Kevin Roose

  • Aired:  02/27/14
  •  | Views: 13,788

"Young Money" author Kevin Roose reflects on the surprisingly morose atmosphere surrounding Wall Street's post-crash recruits. (6:14)

(CHEERS AND APPLAUSE)WELCOME BACK, MY GUEST

TONIGHT, A BUSINESS ANDTECHNOLOGY WRITER FOR "NEW

YORK MAGAZINE", HIS NEW BOOKIS CALLED YOUNG MONEY:

INSIDE THE HIDDEN WORLD OFWALL STREET'S POST CRASH

RECRUITS, PLEASE WELCOME TOTHE PROGRAM KEVIN ROOSE.

KEVIN!

(APPLAUSE)>> Jon: A FINE BOOK, YOUNG

MONEY THERE YOU SHOULD GETTHAT IT'S A FINE BOOK.

YOU KNOW, I THINK EVERYBODYEXPECTS WOLF OF WALL STREET

TO SOME EXTENT.

THE EXCESS, THE QUAALUDES.

>> THE EXCESS OF QUAALUDES.

>> RIGHT.

>> YOU FOLLOWED EIGHT YOUNGRECRUITS.

AND I HAVE TO SAY, IT'S MORELIKE THE SAD EYED LAMBS OF

WALL STREET.

THEY REALLY SEEM LIKE THEYARE BEING-- NOT TAKEN TO,

YOU KNOW-- THEY SEEM SAD.

>> WELL, THEY'RE VERY WELLPAID STILL OBVIOUSLY, BUT I

THINK BEFORE THE CRASH IN2008 PEOPLE SORT OF EXPECTED

LIKE CHAMPAGNE AND CALFIERWHEN THEY GOT TO WALL STREET,

INSTEAD THESE GUYS GOT LIKEEXCEL SPREADSHEETS AND CARPAL

TUNNEL.

>> IS IT BECAUSE-- BECAUSEYOU KNOW, THE PEOPLE THAT

YOU FOLLOW, DO YOU THINK YOUFOLLOWED THEM AND THEY SPOKE

TO YOU BECAUSE THEY ARE MORESELF-REFLECTIVE AND SO THE

GROUP IS MAYBE NOT ASREPRESENTATIONAL, OR THAT

THIS REALLY IS SOMETHINGTHAT IS OCCURRING NOW DOWN

THERE?

>> WELL, I THINK IT'S SOMEOF BOTH.

I THINK OBVIOUSLY PEOPLE WHOTALK TO A REPORTER, ALL

THESE BANKS HAVE RULESAGAINST PEOPLE TALKING TO

THE PRESS.

SO ANYONE TALKING TO ME WASPUTTING THEMSELVES AT RISK

OF GETTING FIRED.

SO IN SOME WAYS YOU HAVE TOBE A LITTLE BIT DISGRUNTLED

OR JUST SORT OF DUMB TO TALKTO A REPORTER.

BUT I THINK-- (LAUGHTER)

>> WE'RE GOING TO GO WITHDISGRUNTLED, HOW ABOUT THAT,

LET'S GO WITH DISGRUNTLED.

>> ALL LOVELY PEOPLE.

>> AND I THINK WHAT'SSHOCKING FOR ME IS THAT AS I

INTERVIEWED THEM THIS WAS NOTAT ALL WHAT THEY EXPECTED.

THEY WERE VERY DEPRESSED,WORKING THESE INSANE HOURS

AND I DON'T THINK ITMEASURED UP TO ANY OF THEIR

EXPECTATIONS.

>> WHAT DO YOU THINK-- DIDTHEY EXPECT, SO, WAS IT A

MORAL AND ETHICAL QUANDTRY?

OR JUST IT DIDN'T FIT UP TOTHE GATSBIESQUE DREAM OF

THEM BEING A MASTER OF THEUNIVERSE.

>> I THINK IT'S A LITTLE BIT OFBOTH.

I THINK SOME WERE GROUND DOWN BYTHE

100 HOUR WEEKS.

>> Jon: A HUNDRED HOURS.

>> A HUNDRED HOURS THAT IS ALOT OF HOURS.

>> Jon: TREMENDOUS.

I PUT IN-- HOURS(LAUGHTER)

>> SO THEY WORK VERY HARDAND THEIR LIVES ARE VERY

UNPREDICTABLE.

BUT I ALSO THINK THERE IS ASENSE IN WHICH THE CRASH

SORT OF CHANGED WHAT ITMEANT TO WORK ON WALL STREET

AS A YOUNG PERSON.

THIS USED TO BE THE SEXIESTTHING YOU COULD DO.

AND THAT'S WHY FOR SO MANYYEARS, YOU KNOW, A THIRD OF

STUDENTS FROM IVY LEAGUECOLLEGES WOULD GO WORK ON

WALL STREET.

AND WHAT WE'RE SEEING NOW ISTHAT THAT IS NO LONGER THE

CASE.

MORE AND MORE PEOPLE AREINTERESTED IN GOING TO

SILICON VALLEY AND FEWER AREINTERESTED IN GOING TO

GOLDMAN SACHS.

>> Jon: RIGHT.

AND IT DIDN'T SEEM LIKEEXTRAORDINARY ABUSE OR

EXTRAORDINARY DECADENCETHE STORIES OF THE LONG

HOURS, ONE GENTLEMAN WRITESHE HAD TO WORK, I DON'T KNOW,

FIVE DAYS STRAIGHT, LIKE HECOULDN'T EVER LEAVE AND AT

ONE POINT AT 2 A.M. HE BROKEAND YELLED AT SOMEONE.

AND I'M LIKE-- I DON'T KNOW,THAT HAPPENS HERE AFTER LIKE

FOUR HOURS.

>> RIGHT IN SOME WAYS IT'SHARD TO FEEL SORRY FOR

PEOPLE WHO ARE MAKING THISMUCH MONEY OUT OF COLLEGE.

BUT MIDWAY THROUGH THE BOOKAS I WAS SHADOWING THESE

EIGHT PEOPLE I SORT OFREALIZED I WOULDN'T SWITCH

LIVES WITH THEM.

THEY'RE MISERABLE AND ITREALLY TAKES A TOLL.

I THINK ALSO CHANGES THEM.

WALL STREET IN SOME WAYS ISLIKE JOINING A NEW RELIGION.

YOU HAVE TO LEARN ENTIRE NEWWAYS TO ACT, TALK, DRESS,

THINK, AND SO OVER THE COURSEOF

THE THREE YEARS THEY SORT OFMORPH.

>> Jon: AND OBVIOUSLY THECIRCUMCISION DOESN'T HELP.

THERE'S AN INCREDIBLYINTERESTING CHAPTER WHERE

YOU STUMBLE UPON AND YOUATTEND THIS INCREDIBLE

DINNER CALLED, IT'S NOT PHIBETA CAPA, IT'S A PLAY ON

THAT.

AND IT IS ALL THE KINGS OFWALL STREET IN THIS VERY

PRIVATE AFFAIR, BASICALLYMAKING FUN OF ALL THOSE THAT

THEY HAVE DESTROYED DURINGTHEIR CAREER.

IT'S A BIZARRE EVENT.

>> IT'S CALLED THE KAPPABETA PHI AN 80-YEAR-OLD WALL

STREET SECRET SOCIETY.

IT'S MADE UP OF FORMER HEADSOF AIG, GOLDMAN SACHS,

CITI GROUP, EVERYONE WHO ISANYONE ON WALL STREET IS

INVOLVED IN THIS THING.

THEY HAVE AN ANNUAL DINNER WHERETHEY TAKE A BUNCH OF

NEOPHYTES AS THE INDUCTEESARE CALLED, AND MAKE THEM

DRESS UP IN DRAG, PERFORMSKITS AND MUSICAL NUMBERS.

AND A LOT OF THOSE SKITS ANDMUSICAL NUMBERS HAVE TO DO

WITH MAKING JOKES ABOUT THEBAILOUTS THERE WAS ONE SONG

THAT THEY DID THAT WAS APARODY OF ABBA'S DANCING

QUEEN THAT WAS CALLEDBAILOUT KING.

>> Jon: BAILOUT KING.

AND THEY ALL KIND OF DANCEAROUND, EVERYONE LOST

MILLIONS-- LIKE THAT KIND OFTHING.

>> EXACTLY.

I FELT LIKE I WAS WITNESSINGLIKE THE ILLUMINATI, IT

WAS LIKE -- --.

>> Jon: THE INDUCTIONCEREMONY TO OPUS DEI AND

WHEN THEY FOUND YOU OUT ITIS A CHILLING MOMENT WHERE THEY

SURROUND YOU LIKEWHAT ARE YOU DOING,

OBSERVING OUR RITUAL.

>> THEY GRABBED MY LAPELS.

THERE WERE ATTEMPTS TO BRIBEME TO NOT, TO GET ME TO NOT

WRITE THE STORY.

NO ONE HAS EVER BEEN INSIDETHIS THING FROM THE OUTSIDE.

AND SO I THINK THEY WEREJUST TERRIFIED THAT SOMEONE

HAD SEEN WHAT THEY DO BEHINDCLOSED DOORS.

>> Jon: AND THEY HAVE NOSENSE THAT, WELL, THEY MUST

KNOW THEN THAT IT WOULD BEPERCEIVED NEGATIVELY.

BECAUSE AS SOON AS THEY SAWYOU THEY ARE LIKE --

>> WELL, THEY TRIED-- THEYTRIED TO SAY YOU KNOW, WE'RE

JUST A BUNCH OF FRIENDSHAVING FUN.

THERE IS NOTHING TO SEE HEREIT AND BUT I THINK THEY

KNEW.

I MEAN THIS WAS IN 2012,THIS WAS RIGHT AFTER THE

OCCUPY WALL STREET MOVEMENT.

LOTS OF THEM HAD BEEN KEEPING AVERY LOW PROFILE AND

THIS WAS THE EVENT WHERETHEY LET IT ALL HANG OUT.

>> Jon: IT'S AN INCREDIBLELOOK AT A GROUP THAT THE

RECRUITS FEEL DEPRESSED ANDTHE PEOPLE WHO DID IT

ALL STILL DON'T FEELCHASTISED.

STICK AROUND FOR JUST ALITTLE BIT FOR THAT.

>> SURE.

>> Jon: YOUNG MONEY ON THEBOOK SHELVES NOW, KEVIN

ROOSE.

WE'LL TALK A LITTLE BIT MOREWHEN WE COME BACK.

(APPLAUSE)

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