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From Riches To Rags

October 12th, 2009

The Wall Street Journal has started revealing how the New York financial segment is in such terrible straits for now that some past stock gurus have moved out to the simple life of working for a income. For example, look at Carlos Araya. He was once the Wall Street executive you would see ordering expensive dinners at the Palm Restaurant in midtown Manhattan. At the present, he serves there. As Wall Street began to hurt, he lost his job as a crude oil broker on the New York Mercantile Exchange in 2007. After horrible luck at finding a new job in the investment industry, he applied in August 2008 to be a host at the Palm to make ends meet. He is making just over 10 percent of his earliest income.

Some previous investment brokers, used to performing high end jobs that they are well skilled for and earning wages a few individuals would destroy for, are obliged to consent to low-pay employment since they just cannot exchange their knowledge and instruction into a profession like the one they misplaced. Currently, Mr. Araya is looking at bankruptcy and is confident that he will never return to the investment business.

Unfortunately, there are thousands of stories like this one. Almost 25,000 positions have been misplaced in the economic region in New York by itself from the time August 2007. Previous to 2012, that number is supposed to hike up to 56,800. This figure began building in 2007 during the financial hiccup that was a predecessor to our present downturn, in which Araya lost his profession.

John Carbonaro lost his job with Bank of America as a floor clerk in January 2009, and despite his knowledge and draw, now takes care of the home duties in the family unit. Joe Morrone, a former Prudential trading clerk, has been out of work for two years and struggles to look after his daughters and grandson. He has worked in a deli, as a doorman, and a bouncer. He once used to possess three automobiles for just his personal use. Now he shares one domestic vehicle they strive to pay for.

Araya sometimes sees previous coworkers from Wall Street at the Palm for the duration of his shifts. A few are nice meetings, offering back-up. Some meetings are not so nice. “The way they look at you, you know they’re thinking negatively,” 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 want a job there.

Araya’s daughter asked him if they could afford their house or if they would have to relocate. He told her he was not sure. She asked him if he knew how much money the family needed. ‘The way she looked at me,’ Araya says, ‘I could tell she was counting the money in her piggy bank. ‘The emotionally excruciating exchange with his daughter caused him to run into the bathroom and cry. ‘At the end of the week, I get my wages and I think, “I used to make this much in a day,” he adds.

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