One of the biggest lessons Kwame Jackson learned in his three
years as a stockbroker at Goldman Sachs Group Inc. helped get
him fired by "The Donald."
Mr. Jackson, 30 years old, came in second out of more than
200,000 contestants vying to be hired by Donald Trump on the hit reality-TV show
"The Apprentice." In the show's final episode, Mr. Trump said he passed over Mr.
Jackson largely because of his laid-back style. Mr. Trump selected a more
rah-rah manager to be his apprentice.
Mr. Jackson, who left Goldman to appear on the show, says the
elite Wall Street investment bank taught him: "You can do things quietly,
humbly, and still be successful." He adds: "I didn't have anything to prove to
anybody. ... In the end it was up to Trump."
Goldman prides itself on its low profile; its downtown
Manhattan headquarters here doesn't have a sign noting the firm's presence. Mr.
Trump, on the other hand ... well, his self-promotion is legendary: His name is
on everything from helicopters to casinos to bottles of water.
"The two firms are about as polar opposite as two things could
be," says Roy Smith, a professor of finance at New York University and a former
partner at Goldman. Although Mr. Smith was on sabbatical in Barcelona for the
past several weeks, he said he had heard of the show. "That is the show where
Trump fires people, right?" he said. "Did a guy from Goldman really give up his
job for that?"
He had little choice: Last summer the firm turned down Mr.
Jackson's request for a leave of absence to appear on the show. "I was told it
was too much of a reputational risk for me to go on the show while a Goldman
employee," Mr. Jackson says. "Senior management basically thought I was crazy."
Goldman has long shunned those who seek the spotlight. In the
mid-1980s, James Cramer, a former Goldman trader turned hedge-fund manager and
TV commentator, found himself in hot water after his photo ran in the New York
Times with a caption suggesting he could buy anything he wants. "Life was never
the same after that article," Mr. Cramer writes in his book, "Confessions of a
Street Addict." He confessed: "I had broken the code." Mr. Cramer left Goldman a
few months after the article appeared.
Yesterday Mr. Trump said that while Goldman's approach to
business is quite different than his, he actually likes the firm's low-key
approach to things: "It is not a bad idea, but it has never worked that way in
my firm. I should try it."
Several Goldman staffers have requested leaves to appear on
reality-TV programs in recent years. So far all have been given the cold
shoulder. "We can understand why people want to do this, but being thrust into
the limelight is the antithesis of the way we do business," says a Goldman
spokesman. "That said, Kwame had a lot of fans rooting for him here."
Mr. Jackson's decision took some people by surprise for other
reasons. A number of traders at the firm make in excess of $10 million a year.
As a securities broker, Mr. Jackson earned an estimated $125,000 a year,
according to a person familiar with the matter. Mr. Jackson's decision to leave
Goldman took even Mr. Trump by surprise, who said on one of the show's episodes
that Mr. Jackson gave up so much "it scared him." The apprentice's job pays
$250,000 a year.
Now, after having a taste of Mr. Trump's world, Mr. Jackson has
two words for the ways of Goldman: You're fired! "If I wind up back at Goldman
then the plan has gone awry," he says. "I'm focusing on the commercial
opportunities related to the celebrity world as well as starting my own
company."
He says one of those opportunities is a job offer from Mark
Cuban, owner of the Dallas Mavericks, to run one of his investment portfolios.
He says the offer was made after the show's wrap-party Thursday night. "I don't
know how many times you can get a billionaire to wait for you at your party," he
says. "Maybe Warren Buffett will be at my next party."
Mr. Jackson says he did get valuable experience at Goldman.
Managing money at Goldman for wealthy individuals prepared him for the
challenges that Mr. Trump threw his way. "You learn to present yourself in a
fashion that really helps you to seem reputable as well as trustworthy as well
as confident," Mr. Jackson says. "So when you're sitting in the boardroom with
Donald Trump, it's not the first time you have been in front of someone who is
wealthy and powerful. You're not intimidated."
His style hurt him most when it came to dealing with cast
member Omarosa Manigault-Stallworth, whom Mr. Jackson picked to be on his team
in one of the final episodes despite her track record on the show as a schemer.
She lied to him, costing him points with Mr. Trump, who said Mr. Jackson should
have "fired her or severely reprimanded her" after this incident. Mr. Trump
ended up picking micromanager Bill Rancic, who previously ran an online cigar
company, to be his apprentice.
"I have always worked around very skilled and competent
people," Mr. Jackson says. "You had to work with what you had and that is what I
did."