[Vision2020] Krugman: Hard Times on Wall Street

[Ron Force]

October 12, 2011, 5:34 pm
Hard Times On Wall Street
A wonderful juxtaposition:
Max Abelson reports on the sorrows of the financial elite:
An era of decline and disappointment for bankers may not end for years, 
according to interviews with more than two dozen executives and 
investors. Blaming government interference and persecution, they say 
there isn’t enough global stability, leverage or risk appetite to 
triumph in the current slump.
>…
>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.”
Meanwhile, Catherine Rampell reports on Bankers’ Salaries vs. Everyone Else’s, telling us that
the average salary in the industry in 2010 was $361,330 — five and a half 
times the average salary in the rest of the private sector in the city 
($66,120). By contrast, 30 years ago such salaries were only twice as 
high as in the rest of the private sector.
It would all be hilariously funny if these people weren’t destroying the world.
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