Manny Friedman doesn't have an office.

Considered a rising star in the world of investment banking, Mr. Friedman, the chairman of Friedman, Billings, Ramsey & Co., sits on the sun-drenched trading floor, wearing a checked cotton shirt, its sleeves rolled up, and corduroys. He's elbow to elbow with his employees, who sport shorts, or khakis, or jeans. There are no ties-and no suspenders.

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