Having everything to nothing

The Wall Street Journal has started exposing how the New York financial segment is in such awful straits right now that some past stock gurus have gone to the humble life of being employed for a living. For example, take Carlos Araya. He used to be the Wall Street executive you would see ordering luxurious dinners at the Palm Restaurant in midtown Manhattan. Now, he waits tables there. As Wall Street began to hurt, he lost his work as a crude oil dealer on the New York Mercantile Exchange in 2007. After awful 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 previous salary.

A number of former investment brokers, used to performing high end jobs that they are well trained for and making salaries some individuals would kill for, are required to agree to low-wage work because they just cannot convert their experience and preparation into a occupation like the one they lost. Now, Mr. Araya is heading en route for bankruptcy and is positive that he will never return to the investment game.

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

John Carbonaro lost his job with Bank of America as a floor clerk in January 2009, and despite his experience and attraction, at present takes care of the household duties in the family. Joe Morrone, a previous Prudential trading clerk, has been without a job for two years and struggles to sustain his daughters and grandson. He has worked in a deli, as a doorman, and a bouncer. He used to own three automobiles for just his own use. Now he shares one family vehicle they struggle to finance.

Araya from time to time sees former colleagues from Wall Street in the Palm at the time his shifts. Some are enjoyable meetings, offering support. Other meetings are not so pleasant. “The way they look at you, you know they’re thinking unconstructively,” he says. Others come in asking if they can get a job at the restaurant too. With 25,000 fired, it’s certain many of them want a job there.

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

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