The Depravity of I-Bankers

Lest you begin feeling too sorry for struggling investment bankers, the Financial Times reports on a recent SEC settlement that provides a window into their former excesses. Lazard Capital Markets agreed yesterday to pay $2.8 million in order “to settle civil charges accusing the firm of letting its employees improperly entertain traders at Fidelity Investments to win business.” What exactly were these improprieties? Fancy meals, high-end hotel rooms, race-car-driving lessons, adult entertainment, wine, a $50,000 bachelor-party contribution, and—here’s your kicker—a dwarf-tossing competition. Lazard’s and Fidelity’s employees deny any wrongdoing.