From Riches to Rags

The Wall Street Journal has started revealing how the New York financial sector is in such awful straits right now that some former stock gurus have gone to the lowly life of being employed for a living. For instance, take Carlos Araya. He used to be the Wall Street administrator you would see ordering luxurious dinners at the Palm Restaurant in midtown Manhattan. Now, he waits tables at the restaurant. As Wall Street began to hurt, he lost his job as a crude oil trader on the New York Mercantile Exchange in 2007. After horrible luck at finding a new job in the investment industry, he applied in August 2008 to be a host at the Palm to make end’s meet. He is earning just over 10 percent of his initial salary.

Some ex- investment brokers, used to doing high end jobs that they are highly trained for and making salaries some individuals would kill for, are required to accept low-wage work because they just cannot convert their experience and training into a occupation like the one they lost. Now, Mr. Araya is heading in the direction of insolvency and is convinced that he will never go back to the investment business.

Regrettably, there are thousands of stories such as this one. Nearly 25,000 jobs have been lost in the financial sector in New York alone since August 2007. Before 2012, that figure is supposed to hike up to 56,800. This number began building in 2007 during the financial hiccup that was a predecessor to our current downturn, in which Araya lost his occupation.

John Carbonaro lost his occupation with Bank of America as a floor clerk in January 2009, and despite his skill and allure, currently takes care of the household duties in the family. Joe Morrone, a previous Prudential trading clerk, has been out of work for two years and struggles to sustain his daughters and grandson. He has worked in a deli, as a doorman, and a bouncer. He once used to own three automobiles for just his own use. Now he shares one family vehicle they fight to pay for.

Araya from time to time sees previous colleagues from Wall Street in the Palm at the time his shifts. Some are enjoyable meetings, offering back-up. Other meetings are not so pleasant. “The way they look at you, you know they’re thinking unconstructively,” he says. Others come in asking if they can get a job at the restaurant too. With 25,000 laid off, it’s certain many of them want a job there.

Araya’s daughter asked him if they might afford their house or if they would have to relocate. He told her he was not certain. She asked him if he knew the amount of money the family required. “The way she looked at me,” Araya says, “I could tell she was counting the money in her piggy bank.” The psychologically painful exchange with his daughter caused him to sprint into the bathroom and weep. “At the end of the week, I get my pay and I think, ‘I used to make this amount in a day,’” he adds.

Article Source: http://www.gamblingarticlessite.net

Concerned in learning more about the financial sector then think about stopping by Lucrative Investing.

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated