Hudson Caslte: Fortress for Fraud or Unknowing Estate?

A New York Times article released April 14 sparked huge controversy in the banking world when it accused Lehman brothers of using the firm Hudson Castle to convert its volatile assets into safer looking securities. Numerous transactions indicate that Lehman was selling its dangerous assets, such as the Mortgage backed securities that led to the financial meltdown, to Hudson or one of its vehicles and then buying debt securities back from the same companies.

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By Chris Young

Staff Writer

Ask a UCLA Economics major what they want to be after they graduate, and you usually get a fairly predictable cohort of answers.  Typically, a UCLA student wants to be an accountant, lawyer, every now and then, even a politician.  One of the most common answers is investment banker.  Investment banking is an industry shrouded in a fog of stereotypes and assumptions.  The specter of long eight-plus hour work weeks loom over with extremely fickle returns.  Add the cutthroat nature of your colleagues, the industry seems very daunting.  However, many students will want to devote themselves to this very lucrative field.  The journey, especially for students from UCLA which does not have a finance or business program, is a long and treacherous one.

There are many misconceptions abut the field of investment banking.  Aayush Dureha is a 2008 UCLA graduate.  His story is also very familiar to many UCLA students and alums.  He was a transfer from Santa Monica college.  When he arrived here, he felt at a loss.  Transfer students undergo an extraordinary amount of pressure; they are thrown into the grind with little to no guidance into what is a very different world from what they are used to.  After a quarter of adjusting, he attended several recruiting events.  At an event held by UBS, he met a manager of a bank here in Los Angeles.  His story becomes one of bouncing from job to job, as an intern first for an accounting firm, then a bank, until eventually, he found himself at Oppenheimer.  He found the firm very relaxed and down to earth. The hours were long, but not unbearably so.  The best part was, he really enjoyed working at Oppenheimer.

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By Erika K. Solanki

Investment banking is one of the most attractive and yet elusive career options for students interested in business-related professions.  Investment bankers are known to be highly compensated and to work long hours, but how do bankers rake in so much capital and what do they do during these long hours?  Many of us have heard about dabagirls.com, Dating a Banker Anonymous, a Web site dedicated to consoling the signficant others of investment bankers who have been affected by the economic recession.  Many of us have also seen the Carlos Solis character on the television show Desperate Housewives woo his wife with expensive getaways on private jets and $300 perfumes, which he funds with his job in banking.  However, while investment banking may seem to be one of the most lucrative business-related career options, many students who are considering pursuing interships and careers in investment banking internships do not have comprehensive industry knowledge, and without that knowledge they can’t be like Carlos Solis.  Candidates must have a thorough and comprehensive understanding of the investment banking industry to impress employers during interviews.

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By Sonia Bhasin

Staff Writer

For students looking to get into the business world upon graduation, three particular industries sit at the forefront of their minds.   These are investment banking, public accounting, and consulting.  But do students really know what each of these industries entails?  It is vital to have a thorough understanding of each field before sitting for an interview for one.

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