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Sulzberger in his wood paneled station wagon to the his country estate and
Sulzberger talking to the chauffer on a phone from the backseat to the front.)
In 1976, another Dalton father, asking “wouldn’t you rather be rich
than be a teacher?” introduced him to Bear Stern’s chief Ace Greenberg, a
conversation Epstein recounts as this:
Greenberg: “Everyone tells me you’re super smart in math and you’re
Jewish and you’re hungry...so why don’t you start working here
tomorrow?”
Epstein: “What?”
Greenberg: “If your supposed to be so fucking smart, don’t you
understand English?”
Epstein: “Ok. Count me in.”
Hence, Epstein, like many in the late 70s, arrived on Wall Street.
As will happen to a generation of others, by the fortuitous luck of
being on Wall Street at that point in time, Epstein is transformed by a new,
much faster, form of upward mobility. With a facility for mathematics as
well as for getting along with rich men, he transforms at an even faster rate
than others being quickly transformed.
He moves into a new building at 66" Street and Second Avenue—still
in the shadow of the Maxwell Plum era when the 60s on Second was the
glamour address—a building full of “actresses, models, and euro trash.” (It
would shortly become the Studio 54 era, where Epstein, who doesn’t drink
or take drugs, was a regular).
If on one side of Wall Street there were the salesmen (the Wolf of
Wall Street model), on the other side there was a new sort of finance type
able to embrace a level of acute abstraction.
“In the past,” says Epstein, “investing was all about reputations and
relationships. You invested in a company on the basis of who was running it.
Did they have integrity? Were they married? Good family men? It was a
50’s mentality. But in the mid 70s options started to be traded. In essence,
the first formal derivatives. The movement of this instrument is not directly
attached to the stock price. The world of investing began turning from
relationships to math. In a sense I didn’t really make money as much as I did
create it. This was intellectual activity of a fairly high order.”
Intellectual activity aside, he meets Helen Gurley Brown and she
makes him Cosmopolitan Magazine’s Bachelor of the Month in 1980.
“What,” I ask, “was your social life like?”
“Well, I was a playboy.”
“That’s all? Not looking to get married?”
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