"Because I didn't find what I was looking for in law school. I was at the right time in my life, in the right place and had the time, so I said fuck it, lets do this and busted my ass off to get in." That, and it was really just a time and a place type question. I thought it would allow me a degree of self-sufficiency that I could always fall back on since a JD is a professional degree, an opportunity to do certain things in finance (from the legal implications in PE, M&A and Restructuring on the banking side to Distressed Debt Investing and Structuring across the board) that I found interesting. Knowing my thoughts about the other degrees, I thought why not. So now that I've explained why I didn't want an MBA, I guess the question is why Law School. So that left me with the question of what do I do? I wasn't interested in a PhD or a Masters degree and I didn't want to get an MSF, not for not caring about the degree but for not knowing much about it - I never viewed it as an option at the time, and Law was the most appealing because, truth be told, it's better to understand the law where it intersects with business and how the law actually works than it does to understand nothing about it. Don't get me wrong, I am not saying that MBA Candidates are not smart - far from it, actually - I'm just saying that I find the MBA itself to be a joke. It means you have an education that's a mile wide and foot deep with nothing really applicable to show for it. Any idiot can study hardcore for the GMAT, have soft skills and a good story and get into a quality program and the truth is that an MBA doesn't mean you actually have a skill you can use. All you need for B-School is a good GMAT, a story and soft skills. You also don't need to be smart to get into Business School. Unless you go to an M7, where you are really just paying for a network, the value you get is diminished the lower down the ranking you are. I wouldn't, for the love of me, get an MBA unless my employer was paying for it because, well, let's face it, an MBA is a joke. "Well, let's start with the second half of that question and answer that first. Why? Why not get an MBA instead given your background? You recently decided to attend law school. He also believes in stricter criminal penalties for those who commit financial penalties – "If you steal from clients, you should get sued and treble damages in order to make examples of. He also stressed that states are starting to to grips with "taxing out wealthiest people", discussing how it's happening in New Jersey and what the implications really are if the states tax out the rich. He thinks that job cuts, budget cuts and legislative overhaul needs to happen and it needs to be done from a pragmatic and moderate approach. He thinks that a moderate, straight forward political approach needs to be used in order to prevent lobbyists, in general, from taking control. Like many, Frieds believes in overhauling DC. Most importantly, he stressed that IB's wouldn't be able to draw funds from depositors if something goes wrong. The biggest upside to reinstating Glass-Stegall, he said, is that it would separate the Retail/Commercial side of banking from the Investment Banking, Trading and Asset Management side of things. There is too high of a risk for potential fraud without Glass-Stegall, that reenacting it is the only way to protect consumers money. Frieds believes Glass-Steagall needs to be re-enacted. He sees money flowing into equities rather than bonds and yield bearing investments because rates are being kept artificially low and equities are the only way to "get any return on an investment". Zero interest is not sustainable because it doesn't promote saving. Frieds believes an increase in a certain degree of regulation, especially in the derivatives market leads to a "higher degree" of transparency in such opaque markets. He also doesn't see us getting out of it for 10+ years, as a result of the new QE Mandate. Frieds does not think that think that the continual QE Bond-Purchasing program that the Fed Announced will not do anything to spur on real growth over the next few years. Central Bank Planning has also put a serious hamper on any real growth for the future. The Euro Crisis going on is "not an environment conducive to turning things around" economically. Quantitative easing has propped up markets, and there is trillions in commercial debt tied to LIBOR, which is a problem in its own right. Fried's thoughts about the MBA, brewing, and more below: See the previous interviews:īio: Frieds is one of the top WSO users and contributing authors: // He has worked in Asset Management. This interview will be a little different because being the social guy that he is, Frieds wished to videochat through Skype. Q's came from myself and other WSO writers. DrPeterVenkman presents: An interesting interview with Frieds.
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