Wednesday, October 12, 2011

I Feel Their Pain

I am in tears. Suicidal even. That we let such poverty exist in this country is truly heinous.

Bankers aren’t optimistic about those gains. 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.”

One hopes this young gentleman, in his despair, does not choose to jump from the very high building he likely works in.