Why Goldman Sachs alumni are being hoovered up by elite hedge funds like Citadel and Millennium
, and before the blundering foray into retail banking. Millennium and Citadel sit squarely atop the Wall Street food chain, possessing giant troves of capital to invest across the globe, a voracious appetite for risk, and the wherewithal to make top performers obscenely rich.discontent throbbing among portions of the partner class
Leon Cooperman joined in 1967 and became the chairman and CEO of Goldman Sachs Asset Management, leaving in 1991 to start Omega Advisors. The distressed-credit specialist David Tepper joined Goldman in 1985 as the junk-bond frenzy gathered steam, and left to form Appaloosa Management in 1993. Cliff Asness developed some of the earliest quant-trading models at Goldman in the early 1990s before launching AQR Capital Management in 1998 along with a few colleagues.
"We have a hunting license to invest any amount anywhere in the world," he told a colleague, according toIn 2006, when Goldman's trading and principal-investments group put up $26 billion in revenue, McGoldrick personally took home $70 million — $17 million more than Lloyd Blankfein, the firm's CEO at the time.
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