Wall Street Misguidance
I’ve slowly become an apologist for my industry. I say “slowly” because a year ago when Bear Stearns went belly up, I wanted Jimmy Cayne to go to jail along with several others at Bear Stearns. But in truth, I was just hoping someone would wipe the floor with his ass. So many friends and people I worked with got whacked. They were out of a job and/or unable to retire because Mr. Cayne was playing bridge. I was livid. Sick. I spent a decade of my life there. This wasn’t business. This was personal.
Around the same time, I spoke to a friend who was a teacher. Her response to Bear Stearns’ demise was “well, everyone who worked there has a lot of money so it’s not like they’re suffering.” I paused. Aghast. Stunned. “Well, that’s not really the way it is.” I replied. I felt like saying “are you out of your fucking mind?!!!” But I knew she wouldn’t believe it if I told her. She wouldn’t believe that most of the people at Bear Stearns were just people earning a living. They had families. They had bills to pay. They were no different than her.
A year later I found myself defending AIG bonuses to my boyfriend. Then it hit me. I was like a teenager defending my school. It’s fine when I say it sucks, but god forbid someone else does. But the discussion wasn’t even about AIG. AIG isn’t even my industry. They’re a fucking insurance company.
Had I become this defensive by feeling personally attacked by the media and strangers? By the generalization that ALL people who worked on Wall Street should be burned at the stake? Had working a block away from the NYSE and fighting my way home through various protests made me want to come to the defense of my “comrades” who worked inside? Had it become clear that the public and the general media were disgracefully misguided on the financial industry? Yes.
The mere fact there are protests at the NYSE make this very clear. The angry mob doesn’t even know what people in the NYSE actually do. If they did, they certainly wouldn’t be protesting there. But as we know, perception is very different from reality.
It seems the perceived reality of Wall Street is a bunch of middle aged white guys in Hermes ties and Armani suits sitting around a board room conjuring up ways to screw people. Like witches stewing over a caldron; mixing and watching a magic potion clicking their Ferragamo shoes while the rest of us get the shaft. This is a fallacy. And this fallacy has created a public monster.
And it’s not just the result of the current financial collapse. Even back in the late 90’s, during a time of great prosperity, I often avoided the question about what I did for a living. After all, I lived in the East Village, home to the most tolerant and open-minded group of New Yorkers, except if you worked in finance. I was tired of being berated. Christ, I was just earning a living doing something that interested me. But I had to hide like a Communist in the 1950’s. So even in the best of times, when people are making big returns, Wall Street is still an evil empire.
Of course, when people are making money, they credit themselves. And when they lose money, they blame someone else.
The truth behind the “Great Oz” of Wall Street “wizardry” is that the vast majority who work on Wall Street are hard working people earning a living. I am one of those people. I’ve never owned a home. I’ve never owned a luxury car. I don’t own art. I can’t fly first class. I didn’t get a job on Wall Street because my parents knew people.
Be careful on your witch-hunt. Be careful you don’t catch a bunch of dolphins when you bring in some tuna.
Funny. Nowadays I just say I’m unemployed. Seems to be in vogue. Especially down on Wall Street.