March 1, 2012

Not Pissed At Wall Street Yet? Read This.

March 1, 2012

Not Pissed At Wall Street Yet? Read This.

Remember way back when Latrell Sprewell was having trouble with his 8-figure contract negotiations and said “I’ve got kids to feed.” That was around 2004 and stuck with me as one of the epic prima donna rich guy lines.

But some finance guys have now topped it. Bloomberg’s Max Abelson yesterday wrote a piece on how Wall Street’s cash bonus pool fell by 14% in 2011 to $19.7b, the lowest since 2008.

The stat itself isn’t so staggering. It’s what some said about it.

The most egregious comments come from the head of marketing and communications for a prominent broker/dealer.

I’ve never seen the person responsible for a firm’s message go so insanely rogue. Wow.

Here’s some quotes from the story:

“I wouldn’t want to whine. All I want is the stuff that I always thought, growing up, that successful parents had … 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.”

“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?”

Go read the story to see exactly who said what…
Wall Street Bonus Withdrawal Means Trading Aspen For Coupons
Max Abelson on Twitter