scam them, if you think about it.
If you don’t have the time to get through the whole VF article, check out the highlights on Dealbreaker.
Marc Dreier’s Crime of Destiny [Vanity Fair]
Marc Dreier Got Into The Ponzi Biz To Fulfill His Destiny For Greatness, To Fill A Void, And To Buy A Beach House [Dealbreaker]




Comments
first faggots
first?
first faggots
1
A WINRAR IS YOU
No offered 20-something, now beginning life of crime.
Thanks for the tip, ATL.
2
YOU FAIL IT
Back when I was fratting it up in Ithaca, I used to think that life had passed me by all the time. But then I would head out to Collegetown and hogslam young DGs and Kappas by the dozens. Then things went back to normal, it was no big deal.
CORNELL FRAT STUD
Are hedge fund managers generally as stupid as Jim Cramer?
At 27 I felt my life was passing me by. I felt like I was destined to do something else besides bill 2500 hours a year. So I quit.
Of course, that was before the American economy went into a toilet. If I was back there and felt that way today, I might recognize that while life was passing me by, it has its foot on my neck.
--Elie
Christ, I thought JE or PE would have posted by now. Instead, I waked through an article and comments for nothing.
Three or four of my moron friends are now working for hedge funds. They got decent grades at decent schools, did not go to grad school, and lived like they were in college for the first 3 years of their careers.
They make more money than most (if not all) biglaw associates, and now have virtually no debt.
They enjoy their jobs. They get to be creative by suggesting ways for companies to be more profitable or products more appealing.
They don't live in fear of layoffs.
They get all of the resources, perks and networking opportunities of biglaw associates.
Even during downturns, they are valuable because there are always ways to make money. Their job is to find ways to make money.
Ladies and gentlemen, we are in the wrong fucking game.
I'll bet it was one of the ambitions of this guy's life to be the subject of a piece in Vanity Fair.
A self-important Harvard Law grad ripping off people out of a sense of entitlement. Never would have guessed.
100 years is too good for this unapologetic waste of humanity, just as 150 years was too good for Madoff. They both foreseeably killed hundreds of people. If they were arsonists, they would get the needle. Both should be shot in the head with a service pistol just like the Chinese do.
Dear everyone,
I go to a T14 school, I did very little work in lawschool (i.e., i have a couple C's, including Contracts), I have an offer at a V100 firm in Chicago for market rate, I have ZERO loans because my grandma paid them off for me, I am single w/o kids and have no mortgage, and I am sitting in front of my big-ass flatscreen tv about ready to smoke a joint and skip my corporate tax class (again).
Fuck all you small-dick latham little bitches.
Lawschool = Good Life
Hey, who wants to look at my photos from Sandals Jamaica?!
This man should be tossed into the unforgiving deserts of Arrakis, where his water will go unclaimed by all. Perhaps, in a sense of righteous mercy, a sandworm will eat him.
#11- you assume that lawyers are smart enough to be hedge fund managers. Let's get real. Many people go into law because they don't have the analytical skills needed for jobs more heavily focused on quantitative reasoning.
#11- you assume that lawyers are smart enough to be hedge fund managers. Let's get real. Many people go into law because they don't have the analytical skills needed for jobs more heavily focused on quantitative reasoning.
14-
You ain't the first and you won't be the last. Stop pretending you're special (although i didn't waste time on ATL in law school and I wouldn't be caught dead in Chicago).
Also, if you were living the good life, you wouldn't ever work in the Amlaw 100. Clearly you've never associated with people with real money if that is the limit of your ambition.
Dear 14,
I am in awe. Really, what's your secret? I am so amazed that you could put in so little work, skip class, and still get an offer at a top 100. You must be from Mount Olympus--or at least were born in a manger. You, sir, are a profile in courage and an inspiration to us all.
By the way, take it easy on the pot. With the three-day drop in testosterone from each joint, you may not be big-dicked for too much longer. (On the plus side, that would take care of any problems with not being single and having kids....)
17 - they arent hedge fund managers...they are twenty-something year-old analysts for hedge fund managers. 5-6 years out of undergrad. Making 250-400 even in a down year.
Analytical skills? Please. These guys were solid students but nothing ridiculous. They entered a booming industry at exactly the right time...We can all do what they do but obviously made a different choice.
is anyone who posts here a hot chick ? because i'd rather read comments by hot chicks, they cant be that much worse than the ones already one here
Its is not just the hedge fund people who are complete dicks, what about the lawyers in the firm?
Where was all that money coming from? Didn't anyone care? Wasn't anyone curious?
I am a happy, practicing attorney in a boutique law firm in a major metropolitan center. I, like many of the readers here, began my career at a top 25 NYC law firm in the late 80s, before every attorney had a word processor and when we actually, physically cut and pasted documents for revision. Redlining was done manually and a document distribution entailed packaging hundreds of fed ex packages for distribution to the far corners of the world. The internet was a fantasy and there was no way to connect to others through media such as ATL.
I also ran a hedge fund for 10 years, which I founded as a principal.
After seeing all I needed to see on the business side of hedge funds, making great money and barely "working", I returned to the law as a solo practitioner with no clients.
I am happy to say, that while I don't make anything near the money I could make as a hedge fund executive, I have never been more satisfied in my career as I now represent entrepeneurs, small businesses, and other clients with real problems that affect their lives. I have no one to answer to but myself and I wake up every morning looking forward to the new issues and cases that I deal with every day. You could not dream up the fact scenarios that come across my desk. Every day is different. Sure, the money cannot compare to what hedge fund operators make, but for me, I couldn't live simply chasing the dollar every day in my life.
For those of you who are out of work or frustrated in your current situation, keep the faith. The first thing you need is confidence in yourself. Do not look to a firm to solve your career or financial problems. Map out your situation, find a niche in the law, write an article, give a lecture at a local library, hang out in the corridors of a local courthouse and help people who have no lawyers or go to a county fair and set up a free legal advice table. You never know when the next opportunity will present itself. It sure won't happen sitting in front of a computer, reading most of the nonsense that appears on this site.
Dare to be different and go out and make tackles on the field. It is not that hard. Take it from someone who started with nothing and if you believe in yourself, you will see results.
And to the guy/gal who likes to marvel at being "first" in these blogs, look in the mirror and you will realize that you are probably last.
Cudos to # 24 for offering the best career advice I've ever read on ATL. Anyone looking for work or with only a few years of practice should take it to heart.
With almost 30 years in the trenches as a litigator and trial attorney (as a prosecutor and now a partner in a small firm), working for Fortune 500 compaines and welfare moms, using my (decidedly non quantitative) talents to help real people keeps me enjoying what I do, that and having to make some other attorney happy as to how I chose to do it.
The soul-crushing chase for dollars at any large firm is completely illusory since no matter how many you earn, it's never enough and you're pissed that someone you don't like else makes more. Thus, like Drier, those who get into law primarily for money eventually figure it out and get out, very unhappry for the experience. So, I constantly marvel (reading the coments on ATL) why it takes so many really, really smart big law associtates (current and former), after billing thousands of hours to figure it out.
Bottom line, over the last 25 years, way, way too many went to law school thinking the practice was about the money, it never was and certainly is not now. Those of us who went to law schoool (no matter when) who found it interesting, enjoyed solving other people's problems and mnanged to make a decent living are meant to be attorneys.
So, if I had the brains (and a lack of interest in helping others) I'd be running a hedge fund too.
Cudos to # 24 for offering the best career advice I've ever read on ATL. Anyone looking for work or with only a few years of practice should take it to heart.
With almost 30 years in the trenches as a litigator and trial attorney (as a prosecutor and now a partner in a small firm), working for Fortune 500 compaines and welfare moms, using my (decidedly non quantitative) talents to help real people keeps me enjoying what I do, that and having to make some other attorney happy as to how I chose to do it.
The soul-crushing chase for dollars at any large firm is completely illusory since no matter how many you earn, it's never enough and you're pissed that someone you don't like else makes more. Thus, like Drier, those who get into law primarily for money eventually figure it out and get out, very unhappry for the experience. So, I constantly marvel (reading the coments on ATL) why it takes so many really, really smart big law associtates (current and former), after billing thousands of hours to figure it out.
Bottom line, over the last 25 years, way, way too many went to law school thinking the practice was about the money, it never was and certainly is not now. Those of us who went to law schoool (no matter when) who found it interesting, enjoyed solving other people's problems and mnanged to make a decent living are meant to be attorneys.
So, if I had the brains (and a lack of interest in helping others) I'd be running a hedge fund too.
Cudos to # 24 for offering the best career advice I've ever read on ATL. Anyone looking for work or with only a few years of practice should take it to heart.
With almost 30 years in the trenches as a litigator and trial attorney (as a prosecutor and now a partner in a small firm), working for Fortune 500 compaines and welfare moms, using my (decidedly non quantitative) talents to help real people keeps me enjoying what I do, that and having to make some other attorney happy as to how I chose to do it.
The soul-crushing chase for dollars at any large firm is completely illusory since no matter how many you earn, it's never enough and you're pissed that someone you don't like else makes more. Thus, like Drier, those who get into law primarily for money eventually figure it out and get out, very unhappry for the experience. So, I constantly marvel (reading the coments on ATL) why it takes so many really, really smart big law associtates (current and former), after billing thousands of hours to figure it out.
Bottom line, over the last 25 years, way, way too many went to law school thinking the practice was about the money, it never was and certainly is not now. Those of us who went to law schoool (no matter when) who found it interesting, enjoyed solving other people's problems and mnanged to make a decent living are meant to be attorneys.
So, if I had the brains (and a lack of interest in helping others) I'd be running a hedge fund too.
24/25= Dreier (a master of disguise!)
OR a 17 year old in his parents’ basement. In either case, full of it.