NEW YORK (TheStreet) -- There is a dark side to Wall Street, and TheStreet's Gregg Greenberg spoke to Turney Duff, author of "The Buy Side," about it Wednesday.
Duff started as a Morgan Stanley (MS) trainee in 1994 and eventually moved to the thriving hedge fund, Galleon Group. He was raking in millions of dollars, but the darker side of Wall Street, including cocaine, would catch up to him and ultimately drag him down.
"My career mirrored that of the market," he said. "From pre-dot.com all the way to the crash, my life was sort of in lockstep."
While Wall Street is built on relationships where wining and dining is considered the norm, Duff took it too far. He admits he was in a subculture but said how he handled his personal life was not like most in the business.In a world that pays out millions of dollars to individuals, Greenberg voiced concerned that investors might suffer as a result of a strung-out trader. Duff cautioned investors to check out the fund and the personalities associated with it and determine if it's worth your investment, just as you would pick out a school for your children. Despite his own mistakes, Duff concluded that if "you're passionate about the financial sector, I think you can make a wonderful living, feel content and be happy with the person that you actually are." -- Written by Bret Kenwell in Petoskey, Mich. Follow @traderboy23
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV