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TheStreet Open House

Quick Take: The Dark Side of Wall Street

Stock quotes in this article: MS

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 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.

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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