Bonus Withdrawal Puts Bankers in "Malaise"

DividendGuy · Post by **DividendGuy** » Thu Mar 01, 2012 3:03 am

Wow!
http://finance.yahoo.com/news/bonus-wit ... 00338.html
I don't even know what to say.

dot_com_vet · Post by **dot_com_vet** » Thu Mar 01, 2012 3:55 am

That's why bonuses are called bonuses. You're not supposed to count on them. I don't envy these people. (A pet bison is a lot of baggage.)

Post by **jacob** » Thu Mar 01, 2012 4:36 am

I think these posts demonstrate the "Wheaton eco scale" for money. Anyone apparently thinks they're suffering when they're forced to reduce their spending regardless of whether they're spending millions or thousands.
Also, people who spends 5 times less thinks that those who spend 5 times more while complaining about their suffering should get their act together.
And conversely, given how many times I've heard myself described as eating nothing but lentils and living in squalor by people spending $30000 or 5 times what I do ... imagine what these rich guys think of the average income person.
Funny, eh?

secretwealth · Post by **secretwealth** » Thu Mar 01, 2012 4:40 am

Or, for that matter, imagine what those rich guys think of the ERE lifestyle.
Amusing post, though. "The New York that I wanted to have is still just beyond my reach." As a fellow NYCer, I cannot help but chuckle. A Connecticut summer rental, a pied-à-terre in the city, and good education for the kids is very possible on a much lower income--but he has gotten used to the lifestyle inflation that the heady 00's afforded bankers. Those days are gone for a while (they'll come back with the next bubble, I'm sure), and the bankers should use their supposedly valuable "skill set" to figure out how to live within their means.

jennypenny · Post by **jennypenny** » Thu Mar 01, 2012 4:42 am

George Carlin had his own version of the Wheaton Eco scale...
Everyone that drives slower than you is an idiot.

Everyone that drives faster than you is a maniac.

Post by **jacob** » Thu Mar 01, 2012 4:50 am

@jennypenny - Ha! That's a great quote.

DividendGuy · Post by **DividendGuy** » Thu Mar 01, 2012 5:03 am

@jennypenny
That's awesome!

Dragline · Post by **Dragline** » Thu Mar 01, 2012 6:24 pm

More discussion on this article: http://www.marketwatch.com/video/asset/ ... 82CA4ADF59
What's funny to me is that they seem to be trying to say that this guy is "normal", instead of just stupid and unrealistic about money.

livinlite · Post by **livinlite** » Fri Mar 02, 2012 2:04 am

There's a good scene in the Kevin Spacey movie "Margin Call" where the younger traders are asking the older banker where his $1M salary goes..it's pretty classic..dinners, cars, booze, and women..
Good movie, btw.

Chad · Post by **Chad** » Fri Mar 02, 2012 1:36 pm

Just watched that last weekend, it is a good movie. I thought Spacey and Irons were awesome.
It always surprises me when Wall Streeters don't invest their cash. You would think they would realize that just 5 years of solid savings in these salary ranges, with only minor sacrifices (BMW instead of an Aston Martin), would net them a very solid portfolio to build a big spending life.

m741 · Post by **m741** » Fri Mar 02, 2012 2:52 pm

I believe most Wall Streeters invest their cash. Maybe not a huge percent of their paycheck, but most will invest something. However, there's a certain job role where investment banks typically seek a type of personality which is aligned with careless spending.
Also note that in many banks, traders cannot invest in their personal accounts, unless they're buying indices, and they must hold these positions for a long period of time. If your job consists of making medium-term bets and trading individual stocks, and you are (or think you are) good at your job, I can see being frustrated by these limitations

Spartan_Warrior · Post by **Spartan_Warrior** » Fri Mar 09, 2012 12:31 am

"I'm crammed into 1,200 square feet. I don't have a dishwasher. We do all our dishes by hand."
Now where did I put that tiny violin...