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article imageOp-Ed: Sob story - Financial heroes don’t feel worshipped any more

By Paul Wallis     Feb 22, 2009 in Business
A state of mind where cognitive intelligence doesn’t function is medically considered insanity. Just not on Wall Street. The first people in history to discover a way of sending the entire human race broke are now feeling under-appreciated.
The very Ex “Masters Of The Universe” are busy trying to return to the glory days when anyone had any money. So they're trying to go somewhere where they'll get paid for being themselves, and the skies are not cloudy all day, and people can't read news. Somewhere like other banks and financial institutions.
Anyone would think it was 2006.
It isn’t.
One of the big issues for this second Flight Of The Golden Pheasants is the issue of pay. (The first Flight Of The Golden Pheasants was the parade of Nazi oligarchs escaping the Russians in 1945, driving the contents of mansions through the bomb craters)
People who were making $20 or 30 million a year are obviously feeling pretty hard done by. Other people retire on 5% of that money and live very well, but not these guys. If keeping up with the Van Der Joneses means following them into the grave, they’ll do it.
There are a few minor hazards to employing this day labor. A “buck” in Wall Street, aka Death Valley, parlance, is a million. So hiring an idiot isn’t cheap. Nor is it likely, according to The New York Times:
Banking executives and recruiters say talented financiers — the driven, hyper-numerate, slightly ruthless ones with a preternatural knack for making money in bull markets and bear — are always in high demand. But given the tumult in the industry, it’s a buyer’s market right now.
Leaving out the insult to vocabularies regarding the use of the word “hyper-numerate” to describe people who don’t question securities assets valued to the point of insanity cubed, buyer’s market may be an understatement.
So far over a trillion dollars has been lost and another two trillion are looking like they’re going the way of the Dodo. The question is now whether these self pitying museum specimens are what are required for a totally different world.
The flight of miserable millionaires, however, continues. Some are being picked up by smaller banks, who aren’t affected by the salary cap. Others are thinking of condescending to accept cash salaries to avoid the bonus issues.
Interestingly, at no point has the concept of actual value for money being obtained from the Illuminati of the financial world. Their historical redefinition of the concept of total failure apparently isn't an issue. It seems to be accepted that they because cost that much they must be worth something.
A brain drain is feared, as these unsung super Einsteins head for the prairies. As NYT piece above says, losing the morons who created the global Ground Zero is actually pretty bearable, with at least some benefits.
1. There won’t be a run on Kleenex by investors.
2. The average IQ of New York will go up by about 100 points at least for each Wall Street refugee.
3. Troughs will be taken out of restaurants.
4. The rats will run out of role models.
But there are grounds for social anxiety, even so.
Where will they go? What if they open hot dog stands, or something, and crash the hot dog market? What if they accidentally start selling used cars and drive the world back to horses and carts? What if they break into media, and start doing reality shows about themselves, and destroy an invaluable educational medium for the next generation?
Desperate gerbils do desperate things. These particular small rodents also do nothing right.
Keep watching the sewers, folks, in case they break cover.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of
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