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Having everything to nothing

By: Greg Jackson

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The Wall Street Journal has started revealing how the New York financial division is in such dire straits at present that some past stock gurus have gone to the lowly life of being employed for a income. For instance, take Carlos Araya. He once used to be the Wall Street manager you would see ordering expensive dinners at the Palm Restaurant in midtown Manhattan. Now, he waits tables there. As Wall Street started to hurt, he lost his work as a crude oil dealer on the New York Mercantile Exchange in 2007. After terrible 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 making just over 10 percent of his original salary.

A number of past investment brokers, used to doing high end jobs that they are highly trained for and earning salaries some individuals would kill for, are forced to agree to 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 toward bankruptcy and is certain that he will never go back to the investment business.

Regrettably, there are thousands of stories like this one. Roughly 25,000 jobs have been lost in the financial segment in New York alone since August 2007. Before 2012, that number is supposed to trek up to 56,800. This number began building in 2007 during the financial hiccup that was a precursor to our current recession, in which Araya lost his job.

John Carbonaro lost his career with Bank of America as a floor clerk in January 2009, and despite his knowledge and allure, at present takes care of the home duties in the family. Joe Morrone, a past Prudential trading clerk, has been without a job for two years and struggles to support his daughters and grandson. He has worked in a deli, as a doorman, and a bouncer. He used to own three cars for just his own use. Now he shares one family car they fight to pay for.

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

Araya’s daughter asked him if they might afford their house or if they would have to put it up for sale. He told her he was not sure. 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 emotionally unbearable conversation 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 much in a day,’” he adds.

Article Source: http://depositarticles.com/

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