Investment banker less frazzled
Life has been a double-edged sword for Tony Meneghetti.
Two years ago, the 40-year-old investment banker was cranking out more than 20 initial public offerings and at least a dozen mergers a year.
Today, his time is considerably less frenetic- but not entirely by choice. Although Meneghetti is happy that he can spend more time with his wife and two young children, the business slowdown would have occurred regardless of his personal wishes, as the entire investment banking industry has fallen victim to the dramatic decline of the Internet Economy.
"My wife is happy with this balance. But she may not be as happy with the income at the end of the year," joked Meneghetti, a nine-year veteran of Deutsche Banc Alex Brown who heads the bank's West Coast technology investment group and oversees 50 people.
Meneghetti's tale is one that mirrors those of hundreds of investment bankers, who have seen their world turned upside-down since the bubble burst almost exactly a year ago.
Throughout 1999 and early last year, companies in existence only a year or two were going public in every corner of high technology. Some of Meneghetti's more prominent deals include Foundry Networks, which launched its IPO with a 525 percent first-day gain, and Transmeta, which soared 115 percent on its first day.
But such wild success has come at a larger price, one of personal and professional values.
"My favourite part of the job is taking a company public and seeing the management team's dream realised. But in the last few years, with so many companies being formed, it's been awhile since I worked with companies where the CEOs have been grinding away for four years or so before their vision is realised," Meneghetti said.
"There is something to be said about good, hardworking values, and some of that has been lost on Silicon Valley. But I think it will come back," he added. "It's been frustrating to see over the last several years that some companies and employees believe a large net worth is a birthright. It's changed the way companies view they should build themselves up and employees' views on institutional loyalty."
