Tag: wall street
There’s a fantastic article on Bloomberg about Wall Streeters crying over their cut pay. Hear the strains of the world’s tiniest violins, as grown men whine about not being able to buy $1.5 million houses and missing out on Mardi Gras.
Wall Street is really down in the dumps these days. When you work in an industry where your worth is directly measured in dollars, then earning less will mess you up in all kinds of ways. (Some more pitiful examples here.) But there’s a solution to all this that’s right under our noses. Continue Reading
Michael “Moneyball” Lewis was the first one to, er, expose us to the term Big Swinging Dick. His his first novel, Liar’s Poker, was full of them. The BSDs were the guys on the trading floor who brought more rain than El Niño.
But the BSDs have gone a little soft now. Even the famous Wall Street bull has been caged. And some, like number one banking fanboi Dick Bove, say that bankers have been “castrated” altogether by new regulation. Regulation which many argue does not go far enough.
Regardless, the Masters of the Universe suddenly find themselves feeling the pain that many of the rest of us have been feeling for the past four years. Only their ways of coping with it are a little different than what you might expect. Continue Reading
Recession, what recession?
This graph is part of a new report from the State Comptroller of New York, which also noted (emphasis ours):
“In 2010, the average salary in the securities industry in New York City grew by 16.1% to $361,330, which was 5.5 times higher than the average salary in the rest of the private sector ($66,120).”
This is a gigantic increase from the ratio in 1981, when the average salary in the securities industry was only 2x as high as in all other private sector jobs.
But with protests against Wall Street going on for four weeks now and attracting worldwide media attention, the publicity surrounding the report seems calibrated to not add any fuel to the fire. For instance, Continue Reading