When it comes to sheer stupidity in career planning, I think I may have y'all beat.
Let's examine, shall we?
Accepted to both Stanford and Penn. Decided to go to LSU (not exactly "the Harvard of the South"
) instead.
First job out of college: sales for 3M in New Orleans.
Left 3M to take a job at a First Jersey Securities spin-off called F.N. Wolf. If you've ever seen the movie "Boiler Room," whoever wrote the movie had obviously worked at F.N. Wolf. The Ben Affleck speeches were verbatim to what we got.
After 3 months at the bucket shop, I scored a retail brokerage job with a legitimate firm. Funny story: when I interviewed, the branch manager was very nice, but told me, "there's no way that I can hire a 24 YO guy. There's just no way that you'll make it. Come back and see me in 10 years, and I'll hire you." At the conclusion of the interview, I calmly told him that he needed to call the police, because there was no way that I was leaving his office without an offer. He thought I was joking. I wasn't - I was fully prepared to be physically hauled out of there unless he offered me.
Three hours later, I had a job offer from him.
Very difficult starting out - I was 24 YO and it was only a couple of years after the '87 crash - people were very loathe to trust a young kid with their money - but I enjoyed it immensely. Literally starved for the first 18 months (I was on straight commission), and lived in a rat-infested apartment in a Louisiana ghetto during that time. Stuck with it, landed a couple of whales, and things suddenly took off.
Ran a stock manipulation scheme that drilled Bear Stearns and Goldman Sachs and made the cover of Business Week magazine (feel free to ask me anything about this
).
Damned near lost everything when Sequoia Systems (SEQS-NASDAQ) blew up. My own mother refused to speak with me for 18 months (true story).
Got involved with casino stocks as gaming was expanding in Louisiana, Mississippi, and other markets. I did my own research and due dilly, and regularly spoke with CEOs/CFOs of gaming companies. Several of these guys ended up opening accounts with me.
Received an unsolicited call from a New Orleans investment banking firm, asking me to meet with them. They offered me a gaming analyst/investment banking position. I laughed when they offered it to me, telling them, "while I'm completely flattered by your offer, I think you have the wrong guy. I'm just a schmuck retail broker who went to LSU - you're looking for a polished investment banker who went to an Ivy League school." Senior partner at the firm responded, "You're underestimating yourself. 75% of this business involves relationships - these CEOs and CFOs already do business with you. They trust you and they take your calls - we can teach you the other 25% of the business."
Took the gig - to this day, it was the best job I've ever had. Absolutely loved it. I was routinely featured in the WSJ, Forbes, Barrons, various trade magazines, etc. Was on TV 3 - 4 times a week, etc. Clients included Grand Casinos, Hilton Hotels' gaming division, Boyd Gaming, Lady Luck Gaming, and Anchor Gaming. I built the equity investment banking department from scratch, and was also placed in charge of equity trading for the firm. It was pretty sweet.
Firm became entangled in an illegal kickback scheme involving the Louisiana Department of Insurance. I had zero involvement in the scheme, but I knew where all of the bodies were buried. It was pretty serious - a colleague of mine actually went to prison over it.
Fearing that the firm would be shut down over it, I made contingency plans to open my own firm. While I was in Vegas visiting with Hilton, one of the partners was looking for a file on a casino deal we were working on, went into my office, found my contingency plans, and assumed that I was about to jump ship and drop the nickel on them.
They naturally freaked out - I was pretty tight with the Louisiana legislators who were involved in the investigation (most of the same legislators were also on the gaming committees in the Louisiana house and senate).
Partners start calling my IB clients on a Friday night, trashing the sh*t out of me. A Baton Rouge orthopedic surgeon, who was an investor in several of my deals, calls me at home and informs me that these clowns are trashing me. I was absolutely furious - went to the office that same Friday night, cleaned out my office, and left a resignation note on the senior partner's desk.
Senior partner was good friends with Harry Connick, Sr., who was the Orleans Parish district attorney. Pulled some strings, had my condo ransacked by New Orleans Police, and had me charged with felony theft, claiming that I had stolen company documents while I was cleaning out my office.
The ensuing legal drama went on for the next 12 months, and cost me $30,000 in legal fees.
Since I couldn't get licensed by any state gaming authorities with a pending felony charge, and my NASD securities registration was in limbo as well, I invested in a SOES trading operation in Houston called Block Trading. Personally opened their west Houston and San Antonio offices and then purchased their franchise rights for all of the southeastern U.S.
They went Chapter 11 a year later.
Finally went to court on the felony theft charge. Senior partner was caught lying on the witness stand and admitted that they had made the whole thing up. All charges dismissed.
The following day, I went to the New Orleans NASD office, looking to have my securities licenses reinstated.
They were loathe to comply, and that's an understatement.
The NASD stuff went on for months with no resolve.
I gave them certified copies of the court transcript, where the senior partner of the firm admitted under oath that they had made the entire thing up, and yet the NASD felt the need to continue "investigating" the matter.
Out of frustration, I told them, "OK, here's the deal...you have been investigating HSR for years over this Dept of Insurance deal...I don't want to do this, but if you'll reinstate my licenses, I will tell you EVERYTHING you want to know about the insurance deal. I know where all of the bodies are buried."
NASD lady verbatim: "We're not interested in what HSR did wrong - we're just interested in what YOU may have done wrong."
Out of desperation, I contacted my U.S. Senator (John Breaux), asking his office for any help they could provide in this matter.
A few weeks later, I get a phone call from this same broad at the NASD. "We'd like to talk to you about what you know about HSR, could you come in next week?"
Me: "Sure, but do I need to bring my attorney, or is this just about HSR?"
Her: "No, there's no need to bring your attorney - we just want to know what you know about HSR, and we're prepared to reinstate your securities licenses."
I had the conversation tape-recorded (at this point, I was so paranoid that I was taping ALL of my phone conversations
).
I go into their office and it's an official deposition. Their attorney starts prodding me about who I have been talking to.
NASD attorney: "Have you been talking to any elected officials about our investigation of you?"
Me: "Well, sure, yes I have. You guys are f*cking me over."
NASD attorney: "Do you realize that those conversations could jeopardize our investigation into you?"
Me: "Whoa...before I answer any questions like that, I need my attorney present. This was supposed to be about the Reynoirs, not me. I specifically asked you if I needed to have my attorney present for this meeting, and you told me 'no.'"
NASD attorney: "We NEVER told you that."
Me: "Oh yeah? Well, I tape-recorded the whole conversation. And as soon as I walk out of this office, copies of that tape are being sent to my attorney and to Senator Breaux. This deposition is over. F*ck you."
NASD attorney: "Walk out of this deposition Mr. Reed, and I will see to it that your licenses are permanently revoked."
Me: "F*ck off, asshole." And I walked out.
Sent tape to Senator Breaux's office. Within 60 days, my licenses had all been reinstated, the NASD attorney and two other retards in the office had been "reassigned" (wink wink), and I received a prolific apology letter from the Chairman of the Securities and Exchange Commission, apologizing for the NASD's treatment of me.
About a month later, I get a call from state senator William Daniel, asking me for help in their investigation of the Louisiana Insurance Department. Fun fact: @LouisianaHusker bought his antebellum mansion from William Daniel.
A few days later, I'm in Senator Daniel's office and he has Jim Brown, the Louisiana Insurance Commissioner, on speaker phone. William tells him, "we're looking at your relationship with HSR, and Gary Reed has told us some very interesting things..."
Brown proceeds to start bashing the sh*t out of me to Daniel (not realizing, of course, that I'm listening in on the phone call). Of course, that was Brown's ass. I gave my testimony to FBI officials about two weeks later. FBI agents later deposed him, he was caught lying under oath, and he served time in a federal penitentiary in Oakdale, Louisiana.
Fun fact: former Today Show anchor Campbell Brown is Jim Brown's daughter. Making me the only person to have sent one Today Show host's father to prison, while having dated another Today Show host/anchor (Hoda Kotb).
I helped send this woman's father to prison
After sending Jim Brown to prison, I spent the next three years in casino development. A native American casino project in south Louisiana, a riverboat casino project in Vicksburg, Mississippi, and a quarterhorse track in southwest Louisiana.
All three projects failed. Miserably. I personally lost well into 7 figs on each deal. Not that it's any consolation, but I was just ahead of the game on the quarterhorse track - Boyd Gaming came in two years later and it's now one of their most profitable ventures. My accountants figure that my share of the partnership would have been worth ~$600 million. Woulda, coulda, shoulda, right?
It was about this time that my engagement broke off. Really nice girl, and an anesthesiologist to boot.
Started trading stocks for a client after that. Client gave me 20% of the profits I generated, similar to a hedge fund. It was a pretty sweet gig - I was averaging $20,000 - $30,000 a month. And the kicker was that my client wasn't 1099'ing me, making all of my earnings tax-free.
It was during this time that I was sued by Credit Suisse First Boston for $1 million, claiming that I had defamed their pharmaceutical analyst, after I compared his stock picking abilities to (and I quote) "a monkey throwing darts."
The suit made international headlines, both when it was filed, and when Credit Suisse put their tail between their legs and withdrew it.
With a busted engagement, and trading only taking up 6 hours/day, I had plenty of spare time on my hands. Started an amateurish minor league baseball scouting website, just for kicks and giggles. It kind of took off. Peter Gammons once appeared on ESPN's Baseball Tonight and referred to me as (and I quote), "one of the top pitching evaluators in the game today."
Sadly, it was about this same time when my life fell apart. My trading client died in an auto accident. A few weeks later, another client called me. He had just bought a small hotel in San Diego and wanted me to go turn it around for him. Aside from being Red Roof Inn's investment banker, I knew absolutely nothing about running a hotel. Took the gig anyway.
Two months into my San Diego stint, I had my house arsoned by a disgruntled employee. A day later, I received a death threat through the mail from that same employee.
Kept the minor league baseball website going on my spare time. Was offered a scouting position with the Toronto Blue Jays, and moved to Sarasota, Florida to undertake that.
After four years with the Jays, I got tired of making little money and decided to re-enter the business world.
Spent the next 6 years working for various jackasses in Sarasota. Remember the software program "Mavis Beacon Teaches Typing"? I worked for the asshole who wrote it. Wealthy guy who owns the biggest yacht I have ever seen in my life (founded Software Toolworx in the 1980s), and a complete f*cking jackass. Turned one of his failed start-ups into a success - bringing him to his knees when I resigned was one of the most gratifying acts I have ever experienced.
Bought an antebellum mansion in Natchez and flipped it to a Hollywood director.
Wised-up, moved to Memphis and hooked up with the best sales gig I've ever had. Dude I work for is an absolute prince - it makes getting up every day to go to work an absolute joy. I now own 1,800 acres of prime cotton farmland in the Mississippi Delta that I rent out, and I paid cash for a $3.5 million antebellum mansion in Natchez last August.
Funny story: last week, my Visa card tied to my Schwab bank account was compromised. When I called Schwab to report it, the Schwab lady asked me several security questions for access to my account.
One of the questions was, "what's your current cash balance?"
I seriously had no idea.
She says, "well, guestimate it - I'm not looking for an exact number."
Me: "Ma'am, I seriously don't know - I haven't looked at that account in four months. There are several passive investments that flow into that account, and I don't see them."
"You don't read your statements?"
Me: "No, I don't even open them."
"Well, how much do you *think* is in the account? Take a guess."
My guess was light by over $230,000.
25 years ago, @LouisianaHusker had to drive to New Orleans to loan me $100 because I didn't have any money for food. Embarrassed to admit that, but my how things have changed.
My message to you is this: don't let your failures define you. When you get knocked on your ass, don't concede the fight. You can see how many times I had completely failed. In my mind, there was no freaking way that I could ever come back from some of these failures.
Seriously, if you're currently down on your luck, dust yourself off and start throwing punches again.
Let's examine, shall we?
Accepted to both Stanford and Penn. Decided to go to LSU (not exactly "the Harvard of the South"
First job out of college: sales for 3M in New Orleans.
Left 3M to take a job at a First Jersey Securities spin-off called F.N. Wolf. If you've ever seen the movie "Boiler Room," whoever wrote the movie had obviously worked at F.N. Wolf. The Ben Affleck speeches were verbatim to what we got.
After 3 months at the bucket shop, I scored a retail brokerage job with a legitimate firm. Funny story: when I interviewed, the branch manager was very nice, but told me, "there's no way that I can hire a 24 YO guy. There's just no way that you'll make it. Come back and see me in 10 years, and I'll hire you." At the conclusion of the interview, I calmly told him that he needed to call the police, because there was no way that I was leaving his office without an offer. He thought I was joking. I wasn't - I was fully prepared to be physically hauled out of there unless he offered me.
Three hours later, I had a job offer from him.
Very difficult starting out - I was 24 YO and it was only a couple of years after the '87 crash - people were very loathe to trust a young kid with their money - but I enjoyed it immensely. Literally starved for the first 18 months (I was on straight commission), and lived in a rat-infested apartment in a Louisiana ghetto during that time. Stuck with it, landed a couple of whales, and things suddenly took off.
Ran a stock manipulation scheme that drilled Bear Stearns and Goldman Sachs and made the cover of Business Week magazine (feel free to ask me anything about this
Damned near lost everything when Sequoia Systems (SEQS-NASDAQ) blew up. My own mother refused to speak with me for 18 months (true story).
Got involved with casino stocks as gaming was expanding in Louisiana, Mississippi, and other markets. I did my own research and due dilly, and regularly spoke with CEOs/CFOs of gaming companies. Several of these guys ended up opening accounts with me.
Received an unsolicited call from a New Orleans investment banking firm, asking me to meet with them. They offered me a gaming analyst/investment banking position. I laughed when they offered it to me, telling them, "while I'm completely flattered by your offer, I think you have the wrong guy. I'm just a schmuck retail broker who went to LSU - you're looking for a polished investment banker who went to an Ivy League school." Senior partner at the firm responded, "You're underestimating yourself. 75% of this business involves relationships - these CEOs and CFOs already do business with you. They trust you and they take your calls - we can teach you the other 25% of the business."
Took the gig - to this day, it was the best job I've ever had. Absolutely loved it. I was routinely featured in the WSJ, Forbes, Barrons, various trade magazines, etc. Was on TV 3 - 4 times a week, etc. Clients included Grand Casinos, Hilton Hotels' gaming division, Boyd Gaming, Lady Luck Gaming, and Anchor Gaming. I built the equity investment banking department from scratch, and was also placed in charge of equity trading for the firm. It was pretty sweet.
Firm became entangled in an illegal kickback scheme involving the Louisiana Department of Insurance. I had zero involvement in the scheme, but I knew where all of the bodies were buried. It was pretty serious - a colleague of mine actually went to prison over it.
Fearing that the firm would be shut down over it, I made contingency plans to open my own firm. While I was in Vegas visiting with Hilton, one of the partners was looking for a file on a casino deal we were working on, went into my office, found my contingency plans, and assumed that I was about to jump ship and drop the nickel on them.
They naturally freaked out - I was pretty tight with the Louisiana legislators who were involved in the investigation (most of the same legislators were also on the gaming committees in the Louisiana house and senate).
Partners start calling my IB clients on a Friday night, trashing the sh*t out of me. A Baton Rouge orthopedic surgeon, who was an investor in several of my deals, calls me at home and informs me that these clowns are trashing me. I was absolutely furious - went to the office that same Friday night, cleaned out my office, and left a resignation note on the senior partner's desk.
Senior partner was good friends with Harry Connick, Sr., who was the Orleans Parish district attorney. Pulled some strings, had my condo ransacked by New Orleans Police, and had me charged with felony theft, claiming that I had stolen company documents while I was cleaning out my office.
The ensuing legal drama went on for the next 12 months, and cost me $30,000 in legal fees.
Since I couldn't get licensed by any state gaming authorities with a pending felony charge, and my NASD securities registration was in limbo as well, I invested in a SOES trading operation in Houston called Block Trading. Personally opened their west Houston and San Antonio offices and then purchased their franchise rights for all of the southeastern U.S.
They went Chapter 11 a year later.
Finally went to court on the felony theft charge. Senior partner was caught lying on the witness stand and admitted that they had made the whole thing up. All charges dismissed.
The following day, I went to the New Orleans NASD office, looking to have my securities licenses reinstated.
They were loathe to comply, and that's an understatement.
The NASD stuff went on for months with no resolve.
I gave them certified copies of the court transcript, where the senior partner of the firm admitted under oath that they had made the entire thing up, and yet the NASD felt the need to continue "investigating" the matter.
Out of frustration, I told them, "OK, here's the deal...you have been investigating HSR for years over this Dept of Insurance deal...I don't want to do this, but if you'll reinstate my licenses, I will tell you EVERYTHING you want to know about the insurance deal. I know where all of the bodies are buried."
NASD lady verbatim: "We're not interested in what HSR did wrong - we're just interested in what YOU may have done wrong."
Out of desperation, I contacted my U.S. Senator (John Breaux), asking his office for any help they could provide in this matter.
A few weeks later, I get a phone call from this same broad at the NASD. "We'd like to talk to you about what you know about HSR, could you come in next week?"
Me: "Sure, but do I need to bring my attorney, or is this just about HSR?"
Her: "No, there's no need to bring your attorney - we just want to know what you know about HSR, and we're prepared to reinstate your securities licenses."
I had the conversation tape-recorded (at this point, I was so paranoid that I was taping ALL of my phone conversations
I go into their office and it's an official deposition. Their attorney starts prodding me about who I have been talking to.
NASD attorney: "Have you been talking to any elected officials about our investigation of you?"
Me: "Well, sure, yes I have. You guys are f*cking me over."
NASD attorney: "Do you realize that those conversations could jeopardize our investigation into you?"
Me: "Whoa...before I answer any questions like that, I need my attorney present. This was supposed to be about the Reynoirs, not me. I specifically asked you if I needed to have my attorney present for this meeting, and you told me 'no.'"
NASD attorney: "We NEVER told you that."
Me: "Oh yeah? Well, I tape-recorded the whole conversation. And as soon as I walk out of this office, copies of that tape are being sent to my attorney and to Senator Breaux. This deposition is over. F*ck you."
NASD attorney: "Walk out of this deposition Mr. Reed, and I will see to it that your licenses are permanently revoked."
Me: "F*ck off, asshole." And I walked out.
Sent tape to Senator Breaux's office. Within 60 days, my licenses had all been reinstated, the NASD attorney and two other retards in the office had been "reassigned" (wink wink), and I received a prolific apology letter from the Chairman of the Securities and Exchange Commission, apologizing for the NASD's treatment of me.
About a month later, I get a call from state senator William Daniel, asking me for help in their investigation of the Louisiana Insurance Department. Fun fact: @LouisianaHusker bought his antebellum mansion from William Daniel.
A few days later, I'm in Senator Daniel's office and he has Jim Brown, the Louisiana Insurance Commissioner, on speaker phone. William tells him, "we're looking at your relationship with HSR, and Gary Reed has told us some very interesting things..."
Brown proceeds to start bashing the sh*t out of me to Daniel (not realizing, of course, that I'm listening in on the phone call). Of course, that was Brown's ass. I gave my testimony to FBI officials about two weeks later. FBI agents later deposed him, he was caught lying under oath, and he served time in a federal penitentiary in Oakdale, Louisiana.
Fun fact: former Today Show anchor Campbell Brown is Jim Brown's daughter. Making me the only person to have sent one Today Show host's father to prison, while having dated another Today Show host/anchor (Hoda Kotb).
I helped send this woman's father to prison
After sending Jim Brown to prison, I spent the next three years in casino development. A native American casino project in south Louisiana, a riverboat casino project in Vicksburg, Mississippi, and a quarterhorse track in southwest Louisiana.
All three projects failed. Miserably. I personally lost well into 7 figs on each deal. Not that it's any consolation, but I was just ahead of the game on the quarterhorse track - Boyd Gaming came in two years later and it's now one of their most profitable ventures. My accountants figure that my share of the partnership would have been worth ~$600 million. Woulda, coulda, shoulda, right?
It was about this time that my engagement broke off. Really nice girl, and an anesthesiologist to boot.
Started trading stocks for a client after that. Client gave me 20% of the profits I generated, similar to a hedge fund. It was a pretty sweet gig - I was averaging $20,000 - $30,000 a month. And the kicker was that my client wasn't 1099'ing me, making all of my earnings tax-free.
It was during this time that I was sued by Credit Suisse First Boston for $1 million, claiming that I had defamed their pharmaceutical analyst, after I compared his stock picking abilities to (and I quote) "a monkey throwing darts."
The suit made international headlines, both when it was filed, and when Credit Suisse put their tail between their legs and withdrew it.
With a busted engagement, and trading only taking up 6 hours/day, I had plenty of spare time on my hands. Started an amateurish minor league baseball scouting website, just for kicks and giggles. It kind of took off. Peter Gammons once appeared on ESPN's Baseball Tonight and referred to me as (and I quote), "one of the top pitching evaluators in the game today."
Sadly, it was about this same time when my life fell apart. My trading client died in an auto accident. A few weeks later, another client called me. He had just bought a small hotel in San Diego and wanted me to go turn it around for him. Aside from being Red Roof Inn's investment banker, I knew absolutely nothing about running a hotel. Took the gig anyway.
Two months into my San Diego stint, I had my house arsoned by a disgruntled employee. A day later, I received a death threat through the mail from that same employee.
Kept the minor league baseball website going on my spare time. Was offered a scouting position with the Toronto Blue Jays, and moved to Sarasota, Florida to undertake that.
After four years with the Jays, I got tired of making little money and decided to re-enter the business world.
Spent the next 6 years working for various jackasses in Sarasota. Remember the software program "Mavis Beacon Teaches Typing"? I worked for the asshole who wrote it. Wealthy guy who owns the biggest yacht I have ever seen in my life (founded Software Toolworx in the 1980s), and a complete f*cking jackass. Turned one of his failed start-ups into a success - bringing him to his knees when I resigned was one of the most gratifying acts I have ever experienced.
Bought an antebellum mansion in Natchez and flipped it to a Hollywood director.
Wised-up, moved to Memphis and hooked up with the best sales gig I've ever had. Dude I work for is an absolute prince - it makes getting up every day to go to work an absolute joy. I now own 1,800 acres of prime cotton farmland in the Mississippi Delta that I rent out, and I paid cash for a $3.5 million antebellum mansion in Natchez last August.
Funny story: last week, my Visa card tied to my Schwab bank account was compromised. When I called Schwab to report it, the Schwab lady asked me several security questions for access to my account.
One of the questions was, "what's your current cash balance?"
I seriously had no idea.
She says, "well, guestimate it - I'm not looking for an exact number."
Me: "Ma'am, I seriously don't know - I haven't looked at that account in four months. There are several passive investments that flow into that account, and I don't see them."
"You don't read your statements?"
Me: "No, I don't even open them."
"Well, how much do you *think* is in the account? Take a guess."
My guess was light by over $230,000.
25 years ago, @LouisianaHusker had to drive to New Orleans to loan me $100 because I didn't have any money for food. Embarrassed to admit that, but my how things have changed.
My message to you is this: don't let your failures define you. When you get knocked on your ass, don't concede the fight. You can see how many times I had completely failed. In my mind, there was no freaking way that I could ever come back from some of these failures.
Seriously, if you're currently down on your luck, dust yourself off and start throwing punches again.
