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October 12, 2011, 5:34 pm
Hard Times On Wall StreetPaul Krugman - NY Times
A wonderful juxtaposition:
Max Abelson reports on the sorrows of the financial elite:
An era of decline and disappointment for bankers may not end for years, according to interviews with more than two dozen executives and investors. Blaming government interference and persecution, they say there isn’t enough global stability, leverage or risk appetite to triumph in the current slump.
…
Options Group’s Karp said he met last month over tea at the Gramercy Park Hotel in New York with a trader who made $500,000 last year at one of the six largest U.S. banks.
The trader, a 27-year-old Ivy League graduate, complained that he has worked harder this year and will be paid less. The headhunter told him to stay put and collect his bonus.
“This is very demoralizing to people,” Karp said. “Especially young guys who have gone to college and wanted to come onto the Street, having dreams of becoming millionaires.”
Meanwhile, Catherine Rampell reports on Bankers’ Salaries vs. Everyone Else’s, telling us that
the average salary in the industry in 2010 was $361,330 — five and a half times the average salary in the rest of the private sector in the city ($66,120). By contrast, 30 years ago such salaries were only twice as high as in the rest of the private sector.
It would all be hilariously funny if these people weren’t destroying the world.
http://krugman.blogs.nytimes.com/2011/10/12/hard-times-on-wall-street/
demoralizing Especially to young guys who have gone to college
Submitted by alhs06 on
Demoralizing Especially to young guys who have gone to college.
Not to mention us older guys who went to college & worked their way up their chosen career ladder, Mine was Project Manager & Superintendent of mostly Public Works projects, several schools, fire stations, community center's, court's & Historical Restoration's.
My 24 year career is now in ruins, no work since October 2009, over 1500 resumes submitted, several to companies no longer in business, unemployment & saving's exhausted, retirement destroyed by the market ...etc. A very familiar story to many accross this state, this nation & our world. My son, who by the way followed my footsteps 10 years ago, with a bachelor in Business, was forced to take a 20% pay cut 2 years ago, shortly after he bought his first home, it hasn't been easy for him & his family either.
I have pretty much written off my future & sincerely & not trying to be dramatic, I await my death, the sooner the better, suicide & criminal activity is not an option, but I hope & pray for it daily. My involvement in this movement is for the future of my family, my kids & grand kids, as well as my fellow countrymen who are also opposed to the greed & oppression applied through economics's by the Greedy & Corrupt 1% to our standard of living, that has been methodically removed from our means in order to preserve it.
"Long Live Occupy, Long Live The 99%"
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