Wall Street Bonus Withdrawal Drives Bankers to the Despair

[DGuller]

New York is pretty screwed up like that.  One of my good friends works for their city government and he pays a ridiculous amount of rent to share a Brooklyn brownstone with like four other professionals.  I fully understand making 350K a year will get you exactly jack and shit in that city.

And yet 95%+ of the people who don't make even that pittance somehow make it.  The problem is expectations, not income.

[garbon]

Totally. I think the failure here is the investment bankers allowing themselves to be interviewed on the topic unless they were actually paid for their comments.  Clearly, this article was not going to be received sympathetically and they should have avoided participating in it.

Whiny bitches are whiny.   Film at 11.

Why wouldn't they whine to the reporter?  Because they will look like what they are?  If they didn't want to look like whiny bitches, they would just stop whining, wouldn't they?  It isn't possible for whiny bitches to whine in private.

It is true that it is impossible for them to avoid talking and coming off sounding like something you want to wipe off your shoe, but it is also impossible for them to realize that they come off as despicable losers.  It is just their nature.

I no more feel sorry for them now than I envied them when they were lining their pockets and cratering the economy.  They aren't worth the effort of either emotion.

Maybe that's the case but I don't know enough about these individuals to say that. I don't really have enough evidence that these specific individuals were cratering the economy and are worthy of scorn.

What I do know is that I make a pretty decent salary for most places in the nation, but I've certainly made complaints about it...especially when my salary was less than I'd made before.  It's all about frame of reference and a person does tend to get unhappy when their quality of life drops.  Sort of why it isn't helpful to say well have some perspective, there are people out there that would be happy to have just a warm place to sleep and guaranteed meals.  That's so outside one's frame of reference that it doesn't do much of anything.

[Valmy]

And yet 95%+ of the people who don't make even that pittance somehow make it.  The problem is expectations, not income.

The problem is once you reach the pinnacle of your field I guess you feel like you should be on easy street.  In that city you need to like own your own multi-national corp to really do a luxurious victory lap.

These bonus Wall Street dudes need to live on farms in Connecticut or something.

[garbon]

New York is pretty screwed up like that.  One of my good friends works for their city government and he pays a ridiculous amount of rent to share a Brooklyn brownstone with like four other professionals.  I fully understand making 350K a year will get you exactly jack and shit in that city.

And yet 95%+ of the people who don't make even that pittance somehow make it.  The problem is expectations, not income.

Is it expectations though? If you had something and then now you don't - it isn't odd that you still want what was good and not the crappy bit that you can now afford.

[garbon]

And yet 95%+ of the people who don't make even that pittance somehow make it.  The problem is expectations, not income.

The problem is once you reach the pinnacle of your field I guess you feel like you should be on easy street.  In that city you need to like own your own multi-national corp to really do a luxurious victory lap.

These bonus Wall Street dudes need to live on farms in Connecticut or something.

Exactly. It'd be a different story if they were unhappy that they never achieved the wealth/status that they thought they could...but to achieve it and then have to go back? That's awful.

[Martinus]

New York is pretty screwed up like that.  One of my good friends works for their city government and he pays a ridiculous amount of rent to share a Brooklyn brownstone with like four other professionals.  I fully understand making 350K a year will get you exactly jack and shit in that city.

And yet 95%+ of the people who don't make even that pittance somehow make it.  The problem is expectations, not income.

That is only partially true. In most well paying jobs, the expectations from you in terms of spending/lifestyle become quite specific to the point that they become almost a part of your job description.

You *have* to wear more expensive suits, shirts and shoes. You *have* to be well groomed. You *have* to treat yourself (and your clients) to expensive restaurants. Etc. This all carries with itself additional costs that cannot be regarded in terms of wanton consumerism - they are essentially professional expenses.

Plus, while people in high flying job may sometimes be overpaid, we should not forget that they *do* actually work much longer hours than an average employee. And this carries with itself a slew of addition costs - with such work-life balance you just can't be expected to clean and cook for yourself on a regular basis, for example.

[garbon]

Plus, while people in high flying job may sometimes be overpaid, we should not forget that they *do* actually work much longer hours than an average employee. And this carries with itself a slew of addition costs - with such work-life balance you just can't be expected to clean and cook for yourself on a regular basis, for example.

Do they though? I find it hard to believe they work as much as the individual holding down 3 part time jobs who then, because they don't have the money to afford staff, have to take care of their homes/children as well.

[11B4V]

New York is pretty screwed up like that.  One of my good friends works for their city government and he pays a ridiculous amount of rent to share a Brooklyn brownstone with like four other professionals.  I fully understand making 350K a year will get you exactly jack and shit in that city.

And yet 95%+ of the people who don't make even that pittance somehow make it.  The problem is expectations, not income.

Amazing, isnt it. 

[The Brain]

Tying your lifestyle to a bonus doesn't seem prudent.

[garbon]

Tying your lifestyle to a bonus doesn't seem prudent.

Didn't AR already state for us that bonuses for bankers are really kind of like a piece of their salary?  Sort of the same way that commission comes into play for salespeople? American waitresses on tips?

[Darth Wagtaros]

That being said, I gotta say that the psychological pressure to maintain your lifestyle is a real thing. I can imagine it is even more stressful to someone with stay-at-home wife and kids.

I think you are correct. People in that sphere really have to look successful or others might not be so quick to do business with them.

[Barrister]

That is only partially true. In most well paying jobs, the expectations from you in terms of spending/lifestyle become quite specific to the point that they become almost a part of your job description.

You *have* to wear more expensive suits, shirts and shoes. You *have* to be well groomed. You *have* to treat yourself (and your clients) to expensive restaurants. Etc. This all carries with itself additional costs that cannot be regarded in terms of wanton consumerism - they are essentially professional expenses.

Not really though.

You have to wear decent enough suits, but not necessarily high-end designer brand fashion.  You do not need to treat yourself to expensive restaurants.  Client functions sure - but those are either paid for by the firm, or tax deductable.  You certainly do not need to go on expensive vacations, nor do you need to drive an expensive luxury-brand vehicle.

I certainly understand the herd mentality of "keeping up with the Joneses", and I understand why people do it.  But you can't fool me into thinking they have absolutely zero choice.

[Martinus]

Tying your lifestyle to a bonus doesn't seem prudent.

Didn't AR already state for us that bonuses for bankers are really kind of like a piece of their salary?  Sort of the same way that commission comes into play for salespeople? American waitresses on tips?

Exactly. Bonuses in investment banking used to be a given - they were just a way of paying out salary, pretty much.

[The Larch]

Tying your lifestyle to a bonus doesn't seem prudent.

Didn't AR already state for us that bonuses for bankers are really kind of like a piece of their salary?  Sort of the same way that commission comes into play for salespeople? American waitresses on tips?

Exactly. Bonuses in investment banking used to be a given - they were just a way of paying out salary, pretty much.

And what's the balance between them? Out of all the money earned in a year, what % did bonuses usually represent?

[Martinus]

As far as I understand, bonuses could represent 50% or even more.