Former Wall Street Employees Forced to Accept Low-Wage Work

illinimatt81 · Jun 3, 2009

This guy should be trading, blogging, something. This man is obviously consumed by fear and an employee mindset. The economy is bad but not so bad that an individual like him has to settle to be a host at a restaurant for 25K.

Greed does destroy. While I don't feel sorry that the party is over I do feel sorry that people fall to the bottom from the peak and are so screwed up mentally they can't pull themselves up to support his family.

This is all part of the bottoming process and our country will be better off for it until the next bubble emerges.

Dr. Zhivodka · Jun 3, 2009

Most floor brokers/locals have tried to do that and they can't.

Quote from gigsup:

My thoughts also. I believe I would learn how to trade QM, waitin' tables is a hustle.

Angrycat · Jun 3, 2009

Quote from options4me:

So this guy just works for the commissions?
If you are in the busuness you would think you would know how to trade your own account for side income.

If he could trade or anyone else thought he could trade, he would have been a trader. Traders make a lot more money, so if he's a broker it's because he's no good as a trader.

patchie · Jun 3, 2009

Who gives a rats ass? Educated people lose jobs on a regular basis all the time and many lose everything thereafter. it suddenly hits wall street and we should all pull out the crying towel.

This guy fell into a high paying job by average income standards and now he has fallen out of it. Many people of Wall Street lost OPM and put OP in this condition.

gigsup · Jun 3, 2009

Quote from Dr. Zhivodka:

Most floor brokers/locals have tried to do that and they can't.

Why? It doesn't make sense. They should have a much shorter learning curve.

monty21 · Jun 3, 2009

I think this is actually rather cyclical... I mean Wall Street employees continuously get laid off (usually for cheaper labor) and are unable to find equally good jobs (investment banks may be a good exception though). This has occurred throughout the 1990s and early 2000s... not just in the current recession.

I go to South Beach almost every year and I've encountered several waiters that previously worked on Wall Street. These guys work at Emeril's and the like but that's still a drastic pay cut.

Makes you think... what happened to all the specialists from the 1990s. No disrespect, but it doesn't require a lot of skill to do what they did considering the money they made. Add in loans for expensive homes and other material things and its a recipe for disaster.

El OchoCinco · Jun 3, 2009

Quote from hoffmanw:

JUNE 2, 2009

From Ordering Steak and Lobster, to Serving It

Carlos Araya used to order lobster, filet mignon and $200 bottles of red wine at the Palm Restaurant in midtown Manhattan.

That right there sums up the stupidity of those on Wall Street who think that $200k a year means they are set for life. Spend like an idiot and buy a $1 million APARTMENT and then get upset when it suddenlty is taken away and you wonder where it all went?

I feel sorry for his wife and kids but he and many like him know nothing about personal financial management.

ralph00 · Jun 3, 2009

Quote from Angrycat:

Read the article. He did save money, but he was fired two years ago and his savings is just now running out.

All in all, except for not finishing college and buying instead of renting in NYC, this guy was pretty responsible.

The dude made $200K/year and bought a $1m apartment. I fail to see how that's responsible.

Bigpipn · Jun 3, 2009

Quote from optioncoach:

That right there sums up the stupidity of those on Wall Street who think that $200k a year means they are set for life. Spend like an idiot and buy a $1 million APARTMENT and then get upset when it suddenlty is taken away and you wonder where it all went?

I feel sorry for his wife and kids but he and many like him know nothing about personal financial management.

LOL, this is no different than anywhere else in the world. Here in lil ole St. Petersburg, FL one of my buddies got a ~$40k/yr job at Raymond James and within 2 months of employment financed a ~$60k BMW. He bailed on a big bar tab several months back when we went out. I just received word last Monday that he was laid off.

I feel sorry for his coke-head-unemployed-ex-Hooter-Girl-girlfriend. The over/under on her resorting to prostitution is currently at 2 weeks.

monty21 · Jun 3, 2009

Quote from Bigpipn:

I feel sorry for his coke-head-unemployed-ex-Hooter-Girl-girlfriend. The over/under on her resorting to prostitution is currently at 2 weeks. [/B]

I hope your joking about his gf doing the prostituting.

Don't feel any remorse about his buying the BMW though... what an idiot. Its unfortunate that our society worships material sh!t.

I live on Long Island and the ultra-rich old-money drive simple cars like Volvo's, Saabs and American SUVs. Obviously some have BMWs and Mercedes. Most young ppl that have nice cars have parents that are new money... maybe they need to showoff that they finally made it in the capitalist system. Unfortunately no one can see how much debt they have. Oh yea, a guy that owns a two man roofing business near me has a Bentley in his driveway. House is worth no more than $900,000.