Author Duff: Wall Street Didn't Make Me a Drug Addict

Wednesday, 18 Jun 2014 04:15 PM

By Bill Hoffmann

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Rampant booze and drug binges knocked high-powered hedge fund trader Turney Duff off his coveted Wall Street perch – and he tells Newsmax TV that his decision not to return to it saved his life.

Duff — author of the new memoir "The Buy Side: A Wall Street Trader's Tale of Spectacular Excess,'' published by Crown Business — said that following his second stint in alcohol and drug rehab, he took stock of his life.

"I had an opportunity to go back and I just knew it wasn't right. For the first time in a long time I listened to my instincts,'' Duff told Newsmax's Steve Malzberg.

"[I] said don't chase the money, follow what you're passionate about. So, I started writing.''

Editor’s Note: New Warning - Stocks on Verge of Major Collapse

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And Duff said he quickly found that the rewards, while not necessarily financial, were many.

"I’m all about quality of life. Someone said … Turney Duff went from living the good life to living a good life. There's a lot truth to that,'' Duff said.

"I'm really just focused on being the man that I want to be. That's much more important.''

But Duff — who began as a trainee at Morgan Stanley and eventually had wild success at the Galleon Group, a colossal hedge-fund management firm run by secretive founder Raj Rajaratnam — does not blame Wall Street for his substance abuse issues.

"I would have been a drug addict and alcoholic regardless of what profession I went in,'' Duff said.

"Let's say I was a school teacher. Maybe I would be coming out with a book that said, 'School Street: A Teachers Tale of Mild Excess.'

"Wall Street is one of the bigger stages, so it did enable me to go that extra yard, but it didn't make me.''

He also believes Wall Street is too harshly criticized for its excess and corruption.

"Wall Street gets a bad rap in a lot of respects because the majority of people are good people,'' he said.

"They don't cheat on their wives and they've got photos of their kids playing soccer on their desk. They're good people, but with what the press very often puts on the front page [the PR] isn't good.''

Editor’s Note: New Warning - Stocks on Verge of Major Collapse


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