Last visit was: 19 Nov 2025, 05:59 It is currently 19 Nov 2025, 05:59
Home
GMAT
Messages
Tests
Schools
Events
Rewards
Chat
My Profile
Close
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel
User avatar
rhyme
User avatar
Major Poster
Joined: 05 Apr 2006
Last visit: 02 Dec 2024
Posts: 5,909
Own Kudos:
3,172
Given Kudos: 7
Affiliations: HHonors Diamond, BGS Honor Society
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE:Business Development (Consumer Packaged Goods)
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Posts: 5,909
Kudos: 3,172
Cheater at Chicago GSB? 25 Jun 2007, 12:55
Kudos
Add Kudos
Bookmarks
Bookmark this Post
kwam
What the f..... :shock: :shock: :shock:

I'm not sure but I think this guy just threw his career to the toilet in that act! Do you guys agree?
Show more


Sadly no. 90% of employers wont notice. Odds are he will end up at another top school next year anyway.
User avatar
riverripper
User avatar
Major Poster
Joined: 10 Apr 2007
Last visit: 20 Aug 2022
Posts: 4,306
Own Kudos:
806
Given Kudos: 5
Location: Back in Chicago, IL
Concentration: General/Operations Management
Schools:Kellogg Alum: Class of 2010
GMAT 1: 740 Q49 V42
Posts: 4,306
Kudos: 806
Cheater at Chicago GSB? 25 Jun 2007, 13:13
Kudos
Add Kudos
Bookmarks
Bookmark this Post
rhyme
kwam
What the f..... :shock: :shock: :shock:

I'm not sure but I think this guy just threw his career to the toilet in that act! Do you guys agree?

Sadly no. 90% of employers wont notice. Odds are he will end up at another top school next year anyway.
Show more


All depends, he could become the laughing stock of the office. Sometimes that does more to ruin a career than just the stupid things people do. Its hard to be taken seriously as a boss if everyone makes fun of you.
User avatar
kwam
User avatar
Joined: 09 Jan 2007
Last visit: 19 Oct 2013
Posts: 1,018
Own Kudos:
167
Given Kudos: 3
Location: New York, NY
Concentration: Analytic Finance, Economics and Strategic Management
Schools:Chicago Booth Class of 2010
Posts: 1,018
Kudos: 167
Cheater at Chicago GSB? 25 Jun 2007, 13:38
Kudos
Add Kudos
Bookmarks
Bookmark this Post
I remember that around 5 years ago some Barx IBankers after closing a superb deal they went out to celebrate and ordered some "more" bottles of wine and they were fired. The bill wasn't at corporate expenses they paid for their own, Barclays said that it was inappropriate behavior:
https://www.mgmt.purdue.edu/faculty/rau/ ... atMeal.htm
https://www.telegraph.co.uk/news/main.jh ... city24.xml

Wouldn't this burglar act be much more "inappropriate"?
User avatar
rhyme
User avatar
Major Poster
Joined: 05 Apr 2006
Last visit: 02 Dec 2024
Posts: 5,909
Own Kudos:
3,172
Given Kudos: 7
Affiliations: HHonors Diamond, BGS Honor Society
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE:Business Development (Consumer Packaged Goods)
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Posts: 5,909
Kudos: 3,172
Cheater at Chicago GSB? 25 Jun 2007, 16:49
Kudos
Add Kudos
Bookmarks
Bookmark this Post
kwam
I remember that around 5 years ago some Barx IBankers after closing a superb deal they went out to celebrate and ordered some "more" bottles of wine and they were fired. The bill wasn't at corporate expenses they paid for their own, Barclays said that it was inappropriate behavior:
https://www.mgmt.purdue.edu/faculty/rau/ ... atMeal.htm
https://www.telegraph.co.uk/news/main.jh ... city24.xml

Wouldn't this burglar act be much more "inappropriate"?
Show more


An old and classic story... If memory serves me right however, there was a photo of the group in time magazine. I remember thinking "Who are these yahoos?"... The restaurant owner, I believe took a photo when the group ordered such an extravagant meal.

I just wanna know - who can blow $12,000 on dinner and not bat an eye?
User avatar
riverripper
User avatar
Major Poster
Joined: 10 Apr 2007
Last visit: 20 Aug 2022
Posts: 4,306
Own Kudos:
806
Given Kudos: 5
Location: Back in Chicago, IL
Concentration: General/Operations Management
Schools:Kellogg Alum: Class of 2010
GMAT 1: 740 Q49 V42
Posts: 4,306
Kudos: 806
Cheater at Chicago GSB? 25 Jun 2007, 17:41
Kudos
Add Kudos
Bookmarks
Bookmark this Post
rhyme
kwam
I remember that around 5 years ago some Barx IBankers after closing a superb deal they went out to celebrate and ordered some "more" bottles of wine and they were fired. The bill wasn't at corporate expenses they paid for their own, Barclays said that it was inappropriate behavior:
https://www.mgmt.purdue.edu/faculty/rau/ ... atMeal.htm
https://www.telegraph.co.uk/news/main.jh ... city24.xml

Wouldn't this burglar act be much more "inappropriate"?

An old and classic story... If memory serves me right however, there was a photo of the group in time magazine. I remember thinking "Who are these yahoos?"... The restaurant owner, I believe took a photo when the group ordered such an extravagant meal.

I just wanna know - who can blow $12,000 on dinner and not bat an eye?
Show more


Not 12,000 dollars....12,000 pounds...or roughly 24K dollars.

Ya these are the same kind of people who buy a bentley decide they don't like the color so buy another one but keep the first just because. They are the same people who buy 20,000 dollar dresses for their wives for one dinner. Some people have so much money they don't know what to do with it and so if something is expensive obviously it has to be theirs.
User avatar
pelihu
User avatar
Joined: 31 Jul 2006
Last visit: 11 Jan 2010
Posts: 2,208
Own Kudos:
526
Schools:Darden
Posts: 2,208
Kudos: 526
Cheater at Chicago GSB? 25 Jun 2007, 17:58
Kudos
Add Kudos
Bookmarks
Bookmark this Post
That's crazy, they were fired for spending their own money on a celebration dinner? I wouldn't even understand if they tried to charge it into the firm. It didn't sound like they were trying to deceive the firm or client. It would be unethical to lie about expenses fake them, but it seems to main problem is that they spent heartily during a period of bank layoffs.

BTW Rhyme, that was 12,000 pounds - or about $24,000.

The wine was insanely expensive, but if you're a banker making millions per year, what else are you going to spend your money on? Heck, if I ever make millions of dollars per year, I already have a list of bottles to try. I'm looking forward to it, but I guess I better make sure nobody is watching.

Honestly, I think the problem was the publicity that these people received. That restaurant shot themselves in the foot. Really, I don't see how spending $20k on some dinner and wine with friends is much different than spending $100k on a vacation or 200k or a car or $500 for art. After some point, the additional dollars simply pay for exclusivity and rarity. An expensive piece of art has about as much relation to reality as a $10,000 bottle - I'd rather have the wine, thanks.

Back to the original guy, that's a good observation flapjack - it's probably a last ditch effort to cover up lies in his application. I wonder if other top schools will have his name on a blacklist if he tries to re-apply in the future.
avatar
gmatclb
avatar
Joined: 09 Jan 2007
Last visit: 14 Jun 2009
Posts: 706
Own Kudos:
27
Posts: 706
Kudos: 27
Cheater at Chicago GSB? 25 Jun 2007, 18:18
Kudos
Add Kudos
Bookmarks
Bookmark this Post
I think those bankers tried to put some of the bill on the company saying they were closing out a deal.
User avatar
pelihu
User avatar
Joined: 31 Jul 2006
Last visit: 11 Jan 2010
Posts: 2,208
Own Kudos:
526
Schools:Darden
Posts: 2,208
Kudos: 526
Cheater at Chicago GSB? 25 Jun 2007, 18:38
Kudos
Add Kudos
Bookmarks
Bookmark this Post
gmatclb
I think those bankers tried to put some of the bill on the company saying they were closing out a deal.
Show more


Right, but they weren't lying about it. It's not like they turned in fake receipts and pocketed the cash or goods. It's the company's prerogative to turn them down if it exceeds their guidelines. Really, that's no reason to fire people.

I recall a deal I was on while I was in NY. To celebrate the close, a partner and associate from my law firm (not me) joined a director and VP from the client bank for a round of golf at Bethpage Black. This was right around the time that Bethpage hosted the US Open - it was the first public course in something like 50 or 75 years to host the open. It's not a private club, so the only way to get a last-minute reservation is to basically bribe someone; and this was the hottest ticket in all the land at the time. I heard rumors that they ponied up $5k each for the tee time and the bank picked up the tab. This was in addition to a really fancy dinner for like all 30 people involved. It's just not all that outlandish to spend big bucks for closing celebrations - though $20k each for dinner is over the top.
User avatar
paddyboy
User avatar
Joined: 06 May 2006
Last visit: 27 Nov 2016
Posts: 387
Own Kudos:
79
Given Kudos: 2
Posts: 387
Kudos: 79
Cheater at Chicago GSB? 25 Jun 2007, 19:11
Kudos
Add Kudos
Bookmarks
Bookmark this Post
pelihu
Right, but they weren't lying about it. It's not like they turned in fake receipts and pocketed the cash or goods. It's the company's prerogative to turn them down if it exceeds their guidelines. Really, that's no reason to fire people.
Show more


Many companies (e.g. GE, TCS) have well documented procedures on expenses, gifts, celebrations where a client or a service provider/materials supplier is involved. This involves both documentation (forms to be filled) and accounting (receipts, credit card bills etc.). As far as possible, estimates need to be provided before the actual event, and approval needs to be taken.

Non-compliance to these rules = breach of company policy?
User avatar
3underscore
User avatar
Current Student
Joined: 11 Dec 2006
Last visit: 16 Mar 2016
Posts: 1,428
Own Kudos:
234
Given Kudos: 6
Location: New York, NY
Concentration: Finance (Corp Fin, Financial Instruments)
Schools:NYU Stern 2009
Posts: 1,428
Kudos: 234
Cheater at Chicago GSB? 26 Jun 2007, 03:52
Kudos
Add Kudos
Bookmarks
Bookmark this Post
In fairness, I don't think anyone outside the US would be aware of how big a story the Petrus dinner was in the UK. Also, I think Pelihu's opinion shows the difference culturally between the US and the UK - though the press killed them off, the whole rumour mill that they did this really caused a lot of bad blood.

British culture is to reserved. Being "showy" with money is considered incredibly tacky, and money is virtually never discussed on any level, any way, any how.

This story boils down to the fact that everyone knows people in the City make a lot of money, but the City itself tries its level best to keep this as quiet as possible - it is endemic in the firms. Sure, you may take home a lot of money, but don't rub it in people's faces especially when your money is made through transactions by other people. It is considered tantamount to saying how much you screwed a customer for at the signing of a deal - these things should be private affairs.

Sure, have your wine cellar. Have your wine in bond storage worth millions. Paying an 80% mark-up on a vintage in one of the most famous restaurants in London and being pompous about it being to celebrate how much money you made from a deal you did? Big, big no-no. It points the firm to paying the ridiculous money that the tabloid press will be over like a rash, and were. A meal and some wine would be fine, but the £20k bottle of wine was a killer on things. At lunch.

They basically broke the one of the rules the city considers important to operate successfully.

I seem to recall some of the problem was that they couldn't comprehend why it was a bad idea, and would generate bad press. I don't know how much Ramsey (the restauranteur) shot himself in the foot, or even was involved in them being named, but he is currently easily the most famous chef in the UK and worth millions.

The rumour mill has had other cases in recent years - some partner at a law firm, who tried to get his secretary to pay dry cleaning for some ketchup she spilled on his pants, ended up losing his job because of the amount of negative publicity he brought when it went round the mill (trying to get a £20k/annum assistant to clean a £1m+ year lawyers pants). There has been other events too, which - given the NYC Dry Cleaner case - would be seen in a completely different light in the US. Adapting to the local culture is critical - the job may be the same, but the way things are perceived can be entirely different in another country.
User avatar
riverripper
User avatar
Major Poster
Joined: 10 Apr 2007
Last visit: 20 Aug 2022
Posts: 4,306
Own Kudos:
806
Given Kudos: 5
Location: Back in Chicago, IL
Concentration: General/Operations Management
Schools:Kellogg Alum: Class of 2010
GMAT 1: 740 Q49 V42
Posts: 4,306
Kudos: 806
Cheater at Chicago GSB? 26 Jun 2007, 04:21
Kudos
Add Kudos
Bookmarks
Bookmark this Post
3underscore
The rumour mill has had other cases in recent years - some partner at a law firm, who tried to get his secretary to pay dry cleaning for some ketchup she spilled on his pants, ended up losing his job because of the amount of negative publicity he brought when it went round the mill (trying to get a £20k/annum assistant to clean a £1m+ year lawyers pants). There has been other events too, which - given the NYC Dry Cleaner case - would be seen in a completely different light in the US. Adapting to the local culture is critical - the job may be the same, but the way things are perceived can be entirely different in another country.
Show more


See here in America, the guy wouldn't ask her to pay he would sue her for 100x the damages. I mean some judge in DC just had his 54 MILLION dollar lawsuit against a dry cleaners thrown out. He had wanted over 60 but dropped the number. Now think about it, this guy is a judge who rules over cases but he thinks its OK to make a lawsuit like this. I sure wouldn't want to be in his court room as a defendant.

https://www.nytimes.com/2007/06/26/us/26trousers.html?em&ex=1182916800&en=957d50d52042dacb&ei=5087%0A
User avatar
3underscore
User avatar
Current Student
Joined: 11 Dec 2006
Last visit: 16 Mar 2016
Posts: 1,428
Own Kudos:
234
Given Kudos: 6
Location: New York, NY
Concentration: Finance (Corp Fin, Financial Instruments)
Schools:NYU Stern 2009
Posts: 1,428
Kudos: 234
Cheater at Chicago GSB? 26 Jun 2007, 04:35
Kudos
Add Kudos
Bookmarks
Bookmark this Post
My error - I wrote NYC dry cleaner case as I always read about it in the NYTimes. It does give a clear idea of how different the two countries are in some cultural ways, just natural coda that should be followed. I am fully aware that the DC lawyer is vilified by many of his professional associates.

Here is the UK ketchup story from a few years ago.

https://www.vnunet.com/vnunet/news/2138709/ketchup-gate-lawyer-resigns
User avatar
Ozmba
User avatar
Joined: 14 Feb 2005
Last visit: 27 Aug 2013
Posts: 953
Own Kudos:
30
Location: New York
Posts: 953
Kudos: 30
Cheater at Chicago GSB? 26 Jun 2007, 05:50
Kudos
Add Kudos
Bookmarks
Bookmark this Post
riverripper
See here in America, the guy wouldn't ask her to pay he would sue her for 100x the damages. I mean some judge in DC just had his 54 MILLION dollar lawsuit against a dry cleaners thrown out. He had wanted over 60 but dropped the number. Now think about it, this guy is a judge who rules over cases but he thinks its OK to make a lawsuit like this. I sure wouldn't want to be in his court room as a defendant.

https://www.nytimes.com/2007/06/26/us/26trousers.html?em&ex=1182916800&en=957d50d52042dacb&ei=5087%0A
Show more


Ridiculous.!!

Thank God atleast the judge had some sense.....to throw out the case

I am sure the Dry Cleaners will be on television shows shortly and make more money!
User avatar
rhyme
User avatar
Major Poster
Joined: 05 Apr 2006
Last visit: 02 Dec 2024
Posts: 5,909
Own Kudos:
3,172
Given Kudos: 7
Affiliations: HHonors Diamond, BGS Honor Society
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE:Business Development (Consumer Packaged Goods)
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Posts: 5,909
Kudos: 3,172
Cheater at Chicago GSB? 26 Jun 2007, 06:53
Kudos
Add Kudos
Bookmarks
Bookmark this Post
3underscore

Here is the UK ketchup story from a few years ago.

https://www.vnunet.com/vnunet/news/2138709/ketchup-gate-lawyer-resigns
Show more


I remember that... it was hilarious.
User avatar
dukes
User avatar
Joined: 07 Aug 2006
Last visit: 30 Aug 2007
Posts: 572
Own Kudos:
8
Posts: 572
Kudos: 8
Cheater at Chicago GSB? 26 Jun 2007, 07:12
Kudos
Add Kudos
Bookmarks
Bookmark this Post
I never really understood the ketchup story. The guy was obviously a jerk, but it wasn't that big of a deal compared to some of the other stuff that goes on.
avatar
gmatclb
avatar
Joined: 09 Jan 2007
Last visit: 14 Jun 2009
Posts: 706
Own Kudos:
27
Posts: 706
Kudos: 27
Cheater at Chicago GSB? 26 Jun 2007, 07:18
Kudos
Add Kudos
Bookmarks
Bookmark this Post
dukes
I never really understood the ketchup story. The guy was obviously a jerk, but it wasn't that big of a deal compared to some of the other stuff that goes on.
Show more


It's the principle. A big shot lawyer can't get punked by some lowly secretary.
User avatar
rhyme
User avatar
Major Poster
Joined: 05 Apr 2006
Last visit: 02 Dec 2024
Posts: 5,909
Own Kudos:
3,172
Given Kudos: 7
Affiliations: HHonors Diamond, BGS Honor Society
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
WE:Business Development (Consumer Packaged Goods)
Schools: Chicago (Booth) - Class of 2009
GMAT 1: 730 Q45 V45
Posts: 5,909
Kudos: 3,172
Cheater at Chicago GSB? 26 Jun 2007, 07:24
Kudos
Add Kudos
Bookmarks
Bookmark this Post
dukes
I never really understood the ketchup story. The guy was obviously a jerk, but it wasn't that big of a deal compared to some of the other stuff that goes on.
Show more


The guy had sent her some kind of ridiculously abrasive email if memory serves me right.

If we wanna talk about bad ideas and emails...

WARNING: ADULT SUBJECT MATTER (TEXT, NOT IMAGES)

https://www.snopes.com/risque/tattled/swire.htm
User avatar
3underscore
User avatar
Current Student
Joined: 11 Dec 2006
Last visit: 16 Mar 2016
Posts: 1,428
Own Kudos:
234
Given Kudos: 6
Location: New York, NY
Concentration: Finance (Corp Fin, Financial Instruments)
Schools:NYU Stern 2009
Posts: 1,428
Kudos: 234
Cheater at Chicago GSB? 26 Jun 2007, 07:29
Kudos
Add Kudos
Bookmarks
Bookmark this Post
It isn't the principle. Maybe he was punk'd (as you put it), but his personal repuation and that of the firms had been significantly affected as a result.

Forgetting when you are acting as an agent of the company you work for can be very damaging indeed.
avatar
gmatclb
avatar
Joined: 09 Jan 2007
Last visit: 14 Jun 2009
Posts: 706
Own Kudos:
27
Posts: 706
Kudos: 27
Cheater at Chicago GSB? 26 Jun 2007, 07:30
Kudos
Add Kudos
Bookmarks
Bookmark this Post
gmatclb


It's the principle. A big shot lawyer can't get punked by some lowly secretary.
Show more




sarcasm
User avatar
3underscore
User avatar
Current Student
Joined: 11 Dec 2006
Last visit: 16 Mar 2016
Posts: 1,428
Own Kudos:
234
Given Kudos: 6
Location: New York, NY
Concentration: Finance (Corp Fin, Financial Instruments)
Schools:NYU Stern 2009
Posts: 1,428
Kudos: 234
Cheater at Chicago GSB? 26 Jun 2007, 07:45
Kudos
Add Kudos
Bookmarks
Bookmark this Post
sorry gmatclub - sarcasm is tricky to spot written. Thought it seemed a bit odd for you to say that.
   1   2   3   4