Here's the real story from a former UBS trader from the UK Independent...

American excess: A Wall Street trader tells all

Fine wines, lobster lunches and million-dollar salaries – life as a Wall Street shark was thrilling at first. But amid the extravagance, Philipp Meyer was sickened by a moral deficit at the heart of America’s financial system

"I’d been working for the bank for about five weeks when I woke up on the balcony of a ski resort in the Swiss Alps. It was midnight and I was drunk. One of my fellow management trainees was urinating onto the skylight of the lobby below us; another was hurling wine glasses into the courtyard.

Behind us, someone had stolen the hotel’s shoe-polishing machine and carried it into the room; there were a line of drunken bankers waiting to use it. Half of them were dripping wet, having gone swimming in all their clothes and been too drunk to remember to take them off. It took several more weeks of this before the bank considered us properly trained...."The financial markets operate on the principle that, at our core, we’re all basically shit: selfish, self-interested creatures. There’s a whole branch of economics devoted to proving that if you help someone, say, run in front of a speeding train to push another person out of the way, you are actually acting out of self-interest, not altruism; that what most of us would consider humankind’s cardinal virtues - love, honor, compassion - do not actually exist....The fact is, I became pretty good at making this argument myself. Until a roommate of mine, a guy named Mark Brewin, asked me: “So is that really what you want to be? A selfish animal?” “It’s not like we have a choice,” I said. “No,” he said. “You always have a choice. It’s just easier to pretend that you don’t.” Ouch. The strangest thing was, this thing I’d wanted for so long, this chance to become wealthy, was causing me more internal conflict than anything I’d ever done. I began writing a second novel, about a kid from the provinces who comes to Wall Street and is both drawn in and horrified by the culture of excess.

I understood it well. I put on 45 pounds in my first year at the bank, and, as you might guess, it was not from eating McDonalds. Occasionally I ate stuff like sushi, but mostly it was steak. We went to the good places like Sparks, Peter Luger’s, and the Strip House. We tended to look down on chains like Morton’s and Ruth’s Chris-they were for car dealers or stock brokers, not traders. Regardless of where we ate, we ate in quantity. My standard strategy was to order half a dozen appetisers, plus a steak and lobster, plus a few desserts and much wine as I could drink, as long it was under a few hundred dollars a bottle. Followed by a digestif, typically a 30-year-old port. There’s not any way to justify this except to say I was trying to catch up to my colleagues. We would treat those restaurants like Roman vomitoriums. And it wasn’t the food so much as the wine. Being a junior employee, I couldn’t really order bottles that cost more than a few hundred dollars, but the senior guys could get nicer stuff - Opus One, Chateau Latour. As long as we were out with a client, the bank paid. I remember being stunned the first time I saw a dinner bill for ten grand. But that was just the beginning.

What it boiled down to was austerity for everyone else and rampant consumption for ourselves. I never saw anyone literally set fire to money, but I did drink most of a bottle of 1983 Margaux ($2,000)...."

http://www.independent.co.uk/news/world/americas/american-ex...