Sorry!! The article you are trying to read is not available now.

Bankers Describe In Chilling Detail The Anguish They Suffer When They Don't Get Their Bonuses

Print comment Post Comments
While those in the 99% tend to think of Wall Street types as omnipresent, greedy drains on the economy in that "vampire squid" way, a recent Bloomberg feature is shedding some light on the more human side of bankers.

More specifically—while Wall Streeters may make a lot of money, they aren't used to losing any of it due to lower bonuses and pay. So bankers feel the "malaise" and "paralysis" like people in any other income bracket do when a source of viable income gets pulled out from under their feet. There are bills to pay—on private school tuition, on salmon, on summer house rentals and on dog walkers—and that's definitely a universal problem, right?

(Read the full Bloomberg report here >)

We picked out the most heart-wrenching anecdotes:

  • Hans Kullberg, a trader at hedge fund Falcon Management Corp: Had to turn down a trip to see a friend judge a wet t-shirt contest at Mardi Gras because it was not the "most financially prudent thing to do."
  • Andrew Schiff, director of marketing for broker-dealer Euro Pacific Capital Inc.“I can’t imagine what I’m going to do.... I’m crammed into 1,200 square feet. I don’t have a dishwasher. We do all our dishes by hand.” He said he wants “a room for each kid, three bedrooms, maybe four... Imagine four bedrooms. You have the luxury of a guest room, how crazy is that?”
  • Wall Street headhunter Daniel Arbeeny: Recently, he drove to Fairway Market in Brooklyn's Red Hook to buy discounted salmon for $5.99 a pound. He also now scans supermarket ads for the cheapest price on his favorite cereal, Wheat Chex.
  • M. Todd Henderson, a University of Chicago law professor who wrote two years ago his family was barely getting by on $250,000 a year: “Yes, terminal diseases are worse than getting the flu.... But you suffer when you get the flu.”
  • Alan Dlugash, a partner at accounting firm Marks Paneth & Shron: “People who don’t have money don’t understand the stress... Could you imagine what it’s like to say I got three kids in private school, I have to think about pulling them out? How do you do that?”
  • Hedge fund manager Richard Scheiner: Remarked that Wall Streeters don't usually save, but he and his wife certainly do! By the way, he also "spends about $500 a month to park one of his two Audis in a garage and at least $7,500 a year each for memberships at the Trump National Golf Club in Westchester and a gun club in upstate New York. A labradoodle named Zelda and a rescued bichon frise, Duke, cost $17,000 a year, including food, health care, boarding and a daily dog-walker who charges $17 each per outing."

Make of that what you will.

Read the full Bloomberg report here >

POSITION:  No positions in stocks mentioned.