Wigley and his hand puppet King Cuttica (yes there was a coronation last summer and yes if you do not blindly support the King you will be tried for treason) are fond of saying that Sun is “an enduringly great proprietary trading firm”. What a bunch of doo doo. An enduringly great firm does not sue its employees; it does not lose employees to competitors; it does not keep friends around when they do not perform; it rewards performance not politics and so on.
Most of you may not remember Tonh Hu and Leonid. Very smart PhD quant
traders and partners. They grew tired of the stupidity they saw at Sun and its then Head of Trading and left the firm. Sun tried to screw them of their cash. They sued and Sun has no case so settled with them for lot more money.
Then comes Kieran, remember him, MBM trader, made lots of money for
Sun, gets shafted on his bonus, he leaves, Sun accuses him of destroying its algos, Sun goes after him and tries to destroy his reputation. Guess what, Kieran fought back and a three person arbitration panel found him innocent of all charges. Sun goes after him for $240k but now has to end up paying him $1.3 million (not including whatever it cost Sun for legal fees and distractions). Speak of another stupid management decision.
Surely, there are more such cases hiding in the vaults. Curious to
know what happened to Bernie (the song and dance that was put up for us – well most saw through it). Is there a lawsuit there?
Asad and Tom Kelley, the best traders at Sun both are working at
competitors. The last five developers to leave are all working for competitors. There are over 80 people who left Sun in the last 4 years. Yes a truly enduringly great trading firm.
So as you look to see why you get shafted on your bonuses year after
year, look to see all the stupid decisions management makes, all the money it throws away and then you will realize why there is no money to pay you. Unless of course you have your head up you know whose you know where, then you will be taken care.